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:
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.
It’s time to take advantage of the opportunities we have, especially claims litigation data analytics. Using data analytics, homeowners insurers and their attorneys can save millions of dollars per year in unnecessary expenses. For homeowners insurers, competing on analytics could help insurers reduce their defense cost containment expenses by 30-50%.