WHO ARE THE INTERNET INNOVATORS IN INSURANCE?

Competition is underway for the 2nd Annual Insurance Innovators Award—created to recognize the use of Internet technologies to improve business relationships in the insurance industry. Friday, March 28, is the deadline for applications for the award, created by InSystems (Toronto), Celent (New York), and Insurance & Technology (New York). The 2003 winner will be announced at the IASA Annual Conference & Business Show, June 1-4, 2003, in Denver.

The Insurance Innovators Award recognizes an innovator (individual or group/team) who has acted as a change agent by advancing Internet education, and/or the adoption of Internet technology, in an insurance company or insurance industry association. Additionally, the Award recognizes implemented real-world solutions that are getting results, and achieving ROI. Among the specific criteria for determining the winner are the following:

* Led the development of new products/processes around the Internet;* Led use of the Internet to improve relationships with customers, distribution channel partners and regulators; * Initiated use of the Internet to stimulate new business opportunities; * Aimed to incorporate industry standards as part of solution; and * Achieved cost reductions and productivity gains through Internet-based processes

The 2002 Insurance Innovators Award winner was Aon's Wired for Growth(tm) (www.wiredforgrowth.com), the first Web-enabled virtual risk manager, which provides growth-cycle-specific insurance products and services through an electronic platform.

"Insurers are actively listening to customer and distribution channel requests for services via the Web, and are using the Internet to redefine relationships with the stakeholders in their value network," said Andrew Jackson, chief marketing officer and general manager, eXterity, InSystems. "The Internet provides insurers with a cost-effective way to gain a competitive edge. The Insurance Innovators Award recognizes those insurance organizations that have gained efficiencies, improved relationships and realized ROI through the implementation of cutting-edge solutions."

"The insurance industry is increasingly embracing Web technologies in order to speed delivery times, capture and use data more effectively, and cut costs throughout nearly all stages of the product life cycle from product design to claims," says Matthew Josefowicz, senior analyst, Celent. "Celent is proud to have the opportunity to recognize the best efforts in the industry as the independent analyst partner for the 2003 Insurance Innovators Award."

For details on the Insurance Innovators Award, and to obtain/request an application form (March 28 is the deadline for applications), visit the InSystems Web site https://www.insystems.com

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio