201207 Tech Decisions: Technology Top 10

Property Casualty 360

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Technology Top 10 Slideshow: Stories to Reflect on from the First Half of 2012

The old saying goes, “Time flies when you’re having fun,” and that’s what the first six months of 2012 have been like for the insurance technology industry.

The industry is still debating legacy issues, but the challenges of keeping up with changes in technology—for business and personal use—have never been greater.

PropertyCasualty360.com and Tech Decisionsmagazine have been covering important issues this year that range from the challenges IT leaders face to revolutionize their companies to a scenario where personal auto insurance may no longer be the driver of the personal lines engine.

Click on the slideshow to see what stories have dominated the discussion thus far in 2012.

BY ROBERT REGIS HYLE, PROPERTYCASUALTY360.COMJuly 18, 2012 • Reprints

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No. 10: CIOs as Revolutionaries? Technology Spurring Change Among Carriers

By Robert Regis Hyle

In its 2012 Global Insurance Outlook, Deloitte Research insurance leader Sam Friedman issues an interesting description of technology leaders in the insurance industry. He describes their work as “revolutionary,” and points out the important decisions CIOs make today are less about software or reengineering processes than they are about transformation.

No. 9: Analytics Provides the Silver Lining for New Policy Systems

By Steven M. Callahan

The systemic challenge facing the industry hidden amid all these critically relevant and immediate economic, regulatory, and competitive distractions can no longer be found in simplistic product variations and reduced cycle times. Market diversity, increased options, advances in consumer awareness with easy access to information, and ubiquitous and affordable technology has changed the competitive landscape.




No. 8: Social Media: Reach Out and Touch Someone


It’s safe to say that the majority of insurers have some presence in social media today. The effectiveness of their efforts, however, can be difficult to measure.




No. 7: The Road Less Traveled

By Indivar Khosla

With a continued soft economy impacting top line revenues and a marketplace with fast changing consumer behavior dynamics, insurance carriers looking to be industry leaders need to continue to focus on reducing operational expense and ways to effectively cater to new customer service demands.




No. 6: Big Data is Blowing Up


Many insurers have chosen to take a wait and see attitude on the subject of unstructured data, which they somewhat nervously refer to as “big data.” But if insurers are to use this data effectively, particularly with business intelligence (BI) tools, they need to begin making plans.

No. 5: Bench Strength: Core Systems Replacement Needs Good Hands


As technology changes the way insurance carriers do business, companies are forced to adapt to those changes. But the technology is not the only thing changing; so too is the way carriers go about purchasing integrated solutions—particularly those core solutions that are so vital—and expensive—to buy.

No. 4: Insurers Seek the Coolness Factor with Mobile Technology





Mobility continues to soar over the technology world as well as provide business value to insurers because of its direct connection to business transactions and core systems.

No. 3: Claims Technology Steps Out of the Shadows

By Michael P. Voelker

The 2012 U.S. Property Claims Satisfaction Study done by J.D. Power and Associates confirmed what most insurers already know: Claims satisfaction is directly linked to customer retention.




No. 2: Configuration or Contortion? Making the Best Choice in Policy Systems

By Michael P. Voelker

When choosing a policy administration system, insurers are looking for the ability to make as many changes as possible through “rules and tools”based configuration rather than codebased customization.

No. 1: A World Without Personal Auto Insurance


As technology changes the way insurance carriers do business, companies are forced to adapt to those changes. But the technology is not the only thing changing; so too is the way carriers go about purchasing integrated solutions—particularly those core solutions that are so vital—and expensive—to buy.

© 2012 PropertyCasualty360, A Summit Business Mediawebsite




201207 Tech Decisions: Technology Top 10

Economy & Finance

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