American Modern Insurance Group, a Property & Casualty specialty insurance leader, was recognized as a “Model Insurer” in Celent’s 2010 Model Insurance report.  American Model Insurance Group was included in the report as a result of updating their policy administration by replacing a legacy platform utilizing a phased self-funding business case approach.

American Modern Insurance Group used Innovation Group’s Innovation Policy, an SOA based solution, as the platform to build their policy administration program. The new solution offers an innovative approach to support their specialty insurance products with web-enhanced product capabilities, an improved speed-to-market feature, and better underwriting capabilities. American Modern Insurance Group reports that the new application has helped reduce costs, increased underwriting profits, and has improved customer retention.

"We would like to congratulate American Modern Insurance Group on being recognized as a Model Insurer and for having the vision to transform their business operations to achieve these impressive results and raise the bar for industry excellence," stated CEO APAC and Global Marketing Director for Innovation Group, Ed Ossie. “We are honored that they are using Innovation Policy and are represented in this report. These results are a further testament to our long history of customer evidence demonstrating how we provide a foundation to address not only cost reductions, operational efficiency and effectiveness, but also innovation and transformation.”

“The underlying business functionality includes product development, pricing/rating, underwriting, billing and policy processing and distribution support. Because Innovation Policy is SOA based, it supported a phased implementation, allowed easier integration with our existing environment and provided other advanced capabilities for both in-house and web-based access” explained John Campbell, SVP and CIO for American Modern Insurance Group. “The solution enables enhanced product configuration and pricing segmentation to design and offer specialty products based on market conditions… right rate for every risk, at the right time.”

Craig Weber, senior vice president of Celent's Insurance practice added, "The economic challenges have placed a growing focus on transformation and operational effectiveness to achieve sustainable profitability and growth. Having the right vision, technology, business practices and business partner is more important than ever. American Modern was selected as a Model Insurer, in part, because their initiative highlights the strategic and operational impact of innovation and transformation using modern technology and a partner who pushes new ideas, energy and change with traditional market players who operate in non-traditional ways.”