Some things in life are just better small, like waistlines and debt. But when it comes to profit margins – you never want them to shrink. In 2023, the life insurance and annuity sector had a more stable year than Property & Casualty insurance. The escalating loss ratios have made it imperative for P&C insurers to innovate quickly. For instance, on January 1, 2024, reinsurance rates for U.S. property catastrophes surged by up to 50%, impacting policies previously affected by natural disasters. (reported by Reuters ..read more

Successfully navigating insurance platform migration demands careful consideration of essential elements and adherence to a systematic process. The move could be necessitated by a shift from legacy to agile systems or even from supposedly 'modern platforms' that lack the features you need. For insurance carriers, the apprehensions of a costly rip-and-replace approach often make them delay the inevitable.  ..read more

Scope creep and runaway expectations can adversely affect even the best-planned insurance software implementation. To illustrate, imagine ordering an expensive birthday cake for your son's big celebration with his school pals. Initially, you requested a large chocolate cake with peanut butter frosting, for delivery in a week. However, as the date approaches, you realize a child has a peanut allergy, prompting a change to strawberry frosting. Your baker is accommodating but there is a change in pricing. Later, you alter the inscription from "Happy Birthday Mike" to "Happy 6th Birthday Mike." D ..read more

In insurance, the claims process is a moment of “truth” for clients. They want claims handlers to show empathy, speed, and efficiency in delivering a fair outcome. Yet this is often a big ask because the claims function's transactional nature has remained the same for decades. Smart insurers are innovating by aligning the claims function as a strategic partner with traditional roles such as underwriting ..read more

Data took center stage as a major buzzword in 2023, and its momentum has seamlessly carried into the current year. Insurance carriers, MGAs, and agencies need to harness the potential of both their proprietary data and third-party data to propel them toward informed and improved decision-making ..read more

AI adoption in insurance signifies a paradigm shift in how the industry operates. In December 2022, the National Association of Insurance Commissioners (NAIC) published a report that says 88% of surveyed PPA (Private Passenger Auto) insurers use or plan to use AI/ML. Claims, marketing, and fraud detection are key areas of focus, while some are also using AI/ML for underwriting and loss prevention ..read more

Even the best business strategy will take you nowhere if your technology cannot quickly scale to support it. In 2024, the insurance industry will not be confronted by new technology tools but the challenges they faced in 2023 will continue to intensify. An array of pressing risks—social, technological, environmental, economic, and political—have rapidly escalated over the past two decades. These challenges, once considered abstract or improbable, now demand immediate attention and are reshaping the very fabric of the business. Unfortunately, established business and operating models have lagg ..read more

Think of modern insurance platforms like the engines in a fleet of cars. Some have the horsepower to accelerate swiftly, much like a sports car, while others chug along at a steadier pace, like a compact sedan. It is all about choosing the right 'engine' that aligns with your business's needs while being sure that it delivers on the ‘ROI Acceleration’ you expected when you migrated to the new insurance platform.   ..read more

Even the best business strategy will take you nowhere if your technology cannot quickly scale to support it. In 2024, the insurance industry will not be confronted by new technology tools but the challenges they faced in 2023 will continue to intensify. An array of pressing risks—social, technological, environmental, economic, and political—have rapidly escalated over the past two decades. These challenges, once considered abstract or improbable, now demand immediate attention and are reshaping the very fabric of the business. Unfortunately, established business and operating models have lagg ..read more

Let's face it: times are changing, and so are the generations dealing with insurance. The oldest millennials are hitting the ripe age of 42 and senior Gen Zers are stepping into their mid-twenties. Despite being often lumped together, these two generations stand on different ends of the insurance experience spectrum. Millennials have been navigating insurance intricacies for a couple of decades, while Gen Z is just starting to dip their toes into the world of policies and premiums – for those who have given them a thought ..read more