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Archive for the ‘Strategy’ Category

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

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

Carriers use a variety of techniques for growing the book and most consider distribution management as a key component of their growth strategy. They are expanding channels, adding distributors, moving into new territories, and working to optimize their existing channel to improve customer acquisition and retention. Some carriers are investing in improving the servicing of […]

May 18th, 2015 | Filed under Insurance, Marketing, Strategy

Today CCC announced the acquisition of DriveFactor which provides a device independent platform for telematics data and analysis. Why is an auto physical damage estimation and analytics firm acquiring a telematics platform provider? Well, you could say that telematics is hot, and all personal and commercial insurers writing auto insurance are scrambling to build market […]

May 12th, 2015 | Filed under Innovation, Insurance, IT, Strategy, Vendors

Increasingly in operational efficiency and automation circles we’re hearing about bots and robotics. As a software engineer in days past and a recovering enterprise architect I have given up biting my tongue and repeatedly note that, “we have seen it all before.” I’ve written screen scrapers that get code out of screens, written code to […]

May 8th, 2015 | Filed under Insurance, IT, Outsourcing, Strategy, Uncategorized

Today marks one of the most significant changes to Google’s algorithms seen in recent years. As of this morning, Google’s search engine will favour mobile friendly content over traditional website content. Many firms who have not invested in mobile will get caught out as they start to slide down the search result list when viewed […]

Apr 21st, 2015 | Filed under Innovation, Insurance, Market Trends, Strategy

Until now US insurers have intentionally restricted the impact of their telematics programs by holding riskier drivers harmless. In other words, insurers told policyholders in their telematics programs that their premium could only go down or remain the same. Higher risk drivers’ premium would not be increased even if the telematics device revealed driving behavior […]

As I am sure all our readers know, data analytics is a critical area for insurers. Few industries have as much data, and do as little with that data, as the insurance industry. This was reinforced today when EXL announced their acquisition of RPM Direct, an analytics company focused on insurance. Personally I find the […]

Feb 24th, 2015 | Filed under Insurance, Strategy

I don’t want to pick on one particular company, but the breach at Anthem hits pretty close to home — our industry is under attack. Should this surprise you? Absolutely not. What is particularly concerning is that these are companies that are spending enormous sums of money to stop these intrusions.   And are still […]

Feb 6th, 2015 | Filed under Insurance, IT, Outsourcing, Strategy, Uncategorized, Vendors