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May 12, 2020

Technology Licensing Audit Optimization

Software audits are unavoidable and hard to budget for. IT organizations have little to no say in their timing, and the ultimate cost of an audit is challenging to predict. But action can be taken to reduce the likelihood of audits and to minimize their impact. Audits occur because a technology vendor wants to ensure that it is receiving all of the licensing compensation it is entitled to...

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Eric Weisburg

April 14, 2020

COVID-19 Has Broken Your Predictive Models

The COVID-19 pandemic has lessened the efficacy of predictive models, regardless of the algorithmic approach that built them, to the point that they may now be counterproductive. COVID-19 has transformed society to an extreme extent and with remarkable speed. It has changed the economic environment, how organizations conduct their work, and has increased morbidity and mortality. Social...

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Eric Weisburg

March 18, 2020

Optimization of Third-Party Data in Canadian Insurance Industry

I had the good fortune recently to share a preview of Novarica’s Canadian Third-Party Data in Insurance executive brief at Insurance Canada’s Technology Conference. The feedback from the audience was incredible, and demand for copies of the presentation was overwhelming, indicating significant interest in new third-party data sources, their use cases, and best practices in...

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Eric Weisburg

February 6, 2020

Preparing to Support an Agile Journey

[Ed note: For more on advanced Agile at insurers, pre-register for Novarica’s upcoming webinar on February 20.] Most insurers have already begun their Agile journey. They have completed multiple development efforts with scrum masters leading multi-disciplinary scrum teams and reaped the benefits of closer business and technology collaboration. And now they believe they are ready...

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Eric Weisburg

January 9, 2020

Trustworthy and Accessible Data Top of Mind at Data Governance Special Interest Group Meeting

This December, Novarica hosted a data governance Special Interest Group meeting in Jersey City, NJ. Many leading industry practitioners—some of whom traveled from as far away as Nebraska, Michigan, and Ohio—attended the event. Novarica presented the results of a joint 61-carrier survey of Insurance Data Management Association (IDMA) members. We had a very interactive discussion. Here are some...

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Eric Weisburg

January 6, 2020

Canadian P/C Insurers Need Strong Leadership to Face Emerging Trends

The Canadian property/casualty industry is facing several trends, which insurer CIOs can seize as opportunities to have an impact on growth and profitability. Auto loss severity is driven by increasing repair costs as vehicles contain greater amounts of tech, such as cameras and sensors. It is also evidenced by more frequent finding of total loss. Frequency is climbing as the incidence of...

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Eric Weisburg

November 5, 2019

Data Governance: Current Objectives and Challenges

While the need for data governance is recognized by all insurers, there is great variety in how carriers organize these governance groups, and their objectives, challenges, and measures of success. We partnered with the Insurance Data Management Association (IDMA) to conduct a study with 61 carriers and analyze how insurers are approaching data governance in their organizations....

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Eric Weisburg

October 16, 2019

Managing Data Governance for Insurers

Data governance is emerging as a top-of-mind concern as carriers seek gains in areas like digital process automation, analytics, and business intelligence. Emerging data privacy regulations also require carriers to be knowledgeable about their data and ensure regulatory compliance without hindering innovation initiatives. Despite its broad value, data governance can be the most onerous...

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Eric Weisburg

August 13, 2019

Insurance Innovation in the Great White North

Canadian carriers, distributors and their solution providers are collaborating in bringing new capabilities to market, introducing product innovations and putting capital to work. Efforts to grow the top line dominate these activities. In the last few months we’ve seen significant activity impacting producer engagement, digital distribution and new product development. Examples of...

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Eric Weisburg

June 24, 2019

Funding Your Next Data Initiative

Insurers recognize the value that data and analytics offer but often are challenged when quantifying or realizing that benefit. Additionally, data & analytics initiatives are expensive propositions and have a long duration. Even with strong executive sponsorship, these efforts can lose their champions as the initial excitement over the effort diminishes over time. Novarica’s Three...

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Eric Weisburg