Insurance-Canada.ca - Where Insurance & Technology Meet

Chatbots Offer Insurers Benefits But Don’t Replace Need for People

Chatbots are a low-cost, low-touch modern channel for consumer interaction: Novarica Boston, MA (Dec. 5, 2017) – More and more insurers are leveraging chatbot technology to enable rapid and convenient 24/7 self-service for policyholders to supplement their call centers and consumer portals. Chatbots are a low-cost, low-touch modern channel for customer interaction, and will only… Read more »

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Robotic Process Automation is Here to Stay: Novarica

RPA remains an effective and cost-efficient temporary fix for poorly integrated systems Boston, MA (Dec. 5, 2017) – Robotic process automation (RPA) continues to garner interest in the insurance industry. RPA is the use of software and algorithms to simulate human actions in existing systems. As IT leaders continue to navigate the trade-offs between cost… Read more »

Addressing Staffing Challenges Critical to Success of Transformational Programs

Large, complex projects benefit from organized staffing management: Novarica brief Boston, MA (Nov. 28, 2017) – Transformational insurance programs are uniquely large in terms of the time, effort, and resources needed to handle the complexity of system interfaces and project interdependencies and touchpoints. For a project to be successful in the long run, despite its… Read more »

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Business Intelligence Solutions Crucial to Overall Business Strategy

Leveraging BI tools important for following different data strategy paths in parallel; Novarica profiles 18 solution vendors Boston, Mass. (Nov. 7, 2017) – Over the past decade, insurers have shifted from ignoring BI and data strategy to making them a significant part of their overall business strategy. However, many carriers struggle with emphasizing all the… Read more »

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 »