Big insurtech opportunities for carriers entrenched in the cloud

Insurers that have successfully shifted to the cloud are set to capitalize on a surge in insurtech alliances triggered by the COVID-19 pandemic.   The COVID-19 pandemic is likely to hasten co-operation between carriers and insurtechs. And the cloud will provide the technology platforms and tools for this co-operation to thrive. Insurers that have moved much of their IT workloads into the…

Big insurtech opportunities for carriers entrenched in the cloud

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Insurance News: COVID, climate impacts show need for changes

Disproportionate impacts from COVID-19 and climate change are shining a light on the underinsured. Times like these challenge the insurance industry to consider how their products may better reach those who need them most. In my previous blog post, I referenced the disproportionately high mortality from COVID-19 in care homes and the need to better…

Insurance News: COVID, climate impacts show need for changes

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Powerful cloud services will drive ecosystem innovation

Carriers that recognize and make use of the innovation capabilities that cloud services offer will outpace their competitors in the race to build expansive ecosystems. With enhanced agility and reach, they will seize many of the lucrative opportunities likely to spawned by ecosystems in the next few years. Some far-sighted insurers are already using cloud…

Powerful cloud services will drive ecosystem innovation

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The Unique Threat of Tech Companies in Insurance

For years, the established insurance industry has viewed insurtech start-ups as disruptors. And rightly so—they are nimble, responsive to customer needs and built on modern technology. But there’s a difference between a disruptor and a threat. Large insurance companies still have the customers and data, so it’s unclear when, or if, these insurtech companies evolve…

The Unique Threat of Tech Companies in Insurance

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The Future of Underwriting, Part 5: The Final Handoff

Congratulations! If you’ve read this far into our series on the future of underwriting, you know that we have discussed changing the underwriting experience from submission to proposal. We’re done! Feel free to post this on your LinkedIn profile. I kid, of course. There’s one more step to the underwriting journey—one that too many carriers…

The Future of Underwriting, Part 5: The Final Handoff

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What does the post-recession future hold for insurers?

How does the insurance industry gear for recovery while still operating in the challenging context of COVID-19? Is it possible? This is not the first time that insurers have had to recover from a pressurised, contracted economy. The insurance industry stands to be heavily impacted by the economic recession that is expected to follow the…

What does the post-recession future hold for insurers?

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How health ecosystems drive insurance customers for life

Insurers have traditionally looked to develop new products and improve operational efficiency to remain competitive. While those remain important elements of any business model, the market is changing so fast those strategies alone will be insufficient to attract and retain future customers. Small and nimble insurtechs are disrupting the industry by developing or joining digital…

How health ecosystems drive insurance customers for life

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The Future of Underwriting, Part 4: Collaborative Proposals

The insurance quoting process has changed shockingly little across the history of the profession. Back in the 1800s, carriers would deliver quotes via mail or messenger. Later we moved to overnight packages and faxes. Today, we use email. Other than the fact that the document is now digital, most companies’ delivery of the proposal is…

The Future of Underwriting, Part 4: Collaborative Proposals

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Let business – not technology – set your cloud agenda

Insurance companies can substantially improve the benefits they gain from cloud computing if they align their business needs with the products and services offered by big cloud providers. Besides stepping up the migration of key applications and workloads to cloud services, choosing the provider with the right cloud solutions and tools can help them grow…

Let business – not technology – set your cloud agenda

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Insurers: promote wellness to reduce costs

Consumer demand for wellness products and services has been accelerated by COVID-19. This sharpened focus on wellness offers insurers the opportunity to create innovations and partnerships that yield positive outcomes for their customers and their businesses. Insurance companies will find natural synergies with companies in the wellness ecosystem. Those that help customers remain healthy and…

Insurers: promote wellness to reduce costs

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The Future of Underwriting, Part 3: Enabled Underwriting

In the first two parts of this series on the future of underwriting, we looked at how data, omnichannel access, and intelligent tools can be used to gather, validate, supplement and prepare information for underwriters. In this post, we’ll shift our focus to underwriting itself and how collaboration between humans and intelligent tools can take…

The Future of Underwriting, Part 3: Enabled Underwriting

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Three big goals for a winning cloud strategy

A comprehensive cloud strategy enables insurers to reach not one but three key business objectives. It will accelerate growth, drive digital transformation, and also curb costs. All too often insurers settle for just one of these goals. It’s usually cost control. But they miss the big picture. They underestimate how scaling up their cloud services…

Three big goals for a winning cloud strategy

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Juggling Act – Part 1: Transforming the claims space

In this series of blogs, my colleagues and I will look at the insurance sector in Growth Markets, with a particular focus on technology, digitisation, platforms and ecosystems.  Fundamentally, paying claims is what insurers do; indeed, it constitutes the lion’s share of their outgoings. For P&C insurers, for instance, that typically amounts to 60-80 percent of costs. The simplicity…

Juggling Act – Part 1: Transforming the claims space

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The Future of Underwriting, Part 2: Intelligent Intake

In the first part of this series on the future of underwriting, we looked at how carriers are exploring new and improved channels of distribution. Leading carriers are moving beyond passively processing email submissions. Instead, they’re defining new and engaging experiences with their distribution partners or their customers to create competitive advantage. Getting business in…

The Future of Underwriting, Part 2: Intelligent Intake

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Smart insurers are transforming themselves in the cloud

Some insurers view cloud computing in the same way that tourists see packaged holidays – an opportunity to hand over responsibility and contain costs. There’s no doubt that cloud services can simplify IT operations and curb operating costs, but cloud computing offers insurers far more than cost and efficiency levers. It has the power to…

Smart insurers are transforming themselves in the cloud

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Insurance News: making work and workplaces safe

COVID-19 has driven changes across the insurance industry and in our daily lives. As we keep careful watch on infection rates and take precautions to prevent further spread of the virus, it’s important to create avenues back to workplaces for those who need them. Working from home will not work for everyone in perpetuity. Thanks…

Insurance News: making work and workplaces safe

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The Future of Underwriting, Part 1: Omnichannel Distribution

It has become an insurance tradition: every year, people declare that artificial intelligence (AI) and analytics will replace all underwriting in 10 years. Perhaps one day that will be true. But what is true today—and what will be true for some time to come—is that the best results for underwriting don’t come from replacing underwriters…

The Future of Underwriting, Part 1: Omnichannel Distribution

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It’s time for insurers to conquer their cloud fears

Insurers should be accelerating into the cloud after the upheavals caused by the COVID-19 pandemic. Instead, many are stalling. Seven big myths are blocking their cloud progress. The COVID-19 pandemic has thrust cloud computing to the top of the strategic agendas of insurers around the world. Without the flexibility and resilience of on-demand cloud services,…

It’s time for insurers to conquer their cloud fears

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Could organizational analytics in the cloud be a winning strategy?

Since the beginning of the pandemic, insurers have embraced remote work, with many reaping productivity and efficiency gains. However, chief human resources officers (CHROs) have been more skeptical than their C-suite peers about whether organizations were really prepared to support a remote workforce. And many organizations still lack the technology and infrastructure to sustain a…

Could organizational analytics in the cloud be a winning strategy?

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Insurers need to boost financial and operational resilience

COVID-19 is prompting insurers to focus on both the financial and operational resilience of their companies as they try to manage the economic challenges created by the virus.  It’s no surprise that insurance prices are rising as the industry assesses the magnitude of the risk and losses connected to the pandemic. U.S. commercial insurance prices rose by almost 10 percent overall compared to the…

Insurers need to boost financial and operational resilience

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