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October 7, 2021

Enterprise Architecture: Partnering to Drive Digital Transformation

Enterprise architecture (EA) is no longer an overhead function that primarily governs technical architecture; it is shifting to a strategic enablement function for business transformation. Digitalization of the banking, financial services, and insurance industry is transforming back-end processes and customer service delivery. In addition, accelerating digital transformation in all parts of the...

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Mitch Wein

September 28, 2021

Enterprise Architecture: Focus Areas to Drive Innovation and Satisfy Regulations

Could it get even harder to create an Enterprise Architecture (EA) Function plan that supports Financial Services organizations in delivering on business objectives? It’s not enough for Heads of Architecture or CTOs to create plans defining policies to govern how their organizations adopt technologies; architecture function plans must enable agile approaches to leveraging technologies for...

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Mitch Wein

June 2, 2021

In a Competitive Market, Specialty Insurers Look to Adapt and Improve

Specialty insurers have traditionally made less use of automation than insurers in other sectors. They are now differentiating themselves in a competitive marketplace through investments in distribution (especially new business submission), product development, underwriting, and claims. The pandemic has spurred rate increases for most specialty lines. Most lines are seeing increased rates and...

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Mitch Wein

May 13, 2021

Claims Leaders Use Technology to Make Adjusters Better, Not Replace Them

Claims transformation is about using technology to give people new tools that help them be even better at what they do best, according to a panel of claims experts Novarica hosted at our recent Special Interest Group meeting. Our guests, Laurie Pierman of Amerisure and Corey Graham of MMG, noted that many adjusters spend time on manual tasks that don’t require their expertise, such as...

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Mitch Wein

April 26, 2021

Doing Business in the Specialty and Large Commercial Segment in 2022 and Beyond

“We reconfigured our entire office space.” “Demand for APIs has risen considerably among our brokers.” “Low-code/no-code is a priority for us, especially for complex products that require more rapid change.” These were among several notable trends that emerged from a conversation among the five insurer panelists at Novarica’s Specialty/Large Commercial Special Interest Group meeting...

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Mitch Wein

March 15, 2021

Supporting Agile Success

Last week, I was joined by my colleague Martin Higgins and a panel of insurance leaders for Novarica’s latest Agile Special Interest Group. The conversation touched on many of the hot-button items surrounding the Agile methodology, including the shift from projects to products, the importance of synergy between business and IT when delivering projects, and the historical fluctuations between...

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Mitch Wein

March 3, 2021

Data Access, Skills, and Sponsorship Top Concerns at Analytics Special Interest Group Meeting

As organizations grow to be more data-driven than ever, managing the data and analytics models used to make business decisions has become a top focus for carriers. At the first Analytics Special Interest Group meeting of the year, Novarica VP Eric Weisburg and I were joined by Louis DiModugno of The Hartford Steam Boiler and Allen Thompson of Hanover Insurance Group to lead a panel discussion...

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Mitch Wein

March 1, 2021

Digital Signatures, Documents, and Data and Privacy Regulations

As e-signatures, e-documents, and e-records proliferate, insurers must be careful that they, their third-party service providers (TPSPs), and reinsurer partners maintain compliance with federal and state regulations. Regulatory developments in analytics, data usage, and data security have the potential to affect insurer technology strategy. E-signatures and e-delivery have become a key...

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Mitch Wein

February 10, 2021

The Pandemic One Year Later

It’s been a year to the day since my first blog on the pandemic: February 10, 2020. At the time, I was accused of being too negative. Here are some of my predictions and what actually happened: Freedom of movement and the ability for people to get to work will be inhibited. Many people now work remotely. Cities suffered economically from the loss of commuters. However, there have...

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Mitch Wein

February 2, 2021

Reinsurers: Driven by Data

The reinsurance business faces multiple challenges. Years of soft market conditions followed by sudden, sharp hardening periods; tremendous losses from man-made and natural catastrophes; and open-ended liabilities (e.g., asbestos, terrorism) are putting intense pressure on reinsurers. These difficult conditions challenge reinsurers to adapt and come up with creative solutions. Reinsurers...

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Mitch Wein