Are you ready to hear the truth, the whole truth, and nothing but the truth about unstructured insurance claims data?
Good, I am ready to tell it to you.
If you’re an insurance company executive, the biggest step you can take today is acknowledging that you have one major obstacle you must overcome if you’re ever going to run a data-driven claims department.
There’s a party going on and you’re invited. Tons of models are at the party too.
If you’re like most claims executives, you like to arrive fashionably late to the party. You don’t want to be the first people there. You don’t even want to be in the first 50% of people to show up.
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:
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.