An insurance carrier might realize it is not a digital insurer if any department: uses a fax machineuses 2, 3, or 4+ ring-bindersuses filing cabinetsuses paperuses file foldersprints out company procedure manualsuses paper clipsuses paper bindersuses staplersuses stapler removersuses typewritersuses postal mail to send documents to insurance agents / brokersuses postal mail to send documents… Continue reading An insurance carrier might realize it is not a digital insurer if … (with respect of and apologies to Jeff Foxworthy)
Often, I feel like the Scarecrow from the Wizard of Oz when he said several times “if I only had a brain” particularly concerning the shape and nature of the P&C insurance industry in the next five or 10 years. There seems to be no end to the many prognostications that incumbent carriers are in… Continue reading If I Only Had a Brain …
Voice recognition has come a long way since I became acquainted with it. Back in the late 1980s / early 1990s, I was a management consultant with Arthur D. Little based in the US headquarters in Acorn Park (Cambridge, Ma). Some colleagues and I took a short trip to BBN's headquarters in Fresh Pond in… Continue reading The evolving ease of using voice recognition solutions
It is hard to believe, even for insurance industry professionals, that First Notice of Loss (FNL) is the beginning of the P&C insurance claim management process. But that is too myopic a perspective. The beginning of the P&C insurance claim management process is the underwriting process that determines acceptance or rejection of a risk (or… Continue reading The Beginning of the P&C Insurance Claim Management Process
Insurance exists to manage or otherwise mitigate risk. But what does that mean? Insurance, depending on the insurance line of business, exists to protect the physical assets of people, families, and businesses. Insurance, depending on the insurance line of business, exists to protect what people - or businesses - say or do ... their actions… Continue reading Why does insurance exist?
When I became a management consultant with Arthur D. Little and years later switched to a new part of my career when I became a technology-focused insurance industry analyst (First with The Meta Group, then to IDC, and eventually to Ovum [now Omdia]) there were several 'fundamental' questions I thought about regarding technology firms. One… Continue reading Your company is a platform company ? Really ?
COVID-19 has accelerated guidance (or suggestions or recommendations) for insurers to accelerate their initiatives to reshape their various business, financial, and customer-facing operations to 'be digital.' I have a hunch that what has actually accelerated is the 'doom-and-gloom' wailings from analysts, consultants, journalists, and technology firms to their insurance company clients and prospects (rather than… Continue reading The insurance industry is replete with archipelagos
What do customers want? I suggest that customers want to: find if a company sells the product or offers the service that they need at the moment quickly and easilypurchase the product or service they want from a company quickly and easilyconsume service related to the product purchase or use of the service quickly and… Continue reading What (Insurance) Customers Want
Just a look-back and look-ahead of some of the ways that people might have had and will have their own personal inquisitiveness satisfied through the decades.... Ask your mother; ask your father Look it up in the dictionary; look it up in the encyclopedia Go to the library Ask your teachers Ask your colleagues at… Continue reading Evolution of Satisfying Personal Inquisitiveness
No descriptions ... just pictures taken with one of our iPhones or iPads. There are pictures that seem to be cropped on the bottom: that's because I was dumb enough not to take the device out of its holder.... (We have a 'coyote fence' and this little bunny found a way into our backyard under… Continue reading A Gaggle of Pictures from our Santa Fe Home