Posts Tagged ‘insurance technology’

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

It struck me while I was driving this morning: First-gen mobile apps are fine, but virtually everyone is missing high-volume opportunities to engage with their customers. Allow me to back up a step. I was stuck in traffic. Not surprisingly, that gave me some time to ponder my driving experience. I found myself thinking: Why […]

Apr 30th, 2015 | Filed under Innovation, Insurance, IT, Market Trends, Uncategorized

Earlier this week some users of the Wink smart home hub found that their smart home hub was more useful as a door stop or brick than as a hub. A fix is being worked on and rolled out to customers but for me this looks like the teething problems of the still nascent Internet […]

Apr 23rd, 2015 | Filed under Innovation, Insurance, IT, Market Trends, Uncategorized

The opportunities and threats facing the insurance industry are forcing a change in the conversation around innovation in the sector. Celent has been tracking innovation in financial services for the last 18 months and we have detected a recent shift in interest. In 2014, insurers were exploring why they might need to invest in disciplined […]

Jan 6th, 2015 | Filed under Innovation, Insurance

Few carriers are doing nothing when it comes to claims. Year after year, we continue to see significant activity as carriers replace or enhance their claims solutions. The reasons for such activity are plentiful. Claims systems are aging which means that they are expensive to maintain. Older systems generally are much less flexible than modern […]

Dec 18th, 2014 | Filed under Insurance, Vendors

At the National Underwriter Executive Conference last week, a member of the Board of Directors at one of the largest life insurers in the world warned insurers: “Don’t let what happened to the taxi industry happen to us. Taxis thought regulation would protect them and you see where that got them. We can’t allow ourselves […]

Dec 11th, 2014 | Filed under Uncategorized

The announcement yesterday that MassMutual has set up its own fund to invest in innovations that may/will affect life insurers is another move demonstrating how real money is being bet on disruption. Here is the link to their press release site: Celent is aware of several organizations which have set up similar funds. These […]

Jul 25th, 2014 | Filed under Innovation, Insurance

The announcement today ( ) of the use of IBM’s Watson platform by USAA demonstrates several of the current research themes at Celent. The move is an excellent case of innovation at the intersection of brand, risk management and technology. First and foremost, this is another example where USAA is delivering on its brand promise – to improve […]

Jul 23rd, 2014 | Filed under Innovation, Insurance

At each of the five Celent Innovation Roundtables held in the last several months, innovation practitioners consistently identify culture change as a significant success factor. A particular challenge, poor communication between technologists and their business partners, is often cited as a barrier. The Second Machine Age by MIT professors Erik Brynjolfsson @erikbryn and Andrew McAfee […]

Mar 19th, 2014 | Filed under Insurance

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 […]