News and Views: Hartford and InsureTech, InsureTech Investing, Workers’ Comp Distributors, and Embracing the Future of Collaboration

Keith Raymond on the potential for Hartford to become the InsureTech capital of the world. Jeff Goldberg on the how’s and why’s of investing in InsureTech. Matthew Josefowicz on two new Digital Distributors of workers’ comp. Rob McIsaac on MassMutual’s collaboration with Captricity and embracing the future.

News and Views: Cyber-Liability, Geospatial Satellite Imagery, the Self Drive Act, and Claims Adjuster Shortages

Matthew Josefowicz on cyber-liability in the aftermath of the Equifax breach. Jeff Goldberg on the use of geospatial satellite imagery in the wake of natural disaster. Chuck Ruzicka on the first set of federal laws for self-driving cars. Keith Raymond on the effects of the claims adjuster shortage after hurricanes Harvey and Irma.

Novaricast Summer Series Wraps with Episodes on Talent Management, Security, and Core

This summer was the inaugural season of the Novaricast, a podcast on the intersection of insurance and technology, featuring interviews and perspectives from Novarica’s senior team of subject matter experts. The second half of the summer series included an episode focused on talent as the top challenge for insurer CIOs, with a discussion of strategies…

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Novaricast Summer Series Begins with Episodes on Innovation, Digital, and AI

Earlier this summer, we introduced the Novaricast, a podcast on the intersection of insurance and technology. The Novaricast provides additional voices and context for the important hot topics currently being addressed in the insurance industry. We kicked off our summer series with an episode on innovation. The innovation episode explored the approaches that insurers are…

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Underwriting Losses Should Drive Innovation, Not Hold It Back

A new report from A.M. Best predicts that the P/C industry will post an underwriting loss for 2016, following three years of underwriting profits. Bond yield increases can’t come soon enough for this industry. PL automobile liability loss results are driving the PL deterioration. What are the implications, though, for IT strategy? Claims system modernization…

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News and Views: IBAO, Aetna-Humana Merger, Blockchain Consortium

Keith Raymond on the decision by the Insurance Brokers Association of Ontario to suspend its sponsorship partnership with Aviva Canada. Rob McIsaac on the implications of the blocked Aetna-Humana merger. Mitch Wein on the expansion of the B3i initiative for blockchain standardization for insurance.

News and Views: Argo, Tesla, Aon

Matthew Josefowicz on reports that Aon is in talks to sell its employee benefits outsourcing group. Chuck Ruzicka on Tesla’s win with federal regulators and why it’s just the first of many battles for self-driving car manufacturers. Mitch Wein on Argo Risk Tech Solutions and the future of commercial and personal lines insurance.

News and Views: Lemonade and Haven Life, Data Regulation, Revenge of the Mutuals, Grange and Amazon

Tom Benton on what incumbents can learn from Lemonade’s and Haven Life’s limited launch approach. Mitch Wein on why insurance and finance firms should expect regulators to start taking a closer look at big data. Rob McIsaac on the advantages mutually owned life insurers may have when overhauling technology and accounting systems. Jeff Goldberg on…

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News and Views: Lemonade’s Instant Claims, NYS Cyber Regulations Delay, UnitedHealthcare Motion, and BMW’s Self-Driving Cars

Matthew Josefowicz on why Lemonade’s instant claims processing is most impressive when looked at from a user experience standpoint. Mitch Wein on the delayed implementation of New York State’s new cybersecurity regulations. Tom Benton on UnitedHealthcare Motion and the future of wearables in wellness programs. Chuck Ruzicka on BMW’s entry into the self-driving car market…

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News and Views: AWS, S&P InsureTech Report, Allstate and SquareTrade, Intel’s Move into Self-Driving Cars

Rob McIsaac on EIS and Guidewire being awarded “AWS Financial Services Competency”. Jeff Goldberg on the new S&P report predicting InsureTech start-ups aren’t going to be the end of traditional insurers. Mitch Wein on Allstate acquiring SquareTrade and all the customer data that comes with it. Chuck Ruzicka on Intel’s partnership with Delphi and Mobileye…

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News and Views: Startups, the Future of Driving, Apple Watches, Metromile and CoverHound

Steve Kaye on how more startups might follow Nexar Limited’s example in working with municipal governments. Chuck Ruzicka on why carriers need to keep an eye on the present when it comes to self-driving cars and AR technology. Tom Benton on Vitality giving life insurance policyholders reduced-cost Apple Watches in exchange for their becoming less…

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News and Views: Core in the Cloud, Self-Driving Trucks, Claims Satisfaction, and Blockchain Consortium

Tom Benton on the first successful self-driving truck delivery from Uber’s Otto. Chuck Ruzicka on a new study from J.D. Power on what customers want out of their insurance company’s digital services. Rob McIsaac on Liberty Mutual Benefits’ move into using cloud computing. Mitch Wein on the new consortium of European reinsurers piloting blockchain.

News and Views Roundup: Zenefits, Drone Use, Workers’ Comp Profitability, Customer Experience, Plans for DC Products

Tom Benton on DC plan advisors planning to adjust products in the wake of the DOL Ruling Rob McIsaac on Zenefits launching new products for small business Mitch Wein on consumers’ increasing interest in customer experience, and not just price Steve Kaye on recent profitability in workers’ compensation Jeff Goldberg on Travelers’ use of drones…

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News and Views Roundup: DOL Updates, Industrial IoT, Autonomous Vehicle Strategy, MetLife’s Spin-off

Rob McIsaac on MetLife spinning off its retail unit. Tom Benton on HSB’s recent acquisition of industrial IoT startup Meshify. Chuck Ruzicka on the recent autonomous vehicle partnership between Allianz, Toyota, and BMW. Rob McIsaac on Merrill Lynch cutting commissions for IRAs in order to comply with the “client best interest” provision of the DOL…

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News and Views Roundup: Wearables for Wellness, Disruption to Risk Analysis, the DOL, and Plug and Play Insurance

Novarica’s team comments on recent insurance and technology news Tom Benton on Aetna and Apple partnering to offering wearables for wellness Steve Kaye on the first round of startups participating in Plug and Play’s insurance technology business development program Rob McIsaac on what the DOL could mean for mutual fund fees Matthew Josefowicz on the…

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News and Views: Disrupters, Autonomous Vehicles, Blockchain for Claims, Reinsurance

Novarica’s team comments on recent insurance and technology news Boston is launching an Urban Mobility program to test driverless cars, and the U.S. government is proposing 15 benchmarks that autonomous vehicles must meet. Novarica comment by Tom Benton, Senior VP of Research and Consulting: “The future of self-driving cars may be fewer accidents, but the…

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News and Views: UBI, On-Demand Insurance, and the DOL

Novarica’s team comments on recent insurance and technology news The growth of connected cars could make usage-based insurance ubiquitous Novarica comment by Chuck Ruzicka, VP of Research and Consulting: “Adoption of telematics and usage-based insurance has plateaued in recent years, and market penetration has been lower than expected. This partly reflects a lack of consumer…

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News and Views: Renters Insurance, Defined Contribution M&A, Reinsurance, Startup Activity

Novarica’s team comments on recent insurance and technology news Bungalow offers a simplified platform for purchasing renters’ insurance Novarica comment by Jeff Goldberg, VP of Research and Consulting: “The founders of Bungalow, being Millennials themselves, are well placed to sell insurance to their peers. They have begun by understanding the kind of experience Millennials want,…

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News and Views: the DOL, UBI Adoption, Locating Lost Life Policies, Blockchain Research

Novarica’s team comments on recent insurance and technology news According to a new DOL ruling, states are now allowed to create retirement plans for the private sector . Novarica comment by Rob McIsaac, Senior VP of Research and Consulting: “Not all employers can support traditional Defined Contribution retirement plans, and the impact of this is…

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News and Views: NAIC Cybersecurity Draft Law, Uber’s Acquisition of Otto, Adaptation to DOL Ruling

Novarica’s team comments on recent insurance and technology news Insurance groups are looking to define uniformity provisions in the most recent draft of the NAIC Insurance Data Security Model Law. Novarica comment by Mitch Wein, VP of Research and Consulting: “Uniformity is the key to the new Data Security Model draft law. Once the draft…

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News and Views: Data and the Small Carrier, Customer Experience in the C-Suite, and Cyber-Risk Scoring

Novarica’s team comments on recent insurance and technology news GuideOne’s CEO says their exit from personal lines was driven in part by an inability to keep up with the data demands. Novarica Comment by Jeff Goldberg, VP of Research and Consulting: “GuideOne’s CEO attributed their decision to exit personal auto, in part, to trouble keeping up with big…

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News and Views: Vendor M&A, FAA’s Revised Drone Rules, the DOL, Wearables in WC, Cat Bonds, Telematics, and the Life Industry

Novarica’s team comments on recent insurance and technology news Consolidation of software vendors continues, most recently in benefits management with the acquisition of benefitsCONNECT by benefitexpress. Novarica comment by Rob McIsaac, SVP of Research and Consulting: “By inserting themselves between employers and carriers/brokers, benefits providers have provided employers with a one stop shopping approach for…

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News and Views: Predictive Analytics, Mobile for Claims, Blockchain, Distribution Startup

Novarica’s team comments on recent insurance and technology news Predictive analytics reduces risk in Workers’ comp. Novarica Comment by Jeff Goldberg, VP of Research and Consulting: “Workers’ comp carriers are prone to high claims associated with complex injuries and medical handling, and also frequent claims fraud. So any technology that reduces the risk and uncertainty…

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News and Views: The “Uninsuranble Underclass”, Startups, Brexit, Annuity Sales, and AI

Novarica’s team comments on recent insurance and technology news Advances in FinTech and analytics could lead to the creation of an “uninsurable underclass”. Novarica comment by Jeff Goldberg, VP of Research and Consulting: “As more customer data sources become available—social media, telematics, wearables, sensors, and drones—at what point do insurers have enough real-time information to…

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News and Views: The US Treasury’s 2% Rule, Workers’ Comp, Direct Small Commercial, UBI

Novarica’s team comments on recent insurance and technology news As the Worker’s Comp line reports significant profits for 2015, a class action lawsuit alleges that women receive fewer Workers’ Comp benefits than men for the same injuries. Novarica comment by Jeff Goldberg, VP of Research and Consulting: “A recent class action lawsuit alleges that women…

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News and Views: On-Demand Insurance, the DOL, Agent Licensing, Big Data

Novarica’s team comments on recent insurance and technology news On-demand insurance startups are gaining traction. One company, Slice Labs, has announced a partnership with Munich Re, and the Chicago Tribune profiles four other startups in the space. Novarica comment by Mitch Wein, VP of Research and Consulting: “Pay per use insurance represents the coming together…

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The Salon Effect: What the Salons of the French Enlightenment Can Teach the Insurance Industry

“Thanks to our sullen resistance to innovation, thanks to the cold sluggishness of our national character, we still bear the stamp of our forefathers.”               -Edmund Burke, Reflections on the Revolution in France               (Burke, 1790: 64) The twenty first century has been challenging for the insurance industry. Disruption has replaced the status quo as new technologies…

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News and Views: Customer Experience, Digital, Drone Adoption, Reinsurance, and Insurer M&A

Novarica’s team comments on recent insurance and technology news A new company in Brooklyn is offering “5-Minute Renters Insurance” and another one in Boston is selling Renters and Life via mobile. Novarica comment by Matthew Josefowicz, President and CEO: “These are great examples of starting from customer need and re-engineering the process around that. Renters…

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News and Views: Electronic Persons, Parametric Coverage, Direct-Contracting, Brexit Updates

The EU proposes designating robots as “electronic persons” and subjecting them to employment law. Novarica comment by Mitch Wein, VP of Research and Consulting: “When I read this article, I thought of the movie “Bicentennial Man” from the turn of the century, about a robot who strives to be a person over the few hundred…

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News and Views: Brexit, Home Automation, Data Security, the DOL, and Customer Satisfaction

Novarica’s team comments on recent insurance and technology news Britain has voted to leave the European Union. Novarica comment by Mitch Wein, VP of Research and Consulting: “Yesterday, the UK voted to leave the EU. Nigel Farage, the UK Independence party head, declared it “Independence Day”. What does this mean for multi-national insurers? The impact…

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News and Views: Blockchain for Cat Bonds, New M&As, Activity Trackers, and Critical Illness

Novarica’s team comments on recent insurance and technology news Allianz implements Blockchain for Cat Bonds Novarica comment by Jeff Goldberg, VP of Research and Consulting: “As we discussed in a blog post earlier this week, Novarica expects that Allianz’s implementation of Blockchain will be the first of many explorations of Blockchain use for insurance policies…

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News and Views: DOL Ruling, Driverless Cars, and Targeting the Gig Economy

Novarica’s team comments on recent insurance and technology news Another legal challenge to the DOL fiduciary ruling was filed this week, this time by ACLI and NAIFA. Novarica comment by Rob McIsaac, SVP of Research and Consulting:  “While there continue to be legal challenges raised against the DOL fiduciary responsibility rules that were announced earlier…

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News and Views: Insurer VCs, DOL Ruling, Vendor M&A, and Cyberinsurance

Novarica’s team comments on recent insurance and technology news The VC arms of Liberty Mutual and the XL Group were part of a $3.2M investment round in Notion, a company that makes home-monitoring sensors. Novarica comment by Tom Benton, VP of Research and Consulting: “Startups like Notion are seeing the insurance market as one with…

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Digitalization and Disruption: Thoughts from the MI IASA Conference

I recently attended the MI IASA Spring Conference where I presented recent research on the continued and disruptive digitization of the insurance industry. The research resonated with many of the carrier IT and financial people in attendance, who find themselves and their companies at various points along the digitization continuum. One of the central themes…

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The Impact of Impact Awards

My colleagues and I recently had the opportunity to present some of the 2015 Novarica Impact Awards to worthy winners. The goal of the Impact Award is a straightforward but powerful one: recognize those insurance technologists (and their business colleagues) who have made a qualitative and quantitative impact at their company. For 2015, just a…

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3.5%? Really?

Having just returned from the annual PCI Technology Conference, it seems an appropriate time to reflect on some of the macro trends discussed. As is usually the case, it was packed with interesting and actionable content. It’s also one of the few conferences where the networking and perspectives exchanges amongst participants is as valuable as…

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CIO Best Practices for Effective Board Communication

While studying for my PhD in history I came across hundreds of examples of good and bad leadership. The one thing all good leaders had in common was their ability to clearly communicate and get people to take action. Each of these leaders had their own unique styles. For example, John Kennedy and Winston Churchill…

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London Market Business and Technology Trends

This week, Novarica released the most recent of our Business and Technology Trends reports, focused on the London Market. The report is available for immediate download from Novarica’s research library. Lloyds is the oldest insurance market in the world and often criticized for it’s slow adoption of technology or changes to business practice. Any time…

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July Acquisitions in the London Market

In a recent blog on the evolution of core software in London market, I suggested that changes were afoot. (https://novarica.com/?p=2470/) And so they were. At the beginning of July, Xchanging acquired two insurance software companies within a week of each other – AgencyPort Europe *(https://www.xchanging.com/news/xchanging-acquires-agencyport-europe/) and Total Objects. (https://www.xchanging.com/news/xchanging-acquires-total-objects) A week later, HG Capital, a…

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London Market Insurer IT Budgets and Projects – New Novarica report

This spring, we interviewed almost a dozen CIOs within the London market on their plans for 2014. Whilst much of the mainstream P&C market in the UK and US are absorbed in legacy modernization programs, the London market insurers are focused on data. Developing or enhancing business intelligence capabilities is a priority program in almost…

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Gamification in Insurance

Great article titled “Getting into the Game” by Lori Chordas in the February edition of Best’s Review about Gamification in insurance (pages 37-38 in print edition). In the article, I shared some key thoughts from our upcoming executive brief on Gamification. Carriers are employing more creative and engaging gamification tools in all aspects of the…

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