As insurers evolve their analytics strategies from gathering information to interpreting data, the appointment of chief analytics officers and data scientists have become more prevalent throughout the industry compared to that of chief data officers, according to a new study by Strategy Meets Action. Currently, 22% of personal lines carriers, 19% of commercial insurers and… Read More
(Hint: Look below the Surface) When it comes to a big-ticket item like a policy administration solution, it’s natural for buyers to focus on features and functionality; after all, you’re really concerned with what that new system can DO. But here’s the thing about policy admin: All the major players offer essentially the same basic… Read More
Carriers do not take the decision to replace a P&C policy administration system lightly. Nor should they. Deploying a new policy admin solution represents a significant investment of both time and capital. Unless a new line is in play, it’s probably a once-in-a-generation job. No insurer likes doing it, and that will simply never change…. Read More
For a P&C insurance carrier, there are few more critical strategic initiatives than choosing the right policy administration solution. Whether the system will administer an entire book of business or only a select few specialty lines, it represents the heart and soul of what an insurer does. A great policy admin solution allows for growth… Read More
I recently had the opportunity to speak at SIIA’s Deciphering Product Management event where there was robust discussion on all things Product Management related. At the end of the metaphorical day, however, the bottom line is a company’s Product Management goal must be to offer the right mix of products to grow their business. There is… Read More
A distinct group of insurance customers – called nomads – focused on digital interactions is emerging from the broader population, presenting an opportunity for savvy insurers to develop the capabilities they seek. In contrast with insurance “hunters,” who prioritize price among all else, and “quality seekers,” who are looking for a long-term partner that they trust,… Read More
In 2015, we put out a blog with a similar title to get you thinking about some key considerations for a “resolution” to retire your outdated legacy policy administration solution and to replace it with a shiny, modern solution. While all that advice is still pertinent (and can be found here), 2017 brings more for… Read More
InsureTech, Customer Experience, Data/Analytics, and more… After a transformative year for technology in the insurance industry, SMA partners Karen Furtado and Mark Breading, and principal Karen Pauli, think the best is yet to come. Read the full article from Digital Insurance here.
Switching core systems is not always a simple change. And the fear of additional work and disruptions can scare away agents.
With improvements in cloud technology, cyber insurers are at less of a risk for security threats in the cloud. Cloud-based security tools provide insurers with a leg up in loss prevention compared to traditional approaches.