The whole idea would have been ludicrous even three years ago. Now, seemingly out of nowhere, new and credible insurance brands are popping up with slick user experiences, instantaneous quotes, five-minute buy cycles, and DIY service options—all available on your phone—24 x 7 x 365. And what makes all this possible? Rapidly maturing cloud-native architecture, digitization, open APIs, and the mainstreaming of the greenfield initiative as a favored strategy are enablers.
If you could start over, knowing what you know today, what would your life look like? Where would you live? How would you spend your time and money, and with whom?
2017 has been a heady year for insurance technology. The widespread embrace of new digital experience solutions, the explosion of interest in AI, and the rapid absorption of new insurtech by mainstream insurers have helped provide extra momentum. It has brought into sharp relief the inextricable relationship between systems of record and systems of engagement and the need for platforms that foster that relationship. Creating just such a platform has been at the heart of EIS Group’s technology approach. For this reason, it is hugely gratifying to find ourselves recognized as a Visionary in Gartner’s “Magic Quadrant for P&C Core Platforms, North America”*, which is “an update of the ‘Magic Quadrant for Property and Casualty Insurance Policy Management Modules, North America’ published in January 2016."
Drones, bots, blockchain, AI and machine learning are what everybody is suddenly talking about. Start-ups with cool names like Trov, Slice, Goji and WeSavvy are the talk of the insurance town, yet just a year or two ago core transformation toward becoming a digital insurer was all the rage, and the names of core vendors filled the headlines. Now, it seems like all the cool stuff is happening peripherally to the core and some great examples peppered the lively discussion of Insurtech and next-gen insurance at the recent SMA Summit.
How smart do insurers have to be to engage customers? Just how much customer data from sources near and far and how much analysis of customer behavior is necessary to create an effective engagement model? The answer may as well be, “How much money are you willing to spend?” Overlooked, however, is the fact that core systems data is actually customer insight lying in plain sight. How can insurers get at it and use it for intelligent engagement? Why must they?
This year’s Toronto ICTC event was ablaze with early spring optimism as the snow melted outside. The Insurance-Canada.ca team put together a very forward-thinking agenda with the theme of “The Digital Customer Experience.” It brought to town insurance experts and executives ready to explore a broad array of trend topics from geospatial risk management, cyber risk, social data analysis, and telematics to connected home, connected car, and omnichannel solutions.
Native CRM and communications module, pre-configured LOB solutions and data integration highlighted
Citing a range of operational strengths, CEB TowerGroup awarded PolicyCore™ a “Best-in-Class” award in its recently released Policy Administration Systems Report.
Congratulations to customer AAA Northern California, Nevada & Utah Insurance Exchange for their recognition as a Celent 2013 Model Insurer for policy administration. Several Insurance Exchange and Exigen staff were on hand in Boston in February at the awards ceremony that highlighted the benefits of the company’s transition to a new policy administration system and their utilization of effective change management practices to accomplish it.
It was a great way to start the year! We were very pleased to get the news that Narragansett Bay Insurance Company (NBIC) had been chosen to Best’s Review’s 2013 Innovation Showcase. Our congratulations to NBIC and its CIO Mike Anselmo and his team. NBIC is one of ten companies in the showcase recognized for forward-thinking among insurance organizations.
Every year, the CIO 100 Awards honor 100 companies that demonstrate excellence and achievement in innovation and business value. This year, Narragansett Bay Insurance (NBIC) was among the select few for a project lead by NBIC’s CIO, Mike Anselmo. Exigen Insurance is pleased to congratulate Mike and NBIC for their success and recognition for what CIO magazine describes as “using IT in innovative ways to deliver competitive advantage to the enterprise and enable growth.”