digital

Jun
15
2018

Motorists Insurance Group had some real challenges in their Commercial Lines business.  There were over 20 core systems for policy administration; response times were very slow; and everyone inside and outside the company was requesting real time access and updates. Customers, agents, and staff wanted clear visibility into policies and business.

Jan
31
2018

With 2018 upon us, many P&C insurers are focused on determining which trends to jump on (i.e. which will serve them best?) this year and beyond. Here, we have compiled three trends that we believe P&C insurers should start investigating right away — a mobile-first strategy, chatbots, and the on-demand economy.

Mobile-first

Jan
16
2018

As the new year gets into its stride, I can see the insurance industry heading in some exciting directions. The starting point is how the past year has witnessed InsurTech and Data Analytics make big inroads. However, the year ahead will be about how those ideas and blueprints are turned into more concrete outcomes for insurers.

Data listening monetises managing 21st Century risks

Jan
02
2018

The movie Blade Runner (and the novel it is based on, Do Androids Dream of Electric Sheep?) depicts a future world where artificial intelligence is taking over. It is a striking dystopia where robots – the replicants – have more humanity than their human masters.

Reimagining the future of insurance can get a little bleak too. Insurers might be concerned about InsurTech’s rise and its challenge to both the old ways of doing insurance, and even the need for insurers at all.

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
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.

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.

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.

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
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.

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?

Jun
04
2015

The title of “Data Scientist” is a relatively recent phenomena. Coined and popularized in the late ‘90s, the title didn’t really seem to have much widespread adoption until the last decade where the extreme proliferation of data and the need to analyze it forced companies to seek out the specialized resources best suited for this task. When I first entered the field a decade ago, the term “data scientist” really didn’t even exist (don’t most scientists use data?). To illustrate, I started as

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

We’ve been experiencing an unprecedented investment by small-to-mid-sized carriers in policy, billing and claims transformation programs. This is creating the foundation for future strategic initiatives, such as digital strategy and data analytics.