Astute insurers have no intention of waiting to see how long their antiquated systems will last. They are updating their mainframes as a strategic move toward speed, agility, and future-proofing, not as a show-off endeavor. The Silent Immediacy of Modernizing Mainframes The mainframe is not glamorous, let us face it. It is not what you …
The Chief Customer Officer at Cambridge Mobile Telematics, David Morse, joins Abbey Compton and me in this week’s Insurance News Analysis. Together, we explore how telematics data is subtly changing the insurance value chain from top to bottom, going beyond simply lowering premiums. From a Pricing Lever to a Tool for Strategic Power Historically, telematics—think …
Abbey Compton and I discuss the changing relationship between insurance and generative AI with Daria Lee Sharman in this edition of Insurance News Analysis. Our starting point is her most recent article, “7 Challenges the Insurance Industry is Facing with Generative AI.” We examine the potential and potential risks of this technology in the areas …
To be honest, though, the majority of us in the profession are aware that it is a sham. Although it appears to be digital, insurance is not really digital. Even though the paper is no longer there, what about the procedures, inefficiencies, and manual workarounds? Cloaked in digital masquerade, they have persevered. We do not …
The issue that many carriers are beginning with is surprisingly straightforward: What is the benefit of maintaining our legacy systems? For the majority, the truthful response is: not much. This is the reason for the change—a purposeful replatforming to the cloud. This is a strategic unburdening, not merely a technological update. Insurers are releasing themselves …
And there is no denying that the stakes are high. New product creation and customer experience are now among the top five goals for insurance CIOs investing in digital transformation, according to a recent Gartner survey, which validates what many insurers already know instinctively. The message is very clear: either advance or lag behind. Let …
Generative AI first appeared on the judging table in 2023. After being safely fed hundreds of submissions from insurtechs and insurers, a potent AI model combed through the data and identified six significant innovation patterns. In only a few minutes, what would have taken days or weeks was completed, providing an intriguing glimpse at the …
Insurers are being expected to do more than just digitize; they are being forced to reimagine in a world where disruption feels more like a continuous pulse than an isolated incident. The unseen scaffolding of the industry has long consisted of segregated functions, sprawling operations, and legacy technology. However, insurance businesses must simplify if they …
This goes beyond the technicalities of the policy. It is about what happens when economic realities clash with changing consumer expectations, aging populations, and climate change—and how governments are being compelled to step in when traditional insurers are reluctant.InsuranceCrisis Property insurance is the one area where this is most noticeable, particularly in coastal states like …
Insurers are no longer attempting to handle everything on their own these days. Rather than starting from scratch, they are creating vast, adaptable ecosystems—partner networks that bring in advanced technologies, huge data streams, and specialized expertise. Outsourcing is not what this is. It is orchestration. Real innovation is also being sparked by it. The Significance …