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
Just noodlin' out loud in a blog post about where insurance work gets done and what one or more technology frameworks make sense to support the work: Only or mostly within one functional department within the insurance carrier Value Chain / Point Solution Mostly across two or more functional departments within insurance carrier Value Chain… Continue reading Location of Insurance Work & Associated Technology Frameworks
I continue to have no idea what 'disruption' in insurance would look like. Every insurance company must adhere to the insurance regulations in each jurisdiction they conduct commerce. Every auto insurance company can only succeed - that is generate profitable premiums - by meeting, if not exceeding, the metrics of the auto insurance line of… Continue reading Tesla Insurance Company Will Just Be Another Player in the US Auto Insurance Marketplace
A Tesla Insurance Company will make the term ‘niche’ seem gargantuan. However, as a researcher, it will be interesting to read about the losses, loss ratios, and combined ratios as they mount up in this extremely small auto insurance segment. The Loss Development Triangles will be extremely interesting reading. And the IBNR: more than 'extremely… Continue reading Some realities of a ‘Tesla Insurance Company’