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E.g., 2024-02-26
E.g., 2024-02-26
June 7, 2023
For personal auto insurers, the story of the last few years can be summed up in just a few words: rising claims costs. The confluence of riskier driving, costlier auto components, supply chain disruption, and inflationary pressures created a 2022 that was the worst in many carriers’ histories, with a number of auto insurers posting combined ratios above 100, including some high-profile...
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May 22, 2023
Year in and year out, distributor ease of doing business is almost always among insurers’ top business priorities; this has been true essentially for as long as Aite-Novarica Group has tracked insurers’ IT and business priorities. Technologically, insurers’ emphasis on agent- and distributor-facing capabilities translates into investments in portals, APIs, and self-service for new business...
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April 17, 2023
Straight-through processing (STP) is often among insurers’ top goals for leveraging technology to improve efficiency for property/casualty and life/annuity/benefits insurance. STP offers insurers benefits in speed, consistency, and productivity, enabling them to support greater transaction and application volume without increasing headcount. Automated resolution of simple business frees up...
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April 3, 2023
Insurers regularly experiment with emerging technologies to find more efficient and effective ways to manage information, workflow, and risk. On Thursday, March 16, I hosted Aite-Novarica Group’s webinar Emerging Technology in Insurance for 2023, along with my colleagues Head of Property & Casualty Insurance Martina Conlon and Senior Principal John Keddy. Our discussion centered on...
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October 25, 2022
Core system technology projects are among the most risky, complex, and expensive efforts insurer IT teams can undertake. The core policy system is at the center of an insurer’s business, so it’s critical to get it right. Examples of successful projects are invaluable as roadmaps to follow. Aite-Novarica Group’s Insurance Technology Impact Awards exist for just this reason: to create clear...
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August 18, 2022
Insurer IT practice initiatives innovate at the organizational level. By their nature, they’re broader than digital, data, or core projects. Examples can include investments in infrastructure or workflow that enable new capabilities, organizational learning programs to standardize onboarding and training, or high school and college internship partner programs that cultivate new talent. Aite-...
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August 15, 2022
Aite-Novarica Group’s eleventh annual Insurance Technology Impact Awards program reviewed 65 examples of insurer IT initiatives that delivered real business impact. On Thursday, July 28, I hosted the Insurance Technology Impact Awards Winner Panel: Data Initiatives, featuring three case studies of exceptional data and analytics projects that had business impact. Panelists representing the...
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August 8, 2022
Successful insurer data and analytics projects allow insights to be more easily, and more broadly, available across the organization. Data initiatives also allow insurers to manage risk better by using analytics and to sell more by enabling automated decisioning and straight-through processing. Aite-Novarica Group’s 11th annual Insurance Technology Impact Awards on data initiatives include 17...
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July 22, 2022
Core systems projects create strategic capabilities that can open new opportunities for insurers and allow them to achieve long-term goals. As digital and data become more critical to insurer operations, agile and responsive core systems are increasingly required across all functional areas. Aite-Novarica Group’s 11th annual Insurance Impact Awards program features 65 examples of insurer IT...
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July 12, 2022
Insurer technology projects that deal with digital are fundamentally about the access and flow of information through the insurance value chain, from carriers to agents and policyholders or reinsurers. These efforts can range from channel enablement to user experience improvements. Digital remains a key area of focus for insurers looking for ways to increase efficiency and improve agent and...
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