Industry Trends

Nov
07
2017

Eyes on anything. Anytime. Anywhere. So you can know what’s true.

Anyone who is a parent of a teenager, pre-teen, kindergartener, etc., or just a parent in general, will instantly relate to WeGoLook’s tag line. Read on to learn about how, as a carrier, you can also have eyes on any risk at any time.  

Who

Nov
02
2017

Things Consumers Would Give Up To Use Messaging

Oct
31
2017

Understanding why Superman can fly and run faster than a speeding locomotive is something many European insurers might want to consider.

As every comic hero fan knows, Superman had superpowers on Earth because his physique was optimized for living on Krypton, a world with much more extreme environmental conditions.

Sep
29
2017

Historians use eras to help map out the big gearshifts in economic and social change in retrospect.

For the people who lived during those periods, well-known historical terms like the Middle Ages would have been unknown. For example, a medieval peasant knew they were a peasant but not that they were a medieval peasant.  Medieval was a term first coined in 1604, more than a hundred years after the Middle Ages are said to have ended.

Aug
31
2017

While actuarial science has been leveraged for decades in insurance pricing, the industry stands to benefit greatly by both expanding the methods being used, and extending those methods to claims operations and underwriting. For example, predictive modelling can help with early identification of people whose injuries are likely to become more severe so that proactive action can be taken. However, using predictive analytics effectively across an entire business can be complicated.

Aug
10
2017

Next year is the fortieth anniversary of when Lloyd’s decided to make a dramatic, concrete and steel statement about its past and future.

Jul
31
2017
Jul
31
2017

The UK is becoming a country of renters rather than home-owners according to a recent government whitepaper.

Jul
25
2017

There is a huge amount of buzz around blockchain and many explanations out there for what it is, and its likely benefits for financial services, especially banking and finance.

Jul
20
2017

Where in the world are you most likely to find a connected car? Los Angeles? London? Rome?

Jul
19
2017

In an on-demand economy, consumers expect real-time service and customer support. Through the use of chatbots, carriers can deliver real-time customer service while also improving operational efficiencies.

Jul
12
2017

Investment in Property and Casualty (P&C) InsurTech may have taken a short breather in Q1 2017, with 23 deals when compared to 27 deals in Q4 2016, or the record 42 deals in the Q1 2016.  However, interest in new innovations in the industry shows no sign of waning, judging by the record attendance at InsurTech events, in

Jul
05
2017
Jun
04
2017

In my first post in this series, I provided Guidewire’s perspective that we are at the early stage of a new era of P&C systems (see The Engagement Era).

May
08
2017

In a previous blog post (see The Engagement Era), I provided Guidewire’s perspective that we are at the beginning phase of a new era of P&C systems—the engagement era.

Apr
26
2017

I believe there has been more change in the P&C insurance industry over the last two years than in the previous 10 or, arguably, 20 years. The trends of change have been well documented and I won’t cover them here. Suffice it to say, the pace of change will accelerate in the years ahead.

Mar
07
2017

My 4-year old daughter recently participated in a school exercise where she was asked to articulate her dreams and goals for the future when she grows up.  I was fascinated to learn that when she grows up she wants to be a Lego piece.

Nov
30
2016

I recently enjoyed congregating with insurers, regulators, venture capitalists, and software vendors of all sizes to tease out how big data, analytics, and artificial intelligence are causing irreversible climate change in the insurance ecosystem. The topics at Insurance Disrupted included:

Oct
21
2016

One of my favorite rock bands is Daft Punk.  They are the Grammy award-winning duo famous for songs like “Get Lucky” and “Robot Rock”.  I don’t just admire them for their incredible music, but because they are innovators.

Oct
10
2016

As highlighted in a recent report by the World Economic Forum, insurance appears to be the sector potentially most impacted by the Internet of Things trend. Its value chain could be profoundly impacted by these technologies, so it’s time for a strategic reflection at an industry level.

Sep
28
2016

Recently I accessed my Amazon.com app to purchase garbage bags and was surprised and slightly amused, to see my product recommendations which included a meat thermometer, race car set and drone. Understanding that my husband also uses our Amazon app explains the product recommendations.

Sep
21
2016

That statement sums up what millennial small business owners know about insurance; in essence, not much. In a focus group we conducted to better understand the needs of this unique cohort, we heard this statement, as well as the amusing consensus of the group that older people must know more about insurance.   

Sep
14
2016

Recently I conducted a focus group of Millennial policyholders to understand their unique perspective on buying insurance. A clear message that resonated from the group was they don’t want to purchase insurance the way their parents do. Insurers understand this and are overhauling how they target, sell to, and service this unique cohort.

May
17
2016

There has been some recent news coverage suggesting that insurers should start to consider their core operational systems as ‘commodities’ and that their innovations will come from other areas of technology.

Apr
28
2016

To improve outcomes of core and data transformation initiatives, P/C insurers can benefit from investing in an insurance data solution from the core systems provider to serve as an intermediary between the core operational systems and the data warehouse, business intelligence, and advanced analytical systems.

Apr
25
2016

Data is the lifeblood of the property/casualty (P/C) insurance industry. Data is not only used to support core operations across policy, billing, and claims, but also to monitor the business and fulfill statutory and regulatory requirements.

Tags:
Mar
28
2016

After spending decades in the insurance industry on several continents, it never ceases to amaze me how we continuously fail to adapt to change as effectively as other industries around us.

In the past, it has been possible to get by with expedient choices to address immediate needs. What has crept up on the industry is the impact of a whole generation of new customers with different demands - I am, of course, speaking about Millennials.

Dec
17
2015

In some corners, critical discussions around core system technology have changed dramatically.  Just a few short years ago it was all about issuing policies and bills faster, settling claims more accurately, reducing error ratios, automating routine processes, and utilizing industry data standard

Dec
10
2015

Big Data is a common buzzword in the business and technology world today. Wikipedia defines Big Data as a broad term for data sets so large or complex that traditional data processing applications are inadequate. The 4 V’s – Volume, Velocity, Variety, and Veracity - characterize big data.

Dec
02
2015

Marcus Ryu’s kickoff presentation at Guidewire’s Connections 2015 started with an appropriate reference to Lloyd’s Coffee house in London. Not only was Lloyd’s the birth place of insurance, but it was also home to the seafaring population of London in the 1700s.

Nov
16
2015

On a recent customer visit to build a case study and obtain user video testimonials, I got to witness firsthand how the Guidewire marketing team creates these assets. The team travels with an enormous amount of equipment, moving it from one location to another, setting it up each time, and then recording the customer testimonial. You can see the amazing results produced by this team on our corporate website.

Nov
10
2015

I go to a lot of conferences every year, varying both in size and sponsor type. Conferences are a great way to leave corporate pressures—and corporate culture—behind, and see the business through different lenses, as well as expand knowledge horizons to drive better business outcomes.

Oct
28
2015

In my role on the Digital Market Insight team at Guidewire, I spend a lot of time talking to our customers and other insurers all over the world about their digital strategies. It is clear that every insurer is investing in “going digital”. But what is really driving this investment?

Tags:
Sep
28
2015

There is an overabundance of terms thrown out today that “everyone” “must” embrace when it comes to data.  Here are a few of the most popular:

Sep
23
2015

You don’t know what tough is, back in the day when I had to walk uphill both ways to school…” I remember my grandfather saying to me when I would complain about something.

Tags:
Aug
17
2015

Many insurers are just beginning to come to grips with the demands being placed on them by their customers. Consumers and businesses have become accustomed to interacting with providers of goods and services – like Amazon, Google, John Lewis – where they can expect a tailored experience, based on the intimate knowledge that those companies have of the customer’s habits, likes, dislikes and needs.

Jul
31
2015

What drives competitive advantage? Insurers will have different answers to this question, and the argument to build your own software is often based on one of:

Mar
27
2015

Digital technologies have profoundly changed how we do business. Because these technologies impact virtually all business functions and customer interactions, today’s companies recognize the importance of becoming a “digital business.” This notion is certainly supported by insurance industry articles, discussions, and conference references.  But what does it really mean to be a digital business?   

Feb
02
2015

As the 2015 tennis season’s first Grand Slam event, the Australian Open, began, my thoughts turned to a quote from the legendary Arthur Ashe: “Success is a journey, not a destination.” A winner of the event in 1970, Mr. Ashe recognized that success requires constant pursuit.

Sep
22
2014

Today’s insurance market is driving a need for increased responsiveness to changing conditions - consumer demands, regulatory changes, and competitive threats. To meet this need, insurers are transforming to increase their speed to market for product changes.

May
21
2014

In my last blog, I wrote about the potential value for both policyholders and insurers of market segmentation – creating ‘boxes’ that meet specific shopping (marketing), buying (quoting), using (servicing), and assessing (renewing) needs.

May
07
2014

As a consumer, I am getting used to a more individualized experience. These experiences are often driven by ‘loyalty’ cards that trade ‘points’ for my personal information, habits, etc. It seems worth it, and I understand the value to both sides. It makes sense. Applying that experience to insurance also makes sense – loyalty (a.k.a. retention) is a key metric for insurers. The problem is, I don’t often see the value to me as the policyholder.

Jan
15
2014

I’ve been intrigued by telematics for a while now… but then again, who hasn’t? However, even with a level of engagement and understanding of the benefits, especially considering most insurers promise only positive impacts, I still don’t have a ‘pay-as-you-drive’ policy. To be fair, I haven’t had much opportunity, as there hasn’t been a significant push in my region. However, I am already even more intrigued by the advent of self-driving cars….

Dec
20
2013

Well, here we are in the penultimate week of December with another year having flown by. At least once an orbit, we owe it to ourselves to have a look at what's transpired and where the trends will take us in the year to come. Here are my votes in core P/C (Property/Casualty):

Global cross-pollination

Jul
18
2013

I recently visited a farmers’ market close to where I live. I walked by a stand that was selling small containers of honey, and I was shocked to see a price tag of $12. Shocked to the point that I stopped to see if I was understanding properly, because how could honey possibly cost so much?

Jun
13
2013

What is all the fuss? This topic was the focus of a recent panel discussion at an event in London, England. The buzz it generated was fascinating to me.

May
29
2013

Really.  I want to know everything about you, spend time with you, celebrate your successes, and commiserate over your ‘bumps in the road’.

I’ll do my best to care for you. I’ll avoid harassing you with too many questions or redundant things. I promise I won’t forget all the ways we know each other. I’ll remember that you are a big part of what makes me successful, even when you sometimes have to give me bad news.

Tags: 20:01:08
May
21
2013

Answer: If you sell insurance through agents, probably a lot less than you think!

Jul
18
2012

Pam Byrnes:  What's the matter sweetie? Can't sleep? 
Greg Focker
:  No, no. I was just going over my answers to the polygraph test your dad just gave me.
-  Meet the Parents

Jul
13
2012

I've noticed a marked contrast among underwriters - between those less seasoned, who show a growing eagerness in underwriting automation techniques, and the more experienced underwriters, who express their reservations. The latter group points to the perceived pitfalls of relying too much on technology and the inability of those newer to the role to match the value of instinct that is gradually acquired over time.

Jul
03
2012

Last week, I had the good fortune of attending the ACE (America’s Claims Event) conference in Las Vegas. It was an energizing week for me, and I was particularly inspired to see so many of Guidewire’s customers in speaking roles at the conference. As you might expect with a claims conference, there were many complex issues discussed throughout the week. However, one theme that I heard consistently reinforced was quite simple.