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Archive for the ‘Insurance’ Category

Most carriers in North America work with independent agents. Although the majority of premium for personal lines is written direct, that is largely concentrated in a few large carriers. Carriers who use independent agents know that high production from agents is correlated with strong relationships. However, beyond encouraging a strong personal relationship with an underwriter, […]

Jul 20th, 2015 | Filed under Insurance, Marketing

On Monday, I was asked to present at a UBS conference for investors on technology disruption facing the industry. It was far from Celent’s usual audience of business leaders and technologists, and as a result the questions being asked were quite different, sometimes challenging, however refreshing at the same time. One of the most interesting […]

Jul 17th, 2015 | Filed under Market Trends, Regulation, Strategy

Choosing a vendor can make your head spin. There are so many things to consider. I know I have been tempted to create a dartboard and throw a dart to make the final decision. After hearing multiple presentations, most with similar pitches, the result can be “vendor soup.” So how do you decide? There are […]

Jul 6th, 2015 | Filed under Insurance, IT, Market Trends, Strategy, Vendors

Today’s blockbuster announcement of Ace buying Chubb will have a lot of industry ramifications—some of which will play out in the IT sphere. No doubt there has already been an IT assessment element in each insurer’s due diligence efforts. Between now and the effective date of the merger, there will be a lot of planning […]

Jul 1st, 2015 | Filed under Insurance, IT, Market Trends, Strategy, Uncategorized, Vendors

I love spotting ironies such as how this years Strata | Hadoop World conference (the UK one) spent more time discussing Apache Spark and whether it was a successor to Hadoop or another tool in the box than it did discussing Hadoop and it’s applications. It was great to see members of the insurance industry […]

Jun 26th, 2015 | Filed under Innovation, Insurance, IT, Vendors

The just released report by the National Traffic Safety Board (NTSB) contains some important findings on collision avoidance systems’ potential to prevent or mitigate the severity of rear-end collisions. Some of the data points are eye-popping: a predictive analysis found that this technology could prevent or reduce deaths and injuries in 87% to 94% of […]

Jun 23rd, 2015 | Filed under Innovation, Insurance, IT, Market Trends, Strategy

Last week, I was watching the National Spelling Bee as they crowned two winners for the second consecutive year. What an amazing performance! One of the winners spoke of her passionate pursuit of winning the Bee. The comment made me reflect on a question I was asked during my interview with Celent. The question was […]

Jun 1st, 2015 | Filed under Insurance, Strategy

I spoke this morning with an operations executive at a large insurer which distributes personal lines products through independent agents. He said that they are working feverously to deliver digital service tools to the customer service representatives (CSRs) at agents because they know that the average CSR is now 19 to 26 years old. This […]

May 29th, 2015 | Filed under Innovation

AI and machine learning things are moving right along. A few months ago, in a Celent report, I predicted the emergence of a “Natural Best Friend,” a term combining “natural language” and “best friends forever.” However, there is nothing organic about the Natural Best Friend; it is completely a product of technology. The Natural Best […]

May 27th, 2015 | Filed under Innovation, Insurance, IT, Uncategorized

It should go without saying, but good testing is absolutely critical to producing technology that benefits your organization. As a former insurer CIO, I can attest that the group most often squeezed to meet a deliverable date is the quality assurance team that has the incredible responsibility to ensure accuracy. Perhaps our organization was unique, […]

May 26th, 2015 | Filed under Insurance, IT, Uncategorized