On October 10, Novarica hosted a Special Interest Group meeting for Individual Life Insurance in Boston. Nearly 20 insurance executives from across the country joined us for what proved to be a lively and informative exchange of ideas and insights. Our discussion covered a wide range of issues central to the go-to-market strategies this line of business employs. Demographic changes, evolving consumer preferences, rapid changes in technological capabilities, and new regulatory concerns were top of mind for carriers across a variety of product offerings and distribution choices.
October 17, 2018 by Tony Kaus
Aite Group’s inaugural Financial Crime Forum was held in Charlotte, North Carolina, last month. This annual forum is dedicated to improving financial crime fighting efforts in the financial services industry. The forum consisted of panel discussions led by industry experts from both vendors and financial services organizations; they addressed fraud and anti-money laundering (AML) best practices that are being implemented at financial institutions (FIs). Improvement efforts were often focused on new software automation processes and the successful results obtained through the use of new technologies.
October 15, 2018 by Aite-Novarica Media
When considering systems applications modernization/replacement, carriers tend to concentrate on the underwriting functionality of any given solution, which may “bleed” over to the marketing/distribution and general billing function (collecting premium). However, carriers should give other company functional areas equal consideration—e.g., claims, loss control (if applicable), customer service or equivalent functions, ERM evaluation, and IT as well as back-office functions such as accounting, statistical/bureau, and other statutory requirements.
October 15, 2018 by chuck gomez
Last week, I had the pleasure of attending ACORD Connect 2018 in New Orleans. The theme for this year’s conference was “Discover. Evolve. Transform.” The conference was packed with many interesting sessions; a slate of solution provider booths lined the main hall. Here are a few takeaways.
October 15, 2018 by Matthew Josefowicz
Despite overall insurance IT spending levels remaining consistent on average, individual companies’ IT spending ratios span a wide range. About half of insurers report having a flat IT budget going into 2019, consistent with 2018. But 30% of insurers expect to see an increased IT budget next year, while 20% will most likely be working with a decrease.