Get Up to Speed
August 1, 2008
By MICHAEL P. VOELKER
Throughout their operations, insurers have focused on designing processes and leveraging technology to increase speed and efficiency. Even in claims—the “money out” side of the business—insurers understand expediting the end-to-end process is in their best financial interest because it targets leakage.
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Reading the Future
August 1, 2008
By ROBERT REGIS HYLE
Trusting your technology partner is important in any software deal. However, that trust is even more critical in predictive analytics solutions because carriers are placing their rating and underwriting future—the lifeblood of the company—into the hands of a third party. Insurers must have faith in their vendor and need to connect with their partner on a cultural level, according to Karen Pauli, research director in the insurance practice at TowerGroup. “Does the vendor really understand what you want to be doing?” she asks. “You need to look for someone with prior experience in the same market segment you are in and someone to help walk you through the process and give you some business experience.”
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