At a recent meeting of the Novarica Insurance Technology Research Council, I had the opportunity to participate in conversations with a few dozen insurer CIOs. Most of the discussions at the meeting centered around one common theme: the challenges of managing insurance IT in an era of accelerated change.
There are, of course, dynamic changes in the regulatory environment occurring daily, which seem to be designed to push insurers from a risk-pricing model to a risk-pooling model at the exact point in time at which true risk pricing seems to be possible. This is evidenced both in the recent health care reform in the United States and European Union directives that would curtail the ability to underwrite based on established risk factors, such as gender.
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