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 […]
We sometimes hear software applications or systems referred to as solutions in search of problems. Up to a certain point, that didn’t seem to be an issue for the insurance industry. Starting around the time of Y2K, insurance technology was focused on automating, simplifying, and eliminating the manual tasks and paper involved in processes like […]
The February edition of Best’s Review contained an article called, “‘Build vs. Buy’ in the Digital Age”, that said this, in part: The perennial question of “build vs. buy”—whether to develop proprietary applications or acquire third-party solutions—has been argued among insurance stakeholders for as long as any of us can remember … In 2000, the […]
When we founded MapleTech in 2001, we already were insurance guys. We’d worked for an MGU, designing, developing, and administering specialized commercial insurance programs for domestic and international trading partners. But then we had the opportunity to work with a company that writes motor carrier insurance. So, we got to work. Motor carrier policies were […]
According to the calendar, it’s 2025. Yet according to print and online insurance trade publications, the biggest complaints property/casualty insurers have about their core processing software is it’s outdated, it’s inflexible, and it’s slow to adapt to changing business needs. Considering what we do for a living, this may come across as self-serving. But maybe […]
The title of this post is an old saying, variously attributed to the British playwright, John Marston, in 1610 and to Sir Thomas Browne in 1642. Needless to say, they weren’t talking about property/casualty insurance. But we are. In the big picture, the industry faces all kinds of challenges — economic inflation, higher costs, increased […]
It occurred to us the other day that one of the terms we don’t seem to hear much anymore is big data. Maybe that shouldn’t be surprising since the term refers to structured, unstructured, and semi-structured data that continues to grow in ever-expanding volumes at ever-increasing rates. So, we conducted an experiment with AI. We […]