9 Realities About Insurance and Technology

Insurance commerce can only be legally conducted between customers (personal, corporate) and insurance firms (whether reinsurance firm, insurance firm, agency, broker, MGA, MGU).It is illegal to conduct insurance commerce with a technology firm.No technology can ever transform an insurance firm into a technology firm.Technology - whether past, current, or emerging - is critically important to… Continue reading 9 Realities About Insurance and Technology

The Emperor Still Has No Clothes (Insurers Who Believe in VC-Driven Industry Disruption Are The Emperor)

Insurance firms, both incumbents and startups, have been continually told that they are not 'innovative' and the industry must be 'transformed' or 'disrupted.' It is hard, if not impossible, for insurance firm executives not to hear, read, or see those messages all around them (perhaps even in their sleep?). Become 'innovative' or you will be… Continue reading The Emperor Still Has No Clothes (Insurers Who Believe in VC-Driven Industry Disruption Are The Emperor)

The Insurance Industry’s Fundamental Persistent Objective

The insurance industry has one overarching fundamental persistent objective: getting and keeping sufficient scale comprised of clients who have a high likelihood of generating profit. Of course, I mean "profit" as described or defined by the metrics of the insurance lines of business each insurance company conducts commerce. Scale for the sake of scale is… Continue reading The Insurance Industry’s Fundamental Persistent Objective

CX-Shaped Life Insurance Geospatial Initiatives

I began my insurance career as a life insurance actuarial student. The key words are "began" and "student." I enjoyed my time with John Hancock as an actuarial student before I was drafted into the Army. There were no deferments for actuarial students when I got my 'Greetings and Salutations' during that time period in… Continue reading CX-Shaped Life Insurance Geospatial Initiatives

Shift to (Uninsurable) Severity

A few weeks ago, I saw a LinkedIn post from Dr. Robert Hartwig that discussed his testimony to one of the US Senate's subcommittees about the uninsurability of Business Income from the Covid-19 pandemic. Seeing that LinkedIn post, and reading his testimony, triggered my ongoing belief that uninsurability of certain risks has been happening more… Continue reading Shift to (Uninsurable) Severity

The Myth of the Digital Insurer

Myths through the ages Myths are, always have been, and always will be an intrinsic element of human society.  Myths like the Golden Fleece, Minotaurs, Unicorns, Cupid, Excalibur, and thousands of others have taken center stage in different segments of human life at different times, disappeared, and been replaced by newer tales and folklore.  Myths… Continue reading The Myth of the Digital Insurer

PERSONAL POST – A June 2021 Update of Santa Fe Restaurants (My lists)

The restaurant scene in Santa Fe, New Mexico remains as robust and diversified as ever. Yes, some restaurants closed during the Covid-19 pandemic but it seems quite a few of them have either reopened or will reopen in early July. (Our State is fully reopening as of July 1, 2021). Some new restaurants began operating… Continue reading PERSONAL POST – A June 2021 Update of Santa Fe Restaurants (My lists)

Digital Twins: A manufacturing solution for P&C property insurers

When insurers need to know about property risks Note: I realize that the last time period in the list below could be wrong because I always get claims made versus claim occurrence mixed up. (I don't know how to calculate IBNR either but I understand it requires a dark, stormy night, the entrails of a… Continue reading Digital Twins: A manufacturing solution for P&C property insurers

Reckless for an insurer to manage itself as one or more of its technologies

I'm going to go out on a limb and state that it is reckless (myopic ?) for an insurance carrier to manage itself as if it was one of its current - or future - component technologies or technology applications. What do I mean? Far too many people write that an insurance carrier is a… Continue reading Reckless for an insurer to manage itself as one or more of its technologies