BLOGS

INSIGHTS

BLOGS

Filter By:
E.g., 2022-12-04
E.g., 2022-12-04
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...
Read Full Post
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...
Read Full Post
May 29, 2020
As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats into partnership opportunities. The goal of such partnerships is not to bring in new business but to experiment with new models for long-term viability. Even insurers without dedicated funds for startup investments or the inclination to form subsidiary digital brands can find...
Read Full Post
May 7, 2020
The future of Software-as-a-Service (SaaS) in insurance is a multi-tenant approach. Multi-tenant systems stay up to date, align with all clients, avoid technical debt, eliminate costly upgrade cycles, enforce configuration best practices, and focus all of a vendor’s development budget on improving the system. The problem is that multi-tenant systems are scary. It’s one thing to move...
Read Full Post
March 4, 2020
Last week, Novarica hosted nine life and 16 small commercial insurer attendees for its first InsureTech Summit. Participants met with 20 startups to ask questions, see demos, and discuss best practices for creating partnerships. Insurer attendees asked a variety of questions to get insight into the capabilities that startups had to offer. Their questions can be grouped into three main...
Read Full Post
February 5, 2020
Years of difficult market conditions are challenging reinsurers to come up with creative solutions. As a result, reinsurers are making technology investments to better control risk and decision-making while also keeping up with regulatory demands. Data analysis is central to reinsurance and is becoming a top area of focus. Reinsurers control their risk through sophisticated risk analysis,...
Read Full Post
February 5, 2020
The data warehouse marketplace has evolved from vertical players selling separate components for each data task to a larger set of vendors offering full data technology stack solutions—from data governance and data movement to reports and dashboards. This shift reflects emerging needs, such as insurers looking to improve their big data capabilities as they explore new data sources and the...
Read Full Post
January 15, 2020
The emergence of Software-as-a-Service in the industry has brought new data privacy and ownership concerns into the contracting process for insurers. All vendors, even startups, understand that insurers’ data can’t be shared without explicit permission. However, not all vendors recognize that the same approach must apply to aggregated data. It’s possible for vendors to look across multiple...
Read Full Post
January 13, 2020
It’s not news that insurance solution providers have been expanding the notion of what makes up part of the core suite. For over a decade now, vendors have been growing the policy administration suite to include—among other components—billing, claims, workflow, document management, portals, and business intelligence. Insurity’s acquisition of SpatialKey, however, is about moving beyond...
Read Full Post
November 20, 2019
I recently had the opportunity to moderate a panel on becoming an analytics-driven business at the InsurTech Hartford Symposium. The session provided some illuminating insights on what insurers and startups should be thinking about when using data to make business decisions. Some of the highlights of the conversation were: Lessons Learned in Data Initiatives Building data models often...
Read Full Post

HOW CAN WE HELP?

If you have a question specific to your industry, speak with our experts.  Call us today to learn about the benefits of becoming a client.

Receive email updates relevant to you. Subscribe to entire practices or to selected topics within practices.