Insure Think

The idea that auto accidents will be almost obsolete is a nice thought, but robots still make their share of mistakes -- all that is needed is a faulty or incompatible software patch or update.

Underwriting has come a long way in a short time thanks to data and analytics.

Claims transformation is bigger than modernization, encompassing changes to the entire claims business model and philosophy rather than simply the day-to-day processes of claims operations.

GEICO and Progressive suffered the largest individual carrier dips in satisfaction, according to the ACSI report.

A State Street survey finds insurance companies are more likely to be further along in becoming “data innovators” than their financial services counterparts.

When bad or unexpected or unusual things happen, the computer gives up control and hands it back to the now woefully unprepared occupant.

Progressive's decision to charge Snapshot drivers more if their driving data indicates higher risk has started the industry down a road of data-driven adverse selection.

The whole point of core transformation is that changes at the micro level can be used as a stimulus for changes at the macro level.

Relationship management 101 for keeping IT and business on the same page.

A unified digital strategy recognizes that all business strategies and technologies touch the customer in some way and that a one-size-fits-all channel model is obsolete.

Just because a development team is doing continuous delivery or packaging releases into two-week sprints doesn’t mean that code is being moved to production.

Documentation on aging systems often is akin to tribal knowledge, and the potential for things to go bump in the night increases as these environments face generational transition.

Insurers are caught in a complexity predicament because of frequent mergers and acquisitions, expanded product and service offerings and more stringent regulations.

Only half of the devices in the IoT ecosystem will use keyboard-like input -- and insurers’ back-end systems have to be ready to capture and process all this new data.

New technology such as adaptive cruise control, automatic braking, parking assist, lane departure warning and blind-spot alerts will reduce fender benders and other incidents.

In our recent study, 94 percent of P&C insurers reported that product configuration capabilities are a required feature in a new policy administration system.

Insurance coverage will transition from Personal Lines (where people do the driving) to Commercial Lines (where the manufacturer is responsible for the safety and accuracy of the vehicle).

Consumers would rather have service fast and easy, even if it is not the best result.

For on-premises needs, the latest technologies, including flash, solid state drives, and in-memory computing offer new ways to provide rapid access to new data.

Boosted by the impending release of the Apple Watch, wearable devices have received a fair amount of attention recently – and with good reason. This emergent technology has the potential to alter the way the health insurance industry operates on a fundamental level.

The core transformation journey requires companies to shift from reactive to proactive business models, incorporating maturing and emerging technologies, customizing and personalizing products, and accelerating speed to market while providing improved customer service.

Insurers also are confronting waves of disruptive changes, which threaten to challenge and undermine businesses.

If you think of enterprises like collections of neighborhoods that need to be nurtured, you quickly see that architecture, not obliteration, is the key.

I just don’t believe it; only 720,000 Androidwear watches were sold in 2014. Apple has been amazingly successful in so many markets. Were they always first? No, a lot of products before. Were they always best? Again, no, superior devices have fallen.

Deployment rates have grown in the year since Novarica’s last study on these topics.

Novarica research shows that nearly 40 percent of P&C and life/health/annuity carriers are currently replacing or planning to replace a policy administration system.

Insurers may like a vendor’s full service model for updating policy content rules, but they don’t want to be held captive if the vendor doesn’t offer fast speed-to-market.

Quote data often is disregarded due to its volume, but properly managed can offer insights into product and pricing strategy, expense control, cross selling and upselling.

I don’t like when insurance companies are hectored by people inside or outside of the industry about how they aren’t innovative. Many insurers are leading the way in gleaning real results from emerging technology disciplines, including big data, analytics, mobile technology, and telematics.

Going digital isn’t just something that can be accomplished by decree. It takes finesse to keep everything in sync.

Is your budget for security larger than Google, Amazon or Microsoft?

Novarica Commentaries are available to clients only, but we’ve posted direct links to some of the most important stories below.

Insurance industry IT executives, undertaking projects to modernize core systems, improve customer engagement or adapt to the Internet of Things can feel a little like they are doing the same things over and over without seeing any real transformation.

Often, the notion is that the internet will eliminate the need for insurance agents, just as the rise in online travel sites put travel agents out of business. But this analogy is not comparable.

Digital platforms are changing the way we look at data, applications, and the insularity of the insurance industry.

Four tips on how to handle system users who are reluctant or openly resistant to change.

Insurance always has generated a huge amount of information. What’s new is the volume of newly available information and insurers’ new-found ability to digest that information and use it to predict risk.

Insurers should note that customers are more willing than ever to divulge personal information for the promise of a better deal, an enhanced experience and better service.

Security, for all intents and purposes, should be a “crowdsourced” effort – everyone needs to contribute.

Next stage of the mobility revolution: stepping back from frantic rollouts and encouraging holistic enterprise offerings.

Might HoloLens succeed where Google Glass didn’t?

Firms need to actively adapt their data governance and data management capabilities – from implementing to ongoing maintenance. Here are the steps to follow.

If everybody knows that all you need to save money on insurance is 15 minutes, then car insurance is a commodity in the eyes of the customer.

The insurer attempted to start a social conversation about childhood accidents with a jarring spot in which the child protagonist dies. But if sentiment is any indicator, people didn’t want to listen.

Using a simplified approach to the RFI process allows insurers to narrow the range of potential suppliers much more quickly and effectively than a dense RFP.

Insurers from all around the world are making great efforts to become digital.

In the current hyper-competitive marketplace, many carriers are focusing on improving their distribution practices as a key technique for driving growth.

Google is getting the approval for selling insurance on their compare site in a large number of states via a number of different insurance partners.

Four steps CIOs need to take to lead insurance organizations to greater “customer obsession.”

Insurers must choose between embracing innovation or just continuing with business as usual and run the risk of becoming a casualty in the new competitive battle.

Emerging technologies displayed at the CES could be some of the greatest change agents since the introduction of the Internet, offering breakthroughs that could challenge many businesses.

Developing a usage-based insurance program has now gotten easier.