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Archive for August, 2009

Innovation! What does it really mean to be innovative for an insurer? Does innovation deal mainly with insurance products or does it concern also processes? Are there external elements or factors that contribute to facilitate innovation? According to me, innovation relates to both products and processes: Product innovation: In European life insurance for instance, as […]

Aug 31st, 2009 | Filed under Insurance, Market Trends, Strategy

As reported in the press today, Legal & General here is the UK is considering adding the usage of social network sites in deciding on premiums. On the back of their own commissioned research, the company believes that burglars are increasingly using sites such as Facebook to identify targets. I can understand the logic of […]

Aug 27th, 2009 | Filed under Insurance, Market Trends

So what are you doing in this recession? In August, much to the surprise of their own governments, economic data suggested that France, Germany and Japan had exited the recession. Similar good news has yet to be heard in the other major economies, but Celent’s recent research about perceptions and attitudes of insurers in this […]

Aug 25th, 2009 | Filed under Insurance, IT, Market Trends, Strategy

SNL Financial released their initial compilation of Q2 statutory results for the U.S. P&C industry yesterday. Loss ratio numbers were in the low 70’s, demonstrating good pricing and underwriting decisions. The combined ratio for the quarter was right at 100% — surprising given that revenues have been decreasing and this lower revenue base makes the […]

Aug 19th, 2009 | Filed under Insurance

Life insurance companies have different perspectives in terms of policy administration systems (PAS). Expectations are different geographically and IT vendors must adapt to insurers needs if they want to be successful in the long run not only in a dedicated market but on a larger European scale. “Getting The Value from Life Policy Administration Systems: […]

Aug 18th, 2009 | Filed under Insurance
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China Insurance Regulatory Commission (CIRC) issued an insurance distribution report for the first half of 2009 on August 7. One interesting result is that the insurance sold through banks and post offices decreased 3% compared to the same period in 2008, while insurance sold through the sales agent channel increased 39%. This is the first […]

Aug 13th, 2009 | Filed under Insurance

What is the next best strategy for insurers in response to the economic crises? As shown in an upcoming Celent report on insurer response to the market crisis, companies are now taking or have completed the short-term cost savings/efficiencies steps such as staff redundancies, renegotiation with suppliers, asset rationalization, etc. But, once these actions have […]

Aug 12th, 2009 | Filed under Insurance

We are pleased to announce the introduction of a new resource for our clients and selected invitees that we are calling the Boardroom Series. These monthly briefs explore the current challenges faced by insurance companies, helping C-level executives prepare for the next “hard question” their Board of Directors is likely to ask. This will be […]

Aug 11th, 2009 | Filed under Insurance

In my last blog, I shared with you the challenges of having an unusual risk (a house with possible subsidence). Once more, the personal experience of being an insurance consumer warrants mentioning on this blog as it is a great anecdote representing a broader industry challenge. Almost 4-weeks have elapsed, and I am still waiting […]

Aug 10th, 2009 | Filed under Insurance

This week, Celent is pleased to feature an article from guest contributor, John Boochever, who leads Oliver Wyman’s Global practice focused on strategic IT and operational issues across financial sectors. For senior executives facing the turbulence of today’s financial crisis, reducing the cost base of their business operations now sits squarely at the top of […]

Aug 5th, 2009 | Filed under Strategy