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September 27, 2018 by Aite-Novarica Media

Digitally transforming First Notice of Loss (FNOL) has the potential to significantly improve the FNOL experience and benefit both carriers and their customers. By adopting new and improved digital capabilities in this area, P/C insurers have a key opportunity to increase efficiency, accelerate the claims process, reduce costs, and improve customer experience.

The functionality of digital FNOL systems falls into three broad categories: information gathering, communication, and analytics capabilities.

September 27, 2018 by Jim Klotz

With insurer CIOs relying more and more on data analytics capabilities to meet customer expectations, unstructured data sources (information in forms like handwritten notes, photos, and videos) pose significant challenges. Novarica’s recent brief on this matter, based on a study of 44 insurers, found that incorporating unstructured data could be beneficial across the insurance value chain, most notably in claims.

September 25, 2018 by Thad Peterson

FinovateFall 2018 is upon us, and it’s fitting that it’s happening in New York City, the center of the universe for many things; certainly this week it’s the center of the fintech universe. More than 80 companies will have seven minutes to show how they can improve the space and move the industry forward. Beyond the individual demos, the collection of presenting companies paints a picture of where the world of financial services is headed and who is going to lead in the future. For those of us figuring out trends and the future evolution of the space, it’s perfect. 

September 25, 2018 by Aite-Novarica Media

With consumer expectations ever-expanding and the drive for greater efficiency relentless, it’s no surprise that personal lines carriers are leading the way in both digitalization and experimentation with new technologies. Perceived as a commodity price-driven business, the personal lines sector is known for its remarkably speedy adoption of AI and implementation of digital self service.

Insurers are scrambling to modify and develop new strategies to stay one step ahead of market disruptors by investing in InsureTechs. This investment allows for greater operational efficiency, improved market segmentation, diversification of R&D efforts, deeper understanding of customers, and expansions in self-service capabilities.

September 24, 2018 by Tom Benton

John Hancock announced that it will now include Vitality offerings with all of its life insurance policies, including converting existing policies to the offering in 2019. The Vitality options include one that offers discounts for health-related data entered via their app or website and another that includes a free or discounted fitness tracking wearable that provides the data. Hancock first offered policies that involved wearables in 2015 when they initially partnered with Vitality, which has run a fitness-based health incentive program in South Africa and the UK for several years.

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