Myth or Reality? Digital Transformation Stalls Due to the Pandemic
To assess this statement, we really need to think about digital transformation from past investments, the current state in the context of the pandemic, and the strategies planned for 2021.
InsurTech 2020: Has the Pandemic Changed the Trajectory?
Right before the pandemic hit, I published a blog that reflected on the first decade of the InsurTech movement and made predictions for the decade starting with 2020. Little did I know that the world was about to plunge into chaos and fundamental change due to the global pandemic.
P&C Personal Lines in 2021: How Are Insurer Strategies Changing?
Individuals with strategy and planning roles have had a busy time in 2020 adapting to the evolving realities of the pandemic and economic uncertainties. 2021 is likely to be more of the same for people in these roles. Entering into 2020, personal lines insurers were on a transformation path.
Different starting lines, same end goal: Commercial Lines Underwriting Transformation
When Deb Smallwood and I authored A Recipe for Commercial Lines Underwriting Transformation, we articulated the need to break free of the traditional paradigm of siloed and incremental evolution being viewed on a quarter-by-quarter and year-by-year basis.
P&C Commercial Lines in 2021: Innovation or Optimization?
The unexpected, unprecedented events of 2020 have turned the world upside down. Like every business sector, commercial lines insurance has had to adapt and adjust throughout the year. Many commercial lines insurers have experienced significant financial hits from the pandemic due to increased claims, lower business volumes, and the decreasing...
P&C Claims: 4 Themes for the Future
Property and casualty claims is already one of the most dynamic, exciting, and important areas of the insurance business. Whether we are considering personal or commercial lines, or the auto, property, or casualty/medical areas, there is a lot going on.
P&C Distribution: Everything Old is New Again
There is a great deal of activity afoot in the P&C distribution space. New models are being explored. Old models are being upgraded for the digital era. In a recent SMA research report, I identified eight different models or options for insurers to consider.
IoT: A One-Sided Coin?
The insurance industry excels at tactics. If one is an underwriter, a claims person, or contact center manager, and a problem is detected, it’s all hands on deck to solve that problem. What tactics could wrestle that problem to the ground? That’s generally the direction the industry is most comfortable...
P&C Distribution: Blending Traditional and New Models
A great deal of activity is underway by insurers investigating or implementing new distribution channels. For every line of business across P&C, there are compelling reasons to expand distribution beyond the tried and true channels. This is not to say that agent/broker channels or the direct distribution models are less...
Under Construction: Commercial Lines Underwriting Transformation
SMA with Boundless Consulting recently conducted an industry survey that provided an enlightening view of our industry’s current state while affirming that industry leaders all expect a significantly different future in underwriting.
