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May 11, 2023

The Impact of AI in Insurance

On April 19th, I jointly hosted the Aite-Novarica Women’s Network meeting with Head of Property/Casualty Insurance Martina Conlon on the impact of artificial intelligence (AI) in insurance. We were joined by Gwen Adler (Financial Services and Insurance Lead, Dataiku), Meredith Barnes-Cook (VP, Ushur), Aarti Gupta (Insurance GTM Head, AWS), Kim Wiswell (Senior Product Manager, GradientAI), and...

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Carey Geaglone

March 16, 2023

Optimization vs. Automation

I recently had the opportunity to present on straight-through processing (STP) for claims at the NAMIC Claims Conference in Orlando, FL. In my opening comments, I stated that while STP is effective for certain, simpler claims, it is not a realistic objective for all claims. Rather than talking solely about STP, insurers and the vendors that support them should focus their efforts on claims...

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Carey Geaglone

August 5, 2022

Nurturing Long-Term Relationships Between Insurers and Service Providers

Our recent report on IT services providers has prompted a number of discussions about the relationship between carriers and service providers. Insurers prefer to have long-lasting relationships with service partners. However, building and maintaining those relationships doesn’t happen on its own, and it’s important for both sides to recognize the potential benefits. Life insurers, for example...

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Carey Geaglone

July 11, 2022

Adapting IT Sourcing Strategies to the Changing World

The events of the last two years (COVID-19), the last 100 days (war in Europe), and the last five weeks (another lockdown in China) have caused companies to reassess their sourcing strategies. For many carriers, especially midsize and larger, it was almost a foregone conclusion that global resources would be a central component of their IT resourcing strategy. The strategic focus on global...

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Carey Geaglone

June 10, 2022

Mastering the Many Facets of Project Management

Most people will lead a project or initiative at some point in their professional career, even if they do not have the words “project manager” in their job title. If you’re not officially leading a project, you may not realize how often you are using project management in your daily life. The skills that make an effective project manager—communication, time management, problem solving—are...

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Carey Geaglone

May 31, 2022

Key Performance Metrics Are Vital for Core System Transformations

I recently wrote about the importance of having defined project roles and responsibilities for core system transformations—one of the most time-intensive, costly, and important initiatives an insurer can undertake. After selecting the system itself, carriers should ensure that key project roles and responsibilities are assigned. Strong project management and executive buy-in are crucial for a...

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Carey Geaglone

May 5, 2022

We’ve Selected the System, Now What?

A core system transformation is one of the most critical, expensive, and time-consuming strategic investments a carrier will take on. It’s a decision that will impact the next decade and beyond. Once the decision has been made, and the celebratory client/vendor dinner is over, the meter starts running and the real work begins. During our vendor selection engagements, carriers often ask vendors...

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Carey Geaglone

May 3, 2022

Commercial Lines Insurers Are Pondering Core System Upgrades, Managing Talent, and Partnering With Insuretech Startups

Commercial lines insurers are dealing with many of the same hurdles their counterparts in other lines of business are facing. But three areas of focus emerged at our recent Special Interest Group focused on commercial lines: core systems modernization, how to attract—and keep—talented employees to the team, and how to effectively partner with insuretech startups. The best approach to core...

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Carey Geaglone

April 8, 2022

Talent Strategies for the Evolving World

In 2022, all employers—including those in the insurance industry—are reflecting on workplace changes and revamping their talent strategies. Industry expectations are evolving, and employees are placing a greater emphasis on work-life balance and alignment with company values. Companies need to find creative ways to address talent shortages and other challenges of the current working environment,...

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Carey Geaglone