BATON ROUGE — LWCC is a winner of Celent’s Model Insurer Award for Legacy and Ecosystem Transformation. Celent is a global research and advisory firm for the financial services industry.
Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts.
Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives, the degree of innovation relative to the industry, and the technology or implementation excellence.
“The Model Insurer Awards recognize how insurers are using technology to change the face of insurance,” said Donald Light, director at Celent. “LWCC’s business model depends on maintaining a flow of good quality submissions from its agents and broker producers. In its three-part initiative, LWCC chose to focus on key aspects of its distribution management and underwriting processes. The resulting impact and metrics are outstanding.”
LWCC was recognized for its legacy modernization efforts, which included leveraging technology to improve communications and insights with agent partners; updating and expanding the functionality of its broker portal; and creating a new underwriting workbench to increase the speed and accuracy of underwriting decisions.
“The progress achieved with this project exemplifies our commitment to meeting the needs of our stakeholders, with a specific emphasis on our digital transformation,” said Kristin W. Wall, president and CEO of LWCC. “Our distinct competitive edge lies in being a forward-thinking mutual insurance partner, deeply rooted in understanding the customer and stakeholder journey. We are grateful to Celent for recognizing our work.”
“The project’s success was anchored in our team’s dedication to innovation and agility,” said Gary Sanders, SVP and chief information officer of LWCC. “With this implementation, we’re showcasing our shared vision of creating technology solutions focused on each individual stakeholder.”
Sanders served as executive sponsor of the project within LWCC.
LWCC’s recognition by Celent follows a top-10 national ranking in a Catalyit survey of agent’s perception of how well carriers support them, including factors such as being easy to do business with, providing the tools needed to maximize efficiency, and being forward thinking. Catalysis is an industry consultant.
