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E.g., 2022-08-12
E.g., 2022-08-12
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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August 5, 2022
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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August 4, 2022
Lemonade’s acquisition of Metromile has been in the news for some time, but recently we learned that the Metromile Enterprise Business Solutions unit has been sold off to EIS. I can’t comment on the specifics of the Lemonade or EIS acquisitions, but this is interesting from an industry perspective when it comes to the sale and support of nontraditional insurance products. By nontraditional, I...
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August 3, 2022
Personal lines carriers have been through tremendous upheaval in the last two years. The pandemic forced many carriers to return premium and implement new digital processes as the country went into shutdown. 2021 brought a different set of challenges. Exploding housing and auto markets dramatically increased exposures while supply chain issues and resource shortages fueled rising loss costs....
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July 26, 2022
One of the many mentors I had along the way shared that on any staff work or consulting project, it was important to “answer first.” The rationale for the recommendation could come later, the details which would demonstrate the thought process would be important, but framing the answer quickly to get the conversation going in the right direction was a key consideration. This has been part of...
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July 25, 2022
Commercial insurance is characterized by complex coverages, heterogeneous exposures and risks, and individually negotiated and priced contracts. Distribution is often through independent agents and brokers; there is an involved sales process of negotiation between policyholder, agent, and insurer. Commercial lines insurers continue to raise rates, seek growth through expanded jurisdictions and...
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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 21, 2022
The Great Resignation—a phenomenon in which an unprecedented number of employees worldwide quit their jobs over the past few years—has ushered in novel ways of thinking about workplace culture. Employees are prioritizing a better work-life balance, remote and hybrid options, and higher pay. Many companies have sought to adapt to these shifting expectations, but a talent gap—or labor shortage—...
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July 19, 2022
One of the most significant issues we hear about when talking with Aite-Novarica Group Insurance Technology Research Council members relates to talent. Attracting and retaining critical skills is increasingly challenging; the Great Resignation is mixing mid-career changes for millennials and Gen Xers with early retirements for many baby boomers, leading to both skill gaps and a loss of...
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July 18, 2022
Carriers’ ability to rapidly roll out new products, product changes, and pricing in response to market conditions is vital for growing revenue and market share. Economic uncertainty, compounded by a volatile and turbulent investing environment, will stress consumers and product manufacturers. Insurers are waking up to the importance of customer experience from the perspective of policyholders...
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