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
We moved to Santa Fe in May 2017 after coming here to vacation in the Summer - usually August - most of the previous 10 years before deciding to purchase our lot and home in August 2016. We didn't realize it at the time what with dealing with all the boxes spilling through the rooms… Continue reading Santa Fe: Food & Drink Post
There are several realities of the insurance industry that go unsaid. But I think from time to time, these realities need to be mentioned upfront. I understand why these realities go unsaid: insurance professionals know they don't need to be discussed. And I certainly understand that. After I graduated from New Mexico State University with… Continue reading Insurance Industry Realities That Go Unsaid
I've been fortunate to have been a technology-focused insurance industry analyst since 1997 launching and/or guiding analyst practices in the US and the UK. I've been even more fortunate to work with solid and thoughtful technology-focused insurance analysts at The Meta Group, Financial Insights (IDC), and Ovum (now known as Omdia). I pledge to my… Continue reading My Six-Point Pledge as a technology-focused insurance industry analyst
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 …
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