NPS, Retention Rates and beating Digital Disruptors
Insurers achieve an 83% retention rate with an average Net Promoter Score (NPS) of 42. Customers rate "Ease of Tracking a Claim" as more...
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Digital Claims Transformation, Insurtech, Analytics
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Top Global 100 Digital Insurance Companies
Whatever you think about your ranking it is based on measurable impact rather than words and hubris. Check out where you stand.
If you are...
Is insurance a rich enough game to disrupt?
I see a limited number of insurers having the vision, goals, strategies and digital acumen to keep tech giants at bay and thrive.
Then a...
Valuable data that solves discrepancies saves money and reduces fraud
Why do insurer's ignore 80%, maybe 90% of crucial data? There are reasons such as it being unstructured, in multiple formats, in silos...
Lord(s) of Life Insurance Business | What’s going on in Mordor?
Disruptive threats facing life insurers from: -
- Asset Managers
- Banks
- Big Techs
- Confrontative Startups
- Re-insurers
New Insurance Business;
Key results need to be measurable results
“Don’t tell people how to do things, tell them what you need done and let them surprise you with their results.” — General George...
Factfulness and why chimpanzees make better decisions than humans
In November 2016 I wrote "The average expert was roughly as accurate as a dart throwing chimpanzee! They were no better than...
Biggest gaps between Digital Leaders & Average Insurers? You may be surprised
Culture is a key success factor and differentiator but that's not all. The largest capability gaps between leaders and average insures...
Insurers testing new analytics frontiers face meaningful change
Willis Towers Watson advanced analytics survey of U.S. P&C insurers’ attitudes states : -"three areas dominate insurers’...
Breaking Boundaries: How InsurTech is Moving Beyond Insurance
Thought provoking new study from renowned Startupbootcamp and PwC.
Smart insurers will insist that any digital insurance platforms...
Real-Time Customer Experience- Really?
Is your customer updated in real-time every time there is a change in status? Can they click a button and start FNOL immediately?
Five Evidence-Based Factors in Transformation Success
Important BCG Study reported in MIT Sloane Management Review details five critical success factors (CSF) in successful digital...
Lloyd’s Market Association head calls for deep review
Indication that Lloyds of London is trying to modernise existing processes rather than re-imagine business models for the future. That...
Insurers still have room to grow in automation
"Why should insurers continue to develop automation solutions? Because new, agile InsurTech startups tend to be more customer-centric,...
Small Insurers, Digital Priorities & Competitive Threats
"I get it, change is hard… but, the argument, “we are not in a financial position to prioritize” is irrelevant to the discussion of...
Digital engagement, communications and orchestration
Digital transformation projects often miss a critical success factor- communications and orchestration. There are so many people involved...
Claims workforce of the future
"The optimal insurer will be a bionic organisation, harnessing the power of data and technology, while combining this with a human touch...
Keys to developing customer-centric technology
"Today, tech goes beyond chat, email and apps. With the consumerization of IT, customers are doing business via chatbots, smart speakers...
To combat fraud insurers turn to augmented intelligence
Not just USA- in UK applying business rules gained from big data analytics to flag potential fraud has lead to auto insurance...
Transformation- it's all about competence
"What is the source of business transformation? Technology? Changing processes? Leadership? Innovation?
It can be all of the above....
Implement First, Ask Questions Later
How many digitally transforming insurers are tied by the inflexibility of even cloud-based digital claims platforms?
The linked MIT Sloane...
THE CURRENT PROBLEM WITH DIGITAL TRANSFORMATION
"“when it comes to digital transformation, most companies don’t know what they don’t know.”
Heather Clancey Fortune 2016
CEOs,...
Digital Pioneer or Follower?
Whether Pioneer or Follower both strategies can achieve success. To ensure optimal innovation outcomes, however, Oxbow Partners...
Will value-added services become the core of the insurance proposition?
Begs the question as to why they are not the core now! Any insurer not combining value-added services with digitisation of the whole...
WHY INSURTECH NOW MATTERS FOR CORPORATE AND SPECIALITY INSURERS
Underwriting depends on gathering the right data to make the right decisions. When claims are made the same is true to optimise indemnity...
WeChat Gives Glimpse Into The Future of Banking
The startling number of everyday functions that WeChat allows Chinese customers to complete is long.
- Making payments
- Scheduling...
Pet Insurance NPS tops 80% and rising
Pet insurers paid out £775 million in claims in 2017 – the highest figure on record representing a 10% year-on-year increase – to help...
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