Insure Think

While the space insurance market is currently small, one expert says it's vital for sustainable commercial space activities.

New studies find consumers are still slowly recovering from the economic maelstrom that hit between 2007 and 2009.

Implementing new strategy requires leadership, executive involvement, a plan, technology and discipline, among other things.

IT is a world unto itself, and that’s part of the problem when it proves to be ineffective.

The end-goal for many insurers is to bring self service to all aspects of customer and agent interfaces. And everybody wants it.

Leveraging existing assets and getting privacy concerns right the first time are two important lessons insurers can learn.

Part of IT planning is to consider how a system will be kept up-to-date, and how it will eventually be retired.

The federal government seems keen on developing commercial space flight technologies, but how do we insure those who go where very few men have gone before?

By opening channels for customer interaction, USAA shows that it's keeping customer care front and center.

The Associated Press reported recently that the FBI is investigating a Pennsylvania school district accused of “secretly activating webcams inside students' homes.” The FBI will explore whether Lower Merion School District officials broke any federal wiretap or computer-intrusion laws by activating the webcams in laptops that the school owns and distributes to students.

We have daily discussions with insurers about how to balance the tasks involved with the maintenance of a legacy system environment with those required for strategic system renewal. It brings to my mind the analogy of “fixing a plane in mid-flight.” Most IT shops have neither the capacity nor the skill sets to do both with their in-house staff. These needs have created a large market for ITO, BPO, and system integration services. In observing this expanded sourcing model in action, it occurs to me that the whole organizational design of information areas is undergoing a change.

A couple months back, we reported on a study that showed younger people (under 30) were more likely to be receptive to electronic communications from carriers about new products and offers, which opens new possibilities for the way insurers can and should engage with this digital generation.

Just about everyone dreams of making that big splash, that big score or that big impression that catapults themselves into fame, stardom, renown and/or lots of money. Just ask the thousands who waited for days at each of the audition sites for a chance to sing for 20 seconds in front of the American Idol judges.

As I write this, near-term predictions are multiplying for improvement in leading indicators; however, the pressure on cost containment remains strong. How should quality play into this cost reduction discussion? That question is likely to evoke strong opinions.

In a recent conversation with a vendor, I was asked if there was any way in which we [Celent] could encourage/support the standardization of request for information documents sent out by insurers. Think ACORD Standards for RFIs! At the heart of her question, was a sense of deep frustration at the evaluation process which inhibits the vendor from highlighting or differentiating themselves. I have some sympathy with this view.

Master Data Management, MDM, is one of those great ideas that everyone agrees on, like maintaining a good diet and getting exercise. But then everyone resists actually doing it. Small wonder my friend Dave Linthicum once said the biggest job in MDM was “Managing Dumb Meatheads.”

Google Buzz users went nuts when their contacts were assembled without their consent, but other social media users are only too happy to air every piece of dirty laundry in their baskets to anyone who will listen.

Open source offers rapid turnaround and quicker time to market, which appeals to many insurers.

Insurers don’t buy tech for policyholders to tell them how pretty their bill is but, instead, as part of a bigger strategy to do something for the business.

The Toyota recall is the perfect opportunity for carriers to encourage online self-service.

Speed is an important part of the equation that yields customer satisfaction and begets retention, but not at the cost of relationship building.

Experts believe companies should gradually immerse themselves in social networking strategies—not dash in an all-at-once fashion.

Insurers looking at IT outsourcing, whether for hardware, software or people, should focus not on cost, but long-term business value.

A new study from IBM suggests that data governance is critical, but actions based on data are unique.

Critic contends that all this cloud terminology is sort of silly, and suggest that it may even be setting the industry back.

Today's insurance CIO must rise above the shortcomings of his predecessors, and be equally adept at dealing with both business and technology issues.

IT personnel budgets for 2010 are slightly higher, but who will actually benefit from the increase?

The green concept is catching on with insurers as well, as Allstate opened a data center last year based upon best practices and technology aimed at saving energy and employing renewable resources.

Just a few pieces of information may be all that is needed to identify you—yet new methods make breaching your privacy even easier.

Wouldn't you love to have even a piece of that magic when you're pitching ideas for a new underwriting system or agency portal? Learn how.

Platform and infrastructure, software development customization and application maintenance are expected to garner the biggest spending increases.

A Texas bank is suing a business customer that was victimized by cyber-theft; what will insurers do in similar circumstances?

The focus of lean IT is to put forth “a set of principles that says you are going to slow down in order to speed up.”

The tech icon says it will cost fewer dollars, but it can also subvert key relationships that make for success.

Actions by French insurers could trigger new rounds of discussions and delay the effective implementation of the Solvency II directive.

Using technology, insurers can anchor claims at the first notice of loss to improve the fairness, accuracy, speed and consistency of claims.

MetLife's new teleconferencing setup may have cost about $1 million, but it expects a double-digit ROI in travel savings.

Everyday users worry about their privacy, so how much more should business users be concerned?

Several high-profile insurers incorporated elegant designs into service processes, and the impact on their market presence has been phenomenal.

For an industry built on trust and relationships, technology is beneficial, but there are still times when face-to-face contact is still important.

The industry considers salivating over the huge China market, but it does so at the expense of our security.

Internet marketing will be regulated by 2015, controlling more than $250 billion in Internet marketing spending worldwide. Outlandish? Maybe not.

A LinkedIn discussion chain yielded a surprising array of responses from IT folks on this question.

Instead of focusing on product features, insurers are focused on growing customer wallet share and capturing emerging customer segments, such as Gen Y. Tech vendors need to pay attention.

Insurers that tie themselves to major sporting events build brand by capturing eyeballs in an innovative way, not by trying to be "cute" with their sponsorships.

Two insurers prove that SOA has finally reached a stage of maturity that allows it to address real business problems.

The amount of data we have is growing faster than our ability to store it, and that spells trouble for enterprises.

While still seen by many as a double-edged sword, social media helps insurers bring bring about new innovation.

“Faster” and “easier” are very appealing buzzwords, but “safer” is even better in the current security climate

IT departments sometimes fall into the trap of gauging success solely on project-management parameters or technological criteria, which isn't always the best measure.

Going forward, insurers will be employing their existing Web application platforms for all manner of devices.

As usual, the federal government chooses a sledge hammer to swat a fly, which means we all get squashed.