In the early 2000s, policy admin vendors whose systems had tools were at a distinct advantage. Vendors that didn’t have tools would blanch at the notion of competing for business: “We can’t beat those guys. They have tools!” That was then. This is now. Configuration toolsets have become table stakes. If you’re a vendor — […]
Your legacy system is starting to wheeze a little. It’s not as reliable as it once was. It’s nowhere near as flexible as it used to seem to be. It requires a little more coaxing than you’d like to give it. And you, your agents, and your policyholders are starting to wonder if it might […]
At this point, insurtechs have been around long enough that most of us are familiar with the benefits they typically tout. Here are the Top 10: Innovation and modernization, based on their belief that new technologies like AI, machine learning, blockchain, and IoT will change the game. Core system vendors are under pressure to integrate […]
The July edition of Best’s Review ran an article called, “Social Inflation Remains a Thorn in the Side of Casualty Insurers”. The article reflects the evolving psychology of some policyholders and the corresponding expectations that yield suspicion of corporations and assumptions about corporations’ abilities to inflate compensatory damages: Social inflation continues to test the ability […]
Like everybody else, we sometimes wonder why we do what we do. But when we start poking around a little bit, we often find information that astounds us and reminds of why we do what we do … and why what we do is valuable. Case in point: According to IBISWorld, the U.S. market size […]
As artificial intelligence (AI) continues to establish a foothold in insurance, it’s important to remember two things: (1) AI can be invaluable in automating routine tasks to reduce the need for manual intervention. (2) The predictive value of AI lies in hindsight; that is, its ability to analyze data, to identify patterns, and to predict outcomes […]
Because we’re as modest as we are, we don’t like to brag. (But we will if we have to. 😉) We bring that up here because we were doing some research on the percentage of annual revenue some companies put back into their products. What we found suggested that in industries with long innovation cycles […]
Given the fact that we’re in the business of the mechanics of insurance (processing software), it had never occurred to us to wonder about its psychology … until it did. When we started to indulge our curiosity, one of the first things we found was an article from the December 2019/January 2020 edition of The […]
In our previous post, we wrote about the risks associated with system implementations including the project investment, lost productivity, re-implementation costs, consulting and legal fees, and reputational damage. That’s why we reduce our customers’ risk and exposure by employing a guaranteed-cost model (or guaranteed-cost contract). Using that model, our customers pay a fixed, predetermined price […]
Depending on the studies you cite or the reports you favor, the average cost of a failed system implementation in the insurance industry can vary significantly depending on the size of the company, the complexity of the system being implemented, the amount of money spent on the system, the number of people involved in and […]
