Blockchain in Insurtech: A New Era of Security and Transparency
Many of the most attention-grabbing sectors of recent years have lived with the mantra of moving fast and breaking things. Social media in the mid-2000s. Sharing economy platforms like Uber in the 2010s. After some initial chaos, amazing consumer products tend to emerge.
Other industries move slowly. Rather than chaos, there is inertia. And the consumer suffers through complexity, cost, and red tape. Healthcare is the poster child for this.
Unlocking Innovation: How Insurance IT Can Empower Business Users with No/Low-Code Solutions
In the ever-evolving landscape of technology, insurance companies face a dual challenge: maintaining everyday operations and simultaneously pursuing innovation. My conversations with clients reveal a consistent obstacle to innovation: a lack of time. IT departments are deeply entrenched in the daily grind of business as usual (BAU) and Keeping the Lights On (KTLO), leaving little room for creative thought or novel projects.
Embracing Change: The Role of Creative Destruction in Business Evolution
Like pencils and erasers, Creative Destruction serves to write, rewrite, and discard old and new ideas. The term Creative Destruction was first introduced by a well-known economist, Joseph Schumpeter. The term describes a mechanism of technological change that leads to the replacement of outdated and current economic structures.
The Quintessence of Leadership: Mastering the Art of Communication
In a recent coaching session, a young professional posed a thought-provoking question: “What is the most crucial universal skill for strong leaders?” This query resonates deeply in the realm of leadership development. My immediate response was “communication” – a skill fundamental yet complex, encompassing a range of abilities crucial for effective leadership.
Mixed-mode: The Future of Insurance Distribution
The insurance industry stands at a pivotal juncture, with the emergence of millennials as the dominant demographic in the marketplace. Surpassing Baby Boomers, this group now represents the largest segment of potential insurance customers. This shift is not merely a demographic change but a transformative moment that demands a reevaluation of insurance distribution models.
Navigating the Digital Seas: The Transformation Journey of Life & Annuities in the Insurance Industry
Over the past several quarters, the life and annuities (L&A) sector has emerged as a beacon of growth and potential within the broader insurance industry. This segment’s expansion, while promising, raises pivotal questions about the readiness of life carriers to scale effectively, given their historically antiquated systems and complex operational landscapes.
FiveM Consulting and Fortimize Forge Strategic Partnership to Elevate Insurance Industry’s Salesforce Experience
Two industry leaders, FiveM Consulting and Fortimize, are excited to announce a strategic partnership aimed at enhancing the utilization and adoption of Salesforce and Data & Analytics capabilities within the insurance sector. This collaboration is poised to bridge a longstanding gap of insurance industry expertise and technical delivery excellence.
Navigating the Storm: Lessons from a Full-Scale Cyber Attack
After spending nearly two decades in insurance technology, the last six as a CIO, I thought I had encountered most challenges my career could throw at me. I survived 9/11 in NYC, a massive blackout the next year, catastrophic weather, and then COVID. But the most remarkable learning experience was a full-scale cyber attack. But the most remarkable learning experience was a full-scale cyber attack.
The Biggest Risk Facing Insurers: Failing to Meet Strategic Objectives
Carol A. Williams’ article, “Why Strategic Implementations Fail and the Counterintuitive Way to Address It,” published in Carrier Management, offers a critical analysis of the challenges faced by property/casualty insurers in executing their strategic goals. The article highlights a startling statistic: despite improvements over the years
Embracing Nearshore Operations: A Winning Strategy in IT Talent Acquisition for Insurance Companies
In the rapidly evolving digital landscape, insurance companies face the critical challenge of enhancing their technological capabilities. Nearshore operations, particularly in IT talent acquisition, have surfaced as a strategic response to this challenge.
