When considering the requisite features of modern core-processing systems and their capabilities — policy and claims administration, billing, integrations, et al. — it might be easy to overlook compliance management. Some prospective penalties are less likely than others. As examples, most companies will likely never incur penalties for unfair trade practices, for transacting business without […]
From one perspective, insurance is something of a gamble: Premium levels are bet against potential claims. And like over and under bets, being over-insured or underinsured is also a gamble. That’s particularly true for commercial property insurance. Commercial property owners are rarely over-insured. The hidden costs of commercial property underinsurance are attributable to average or […]
We hear a lot of yields attributed to modern core-processing systems — efficiency, accuracy, productivity, profitability, happier employees and policyholders, and myriad others. One of the things we don’t often hear attributed to those systems is fairness, particularly in commercial property claims handling. Once we started thinking about data centralization, automation, integration, real-time capabilities, advanced […]
We’ve never understood the use of end-to-end and policy lifecycle in the same contexts. If you look at the graphic below, the only way the lifecycle ends is if there’s no renewal. That doesn’t even seem like a suggestion one would want to imply, let alone a necessary end (if you’ll forgive the pun). It […]
In the world of Property & Casualty insurance, risks are not just the things you underwrite. They’re also the gambles you take if you’re not using a flexible core-processing system. As risk profiles become more volatile, complex, and unpredictable, so does your potential for exposure. There are a number of reasons why things like modular […]
Given what we do (develop Aspire for core Property & Casualty insurance processing), we tend to focus on policies, rather than claims. More important, we don’t always consider the ways in which outdated legacy systems can yield claim denials and disputes by introducing the inefficiencies, the errors, the data inaccuracies, and the poor integrations that […]
In our last post, we shared a comment from a trade publication about the possibility of an AI bubble comparable to the dot-com bubble of the early 2000s. Because it intrigued us and didn’t coincide with our gut reaction, we decided to find out what others thought. Here’s what we found. According to The Next […]
In the first post in this series, we made this point about technology investments: Investments that ignore the human factor may indicate one or both of two things — SOS (shiny object syndrome) or DCC (dogs chasing cars) … success is the result of three factors, in this order: People Process. Product. In the second […]
It’s accepted as common knowledge that the insurance industry is conservative or cautious in adopting new technologies, often lagging behind other industries like tech, retail, or even some areas of banking and finance. There’s some truth to that since the insurance industry relies on stability, regulatory compliance, risk management, and legacy system integration, which can […]
You don’t have to look far to read something about AI in the insurance industry. It’s being used to underwrite and price, to automate claims processing, to detect fraud, and more. But what if AI could help you determine if your core processing system is adequate? What if it could give you objective, data-driven insights […]