Insurance Networking News, Celent Announce Top Technology Vendors In 2012 Customer Survey - Marketwatch

ORLANDO, Fla., May 16, 2012 /PRNewswire via COMTEX/ -- ( http://www.myprgenie.com ) -- Insurance Networking News (INN) and Celent released INN's sixth annual technology solution provider ranking for the insurance industry last night at an awards event held at the ACORD LOMA Insurance Systems Forum in Orlando.

The Vanguards in Insurance Practices (VIP) ranking is based on a survey of insurance company executives, who are asked to name the technology firms that represent the "best of the best" in terms of the value they deliver. Insurance carriers in the United States and Canada ranked the top insurance technology providers across several categories, including Insurance Core Solutions, Customer Experience Solutions, Decision Support Solutions, Back Office & Support Systems and Strategic Partners.

As part of the program, Insurance Networking News also honors insurance carriers with VIP Best Practices Awards highlighting the year's best technology implementations.

Celent, an independent business research and advisory service with a specialization in insurance technology, facilitated survey development, data collection and analysis, in partnership with INN. The result is an insightful set of rankings based on objective peer review.

"Insurance companies are working hard to keep pace with all the technology changes happening around them," said INN Editor-in-Chief Carrie Burns. "The winners of the VIP Awards are the vendors insurance executives say they can count on to help them provide real value to the business."

"The VIP program continues to provide vendors with the most direct and honest feedback they could ask for from their insurance customers," said Ben Moreland, senior analyst within Celent's insurance practice. The insurers' candid comments and ratings of those that reached "favorite vendor" status set a clear benchmark for technology providers looking to differentiate themselves among their peers. "The ranking's preferred vendors are succeeding at delivering on their promise of excellent customer service; anything less is just not acceptable," said Moreland.

The complete ranking and related analysis will be available in a special report, titled "2012 Vanguards in Insurance Practices," which will be posted online by INN ( www.insurancenetworking.com ) and published with the June 2012 issue of Insurance Networking News.

The top-ranked solution providers are:

Back Office & Support Systems

1st Microsoft2nd Vertafore3rd Applied Systems

Customer Experience Solutions

1st Applied Systems2nd Vertafore3rd SeaPass Solutions

Decision Support Solutions

1st Microsoft 2nd Vertafore3rd Applied Systems

Insurance Core Solutions

1st Applied Systems2nd Vertafore3rd Guidewire

Strategic Partner

1st Microsoft2nd Dell3rd Guidewire

In naming the VIP Best Practices Awards honorees, Celent and INN asked all vendors that received a vote in the VIP awards to provide case studies of customers that demonstrated technology best practices and the best use of standards. The VIP Best Practices Award winners were then selected by the editors of INN, along with members of the brand's editorial advisory board and Celent analysts.

The winners of the INN 2012 VIP Best Practices Awards are:

First Place: Prudential Group Insurance (Nominated by Pegasystems)Second Place: CNA (Nominated by SeaPass Solutions)Third Place: Erie Family Life/Erie Insurance (Nominated by iPipeline, Dell Services)

Runners Up:

Lloyds TSB Insurance (Nominated by Innovation Group)Federated Life Insurance (Nominated by CSC)Pacific Compensation Insurance Company (Nominated by Jarus Technologies, Mulesoft)

The INN 2012 VIP Best Practices Award winners were formally recognized by Lloyd Chumbley, ACORD's VP of standards, at a VIP awards ceremony at the ACORD LOMA Insurance Systems Forum.

"Vision and innovation are key factors to success today, and the winners and nominees of these awards embody those qualities. They also show how implementing ACORD standards is crucial for success today, but also well into the future. They are solving today's business problems with technological innovations," Chumbley said. "These insurers were named 'best of the best' by a body of seasoned insurance industry professionals and ACORD congratulates them all on their accomplishments."

Also as part of the INN 2012 VIP Awards program, Kony Solutions, an Orlando, Fla.-based, mobile application development platform provider, was recognized as an INN 2012 VIP Company to Watch.

"The VIP Awards provide useful intelligence on the best technology and best practices in the insurance industry," said Holli Gronset, INN's publisher, "which is extremely valuable information for insurance IT leaders."

About SourceMedia

SourceMedia, an Investcorp company, is a diversified business-to-business media company serving the financial industry and the related fields of professional services and technology. SourceMedia offers its clients and subscribers professional information services -- both print and digital -- industry-standard data applications, in-depth seminars and conferences, and specialized marketing services.

About Insurance Networking News

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 the technology innovations utilized to automate critical processes. Insurance Networking News is written to help senior insurance executives obtain mission-critical information on resolving industry challenges.

About Celent

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.

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