How Berkshire Specialty’s IT strategy delivered results
Berkshire Hathaway Specialty Insurance was launched five years ago with no IT staff or data infrastructure in place, but also no legacy system to hold back innovation and growth. But the company now sports 800 employees, including 30 in IT, and has grown from $400 million in written premiums in 2013 to $1.7 billion at…
Hello, Siri: Voice-activated devices enter the world of insurance
The increased popularity of AI is providing insurers with new options to interact and collect information from policyholders for claims and other services. I’m not suggesting it will happen tomorrow, but the convergence of advanced analytics and voice-controlled consumer devices, such as Apple’s Siri, Amazon’s Alexa, and Microsoft’s Cortana, will present a fascinating opportunity for…
Insurance firm banks on change management in digital overhaul
Axis Capital CIO Darryl Catts prefaced an insurance platform revamp with a change management program, making IT and its business peers co-owners of the initiative. A major technology overhaul at Axis Capital’s insurance division is paving the way for data analytics programs geared to generate revenue. But the IT revamp wouldn’t have been possible without…
Here’s how emerging technology is changing the claims process
A recent report by Novarica addressed the adoption of emerging technologies in the insurance industry. Interestingly, adoption of these technologies does not appear to be happening equally across all functions of the insurance business. Most adoption is occurring within the underwriting and claims processes. Click here to read the full article by Aviva Phillips
Is data quality the unspoken risk of IoT?
Our lives are becoming more and more data-centric. Sally next door uses an average of 897 kWh of electricity per month, and about 90 gallons of water each day. She’s had one costly car accident, multiple speeding fines, and her car has been broken into twice because she parks it overnight on an unlit street.…
Are we on the verge of an insurance billing revolution?
Upstart models in the insurance billing world could soon pose serious “challenges” for slow-moving insurers who are unwilling to make changes. With a traditional insurance product, the billing schedule is normally sorted at the onset of a policy. Insureds know exactly how much they’re going to pay and exactly when they’re required to pay it.…
Insurance can ‘follow blueprints’ for its digital quest
King Arthur went on a quest for the Holy Grail. Aeneas quested for a homeland after losing Troy. Bilbo Baggins made an epic quest through Middle-Earth to help his friends reclaim their dwarven kingdom. Now it’s the insurance industry’s turn … to quest towards a digital transformation. Read the full article
Artificial intelligence is changing the world — including insurance
“Alexa, play Pandora. Alexa how does the traffic to Boston look today? Alexa, order light bulbs. Alexa, how much could I save by raising my auto deductible?” I walk in the door, and Alexa is there for me. She’s connected everywhere in my home, on my phone, and in my car. She’s like a friend…
Big Data, Analytics, and Machine Learning: Changing Insurance
The evolution of analytics and machine learning are shaping the industry’s future, mitigating risk, improving business, and helping develop types of policies that individuals and businesses need, even before they know they do. Success, failure, and change in the insurance business have always been largely data-determined. But today is different. Read the full article
How Some Insurers will Survive Driverless Cars
The nature of insurance risk is changing, as are the parties at risk, the assets to be insured and the information we have about those things. We refer to it as “the new insurance”. Click here for the full article
What’s the difference between a chief data officer, chief digital officer, and chief analytics officer?
IT is changing at a rapid pace, and so too is IT leadership. With digital transformation a top concern for many organizations and the analytics revolution in full force, companies are carving out new executive roles that might otherwise fall under the guardianship of the CIO. Click here to read the full article
Duck Creek Technologies Improves Its Position in the Leader Quadrant of Gartner’s Magic Quadrant for P&C Platforms, North America
Evaluation Based on Ability to Execute and Completeness of Vision BOSTON–(BUSINESS WIRE)–Duck Creek Technologies has been recognized as a Leader in the September 2017 Gartner “Magic Quadrant for P&C Core Platforms, North America.” It is the third consecutive time Duck Creek has been designated a Leader by the research and advisory company. “P&C insurance CIOs and their business peers are increasingly focused on speed to deployment and the…