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E.g., 2021-10-24
E.g., 2021-10-24
October 19, 2021
Last year, Top Gear alum Jeremy Clarkson learned firsthand that running a farm starts with planting the right seeds in the right fields at the right time to yield the best result. As many insurers are hitting the peak of planning season, we thought we’d take a moment to highlight some interesting trends and best practices we are observing about the process this year. Many insurers are increasing...
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October 14, 2021
The past 18 months have tested companies in a way most organizations could never have planned for. The COVID-19 pandemic, in combination with changing demographics and the new realities of remote work, highlighted the importance of business planning. An ideal business plan involves all parts of the organization, articulating a focused set of business goals and strategies to achieve them....
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August 10, 2021
Traditional perception is that the commercial lines business is complex, relationship-based, and slow-moving. It has lagged personal lines in embracing technology. Still, as more business processes become digitized, commercial lines insurers have access to more data they can analyze with more powerful tools. Technology then augments and supports relationships rather than replacing them. As...
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June 8, 2021
After a year that tested insurers’ flexibility, agility, and creativity, innovation is top of mind more than ever. Innovation allows carriers to stay competitive, grow market share, meet evolving policyholder needs, and improve internal processes. Tactical, strategic, exploratory, and experimental innovation all promise to improve different aspects of any business. While innovation is a goal...
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April 1, 2021
Last month, I was joined by my colleague Deb Zawisza and a panel of insurance leaders for Novarica’s latest Workers’ Compensation Special Interest Group. The conversation touched on innovation in workers’ compensation, InsureTech, and core systems transformation. Our panelists Mike Paulin of AF Group and Jeff Shaw of Employers Insurance Group offered a wide range of approaches, techniques, and...
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March 8, 2021
Property/casualty carriers continue to actively invest in core system transformations as they search for ways to accelerate speed to market, leverage advanced digital capabilities, and improve workflows. According to Novarica’s study of 55 midsize property/casualty insurer CIOs, 27% are continuing investment in core policy administration systems in 2021, 7% are starting a new replacement, and...
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December 9, 2020
Novarica’s recent Property/Casualty Billing Market Navigator highlighted several emerging trends, including the growing importance of providing policyholders with a flexible, “retail-like” payment experience. More and more, insurers are prioritizing the improvement of customer service; however, the pandemic has increased the speed at which ease-of-use capabilities are being...
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November 4, 2020
As a highly regulated line of business, workers’ compensation is split between two types of initiatives. The first type involves core system and portal enhancement/replacement as well as digital initiatives to improve efficiency and service quality. The second type is data and analytics investments to mitigate or prevent losses. Examples of the latter include investments in AI and predictive...
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October 23, 2020
During Novarica’s recent personal lines Special Interest Group meeting, insurer clients and Research Council members had the chance to network, exchange knowledge, and share their personal experiences with rating providers, cloud migrations, and low-code/no-code solutions. P/C Rating Systems Personal lines insurers looking to improve current speed to market and to become nimbler in...
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October 8, 2020
The frequency of customer interactions in personal lines has made these insurers fast adopters of technology, both to drive customer experience and to improve their own efficiency and profitability. While it is ahead of other sectors, COVID-19 has led to dramatic changes in personal lines, necessitating a revisit of current practices. Distribution Trends Integrating point-of-sale...
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