Joining the Mad Hatter's Tea Party
Understanding a problem How do you come to understand a problem enough to resolve it effectively and efficiently? More specifically, as an insurance professional, regardless of the functional area you work in, how do you come to understand a problem? How do you share your understanding of the problem with your colleagues? How do you… Continue reading Immersion Technologies & The Insurance Industry
The insurance industry has existed in one form or another since pre-biblical times. (See Code of Hammurabi circa 1754 BC.) Throughout its existence, insurers have provided a critical value-add to society through the mitigation or management of risk. During all this time, insurers have always used technology to support their business objectives. From stone tablets… Continue reading Some Realities of Technology & the Insurance Industry
Data is the life-blood of an insurance company The insurance industry is a data engine: insurance firms create data, capture external data, process data, and output data. Stripping away the various processes of an insurance company (looking beneath the layers of processes as if an x-ray was taken of a human body), we would find… Continue reading Five Levels of Data Analysis
Any person starting an insurance firm, whether an insurance broker or insurance carrier needs to keep in mind that: No insurance line of business is a commodity. Every insurance line of business is regulated. In the US, insurance firms must comply with each of the regulations in each jurisdiction the insurance firm intends to conduct… Continue reading My advice to insurance startups
We moved from the Boston, Massachusetts area two and a half years ago to our new home in Santa Fe, New Mexico. As a native Bostonian, this move represented somewhat of a transition of culture and, obviously, environment. Only 'somewhat" because I had lived in southern New Mexico decades ago thanks to the US Army… Continue reading A Santa Fe Photographic Interlude
The concepts of product, service, solution, and experience From my early days as an insurance management consultant, I thought about 'product', 'service', 'solution' and 'experience'. Many decades ago, I developed a visual that had the four concepts in a step-ladder format: product at the bottom, followed by service, followed by solution and followed by experience.… Continue reading It’s Always About Experience
Warning: some of the information in my post is based on information that is six to seven years old. In 2012 and 2013 I was an analyst with Ovum responsible for guiding their global insurance research stream. During both of those years, Ovum sent me to Sydney for a week to meet insurance clients and… Continue reading Wrangling Rabbits: Why Insurers Can’t Change Faster
Quick introduction I recently published a report profiling six Earth Observation (i.e. NewSpace) firms that included how each firm goes-to-market, their target markets, their capabilities, and other attributes. When I learned that IoT is the essence of one of the six firms - Fleet Space Technologies, headquartered in Australia - I became very interested. Why?… Continue reading IoT + NewSpace = Fleet Space Technologies
A high-level perspective of the IoT Digital Gaia emerges Gaia, or the Gaia Hypothesis, proposed by chemist James Lovelock and co-developed by microbiologist Lynn Margulis in the 1970s, states “that organisms interact with their inorganic surroundings on Earth to form a self-regulating, complex system that contributes to maintaining the conditions for life on the planet.” … Continue reading The IoT Creates New Insurance Product and Service Opportunities
The concepts of ‘what and where’ are intimately tied together as one interdependent whole throughout the decision-making processes to get and keep insurance customers. Although the insurance industry is not homogenous, the two intertwined concepts of assets at risk and location-based risks of the assets are at play throughout each major line of insurance. (Re)insurers… Continue reading NewSpace: An Insurance Industry Perspective
Rabkin's Opinions 