Archive for December, 2008

As 2008 draws to a close, so does the world as we know it – at least in terms of insurance regulation. In 2009, the “price” of the public investment in the financial industry will come due and there will be fundamental change to past approaches in oversight. After a career in the property casualty […]

Dec 30th, 2008 | Filed under Insurance

In April 2008, Celent published a report about the new regulatory approach for insurers and reinsurers operating in the European Union called Solvency II. Surprisingly or not, the draft text submitted to and approved in the beginning of December by the European Council of Economic and Finance Ministers (ECOFIN) does not contain the group supervision […]

Dec 26th, 2008 | Filed under Market Trends, Regulation

It is easy to do the right thing when everything is going well. It gets harder as conditions deteriorate. That basic truth applies to just about everything. I think it is relevant to the times we’re in, whether you’re an insurer competing for scarce premium dollars, a vendor trying to differentiate your products to customers, […]

Dec 22nd, 2008 | Filed under Insurance, Market Trends

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Dec 17th, 2008 | Filed under Insurance

Previous posts about testing Topic 1: Automated Testing Topic 2: Getting Test Data Bad test data can mean that the best tests fail to predict real world problems. While many test topics apply to all industries, insurance carriers face some unique issues when it comes to getting good test data. Due to HIPAA and other […]

Dec 17th, 2008 | Filed under Insurance
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On a recent trip to South Africa, I was interested to see some innovative ideas targeted at the uninsured, currently around 90% of the population. South Africa, along with other emerging economies, face many structural challenges impeding the broad adoption of insurance. Remote areas of the country have poor road and communication infrastructure. Almost two-thirds […]

Dec 13th, 2008 | Filed under Insurance

In my last post I talked about the vendor proof of concept as a way for insurers to avoid buying “a lemon”. The same risk management needs to apply when an insurer develops software internally, and that’s achieved with strong testing practices. Software testing is a huge topic, and I’m going to split the discussion […]

Dec 12th, 2008 | Filed under Insurance

Being a Celent insurance analyst based in China, I sometimes meet with Celent customers who visit Beijing and share my insights on China insurance market growth and technology development. Many customers are interested in the potential market size, the competitiveness of the market, and the progress of technology. But recently, when I meet Celent customers […]

Dec 10th, 2008 | Filed under Insurance

References Whenever Celent publishes an ABCD vendor report, we always ask the vendors for references. We subsequently speak to these references and/or ask them to take a short online survey. When we help an insurer with a vendor selection process, we also contact references. In general, we expect references to be quite positive. There is […]

Dec 9th, 2008 | Filed under Insurance

I was talking about the financial crisis to an executive at a large life insurer recently. Given the steady stream of dismal financial news over the past two months, you might have expected it to turn into a “woe is me!” conversation. But in fact, the opposite occurred. “We’re doing fine,” the exec told me, […]

Dec 3rd, 2008 | Filed under Insurance