Just about every carrier wants to sunset one system or another, so they must consolidate. With consolidation comes duplication, and with scale comes complexity. What if one line of business uses a different system? How can you build a single view of the account? Underwriting profitability will come from leveraging the data and resources you have ...
Picking up from where we left off in part I, to realize the advantages of the Three R’s (reduce, reuse, recycle), including quickly streamlined workflow, time savings, improved risk selection process, and more accurate risk pricing, carriers must tackle the challenges that stem from some common inefficiencies. For example: Inefficient, time-consuming back and forth between agents, ...
In the spirit of the Three R’s we are pleased to reuse and recycle the following series written by FirstBest’s Senior Director of Underwriting Sciences, Kelly Lynch, which recently appeared in PropertyCasualty360. Enterprise Underwriting: Reduce, Reuse, Recycle: Part I In today’s competitive marketplace carriers have no margin for waste—whether time or resources. Inefficient underwriting processes and systems ...
This blog post was featured in the FirstBest April Newsletter. Click here to Subscribe. Recently FirstBest conducted a survey of 60+ insurance professionals at the NAMIC Commercial Lines Conference. The findings provided several interesting insights around carriers’ underwriting priorities, growth strategies, and inhibitors to both: In order to grow and differentiate their companies, respondents said they needed ...
Okay so the headline of my blog post is an April Fool’s joke. PAS systems won’t be obsolete anytime soon because they’re a critical component of your core systems. But with all of the buzz about core legacy replacement, this may provide some food for thought. When assessing your policy administration system replacement options, there can ...
The Riddle: They may use some of the same information about an insured and a risk. They are used by many of the same people within an insurance carrier. They even do some of the same things. And yet they’re very, very different from each other. What are they? The answer: policy admin systems and underwriting management systems. Their biggest difference ...
Expect Insurance M&A to Increase in 2013: After slight decreases in deal volume, value last year, interest is expected to remain high as external factors overtake contentions. Just this morning I was reading the article with the above headline. As a software solution provider to the insurance industry, my first inclination is “My gosh, my ...
OK, I am not actually ready to make such an extraterrestrial prediction. (Although, Richard Branson, would beg to differ.) But, while I have your attention, I am ready to make a few predictions that are just as important to the global business of insurance. In 2013, we are going to see the emergence of 4 ...
No matter where you look today, it seems that “big data” is everywhere. And in fact, big data is everywhere – from social media to public filings to documents and emails to digital services and sensors, to data as a service (DAS) providers, according to analyst firm Celent in a new report, Big Data: A ...
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