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E.g., 2022-12-06
E.g., 2022-12-06
November 23, 2022
On Thursday, October 27th, I hosted the Aite-Novarica Data and Analytics Special Interest Group meeting along with my colleagues Martin Higgins, Senior Principal, and Stuart Rose, Strategic Advisor. Special Interest Group Meetings are exclusive opportunities for Aite-Novarica Group clients and Insurance Technology Research Council members to review recent trends and Aite-Novarica Group Insurance...
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June 2, 2022
In the never-ending game of bigger fish eating smaller ones, Broadcom recently announced its intention to acquire VMware for US$61 billion in one of the largest tech deals of all time. You may be familiar with Broadcom as a chip manufacturer, but the company is tripling down on its commitment to the software business. This shift in focus began in a major way with its 2018 acquisition of CA...
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September 8, 2021
Every insurer today is conscious of potential security exposures. Third parties are a significant source of exposure as infamously demonstrated by Target’s 2013 data breach, which cost the retailer $292M in cumulative expenses. Corporate governance and regulators demand that this issue be a priority that is taken seriously.   This is manifest in the ever...
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September 1, 2021
Many specialty insurers are transitioning their systems to the cloud. We spoke with several CIOs during last month’s Special Interest Group meeting on Specialty and Large Commercial, and they had a lot to say about what to transition to the cloud, when, how, and what a successful IT project looks like. Transition to (multi-)cloud and costs Specialty insurers are in the process of...
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July 20, 2021
Almost all commercial lines CIOs are working on multiple IT initiatives, but some common themes emerged at Novarica’s recent Special Interest Group Meeting on commercial lines. Several CIOs are focusing on technology and efficiency improvements, including consolidation, enhancement, or replacement of core policy admin systems. Several are also aiming to grow their commercial lines business by...
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April 21, 2021
Data is a powerful and valuable asset for any insurer, and the industry has a long history of drawing upon third-party data providers to enhance underwriting decisions and marketing strategy. These data providers may operate across industries, with insurance as one of several verticals, or be focused on the insurance industry and its needs. The need for substantial data sources to...
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April 7, 2021
The insurance industry is riding a wave of cloud-based data warehouse implementations and migrations from on-premises environments. As insurers plan their next moves, they find that they must make several critical decisions from a vast number of options. The choices they make now will have a lasting impact; moving quickly (while avoiding missteps) is critical. Key decisions include which...
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February 19, 2021
Insurers today face a multitude of IT challenges, including lack of resource capacity, the need for core systems modernization, lack of resources skilled in innovative technologies, and the need for greater operational efficiencies. The pressure is on for insurer IT organizations to lead and deliver clear technological and market-competitive advantages. IT services partners offer insurers...
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December 15, 2020
Analytics models are like living organisms. They need to be reviewed, recalibrated, and updated based on the initial outcomes they produce and the relevance of the historical data fed into them. During the first week of December, Novarica SVP Mitch Wein and I hosted our last Analytics Special Interest Group of the year. We were joined by a panel of IT leaders—Josh Edwards of Pekin...
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September 24, 2020
Novarica SVP Mitch Wein and I were looking forward to another fascinating Special Interest Group meeting on analytics this month. The group touched on many areas of this broad field, with a particular focus on insurers’ use cases for analytics, data governance, business intelligence, and data catalogs. We were pleased at the level of participation and idea sharing that occurred. Analytics...
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