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  • FinTech Circle: Innovation Is Not Disruption: Embracing Insurtech in the Insurance Industry

    FinTech Circle: Innovation Is Not Disruption: Embracing Insurtech in the Insurance Industry
    - Jeff Goldberg
    “Within the insurance industry, a persistent roadblock to innovation is the inaccurate conflation of Insutech startup growth with the fear of disruption. It’s no surprise that these distinct concepts are often grouped together: Silicon Valley prides itself as a “disruption engine” even though this is rarely the case; pundits frequently use the term and are always looking for the next billion-dollar startup to turn the world on its head. But actual disruption is when new realities (technological, regulatory, or otherwise) create fundamental changes to an underlying business model.”
  • Dig-In: Exploring purpose-built technology in insurance

    Dig-In: Exploring purpose-built technology in insurance
    - Jeff Goldberg
    “Purpose-built solutions with a specific (but narrow) focus are easier to utilize in practice than general solutions that look to leverage an emerging technology for all purposes. Especially when a technology is new, general approaches leave insurers with the responsibility to figure out custom implementations that make sense and have value. But when a vendor steps in with a technology application that solves one key problem, everyone can immediately align on getting it into the real world.”
  • Dig-In: Smaller insurers lean on partners to navigate disruption

    Dig-In: Smaller insurers lean on partners to navigate disruption
    - Tom Benton
    “Insurers continue to struggle with limited IT resources, capabilities, and access to specialized skills while they face increased demand for modernization, innovation, and operating efficiency,” notes Tom Benton, VP of research and consulting at Novarica. “Most insurers are focused on three things: running IT for the organization, projects that help the organization grow, and transformational projects. Most small carriers don’t have budget or resources (including talent) to apply to transformative projects.”
  • IIR: Munich Re Study Proves Wearable Device Data Predicts Mortality Risk

    IIR: Munich Re Study Proves Wearable Device Data Predicts Mortality Risk
    - Tom Benton
    “Since the advent of wearable devices, insurers have speculated about the potential use of the “instrumented individual” to enable “continuous underwriting,” according to Tom Benton, VP of Research and Consulting, Novarica (Boston). Munich Re’s study signals a beginning for an increasingly accurate understanding of wearable devices’ use for life insurance underwriting, but hurdles remain.”
  • Dig-In: How insurers can comply with Massachussetts cybersecurity regulations

    Dig-In: How insurers can comply with Massachussetts cybersecurity regulations
    - Mitch Wein
    “Per the 2007 Massachusetts Data Breach Notification Law, the Massachusetts Attorney General needs to be notified by mail by any company storing Massachusetts residents’ personal data if this data is compromised or breached in any way. Massachusetts has now extended this by adding a data breach reporting portal.”
  • Operations Efficiency and Distribution Are Key Tech Focus Areas for Group Benefits Insurers

    Operations Efficiency and Distribution Are Key Tech Focus Areas for Group Benefits Insurers
    - Rob McIsaac
    “Modern digital capabilities are key to attracting and retaining top distribution talent,” said Rob McIsaac, Senior Vice President of Research and Consulting, and co-author of Novarica’s new report. “Automation of benefits administration and enrollment, as well as integration with other core systems, is vitally important to address competitive concerns from both functional and financial perspectives.”
  • Fintech Innovation: Novarica says brokers must focus on automation and security in 2018

    Fintech Innovation: Novarica says brokers must focus on automation and security in 2018
    - Chuck Gomez
    “Broker and carrier IT leaders must simultaneously navigate security issues and prepare for the transformative effects of predictive analytics and artificial intelligence commodity lines have already seen,” says Chuck Gomez, VP of Research and Consulting of Novarica and author of the new report.
  • Dig-In: Weekly Wrapup: Internet of Things initiatives gain in insurance

    Dig-In: Weekly Wrapup: Internet of Things initiatives gain in insurance
    - Novarica
    “In 2016, a group of insurers and tech companies launched the IoT Insurance Observatory, which analyst firm Novarica signed on with this year. These are only a few of the latest indications that insurers are exploring the Internet of Things as a business-changing development.”
  • Dig-In: Allstate and Nationwide among insurers using public data sources in fraud detection

    Dig-In: Allstate and Nationwide among insurers using public data sources in fraud detection
    - Jeff Goldberg
    Privacy is the biggest concern resulting from carriers’ efforts to use public data to identify fraudulent claims, according to Jeff Goldberg, SVP of research & consulting at Novarica. “It can be potentially problematic behavior for an insurer to review social media for deep analysis on every claim,” he said. “Even if you can, that will be frowned upon by regulators, social media companies and policyholders.”
  • Dig-In: KPIs are crucial to communicating IT value for insurance CIOs

    Dig-In: KPIs are crucial to communicating IT value for insurance CIOs
    - Eric Weisburg
    “Insurer IT leaders should consider simplicity and meaningfulness when designing their IT value metrics to share with executives in other business units. Using these six business KPIs may be a good place to start to help CIOs and IT leaders communicate effectively.”
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