commodity (noun): an economic resource the market treats as equivalent or nearly so with no regard for who produced it We’ve often heard it said auto insurance is a commodity. Forty-nine states require it. The only exception is New Hampshire. But drivers there have to prove they have the financial wherewithal to cover damages in […]
We hear people in marketing say, “Content is king.” Maybe. It depends on the context. That’s why we think context is king. That thought was reinforced when we wondered if modern, computerized cars could or should be compared to modern, computerized policy administration systems. The answer is, “It depends.” And it depends on context. Here’s […]
In a previous post, we wrote about the importance of putting people first in the journey toward success, technology notwithstanding. In this post, we acknowledge the constructive importance of technology — provided the people using it are adequately prepared for the changes it brings. And that brings us to change management. Change management connotes a […]
In the November edition of Best’s Review, we happened on a short article by William Borden, in which he excerpted an interview with Sabine VanderLinden, co-founder of Alchemy Crew Ventures. Entitled, “Tech Influencer Says Breadth of Experience Built Trust Within Insurtech Sector”, the article made this telling point about the pursuit technology, particularly AI: Billions […]
We were at a trade show recently and noticed the booths of some companies in the same business we’re in called their offerings a policy administration system (PAS). We call ours a core processing system (CPS). We wondered if that was a distinction without a difference. So, we did a little investigating, with the help […]
The June edition of Best’s Review ran this article — “Large Language Models Examine Rising U.S. Homeowners Rates“ — which contained this introduction: Best’s Review asked three artificial intelligence-based, large language model programs [this question]: Homeowners rates are rising in many U.S. states. What are the forces driving that increase and what might slow or […]
With the Target Markets Program Administrators Association (TMPAA) Annual Summit coming up later this October, we thought it might be a good idea to put our finger on the pulse of that market. Some of what we found was surprising. Data from the web suggested the global insurance program administration market, valued at $4.7 billion […]
When people ask us why we attend the Target Markets Program Administrators Association (TMPAA) Annual Summit, we tell them two things: First, we tell them we appreciate the support the TMPAA gives to program administrators (PAs) and managing general agents (MGAs) by addressing their challenges and fostering growth in program business and by developing insurance […]
Reports from companies like Celent and Datos Insights (formerly Novarica) indicate Property & Casualty insurers rarely use more than 20 to 40 percent of their policy admin systems’ capabilities before opting to replace them, for a variety of reasons. Here are a few of them, in general terms: They prioritize capabilities like policy issuance, underwriting, […]
What does the term, actuary, mean? It derives from the Latin word, actus, meaning a legal action or a thing done and from the medieval Latin term, actorius, referring to a registrar or clerk. As the use of the term evolved, it’s now generally accepted to have two meanings: In law, it’s still understood to […]