- Where Insurance & Technology Meet

ACORD, EY Global Insurance Stakeholders Launch the First Standards-Based Insurance Blockchain Platform

ACORD Members Move Forward as New Solution Delivers Standardization, Transparency and Security Pearl River, NY (Sept. 6, 2017) – The insurance industry took a significant step forward today with the launch of the world’s first marine insurance blockchain platform. EY, Guardtime, and other industry participants developed the new blockchain platform, leveraging ACORD Standards and business… Read more »

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Disruption: 50 Years On

Disruption is very much in vogue as a target  for new technology.  But disruption is not a recent development.  As a fully invested boomer, I have been thinking about the 50th anniversary of 1967 – a year of fundamental disruption.  Two events stand out in my mind, the latter relating directly to insurance and the importance of… 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 »

Insurance Connectivity: Life in a Parallel Universe

I went to an interesting meeting a week ago which made me think that there is a parallel universe alongside the one that I’ve been living in for the past three decades. I am not sure what to do with the information, so I thought I’d throw it out for your consideration. Here’s the back… Read more »

Agent Connectivity: What Gets Measured…

The old adage, “what gets measured, gets done,” was validated again during the agents’ sessions at the ACORD Implementation Forum this week.  And, just as significantly, what got done is forming a platform for better things to come. Real-time is real work…. Within the U.S. property-casualty community, Agency/Company interface is an industry with a half… Read more »

Analytics In P&C Insurance: Is a Good Start Good Enough?

A new report from two senior analysts at SMA suggest that P&C insurers have made a good start down the analytics road.  The question is:  will this be good enough to remain competitive given the pace of adoption by present and potential competitors?  A second report, focusing on the broader Financial Services community, puts perspective… Read more »

Do We Need Different Constructs for Broker/Carrier Connectivity?

For the past 47 years, independent P&C insurance distributors, insurance carriers, and suppliers to the community have invested large quantities of time, energy, money, and credibility in seeking to rationalize insurance data transfer between brokers and carriers (now commonly referred to as ‘broker connectivity’).   We believe consensus exists on two points: There continues to be… Read more »

Are Three Legs Enough to Keep the SEMCI Stool Stable?

We recently posted on the current state of Single Entry, Multiple Company Interface (SEMCI) between independent distributors and insurance carriers.  In spite of consensus on objectives and  serious time, energy, and money spent over almost five decades, we are nowhere near a critical mass which would allow realization of the benefits promised. In this post,… Read more »

Broker Connectivity: Can This Circle Be Unbroken?

A recent post on the popular Canadian Insurance Strategy Group’s LinkedIn site generated numerous comments that provided a recap of the past plans, present status, and future desires for broker connectivity.  The result reminded us of the old quip:  “When all is said and done, there is much more said than done.” We would like… Read more »

Is Data Forcing Modern Systems to Stay in Second Gear?

There has been significant emphasis in the past few years on rapid execution of implementation plans for large systems. Agile methodologies and modern technologies allow significantly shorter timelines from the decision stage to lights-on.  However, the delivery of strategic goals may not follow as quickly, as we cope with our increased need for more, and… Read more »