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E.g., 2023-02-04
August 30, 2021
Deepika Srivastava is SVP, chief information officer, and chief information security officer at The Doctors Company Group, the nation’s largest physician-owned provider of insurance, risk management, and healthcare practice improvement solutions. She is responsible for TDC’s enterprise-wide information technology...
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March 24, 2021
Straight-through processing (STP) is becoming more common in insurance underwriting and claims, and it is likely to remain a priority for insurers seeking to improve the ease of doing business for their distribution partners and create more convenient customer experiences for their policyholders. Generally speaking, STP refers to insurers’ ability to automatically process transactions...
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March 16, 2021
Self-service transaction and digital payment utilization rates vary significantly across the insurance industry by line of business and persona. Novarica recently surveyed our Research Council on self-service utilization rates for agents and policyholders across seven lines of business. Our findings are consistent with an industry where increasing expectations for digital experience are...
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February 25, 2021
How long it takes a technology to catch on with insurers can depend on several interrelated factors. These factors include how easy the technology is to deploy, how long it takes to develop expertise and understand its use cases, how much value it creates, and how apparent that value is. Technologies that can be mapped onto existing processes often see the most rapid adoption. Robotic...
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February 16, 2021
Insurers are experimenting with emerging technologies in 2021, and personal lines carriers, as they often do, are leading the way in innovation. It’s usually easy to theorize the value that new technologies can provide to insurers, but implementing and using those technologies can involve unforeseen challenges. That’s one reason Novarica regularly hosts Special Interest Group meetings...
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February 8, 2021
Although insurers are always investing in and exploring new tools, technologies can take several years to go from “emerging” to “mainstream.” Even technologies like artificial intelligence (AI) and big data, which insurers have long understood to have value for understanding risks and customers more effectively, still aren’t ubiquitous. Novarica closely studies how insurers in our Research...
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February 1, 2021
Most insurers plan to once again invest in emerging technology in 2021. “Business as usual” isn’t usually headline news, but given the challenges of 2020, insurers’ plans for innovation speak to their collective belief that technology is at the heart of generating value in insurance. Insurers reviewing their upcoming emerging technology plans are doing so while mitigating the ongoing...
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November 24, 2020
GM announced this week that it will start selling policies directly to drivers through its new OnStar Insurance program. The company will start with its employees in Arizona and plans to expand to the general public by the end of 2021. This move has gotten some attention in mainstream sources like the Wall Street Journal. The policies are underwritten by American Family...
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November 9, 2020
Telematics has been part of insurance for well over a decade, and it’s here to stay. Policies backed by telematics are still a small part of the personal and commercial auto insurance markets, but they’re addressing a real need. Over the next several years, as access continues to expand and new carriers enter the space, telematics adoption will grow. Right now, adoption is modest but real...
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September 26, 2019
On September 4-5 I had the opportunity to attend and host a roundtable discussion at the Connected Car Insurance 2019 conference in Chicago, hosted by TU Automotive. It was a conference intensely focused on automotive telematics. Here are five major themes from the programs and panels. Insurers and vendors are looking towards applications beyond UBI, but there’s no consensus on what those...
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