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201205 The Intersection: Technology and Insurance

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Mentioned in a Canadian insurance journal regarding ideas on how to better achieve profitability from technologies versus focusing on expenses.

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201205 The Intersection: Technology and Insurance

  1. 1. FEB 02Modern Technology: Underpinning Insurance Growth, Profitability; Focus of ICTC2012By Insurance-Canada.ca BlogEditorNO COMMENTSEvidence continues to mount that eliminating constraints imposed by legacy systems is less anoperational requirement than a strategic necessity for insurance carriers. This is evidenced by thefact that many of the sessions at the 2012 Insurance-Canada Technology Conference (ICTC) willfocus on growth and profitability opportunities only available with modern core technologies.Writing in PropertyCasualty360.com, Steven Callahan, a senior consultant and practice director forthe Robert E. Nolan Company, notes that most organizations have taken steps to improve efficiency,reduce cycle time, improve pricing, strengthen brand; many to the point of diminishing return.Callahan contends that: “Leadership within the industry must focus on innovative integration andleveraging of technology to significantly alter the mechanics of how insurance is designed,communicated, distributed, and serviced.” Callahan lists four areas requiring focused attention:· nimble adaption to customized product design· extensive, ubiquitous service options· analytically informed operational functionality· consolidated, holistic, and economically valued customer informationVirtually all of these elements are subjects of one or more presentations at the 2012 Insurance-Canada Technology Conference, March 5, 2012 in Toronto.While technology is at the heart of much of this change, informed, nimble management is the keyelement to success. Craig Weber, CEO of Celent, will be presenting on ‘Creative Disruption ininsurance’. In this session, Weber will review the change drivers and provide insight, gained fromresearch, on how to manage discomfort associated with the change and capitalize on creativeelements.Once disruption has taken place, a new vision of integrated processes and data is required to guidethe implementation of new technology. Several presenters, including Oracle, and MajescoMastek willexplore the challenges and game-changing opportunities offered with modern technology.While much attention is given to marketing and underwriting, management of claims offers bothbottom and top line improvements. Industry experts and practitioners, including Guidewire and TDMeloche, Gore Mutual and Uniban will discuss results of groundbreaking work in utilizingcommunications and benchmarking with claims.Flexibility is key to modern organizations. One method of achieving flexibility is by shedding the needfor an insurance organization to manage its technology and applications infrastructure. Exigen will bepresenting on the benefits of moving to a cloud environment to allow more agility in operations.Modern technology – including implementation and management - is not the domain of insurancecarriers alone. Several suppliers of broker management systems – including Keal and AppliedSystems – will be offering techniques to better utilize operational metrics available from the systemsto manage and control broker activities to focus on growth and profitability.As usual, the conference will include an active exhibit area where practitioners, suppliers, presenters,and attendees can discuss needs and successes in an informal environment.
  2. 2. More details and registration information for the 2012 ICTC is available here.

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