Blockchain is getting more traction in the business press, but implementation still seems to have remained in the IT domain. However, applications relying on Blockchain technology are emerging in the insurance domain. In addition, third parties are providing entry points for insurance professionals to understand and drive Blockchain applications. Are you part of these developments? Blockchain… Read more »
On Digital Marketing, Transformation, and OREOs
Would you pay $15 for a box of OREOs, delivered as a present? Not a question I normally ask, but the answer – which came at the Strategy Institute’s Digital Marketing for Financial Services Summit last week – was riveting and instructive on several levels, including the future of IT and Marketing. The marketing construct… Read more »
Will Technology Bring a New Insurance Model?
In the early days of my insurance career, an older, wiser colleague told me that the insurance business model was elegant in its simplicity. It’s “money in and money out, and you take your profit from the float.” Things have changed. A number of analysts are suggesting that technologies are driving fundamental alterations to the… Read more »
Where will Standardization Fit in a Flexible Product World?
Standardization has been a holy grail for as long as I have been involved in insurance technology. However, competitive pressures are challenging this goal. While standards are required in parts of the insurance process, these may become deeply buried in technology, allowing flexible implementations. There have been good reasons for adopting standards For example: When… Read more »
Can IT Learn to Embrace Sales? Would Sales Let IT Get That Close?
In my first insurance job, I supported agents, one of whom refused to put ‘Insurance Agent’ on his cards. He said, “People will think I just sell insurance.” A top producer heard this, and said, “Are you afraid you might actually sell some?” This reminds me of a challenge facing insurance IT and Sales today…. Read more »
Should IT Risks Be Part of Corporate Governance?
According to a well-respected risk management and governance consultant, “IT risk” shouldn’t exist at the corporate governance level. This seems to track with the philosophy that IT serves business needs. However, prohibiting standalone IT elements from the board agenda entirely could be counter-productive in several critical scenarios. I’d appreciate your thoughts here. Is “IT Risk”… Read more »
Sponsors: Need a Plan B for Core Systems Modernization Projects?
A recent report from SMA provides an excellent outline of best practices for implementing modern core systems. As a bonus, and without explicitly saying so, the report also provides a safety net for the executive who has been appointed the project sponsor and who might find, at some point, that all is not going tickety-boo…. Read more »
A Different Side of Disruption: What Uber Could Learn from Insurers
It seems that “disruption” has been the word of the day for four years or more. Some questions come to mind. Do progressive, strategic managers see being disruptive as the sine qua non for success? Also, is confrontation integral to being disruptive? I’d like to make a case for a collaboration as a balance… Read more »
Accenture’s Vision of Insurance: 5 Trends and a Great Plot
I have the opportunity of reading a lot of interesting, forward-looking material related to insurance technology. While most have some value points, few have the detail and holistic view that I found in the Accenture Technology Vision for Insurance 2015. It is well presented and has specific conclusions that will challenge many of us, for… Read more »
Survey Says: Broker/Agent-Insurer Alignment Grows, As Do Portals
A recent survey found that insurance practitioners are committing significant resources for technology to support customer service and growth. Digging a bit deeper, we see another trend: better alignment between insurers and brokers/agents. We’d be interested in your thoughts. Background Insurance-Canada.ca recently partnered with Xchanging, an international business procurement and technology service provider, to conduct… Read more »
