- Where Insurance & Technology Meet

Keys to Competitiveness: Innovation and Data Anytime, Anywhere

As the soft market in virtually all parts of the industry continues, being competitive has gone from being a platitude that’s important to long-term growth to a principle that’s critical to day-to-day survival.  We recently saw two articles which gave clear direction to help IT understand its role in competitive positioning, and IT Management understand… Read more »

Websites or Agents? Why Not Both!

An old debate has resurfaced with the rise of social media … Is this a new channel that replaces agents and brokers?  As with most good things, the answer is both yes and no.  New US research suggests smart insurers and agents/brokers would do well to exploit the middle ground. Since the beginning of the… Read more »

Pick a Channel, Target an Interest, Cultivate Customers

Brokers who  starting down the road to use social media for marketing may be making two critical errors:  (1) Trying to sell insurance (2) on too many channels. New data from Bredin Business Information (quoted in eMarketer) suggests that small business owners (and this is what most insurance brokers are) tend to cast nets wide… Read more »

The Message from ACORD 2011: Overload is Just the Beginning

If there’s one takeaway from ACORD 2012, it seems to be this:  the amount of data flooding in the door is only going to increase, so prepare your strategy as best you can, and hold on tight. The statistics that continue to pour out of social business and related technologies are mind-numbing:  Average number of… Read more »

Twitter Co-Founder’s Assumptions and 5 Word Synopsis of the Pig Story

Biz Stone, co-founder of Twitter, gave the key note opening presentation to the annual ACORD Conference in San Diego on May 23 (here’s a peek behind the scenes).  Included in a great stream of conscious style presentation were 7 assumptions he asks all Twtter employees to make. We can change the world, build the business,… Read more »

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Cure To Claims Data Overload – Information on Demand

Go ahead, admit it, we won’t tell anyone:  You can’t handle the information.  It’s ok, we can’t either, and this has become the real challenge to business.  And, we can tell you:  There is a solution – it’s called Business Intelligence.  And It’s showing its use in Claims. First, what’s the problem.  The overwhelming amount… Read more »

Pioneers in Social Media and Insurance

There’s an old saying that pioneers get the arrows, and settlers get the land.  This seems to be the attitude among many in the insurance industry with regards to social media.   It’s only been in the last 6 months that we’ve started to some real initiatives by agents, brokers, and insurers.  While the momentum… Read more »

Watch for Speedbumps on the Road to Location-based Services

Clearly,  there are opportunities for new location based services, including Telematics, or Pay-as-You-Drive for insurers.  However, there are cautions as well.  A recent study by Whitehorse, reported in  eMarketer, provides a reality check. We’ve blogged about practitioners in large insurance companies that believe that location will be a major trend for insurers.  But location is… Read more »

What (or Whose) Legacy Needs Replacing?

Tell me if you’ve heard this one before:  “This is the year of legacy system replacement in the industry.”  Ok, old news.  But we are finally getting realistic appraisals of why some legacy technologies persist, and the reasons may be more analog and carbon-based than digital and silicon-based. Since the 1990s, pundits have been predicting… Read more »

Lost in Translation: Agent/Broker Interface Across the 49th Parallel

It is interesting to listen to brokers in Canada and independent agents in the US talk with passion about the need for cooperation with insurance carriers to realize ‘realtime interface’.  Both groups tend to speak the same words in English, but mean vastly different things. In the US, ‘Realtime’ has been formally defined as: “the… Read more »