SOURCE: Insurance Networking News
May 24, 2010 22:30 ET
Insurance Networking News, Celent, Publish 2010 VIP Winners
In Its Fourth Year, INN's 2010 Vanguards in Insurance Practices Awards Represent True Votes of Confidence by Insurance Industry Staff Who Rate the Value Provided by Technology Solution Providers
CHICAGO, IL--(Marketwire - May 24, 2010) - Insurance Networking News (INN) and Celent released INN's fourth annual technology solution provider ranking for the insurance industry today at an awards event held at the ACORD LOMA Insurance Systems Forum in Las Vegas.
In the 2010 Vanguards in Insurance Practices (VIP) ranking, insurance carriers in the United States and Canada ranked the top insurance technology providers across several categories, including vertical and horizontal solutions, platform technologies and IT services. Insurers were asked to name the technology firms that represent the "best of the best" in terms of delivering value.
In partnership with Insurance Networking News, Celent, a respected source of independent insurance technology and business research and advisory services, led the survey development, data collection and analysis for the rankings.
"Celent's research and advisory professionals bring outstanding insurance technology acumen to this program," said Pat Speer, INN's Editor in Chief, "and the knowledge and insight generated as part of our collective research will go a long way in fortifying insurers with the information they need to make critical technology decisions."
Craig Weber, Senior Vice President responsible for Celent's insurance practice, notes that the 2010 VIP program's objective, honest peer review and resulting insight represents more than just the "voice of the industry." "The VIP program provides business intelligence that insurers need as they allocate precious budget dollars toward technology purchases. The vendors bringing value to our industry tend to bubble up in the rankings."
The results, full ranking and related analysis will be available in the 2010 Vanguards in Insurance Practices supplement, included in the June 2010 issue of Insurance Networking News.
The top-ranked solution providers in Phase I of the INN 2010 VIP Awards are as follows:
Insurance Vertical Solutions
1st - AMS/Vertafore
2nd - Sircon/Vertafore
3rd - Guidewire
Insurance Horizontal Solutions
1st - ImageRight/Vertafore
2nd - Microsoft
3rd - Hyland Software
1st - Microsoft
2nd - Dell
3rd - IBM
1st - CSC
2nd - Sungard
2nd - Xerox
3rd - Unisys
"As in years past, the 2010 VIP program reflects confirmation of the leaders comprising the technology solution provider landscape," said Holli Gronset, INN's Associate Publisher. "These companies have earned a true vote of confidence from the industry and deserve special recognition for delivering outstanding products and services to the marketplace."
Phase II of the INN 2010 VIP Awards program recognizes an insurer's best practice for its use of a specific technology, and the role, if feasible, ACORD data standards played as part of their business and technology success story. The winners of the INN 2010 VIP Best Practices Awards are:
First Place: Cincinnati Insurance (Nominated by NxTech)
Second Place: Farmers Alliance Insurance Company (Nominated by Jarus)
Third Place: Hertz Claims (Nominated by Innovation Group)
American Modern Insurance (Nominated by Oracle)
The Hartford (Nominated by CGI)
Missouri Employers Mutual (Nominated by Guidewire)
The INN 2010 VIP Best Practices Award winners were formally recognized by Lloyd Chumbley, Vice President of Standards at ACORD at the VIP awards ceremony. "This award embodies a philosophy of efficiency -- working smarter with standards, these insurers represent the 'best of the best' as chosen by a body of seasoned insurance industry professionals."
In a special segment of the INN 2010 VIP Awards program, PilotFish Technology, Middletown, Conn., was recognized for software and services designed to enable integration of disparate systems using XML standards as the INN 2010 VIP "company to watch."
About Insurance Networking News and SourceMedia, Inc.
Insurance Networking News is a trusted source for information on how technology is being implemented to support insurers' strategic business objectives, providing insightful analysis of -- and best-practice case studies on -- how technology is being innovatively utilized to automate critical processes. Every issue of Insurance Networking News is written to help senior insurance executives bypass the hype and get to the heart of resolving industry challenges. SourceMedia, an Investcorp company, is the pre-eminent provider of timely and essential market information -- including industry news, analysis, research and insights -- for members of the financial services community, as well as related fields such as accounting and technology. Through its comprehensive library of professional publications, suite of industry-standard data applications, and in-depth seminars and conferences, SourceMedia (www.sourcemedia.com) offers its clients and subscribers a valuable and sophisticated range of products and services.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. More information about Celent's insurance practice is available online at www.celent.com.