The Intersection - The Blog

Who Can Do InsurTech? Who Should?

The term “InsurTech”  is a bit ambiguous, describing a wide scope of activities.  Depending on the source, InsurTech  may cause disruption of current insurance practices, the rise of new insurance products, the evisceration  of entire insurance C-Suites, the ascension of new entrepreneurs to Unicorn status.  This is not particularly helpful. I prefer to use a… Read more »

Innovation/Collaboration Go Operational at #acordloma13

If we had a dollar for every time the mantras of Innovation and Collaboration were invoked at the recent ACORDLOMA Forum in Las Vegas, we’d have easily paid for our hotel bill and several meals.  There were lots of references to innovative thinking, collaborative processes,  innovative products, collaborative  technologies,  innovative delivery mechanisms….(you get the point). … Read more »

ICTA: The Jury Is Out And The Winners Are In the Mayonnaise Jar!

The die is now cast.  The winners of the coveted Insurance Canada Technology Awards (ICTAs) have been selected and the results have been sequestered. After the ICTA  jury met earlier this month, a secret ballot was held; the official scrutineer tallied the results, notified the small handful of officials who will be preparing the awards,… Read more »

Beyond Technology Modernization: Will The Circle Be Unbroken?

We have all heard about the need for insurers to ‘modernize’ their core technologies in order to survive and thrive. But how long does a system stay ‘modern?’ And is modernization enough? Several experts suggest that modernization should not be a goal, but rather a process that requires other complementary investments to occur to achieve… Read more »

Solstice 2012: The World Didn’t End; Insurance Technology Continues to Progress

We have to confess that we waited until after the Solstice had passed this morning before we decided to set fingers to keyboard.  It seems that the doomsayers were wrong, and the 2012 solstice brings us a new beginning. Perhaps this is a good metaphor for the world of Insurance and Technology: a few doomsayers,… Read more »

New Telematics/UBI Research Highlights Opportunities, Challenges for Insurers, Brokers

New research from Strategy Meets Action (SMA) highlights opportunities and challenges for insurers and intermediaries as they consider how to align telematics and usage-based insurance (UBI) with their strategies.  SMA is clear on one point:  telematics technology and UBI are disruptive forces which will impact the personal automobile insurance market over the next decade. SMA… Read more »

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Consumerization of Access: Can Insurers and Their IT Departments Make the Shift?

Consumerization means more than just accommodating tablets and iPhones on corporate networks, according to a recent report.  And the implications can be profound for insurers and their technology departments.  We’d like to know what you think about these trends. Information Week and Insurance & Technology joined forces to produce The New Customer Experience: How Mobile,… Read more »

Mobility on the Move with Insurers

Mobile technology is infiltrating in our environment in a way that eclipses any other previous technology.  In addition, we are seeing applications that would never have been possible in the previous non-mobile universe.  The insurance industry is not in the forefront of exploiting this, but some leaders are moving traditional and new applications to the… Read more »

Claims 3.0: The Future of P&C Claims

Editor’s Note:  In August, Karen Furtado, from SMA-Strategy Meets Action, offered her views on the near-term impacts of modern technology on claims processing.  She referred to the coming state as Claims 2.0.  In this post, Karen’s colleague, Mark Breading, takes a longer view he calls ‘Claims 3.0.’ Recent research by Strategy Meets Action on property… Read more »

Claims 1.0 to 2.0: A Shift in the Marketplace, Mindset, and Requirements

Recent research on property and casualty claims by Strategy Meets Action paints an interesting picture of insurer plans for the next three years. The transformation that will take place over this time period will move insurers from what SMA calls Claims 1.0 to a more evolved state – Claims 2.0. This transformation will encompass a… Read more »