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Archive for the ‘Strategy’ Category

As analysts in the insurance industry, Celent spends considerable time and effort considering new and improved ways to do business. Much of this emphasis is on technology and where our customers, and the industry, are in their efforts to improve and what still needs to be done. Our industry is evolving and implementing new innovations, […]

My colleague Karen Monks and I have published a report on digital transformation in insurance recently. The main objective of this report was to identify differences in terms of digital transformation in insurance between different continents. However we have quickly noticed that the term “digitization” can generate confusion in insurance professionals’ mind. Celent defines digital […]

Oct 9th, 2014 | Filed under Innovation, Insurance, IT, Strategy, Uncategorized

I’m sometimes asked, “What is the worst error an insurer undergoing replacement of its core solutions can make? And how can that pratfall be avoided?” There are a lot of candidates for this honor: for example poor governance, inadequate project management, underestimating the complexity of data conversion and or integration, incomplete knowledge transfer—the list goes […]

Sep 16th, 2014 | Filed under Insurance, IT, Strategy, Uncategorized

AM Best came out today with a revision for the reinsurance sector from stable to negative as the reinsurance market continues to soften. When it comes to reinsurance, it’s been a buyers’ market. Competition in the global reinsurance industry is fierce as there is significant excess capacity. Reinsurers have experienced lower than anticipated cat losses […]

Aug 20th, 2014 | Filed under IT, Market Trends, Strategy

Apple has just announced two new “robust frameworks” for developers that are aimed squarely at two of the hottest sectors in the Internet of Things (IoT): HealthKit and HomeKit (http://www.apple.com/pr/library/2014/06/02Apple-Releases-iOS-8-SDK-With-Over-4-000-New-APIs.html). The IoT connects people and non-human things. HealthKit facilitates communication between fitness apps (think fitness bands) and health apps (think doc in a box). HomeKit […]

Jun 3rd, 2014 | Filed under Innovation, Insurance, Market Trends, Strategy

Recently, I facilitated a roundtable discussion on “What digital really means for the industry”. Over the last couple of years, we’ve run many similar roundtables on the topic. Each time we run one, it never ceases to amaze me around the lack of a common definition for what digital really means, not just across the […]

May 20th, 2014 | Filed under Innovation, Insurance, IT, Strategy

I bought my wife some flowers recently, and was shocked to discover that the florist—as of this minute, my ex-florist—no longer gives out those little cards you tuck in the arrangement. The person behind the counter said, “We have these new ones from Hallmark, for only 99 cents…” Huh? I’m spending $20 on cut flowers […]

May 5th, 2014 | Filed under Insurance, Marketing, Strategy

Coming off a year with record results, industry reports show that prices are starting a downward trend. That ‘hard-ish’ market was gone in a blink. With pressure on rates, carriers have to compete hard to keep their accounts and have to focus efforts on growth just to make up for the rate loss. When it […]

Apr 23rd, 2014 | Filed under Insurance, Market Trends, Marketing, Strategy

Earlier this month, I attended the Model Insurer Asia Summit at the Fullerton Hotel in Singapore.  With approximately 50 delegates from across the APAC region, it was a fantastic event to learn from others, debate the key issues facing the industry, and network across the region. A total of 18 firms were recognised this year […]

Traditionally insurers have been structured by line of business and some have grouped those around personal lines and commercial lines to differentiate businesses from people. With the opportunities of varied distribution channels and more sophisticated technologies insurers are starting to be much more granular in their view of the customers. Insurers have now the chance […]