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There is no way around it: Success in today’s insurance industry hinges on an insurer’s ability to seek out and successfully deploy technology. Yet with so many technology options available, it is still an incredibly difficult and complex process to choose and implement the right automated technology for a business.
6 Tips for Technology Implementation
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What Mobile Strategy? [infographic]
The number of smartphones being brought into financial services organizations will double over the coming year. However, half of the financial services firms responding to the survey have no mobile policy of any kind, according to a study of 400 IT professionals in financial services organizations — 17 percent of which were insurance companies.

View the results

Achieving Success in Large, Complex Software Projects
Large technology-led transformation programs are important for creating business value and building strategic capabilities across industries. With many organizations spending around 50% of their IT budget on application development, the ability to execute software programs faster and at lower cost is essential to success for many transformation projects. However, the quality of execution leaves much to be desired. A joint study  found that large software projects on average run 66% over budget and 33% over schedule.

Success on time, and on budget

Making Policy Admin Progress
Research shows that P&C and life insurers are moving along in their quests for modern policy administration systems. But, with more activity comes even more misconceptions.

An increasing number of insurers are taking on policy administration projects - projects that many in the industry say are 'once-in-a-career' or 'make-or-break-a-career' endeavors.

These projects can take anywhere from nine to 24 months when done right, and can drastically change the way a company does business for years and years to come.

20 PAS project myths

More, Better, Now

Consumers are eager for a better customer experience, and while things are improving in the insurance space, the gap between the haves and the have-nots is getting wider. This is an especially pressing issue for insurers because customer expectations are being raised by Internet retailers, banks and other financial services industries, which seem to have little trouble offering the ability to transact business, self-serve, review detailed account histories and customize communications methods, frequency and detail online.

Offer better customer experiences

From Legacy to .NET to Portals to Mobile...It's A Great Time to Be in IT
During the annual IASA conference this year, I took the opportunity to speak with a number of carriers and vendors about some of the insurance industry’s most pressing business issues. In addition to one on one interviews I leveraged an on line survey** to expand the audience participation. When the information was rolled up, this is how their business issues ranked in order of importance.
  1. Lack of application flexibility
  2. Increased customer support demands
  3. High legacy / IT maintenance costs
  4. Insufficient data intelligence i.e. BI

4 trends from IASA 2014

12 Top Priorities for Personal Lines Insurer Technology
Personal lines continues to be competitive with technology playing a larger role in insurers’ abilities to attract, retain and serve clients profitably, and telematics is the new battleground in personal lines, Novarica says in its “Business and Technology Trends in Personal Lines” report. Most top personal lines carriers offer apps with accident checklists, agent locators and claims submission capabilities. But new priorities include advanced mobile capabilities and telematics, which require updates or replacements of core systems and expanding business intelligence.

Top tech priorities for personal lines

Top 10 Insurance Commercials On TV
The insurance industry has produced a slew of iconic television commercials through the years - from State Farm's classic "Like a Good Neighbor" spots to the Geico gecko - to create memorable ads that appeal to a wide range of consumers. After all, there's no demographic when it comes to buying insurance coverage. We all need it. These commercials made an impression on us -- whether it was due to a humorous scenario, an adorable child, or a just plain bizarre situation -- and chances are they did the same for you.

View the results

Is the Future of Insurance in the Internet of Things?
Technology is continually evolving, and as a result, the world is becoming more connected. The digital world is becoming bigger and bigger, allowing people, places and things to easily exchange digital information and data. The digital information, which is stored and analyzed, provides predictions, feedback, and a means of control for the various parties involved, and consequently, the Internet of Things is making (or should be making, at least) the world safer and healthier.

Impact on P&C insurance industry

How to Build A Great Insurance IT Workforce
Although technology is changing at a mind-boggling pace, some of the toughest challenges facing insurance company tech executives have nothing to do with systems and tools. Rather, it's the changing demographics of the IT workforce, along with intensified competition for talent with skills in hot areas such as analytics, mobile and agile development, that is simultaneously frustrating and inspiring today's insurance CIOs.

Secrets to attracting and retaining IT talent

(Not) Leaving Your Legacy
It’s safe to say that you won’t find any punch-card readers in use at insurance companies anymore, and you’d probably be hard-pressed to even find a typewriter. Those two machines were instrumental to record keeping and data processing at insurers for decades but, ultimately, they made way for a new generation of business technology.  Every technology in place at insurers today will be obsolete some day; however, many companies aren’t willing to give up on their legacy systems just yet.

Why companies are retaining legacy systems

Riskiest States for Employee Lawsuits

A new study by Hiscox revealed that, on average, a United States-based business with at least 10 employees has a 12.5% chance of having an employment liability charge filed against them. Businesses in some states, though, face higher levels of exposure to litigation than others. Some states have laws that significantly impact risk, and in the states that have more employee lawsuits, the verdicts can be harder on business owners.

Top 5 Riskiest States

Cloud Puts Carriers & Agencies on the Same Page
For years, carriers and agencies have looked for ways to better connect and share information as quickly and seamlessly as possible. There has been notable progress in the development of agent portals and extranets, which offer access to customer data, applications and ancillary information. However, many agents still rely on e-mail and a mix of online and offline connections to interact with carriers. For carriers, cloud computing offers a way to enhance and accelerate communications with agents, and agencies can benefit from better access, ease of use and efficiency gains.

Benefits to carriers

6 Tips for Technology Implementation
There is no way around it: Success in today’s insurance industry hinges on an insurer’s ability to seek out and successfully deploy technology. And it’s no wonder as IT solutions address everything from compliance, risk mitigation, customer retention, managing expenses, efficiency improvements and more. Yet with so many technology options available, it is still an incredibly difficult and complex process to choose and implement the right automated technology for a business.

Steps to strategic technology implementation

Just How Old Are Each P&C Sector's Claims System? [Infographic]
Among P&C insurers, claims systems and process capabilities vary widely, potentially affecting loss results, according to the "Novarica Claims Capabilities Maturity Model," which is based on a survey of more than 90 P&C insurers. Research indicates that claims systems and process capabilities vary widely by insurer.

View the results

Insurers' IT Spending Continues to Grow
Insurance IT spending across North America, Europe, Latin America, and Asia-Pacific will increase to $162.1 billion this year, increasing to $176.7 in 2016, according to “IT Spending in Insurance: A Global Perspective,” from research firm Celent. Trends in 2014 build on the past trends of core and legacy system transformation, data mastery and analytics and digitization.

Key for 2014: An investment in technology is an investment in growth

10 Characteristics of Effective Leaders
As the insurance market evolves, insurance leaders need to be visionary and adaptable. With the shifting market, strong leadership is critical for navigating the changes within the industry. Rates are increasing, carrier and agency appointment qualifications are tightening and carriers are requiring minimum performance standards. No matter what size the business is, an effective leader is the key to success, profitability, and higher employee morale.

Lead your team to success

Survey: 30% of Insurers Concerned About Legacy Systems’ Future

Nearly 30% of senior investment managers at global insurance companies say they are concerned about the ability of their current legacy systems to meet their future regulatory requirements, according to a recent survey by Northern Trust. The study highlights the challenges insurance companies face with complying with the Dodd-Frank Act in the U.S. and the Solvency II directive in Europe.

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