201207 Tech Decisions: Technology Top 10

Property Casualty 360
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Technology Top 10 Slideshow: Stories to Reflect
on from the First Half of 2012
The old saying goes, “Time flies when you’re
having fun,” and that’s what the first six
months of 2012 have been like for the
insurance technology industry.
The industry is still debating legacy issues, but
the challenges of keeping up with changes in
technology—for business and personal use—
have never been greater.
PropertyCasualty360.com and Tech Decisions
magazine have been covering important issues
this year that range from the challenges IT
leaders face to revolutionize their companies to
a scenario where personal auto insurance may
no longer be the driver of the personal lines
engine.
Click on the slideshow to see what stories have
dominated the discussion thus far in 2012.
BY ROBERT REGIS HYLE, PROPERTYCASUALTY360.COM
July 18, 2012 • Reprints
Page 1 of 7Technology Top 10 Slideshow: Stories to Reflect on from the First Half of 2012 | Propert...
10/15/2012http://www.propertycasualty360.com/2012/07/18/technology-top-10-slideshow-stories-to...

No. 10: CIOs as Revolutionaries? Technology Spurring Change Among Carriers
By Robert Regis Hyle
In its 2012 Global Insurance Outlook, Deloitte Research insurance leader Sam Friedman issues an
interesting description of technology leaders in the insurance industry. He describes their work as
“revolutionary,” and points out the important decisions CIOs make today are less about software or
reengineering processes than they are about transformation.
No. 9: Analytics Provides the Silver Lining for New Policy Systems
By Steven M. Callahan
The systemic challenge facing the industry hidden amid all these critically relevant and immediate economic,
regulatory, and competitive distractions can no longer be found in simplistic product variations and reduced
cycle times. Market diversity, increased options, advances in consumer awareness with easy access to
information, and ubiquitous and affordable technology has changed the competitive landscape.

No. 8: Social Media: Reach Out and Touch Someone
It’s safe to say that the majority of insurers have some presence in social media today. The effectiveness of
their efforts, however, can be difficult to measure.

No. 7: The Road Less Traveled
By Indivar Khosla
With a continued soft economy impacting top line revenues and a marketplace with fast changing consumer
behavior dynamics, insurance carriers looking to be industry leaders need to continue to focus on reducing
operational expense and ways to effectively cater to new customer service demands.

No. 6: Big Data is Blowing Up
Many insurers have chosen to take a wait and see attitude on the subject of unstructured data, which they
somewhat nervously refer to as “big data.” But if insurers are to use this data effectively, particularly with
business intelligence (BI) tools, they need to begin making plans.
No. 5: Bench Strength: Core Systems Replacement Needs Good Hands
As technology changes the way insurance carriers do business, companies are forced to adapt to those
changes. But the technology is not the only thing changing; so too is the way carriers go about purchasing
integrated solutions—particularly those core solutions that are so vital—and expensive—to buy.
No. 4: Insurers Seek the Coolness Factor with Mobile Technology

Mobility continues to soar over the technology world as well as provide business value to insurers because of
its direct connection to business transactions and core systems.
No. 3: Claims Technology Steps Out of the Shadows
By Michael P. Voelker
The 2012 U.S. Property Claims Satisfaction Study done by J.D. Power and Associates confirmed what most
insurers already know: Claims satisfaction is directly linked to customer retention.

No. 2: Configuration or Contortion? Making the Best Choice in Policy Systems
By Michael P. Voelker
When choosing a policy administration system, insurers are looking for the ability to make as many changes
as possible through “rules and tools”-based configuration rather than code-based customization.
No. 1: A World Without Personal Auto Insurance
As technology changes the way insurance carriers do business, companies are forced to adapt to those
changes. But the technology is not the only thing changing; so too is the way carriers go about purchasing
integrated solutions—particularly those core solutions that are so vital—and expensive—to buy.
© 2012 PropertyCasualty360, A Summit Business Media
website

201207 Tech Decisions: Technology Top 10

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201207 Tech Decisions: Technology Top 10