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June 9, 2023

Broker-Dealers Plan for a Rapidly Arriving Future

Recently, I co-hosted Aite-Novarica Group’s Broker-Dealer Technology Research Group meeting, along with my colleagues Nancy Casbarro, Mitch Wein, John Keddy, and Jack Krantz. Joined by an array of carrier-owned broker-dealers, this session gave us the opportunity to dive into emergent issues that showcase the complexity of the regulatory environment faced in this space, as well as the dramatic...

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Robert McIsaac

June 7, 2023

Using Technology for Accident Prevention and Claims Cost Reduction in Personal Auto

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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Harry Huberty

May 30, 2023

Specialty Lines: Moderating Rate Increases, but Continuing Economic, Political, and Regulatory Uncertainty

Specialty insurers have traditionally made less use of automation than insurers in other sectors. But that’s beginning to change. These carriers are now differentiating themselves in a competitive marketplace. This is happening through investments in distribution (especially new business submission), product development, underwriting, and claims. In addition, ChatGPT and other large language...

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Steven Kaye

May 26, 2023

Dealing With Conflict

On May 10th, I hosted the Aite-Novarica Women’s Network meeting on the topic dealing with conflict. We were joined by Darchelle Caces (Senior Director of Project Management, Trustmark), Jennifer Ramos (AVP Portfolio Manager, Global Indemnity), and Bonnie Wasgatt (board member, Everlake Life and former CAO, F&G) who shared their perspectives on the most challenging aspects of conflict in the...

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Nancy Casbarro

May 23, 2023

Using Productivity Metrics to Measure Insurer IT Success

IT is a significant expenditure. Technology organizations are often asked to justify their spending by demonstrating the impact of IT costs on business outcomes and evaluating the effectiveness of IT investments. While IT metrics have a role to play and IT managers have a need to measure the quality and productivity of their team’s performance, these metrics are horizontal and don’t necessarily...

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Eric Weisburg

May 22, 2023

Self-Service and Digital Premium Payment Rates in Insurance

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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Harry Huberty

May 18, 2023

Planning for the Future

The author William Gibson once famously noted that the future is already here…it just isn’t evenly distributed. If there was any question about how true that statement is, it was effectively dispelled at Aite-Novarica Group’s recent Insurance CIO Council Meeting. Held in conjunction with the 2023 InsurTech Hartford Symposium, this event provided a broad and deep perspective on just how much is...

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Robert McIsaac

May 15, 2023

Insurance Core System Market Activity: Establishing Context and Evaluating Opportunities

Whether it’s an individual component or a full suite, replacing a core system is a massive decision for any insurer. In our recent study on insurance core system market activity, we took a deep dive into market activity as well as examined factors that vendors and carriers should consider when embarking on a core system replacement. This is important information for vendors looking to...

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Jeff Goldberg

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

May 4, 2023

MGAs: A Growing Distribution Channel With a Slippery Definition

Managing general agencies (MGAs) are in the news, either in their own right or as targets for acquisition. MGAs have historically been a profitable and high-growth distribution channel, especially for commercial and specialty lines. Vendors are increasingly targeting MGAs in addition to their core carrier bases. But the definition of MGA is slippery. Though it has an official/regulatory...

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Steven Kaye