Technology people are never going to “get it.” When will insurance executives realize it? Its time to become an insurance claims data executive.
Smart technology people will admit it. They can’t transform the claims industry by themselves. They need claims executives to start from the bottom up so that they can translate their needs.
When smart technology people get a hold of smart claims executives, you wind up with a smart claims data executive. Maybe even two!
I recently came across an article regarding Homesite Insurance’s implementation of a new insurance claims management system. In the article, Anthony O’Donnell talked about Homesite’s decision between upgrading their existing system versus building a new one. I think any insurer with a pulse and decent execution skills would agree that replacing a legacy system is the right decision.
But what stood out was Anthony’s simple explanation on why Homesite chose their provider:
Usage based insurance and telematics are the future of insurance. People will make billions of dollars using these technologies. Even more important, people will save good policyholders like you and I billions of dollars. These people are changing our world.
Check out this article from Insurance Thought Leadership:
The smartest people in insurance are a lot smarter than you and I are. Sorry but it’s true. But, it’s only true today.
Close the email inbox, and let’s join the smart people. They’re making money, having fun, and solving big insurance problems.
How can we get a little bit smarter today? Let’s take a look at what the smartest insurance people are doing. Sometimes, these smart people can’t help themselves and give you a peak at what they’re doing. You get the benefit of all of their hard work for nothing.
Do you love Uber? I do.
Have you seriously thought about how simple the Uber idea really was? Sure, Uber’s execution has been a war; however, at its core, it was a very basic idea.
Insurance Thought Leadership has a good article on what will be the Uber of insurance. I encourage you to check it out.
True innovation sometimes destroys industries. Ask Kodak, Blockbuster, taxis, car GPS modules, and Borders:
How did innovation work out for you?
Paul Carroll wrote a great article on Insurance Thought Leadership on whether innovation is beginning to destroy the auto insurance industry.
How to Win Big With Predictive Insurance Claims Litigation Analytics: Six Steps for Insurance Executives
This article on predictive insurance claims litigation analytics was originally published in Carrier Management.
The implementation of predictive analytics is simple and valuable, and it is key to the transformation of claims and legal expenses into valuable assets for insurance companies.
Back to the Future: How Claims Execs Can Use Insurance Claims Analytics to Become Experts on Their Pasts
In this insurance claims analytics article originally posted in Carrier Management, we discuss how claims and legal executives have never felt more pressure to focus on the future.
You’re constantly being told to innovate.
You keep hearing it: If you don’t use technology to predict the future, industry outsiders are going to take over the insurance industry with their powerful software. You also keep hearing that one day Google and Tesla will announce product launches that shake up the entire industry….
This article on claims litigation management software was originally published in Insurance Innovation Reporter.
Insurance claims organizations are among the most astute users of information technology when it comes to fraud: just as insurers’ IT departments are in a constant competition with hackers, claims departments and their special investigations units (SIUs) are applying the latest technologies to stay a step ahead of the fraudsters. And yet when it comes to claims litigation, insurers are typically employing legacy technologies and procedures that are causing significant losses.
Just as technology is providing new ways of detecting fraudulent claims activity, analysis of prior claims litigation can yield valuable insights into present cases. Here are three ways to determine whether your claims litigation teams lacks the technology and tools to optimize case management and improve bottom line results …