It’s no joke – carriers address real trends in insurance with April Fools products

I love seeing all the great examples of April Fools jokes put out by carriers.   These pranks are a fun way of illustrating real trends in insurance – taken to absurd extremes. Carriers looking to grow often use a product strategy- creating new products to appeal to different audiences, a channel or market expansion strategy […]Continue reading...

Slice: Insurance disruption in action

Most “disruptive” Fintech propositions are actually incremental; Slice.is promises to be an exception. Celent’s Banking and Capital Markets analysts have tracked Fintech since 2013 and continue to track movements in areas such as payments, digital banking, and blockchain. More recently, our insurance team has begun looking at Insurtech, especially the initiatives coming out of the […]Continue reading...

Troll insurance, cyberbullying, and millennials

As I read through my myriad of promotional mail, I came across an interesting insurance offering – troll insurance. Chubb, a multinational insurance company, is offering its clients in the UK the first ever troll insurance. Chubb personal insurance policy holders will be able to claim up to £50,000 (approximately US$75,000) towards expenses that include […]Continue reading...

Insights from the trenches – west coast CIO roundtable

On March 22 and 23, Celent hosted a CIO roundtable in San Francisco that brought together CIOs from a variety of Property Casualty carriers. Sessions included presentations by CIOs and discussions on innovation, core systems in the cloud, transforming the customer experience, digital strategies, dealing with millennials and gender balance in the workplace, and optimizing […]Continue reading...

Insurers are investing in data scientists

A few weeks ago I described a few results of a survey we have launched during the last quarter of last year around the role and importance of data in insurance. My blog post can be found here. Since then we have published a report summarizing the findings of this survey that our members can […]Continue reading...

One last look back at Google Compare

It’s old news by now that Google is shutting down Compare, its financial services and insurance comparison site. It wasn’t open long – less than a year. When Compare was first announced, the industry reacted with warnings that this was a major disrupter in insurance distribution. With the massive audience that Google has, the industry […]Continue reading...

The secret to profitable organic growth? Deliver a customer experience that your competitors can’t match

Maintaining growth and relevance is more challenging than ever for carriers. It is a hyper-competitive market with new entrants, a poor investment market, and rapidly changing customer expectations.   Customers are demanding a different relationship model from their insurers. They are increasingly demanding transparency and simplicity with simpler contracts, clearer pricing disclosures and tailored recommendations […]Continue reading...

Social media intelligence and insurance – don’t listen to everything if you want to hear something

ScreenHunter_496 Feb. 29 10.29In a 2011 report titled Using Social Data in Claims and Underwriting: Creating a Social Risk Profile, Celent looked at how insurers could leverage social networks to do a better job in claims and underwriting. Since then, we have been looking at vendors who can complement insurers internal data with external data sources including social […]Continue reading...

Blockchain in insurance – who needs it, anyway?

Interesting feedback from Celent’s What If… Conference in London last week. We were fortunate to have both Leanne Kemp and Pascal Bouvier present on blockchain in insurance. Surprisingly, the extensive treatment of the subject received mixed reviews. Some attendees were pleased and stated that discussing blockchain was valuable and that these conversations, in insurance, are […]Continue reading...

Rethinking the role of the intercap

The trend-naming fashion of capital letters in the middle of words continues. I believe those “InterCaps”—also known as “BumpyCaps” and “CamelCaps”—are mostly a marketing trick intended to make terms sound important. I find them annoying. The hot example of late is FinTech. Plus its close cousins, BankTech, InsurTech, and RegTech. They’re popping up everywhere, including […]Continue reading...