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 […]
To lead people, walk beside them. As for the best leaders, the people do not notice their existence … When the best leader’s work is done, the people say, “We did it ourselves!” (Lao Tzu) We were privy to a conversation recently in which it was being argued that technological tools — including LLMs and […]
The December 2025 edition of Best’s Review contained an article entitled, “Stuck in Reverse: Commercial Auto Losses Keep Mounting”, that contended: The U.S. commercial auto insurance line continues to burden the overall property/casualty industry, accounting for more than $10 billion in net underwriting losses over the past two years … the sector has now generated […]
Property & Casualty insurers quite rightly pay attention to operational efficiency. But they may not pay attention to operational transparency or connect it to effective data management and operational efficiency. That constitutes lost opportunity because effective data management significantly enhances operational transparency and efficiency by giving insurers better access, accuracy, and utilization across processes. Here’s […]
In the first post in this series, we wrote about our notion that insurance is a business of universal requirements that are simple but subtle. As a test of that notion, we wanted to see if we could explain what a policy administration/core processing system should do as briefly but completely as possible. We did […]
Some years ago, at an insurance industry conference the name of which escapes us, we attended a session put on by one of the insurance trade publications that proliferated at the time. At the end of the session, the moderator asked this: “Given the choice between a feature article written by the publication, an advertorial, […]
Dear Insurer, This letter is to acknowledge your challenges, in particular, your technological challenges. Generally speaking, we suspect those challenges are operational efficiency, the experience of your agents and policyholders in working with you, and risk management. While we’re not saying all these things are true for you, there are several specific challenges that are […]
The October edition of Best’s Review contained an article with the headline, “Self-Driving Shift Comes With Early Costs, Changing Landscape for Insurers”. All things considered, that may be an understatement. Here are three reasons why, among others: Exhibit A Although AVs [autonomous vehicles] haven’t fully hit the road, insurers are already getting a glimpse of […]
People who make things for a given market have to take three things into account — cost (what does it cost to make it?), price (what should they sell it for?), and margin (how much profit do they need to continue making the product?). Similarly, people who buy things have to take two things into […]