It finally feels like spring, and as we gear up for tradeshow season here at FirstBest, we are excited that despite the economic downturn, there's still as much excitement in the industry as there was last year. While current conditions will drive more cost-consciousness and expense cutting, the need for productivity and profitability will ensure that carriers' IT budgets shouldn't face significant cuts.
This month, Geoff Smith, strategic advisor to FirstBest explores "The Art of The Possible" in our featured newsletter article. Smith explains how the "art plus science" approach can help commercial lines carriers automate the entire underwriting process and eliminate subjective judgment, which in turn allows for more consistent pricing models and greater profitability.
Speaking of possible, in our Reading List section below, you'll find out what insurers striving for success are doing to eliminate paper with every step they take. In addition, we've included a recent Wall Street Journal report on how insurance companies must start disclosing how climate change is likely to affect their business. Are you ready?
We hope that this newsletter will provide you with fresh insight on ways you can improve your ability to compete in today's market. As always, we welcome your feedback.
Meira Primes
VP, Marketing
The Art of the Possible
By Geoff Smith, Strategic Advisor to FirstBest
The property/casualty insurance industry is in turbulent times. The profitability peak of 2006 is now on the downturn, combined ratios are rising, investment returns are disappearing, and the economy continues to shrink. So, where does an insurance carrier turn to meet its most significant challenge; maintaining profitability?
|
Reading List
| Insurers Scale the Many Steps to Paperless |
Good, but not good enough. That's not usually what insurers striving for success want to hear. But, it can work in some cases. Take, for example, paper-free operations. Completely paperless processes may not always be possible, but many insurers are inching toward eliminating paper with each small step they take.
Insurance Networking News. Read More »
| Insurers Must Disclose Climate-Change Exposure |
The National Association of Insurance Commissioners voted to require insurers to submit annual "climate-risk" reports, an unusually aggressive stance on the environmental issue from industry regulators.
The Wall Street Journal. Are you ready? »
| FirstBest Systems Banks $6M Series B Financing, Looks to Help Insurers Overcome Economic Slump |
Here's a firm that may see demand for its products increase due to adverse economics in its target market. FirstBest Systems, a Bedford, MA, provider of underwriting software that could help property and casualty insurers expand their businesses, says it has wrapped up a $6 million second round of financing to ensure its own growth.
XConomy. Read more »
|
