At the 2010 Insurance-Canada.ca Technology Conference, Jim McGregor, CEO, The Precept Group, and long-time supporter of technology to improve the insurance business, made a controversial statement. To paraphrase, Jim said that when he first got involved in broker-carrier interface in the late 1980s, the expense ratio for broker supporting insurers was 35% – ‘unacceptably’ higher than direct writing companies. Now, 20+ years later, the expense ratio for the same group is … 35%!
Does this mean there has been no progress? Does it mean that other factors are at play? Perhaps. Regardless, it is clear that technology professionals must get used to 1) aligning with business results in planning, 2) supporting delivery of quantifiable business results in executing plans, and 3) being accountable for the impact of their efforts on business results.
The 2011 Insurance-Canada.ca Technology Conference (ICTC) is placing Results at the centre of its theme and its logo (see our recent post). Several of our faculty will be addressing impacts of technologies and processes on results.
Kimberly Harris-Ferrante, Vice President and Distinguished Analyst for Gartner will be presenting the importance of balancing tradition and innovation in the evolving insurance market to respond to new demands for profitability. She will be offering results from a new Gartner study on forces of change in the Canadian insurance industry to be released first at the 2011 ICTC. Also, Rob Garmaise, VP – Research and Product Strategy, Info-Tech Research Group Inc. will be addressing issues and opportunities with IT benchmarking.
See the topics description page at the ICTC conference site for more information on these and other confirmed presentations. And don’t forget to register soon to take advantage of Early-Bird discounts.