- Where Insurance & Technology Meet

Insurer IT Priorities Evolving Faster than Budgets: Novarica Report

Security, innovation, digital, and analytics coming to the fore for insurer CIOs, but historical spending patterns continue to hold … for now … Boston, MA (Oct. 10, 2017) – Overall average IT spending levels and patterns for next year are basically consistent with prior years, but insurer CIO pressures and priorities are evolving, according to… Read more »

Most InsureTech Startups Not Direct Threats to Insurers: Novarica

InsureTech startups provide opportunities for carriers to learn and form partnerships Boston, MA (Sept. 26, 2017) – The insurance industry is buzzing about InsureTech; however, despite the obvious importance of InsureTech industry, most of the media in the space is directed towards innovators and investors. This approach neglects to address the two basic questions asked… Read more »

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Novarica’s Recent Silicon Valley Innovation Tour Offers Key Lessons in Failure Tolerance and Talent Management for Insurers

The Valley offers valuable models for the insurance industry as it faces disruption Boston, Mass. (Sept. 6, 2017) – Silicon Valley, often championed as the leader of technology innovation, seems to hold the optimal blend of talent, capital, and ideas. As insurers look to operationalize innovation, they can look towards valuable lessons learned in the Valley… Read more »

Augmented and Virtual Reality Poised to Influence and Enhance Customer Experience

New Novarica brief evaluates potential use cases for insurers Boston, MA (Aug. 28, 2017) – While their effect will be most impactful over time, augmented and virtual reality each boast considerable potential for impact within insurance, including implications spanning risk mitigation, improved efficiency and loss ratios, and enhanced customer service. In a new executive brief, Augmented… Read more »

Annuities Carriers Defining Distribution and Simplifying Product Offerings

New Novarica brief examines challenges and opportunities in recent annuities trends Boston, MA (Aug. 9, 2017) – Recent trends in the annuities insurance market are creating both challenges and opportunities for insurers, including low interest rates, regulatory changes, lower fees, and negative market perceptions. In a new executive brief, Emerging Trends in Annuities, research and… Read more »

Rise of SaaS/Cloud Requires Rethinking Continuity Plans

Traditional code escrow strategies need to be adapted for a new world: Novarica Boston, MA (Aug. 1, 2017) – SaaS- and cloud-based core products are increasingly attractive to insurers for their relative ease of deployment, security, and cost efficiency. However, there are few best practices around escrow and business continuity in the event that a… Read more »

Insurers Making Progress in Digital and Data Capabilities, but Core Developments Lag

Approximately 25% of pilot programs reported in last year’s study have been operationalized: Novarica’s 2nd Annual New Normal 100 Benchmark Study Boston, MA (July 25, 2017) – Insurers still have widely divergent technology-enabled capabilities, but they are making progress especially in digital and data analytics areas related to marketing, underwriting, and product development. That’s according… Read more »

Claims 2017 – Distinctly Driving Digital

In the May 28 blog post, I suggested that claims and risk management are taking a prominent place in digital transformations. Today, I will review recent articles that describe potential impacts and possible time frames. I will also note sessions at our 2017 Insurance-Canada Executive Forum, which will provide unique claims thought leadership. Telematics is not… Read more »

The Organizer’s Perk: Being a Fly on the ICTC2016 Wall

Organizing a conference is a lot of work, but it has its perks.   One big one is sitting in on meetings with really smart people talking about present and future challenges and opportunities.  Let me share examples from panels at the 2016 Technology Conference. Hit the Road Our friend, Catherine Kargas, from MARCON, has… Read more »

Big Data: On Carts, Horses, Lamborghinis, and Executives

Big Data is a hot insurance topic these days. The capability to use Big Data could even be a fundamental anchor for future profitability. But early forays are suggesting that there are big risks around getting lost in the process. Executives need to create a way to put the cart and horse in the right order…. Read more »