Over the past three decades, I managed numerous projects to provide common front office access to multiple life insurance administration systems. Each was trying to simplify access for field and home office staff. Each required the integration of one or more mainframe legacy systems (some clones of the same platform) and the development of a messaging infrastructure to allow for the sharing of data and transactions across systems. Three of these projects are highlighted below. Note that they were for different carriers, spanned 30 years, and essentially were solving the same problem.
March 9, 2018 by Mitch Wein
Mitch Wein on whether acquisitions are becoming a trend.
Matthew Josefowicz on improving ease of use for policyholders.
Rob McIsaac on translating data into actionable information.
Chris Eberly on rethinking the annuity approach to solving retirement concerns.
March 9, 2018 by Chris Eberly
The retirement challenge in the US has been talked about for a long time now, especially as 10,000 Baby Boomers reach the retirement age of 65 every day. The challenge comes from an insufficient level of savings which is complicated by lower interest rates for an extended period of time, along with the shift from defined benefit plans to defined contribution plans by the vast majority of employers. As a result, Americans are concerned they won’t have enough monthly income, or an income that will last as long as they live, to cover basic expenses. This is a great opportunity for a financial product that can transform cash put aside today or over time into a guaranteed stream of income for life.
March 9, 2018 by Eric Weisburg
Since the recent publication of our research on IT value metrics, I’ve had numerous conversations with insurance IT executives about the topic. A recurring theme in these discussions is that the process for justifying and approving new investment tends to be better established than the process for maintaining and upgrading existing platforms. New investments are supported by either a business case process or a senior level mandate, but neither of these is common for existing systems; this can lead to underinvestment.
March 9, 2018 by Robert McIsaac
Insurance has always been about the consumption of data. This data can be used to assess the nature of a risk so a price can be associated with a specific type of protection against a potential resulting loss. Gathering data, converting it into actionable information, and translating that into a specific outcome has historically required specialized tools and skills, favoring enterprises (or groups) over individuals in the analysis of the data and the execution on a response.
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