Sci-Fi has relied on robotic advisors since the genre was launched, and for good reason: They improve the lives of humans. This science-fiction is finally being realized, and if you squeeze your eyes tight and look at the horizon, you can see the future forming for insurance. Who is Mr. Robo and What Does He… Read more »
Who Can Do InsurTech? Who Should?
The term “InsurTech” is a bit ambiguous, describing a wide scope of activities. Depending on the source, InsurTech may cause disruption of current insurance practices, the rise of new insurance products, the evisceration of entire insurance C-Suites, the ascension of new entrepreneurs to Unicorn status. This is not particularly helpful. I prefer to use a… Read more »
InsurTech – It’s About Time
In the last two posts, I focused on whether incumbent insurers can employ InsurTech; I suggested that insurers can, assuming that the insurer is ready to make changes. Today, I’m posing the question: How can insurers effectively bring in InsurTech? Hint: As with insurance, time is of the essence. InsurTech on a role InsurTech –… Read more »
Can Insurers Really ‘Do’ InsurTech?
Common wisdom has it that established insurers are not able to leverage InsurTech – the use of digital technology innovations designed to squeeze out savings and efficiency – with the same efficacy as start-up enterprises. We challenged two assumptions in our last post and will now address the third. In the last episode … I… Read more »
Innovation, Integrity, Fintech: Pick 2?
When we hear of ‘innovation’ these days, the odds are pretty good that there is new technology behind it. The question now is whether the technology innovation can maintain integrity while scaling rapidly, especially for financial services. Technology is a critical part of daily life In a recent blog post, Mark Breading, partner in the… Read more »
The Transforming Insurer: Competing in a Post-Modern World
Insurers have spent significant time and money updating processes and modernizing core business systems. What happens if modernization is only table stakes? According to leading analysts and practitioners, competitive pressures are increasing, coming from traditional and non-traditional suppliers. Their competitive advantage? Transforming the enterprise to meet the demands of customers. How we got modern …… Read more »
360° Customer View: You Can Look, but Can You Touch?
Like the lives of so many celebrities and reality-show families whose relationships and daily interactions are splashed across our screens, insurers’ views of their customers present the same frustrating dilemma: sometimes they want to try to reach into the customers’ world to help influence decisions. But, just like on TV, it seems today’s insurers can… Read more »
Latest Stakeholder in Major Systems Projects? The Consumer
Before final sign-off on major projects, senior executives usually extract promises (accompanied by career-limiting threats) from the project manager or executive sponsor to the effect that the company will not have to repeat the exercise for many years. What would happen if the response was “Actually, we’ll have to check with our policyholders first”? Becoming… Read more »
Policyholders Will Love That Omnichannel Feeling
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ―Maya Angelou “Customer intimacy” might be the latest catchphrase in customer experience, but I wonder how policyholders really feel about being more intimate with their insurance company. How close do… 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 »
