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E.g., 2021-10-24
E.g., 2021-10-24
October 21, 2021
During last week’s Client and Council Member Virtual Panel, Aite-Novarica Group Head of Life Insurance, Annuities, and Benefits Rob McIsaac and I were joined by four winners from this year’s Research Council Impact Awards. Each of our panelists was the leader of an insurance technology project recognized by ANG’s Insurance Technology Research Council as exemplary in generating real business...
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October 20, 2021
One of my favorite roles during my career was establishing an enterprise business architecture operation at a major life insurance carrier. This was a new discipline for our organization; it was part of the enterprise architecture team that reported to the CTO. Since it was new, we worked closely with an advisory firm to map out the charter, roles and responsibilities, and objectives for the...
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October 19, 2021
Last year, Top Gear alum Jeremy Clarkson learned firsthand that running a farm starts with planting the right seeds in the right fields at the right time to yield the best result. As many insurers are hitting the peak of planning season, we thought we’d take a moment to highlight some interesting trends and best practices we are observing about the process this year. Many insurers are increasing...
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October 18, 2021
Insurers tend to think about their agent and customer portals like medieval European castles: an impenetrable environment, where a monarch controls everyone’s experiences and determines who goes in or out through one heavily guarded doorway. But modern, omnichannel experiences challenge this image. Today’s portal is just one touchpoint within a longer string of experiences, triggering...
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October 14, 2021
The past 18 months have tested companies in a way most organizations could never have planned for. The COVID-19 pandemic, in combination with changing demographics and the new realities of remote work, highlighted the importance of business planning. An ideal business plan involves all parts of the organization, articulating a focused set of business goals and strategies to achieve them....
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October 13, 2021
The frequency of customer interactions in personal lines has made these insurers fast adopters of technology, both to drive customer experience and to improve their own efficiency and profitability. While it is ahead of other sectors, COVID-19 has led to dramatic changes in personal lines, necessitating a revisit of current practices. Distribution Trends Integrating point-of-sale systems...
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October 12, 2021
John Lennon once famously wrote, “life is what happens to you while you’re busy making other plans.” In some ways, this captures a challenge many insurance carriers have faced as the pandemic continues to evolve and extend its impact on virtually every aspect of their business models. Companies having been handling issues as they come up; the uncertainty of the pandemic has necessitated an...
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October 7, 2021
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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September 28, 2021
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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September 28, 2021
Property/casualty insurers work with regulatory reporting service providers to ensure data is in the proper format for regulators, advisory organizations, and statistical agents. Regulators use this data to assess insurer rates and rating plans and understand emerging issues. Insurers benefit from better predictions of loss costs and loss experience in addition to the benefits of outsourcing the...
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