data

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.

Jul
27
2017

In Part One of this blog post series, I discussed some data migration approaches for Guidewire ClaimCenter®.

Jul
26
2017

In a recent webinar (Reporting and Data Considerations during Guidewire Core Systems Upgrade), we asked our attendees which core legacy system(s) – Claims, Policy, Billing, or None – they hav

Jul
25
2017

In Part One of this blog, I discussed some data migration approaches for Guidewire ClaimCenter®.

Jul
14
2017

Why can’t the insurance business be more like Netflix? Or Tripadvisor or Booking.com?

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.

May
02
2017

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.

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
22
2017

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.

Jan
26
2017

As global insurance companies move to common IT platforms and applications, they have come to the realization that a “Company Layer” to handle enterprise-level capabilities such as common data for reporting is essential for global operations.

Jan
19
2017
Jan
16
2017

Data drives the digital age! Insurance carriers are realizing the benefits of the Big Data movement. Data provides a 360-degree view of the customer, feeds reporting and predictive analytics, and drives real-time business decisions. So why isn’t it also driving the strategy for implementing claims applications?

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.

Jul
28
2016

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.

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.

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.

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:

Aug
06
2015

In my previous post, I discussed how analytics can help identify insurance fraud, but how can this be applied in the real world? There has emerged a relatively new technology specifically made to analyze and store relationships or graphs with blazing speed and flexibility. A graph is any type of networked data.

Aug
04
2015

Insurance is a big industry. In the U.S. alone, 7,000 companies collect over $1 trillion of premium a year, resulting in an extremely attractive market for fraud. The FBI and NICB (National Insurance Crime Bureau) estimates that roughly 10 percent of all non-health insurance claims totaling $40 billion a year are very likely fraudulent.

Jun
10
2015

The complexity of modern property and casualty core systems can seem daunting. While the business value being delivered is quite high, it comes at the cost of inherent complexity needed in the core system as well as the integration and communications between systems.

As a result, one of the critical aspects of software evaluation has nothing to do with functional capability, but instead how the application support team can keep the system performing at a high level.

Apr
28
2015

When business users talk about operational reports, their primary concern is the output - the information they require to make the decision at hand.  To them, a report is a report is a report.  It’s a thing.  But to make reporting happen, you actually need three things, not one.

The right data

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.

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
22
2014

I hate the word “actionable.” I know it’s all the rage in business intelligence marketing-speak, but it implies that complex processes and strategies can be reduced to “see this, do that.” We at Guidewire Live chose the motto “From Guessing to Knowing” because truly understanding what’s happening in your business often has value that may not be so simple to describe.

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

Sep
18
2013

I was thrilled to read the article published last October in the Harvard Business Review entitled, “Data Scientist: The Sexiest Job of the 21st Century" (Thomas H. Davenport and D.J. Patil, Harvard Business Review, October 2012).

Sep
12
2013

 When most people think of oil, they think of it as one homogeneous substance; black goopy stuff that comes out of ground. But it isn’t – crude oil, like data, varies tremendously in quality; crude oil can come as sweet crude (if it has <0.5% sulfur) or sour (if it has >0.5% sulfur).

Sep
06
2013

Mike Burn wrote a great blog post entitled What Live is, is not important. Why we built it, is.”  It’s a great read on what our thought process was when we built Live. It resonated with me, but left me wanting more.

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
21
2013

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

May
09
2013

It seems to me that here’s still quite a lot of confusion swirling around what, exactly, constitutes a “cloud model” for software. We know that Gmail is cloud-based. But when we start to get into large scale enterprise software, it all gets fuzzier. If I take a traditional enterprise app, host it on my server, and rent it to you by the month, is it cloud-based?  I think the answer comes down to what you care about, mostly – if you’re a CIO and you care about the maintenance costs and pricing

Apr
15
2013

When we embarked upon building what eventually became known as Guidewire Live, we started with our customers. What problems were they struggling with and what unique assets could we bring to bear to help them solve those problems? We didn’t think a lot about what to call it or what category it fit into. But naturally, people asked and so we needed to come up with some answers: It’s a network. It’s a hosted platform of apps. It’s a community of insurers.

Mar
29
2013

Fraud….  For anyone in insurance, the word causes furrowed eyebrows and grim looks. It’s out there and we know it. It costs the global insurance industry tens of billions of dollars annually and has been around since the advent of insurance. Still, much of the work on ‘prevention’ has only occurred post-claim, mitigating the damage done and creating punitive precedents to discourage would-be fraudsters. Is it time for that to change? I think so.

Mar
13
2013

As in “I love loss development triangles!” (Wait, what were you thinking?) I love them so much I made a couple hundred thousand of them*.

Feb
15
2013

“She is frequently kind
And she's suddenly cruel
She can do as she pleases
She's nobody's fool
But she can't be convicted
She's earned her degree…”

-          Billy Joel, American singer/songwriter

Dec
07
2012

Insurance carriers are obsessed with models. Catastrophe models, predictive models, statistical models – they are all the rage. Tyra Banks would be proud. Models (of the non-runway variety) are useful tools to answer questions like “what could happen” and “what might be”.  But these models are most useful when trying to speculate on the future. We should have better ways to evaluate the present and the past. 

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.