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E.g., 2021-12-07
E.g., 2021-12-07
November 30, 2021
Insurers in North America have always preferred vertically focused (e.g. insurance specific) vendors, and a majority of solution providers in Aite-Novarica’s insurance coverage over the last decade are companies dedicated solely to building and supporting insurance industry products. There are many reasons for this, but the most prevalent are: Practical: Insurance is a complex, highly...
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November 16, 2021
Happy (American) Thanksgiving to all our Aite-Novarica clients, Council Members, and friends! When I read through the newsletter items this month, they looked startlingly routine — the items one might find in any November newsletters across the past decade (minus, of course, 2020). It may not be a return to normal, but I’ll settle for a return to typical. The annual Budgets and Projects...
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September 27, 2021
Low-code/no-code platforms are a boon to companies looking for an internal product development approach that provides flexibility and agility for building their systems. They are a way to leverage technically savvy resources without the cost of full-fledged software engineers. The term “low-code/no-code” might be new, but the concept of providing simpler, abstract tools for building...
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June 23, 2021
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term. You can have three people sitting around a table to discuss innovation, and it turns out all three of them expected an entirely different conversation. This is a good thing rather than a problem! It means there are many ways for an insurance company to be innovative in today’s...
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May 1, 2021
Last month, Novarica hosted a panel of IT services company executives who discussed what they’re looking for in startup partnerships. Cognizant’s Craig Weber, Salesforce’s Raja Singh, and EY’s Bob Reveal discussed their approaches to building an InsureTech ecosystem and putting startups in front of insurers. Some key takeaways from the discussion include: Breaking Through the Noise...
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February 5, 2021
InsureTech startups continue to attract the industry’s attention, bringing with them unprecedented access to emerging technology. The technology itself is exciting, but a huge part of what startups can offer insurers is how to actually use that tech. Positioning matters. Novarica recently facilitated a town hall for our InsureTech Community where we discussed emerging technology trends and...
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January 6, 2021
In December, Novarica published a report about intelligent text ingestion, covering the emerging and flourishing space of converting documents and PDFs into digital data. Despite a decade or more of digital modernization efforts, much of the insurance industry is still driven by document-based processes. Whether these documents are physical (via mail or fax) or virtual (via PDFs or...
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September 3, 2020
Everyone is using AI. Insurers today are either actively experimenting with AI, partnering with an AI-powered InsureTech startup, or are unknowingly benefitting from AI through third-party relationships. However, the term “AI” is often misused and misunderstood, which can make it difficult for an IT leader to pitch an AI initiative to an already skeptical business team. The broad scope...
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August 6, 2020
With core systems vendors moving into the cloud and offering SaaS platforms—and insurers embracing that shift—the industry has already started to see vendors pre-integrating with or buying data sources. Insurity, for example, purchased SpatialKey, and Guidewire purchased Cyence. Vendors are aware that data is a key component of the core system; being able to integrate with and pull in...
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July 21, 2020
The InsureTech startup wave has brought many new companies attempting to identify new or underserved markets, innovate new insurance products, or rethink consumer experience from the bottom up. These startups present like carriers and talk like carriers, but it’s an incumbent insurer writing the risk in most cases. This approach is sensible. A small startup with limited funding doesn’t...
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