Technology

Filmmakers and dystopian sci-fi novelists have long predicted a future where robots take control and humans are relegated to a servant class – or worse. This thought was in the back of my mind as I joined 20 Guidewire engineers and architects in an “Artificial Intelligence (AI)/Machine Learning (ML) Workshop” led by Amazon Web Services.... Read More >
Why can’t the insurance business be more like Netflix? Or Tripadvisor or Booking.com?... Read More >
Of all the processes inherent to insurance, it could be argued that none are more important than the claims process. The general consensus is that claims typically account for up to 80% of an insurance company’s costs. When it is stated like that, 80% does not seem like an exceptionally large number.... Read More >
Insurtech startups are driving innovation in our industry. They are unhindered by carrier applications and culture, so they are able to swiftly target microsegments and deliver unique and streamlined customer experiences. In my first blog in this series, I shared the FinanceFox value proposition.... Read More >
How do you price a product when you do not know how much it costs to produce? This is a problem the insurance industry faces every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurance does not know the cost of the product when it is sold. The true cost of the product may not be known for many years once all the claims have been paid.... Read More >
Whether you are fixing the kitchen sink, doing yardwork or cooking a meal, it is often essential to have the right tools for the right job. The same applies when it comes to predictive analytics. Solutions for business intelligence, data visualization, and reporting are very different to those for predictive analytics. It’s even important to use the right predictive analytics software, especially when it comes to analyzing insurance data.... Read More >
Last November the Zurich Insurance Group hosted the first Insurance Hackathon in the DACH region (Germany, Austria, and Switzerland). It took place in the RheinEnergy Stadion, the home of the local football team, in the heart of the German insurance sector - Cologne. Over a three-day period various teams consisting of developers, designers, and inventors competed against each other to win €50,000.... Read More >
Property and Casualty (P&C) insurance companies today understand that in order to take advantage of opportunities in a fast-changing market, they must ensure their core systems are agile enough to enable such gymnastics. But the financial aspect of a new, modern system can be daunting: Plugging hardware and software line items into an IT budget might bring the scary reality of costs into sharp focus.... Read More >
I recently participated on a webinar panel hosted by Insurance Networking News. The webinar was about a new Strategy Meets Action (SMA) white paper, “Core Systems, Analytics, and the Data Explosion – Empowering Modern Core Systems with Data and Analytics”.... Read More >
Though I am but a humble consultant for a software vendor, I share something in common with many of you for-reals insurance professionals: I have been deepening my understanding of the P/C (Property/Casualty) insurance industry with courses from The Institutes.... Read More >

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