As one of the largest and most intangible expense areas for insurers, IT departments often have difficulty demonstrating the value of their expenditures. The practice of IT Financial Management (ITFM) is the best way for insurer CIOs to manage, optimize, and communicate the value of these costs, however, this practice is immature at many insurance organizations. Ultimately, ITFM done well has the potential to lower costs, improve ROI, and clearly demonstrate IT value.
January 19, 2018 by Eric Weisburg
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January 16, 2018 by Aite-Novarica Media
Insurance IT organizations and those who run them face heavy challenges in the foreseeable future, including needs for modernization, innovation, and investment in skill sets that are often in short supply. Insurer IT groups can address these challenges by enlisting the help of service partners, which can supply variable capacity and rare skills beyond just outsourcing.
January 15, 2018 by Aite-Novarica Media
Paul Brady is CIO and VP of IT at Arbella Insurance Group, a midsize property/casualty insurer based in Massachusetts. Prior to joining Arbella in 2010, he spent a decade in various IT leadership positions at Liberty Mutual. Paul was honored as CIO of the Year by Boston Business Journal in 2015. He was interviewed for the Novarica Update in 2018.
How is InsureTech changing the game for midsize regional insurers like Arbella?
One of the biggest changes we’re making is putting a renewed focus on consumers and becoming more customer-centric. All of the start-ups targeting the industry are starting with the customer experience, and it’s creating an opportunity for us to learn from them.
January 12, 2018 by Thad Peterson
I had the opportunity to moderate a panel for the Digital Money Forum, an all-day session that is part of the Consumer Electronics Show (CES), this week in Las Vegas. Attending CES was a bucket-list thing for me, so I was really excited to be able to attend, and the experience was absolutely worth it. This show is huge—180,000 people were there. For those of you who think Money 2020 is a big deal, it attracts about 10,000 people. Think of about 180,000 people trying to get a cab at the same time or a coffee at Starbucks, and you can get a sense of what it’s like.
Here are a few observations about CES, based on two days of deep immersion:
