By: Zoe Zhou There is a common high-level customer journey for insurance customers. The customer researches providers and policy options. Once a preferred provider and policy are decided, the customer applies for the policy. If they are approved the policy is issued. If they have a claim, they fill out the relevant paperwork and the claim […]
In February, we published a blog post on “Using Technology to Add Value in Insurance”. In that post, I referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question?, in which he states there are only three levers of value in insurance: Sell More, Manage Risk Better (aka underwriting and adjusting), […]
Nancy Casbarro and Deb Zawisa of Novarico recently published a new paper on Data Science in Insurance: Expansion and Key Issues subscription required) that was summarized in this nice little article on Dig-in 3 challenges facing insurers in data science implementation. These three challenges – getting business buy in, attracting talent, and strategic alignment are exactly […]
Matt Josefowticz wrote a great piece recently – Technology May be the Answer for Insurers, but What Was the Question? In this he argues that there are only three levers of value in insurance: 1. Sell More 2. Manage Risk Better (aka underwriting and adjusting) 3. Cost Less to Operate And that while some of these will […]
We do a lot of decision management projects, helping clients adopt the technologies and approaches they need to succeed with digital decisioning and decision automation. One of the key technologies for these types of projects is a Business Rules Management System (BRMS). Sometimes, we get push-back on using business rules because existing business rules projects […]
80% of data and analytics leaders with global life insurance and property & casualty carriers surveyed by McKinsey reported that their analytics investments are not delivering high impact. What’s stopping them from delivering high impact? 38% of those surveyed cited a failure to integrate analytics into workflows and frontline systems. This was the leading obstacle to […]
We have a new Leading Practices brief available – Decision Modeling and DMN for IBM Customers. IBM has long been a leading player in business rules management systems and Decision Management Solutions has many customers using IBM Operational Decision Manager in North America and Asia. Our DecisionsFirst Modeler software decision requirements modeling using the Decision […]
IBM yesterday announced that Operational Decision Manager v8.10 (ODM – IBM’s Business Rules Management System) will be available in December and will support decision modeling. This is great news as it will bring the Decision Composer functionality IBM has been developing into the main business user interface for ODM, Decision Center. We’re big fans of decision […]
A key way for insurers to respond to disruption in the insurance market is to more effectively personalize their marketing. Targeting prospects and especially customers with unique, personalized messages is a way for traditional carriers to be “disruptive”. Indeed there are those who see personalization—reaching customers with targeted messaging, offers, and pricing at just the […]
Jim Sinur of Aragon Research just released a new report: Decision Management Platforms Sharpen Decision Outcomes for Enterprises An organization’s ability to execute superior decisions will be a huge differentiator in today’s ever-changing business environment. Currently, enterprises are faced with the challenge of making faster decisions, despite the limited skill base to assist more frequent […]