Rapid Insurance Product Launches: Time-to-Market Strategies for Insurance Executives
Your last product launch took fourteen months. The one before that took sixteen. Premium growth is at 2% and your board wants to know why you can’t move faster. Fair question, considering three-quarters of your IT spend goes to maintaining systems that are more likely than not over 20 years old. Most insurance executives think […]
Driving a Surge in MGA Deal Sourcing Amid Shifting Valuations
Everywhere you turn, the insurance market is in motion with dealflow. The Managing General Agents (MGA) segment, in particular, has become an attractive target, exerting an ever-growing influence on the broader insurance space, fueled by surging MGA deal sourcing activity from private investors. MGAs emerge on the scene as specialized intermediaries in the insurance ecosystem. […]
What Digital Transformation in Insurance Means for Your Business
Your underwriting takes weeks when it should take hours. Customers abandon applications halfway through because the process feels like punishment, while your competitors are already serving them. You’re stuck in committee meetings explaining why launching a simple product is a six month process. So you buy technology and call it digital transformation in insurance. Except […]
Nonstandard Insurance: A New Frontier for Private Equity Investors
by Rod Giess Private equity investors are neither strangers to risk nor to the intricate world of insurance. In fact, their history is punctuated by landmark, high-stakes deals—none more iconic for its time than KKR’s leveraged buyout of RJR Nabisco, a deal that, while outside of insurance, became the very blueprint for the debt-fueled, […]
The Future of P&C Insurance: Navigating Change Through Technology and Strategy
803-227-0225 Contact Us Industry Insights Exploring how modern technology is revolutionizing the insurance industry and transforming policy administration systems. By SpeedBuilder Systems 8 min read The property and casualty (P&C) insurance sector is navigating one of the most dynamic periods in its history. Powerful social, technological, economic, environmental, and political (STEEP) forces are reshaping the […]
Embracing AI for Enhanced Efficiency in Insurance Operations
by Rod Giess Embracing AI for Enhanced Efficiency in Insurance Operations The significance of harnessing Artificial Intelligence (AI) is no longer a mere buzz but a tangible reality for businesses. With its potential to streamline processes and drive cost savings, the insurance industry has joined the league of other sectors in embracing AI developments. Notably, […]
Are You Prepared for a Cyberattack? Part 2
by Debbie Rivers Last month we shared the main factors attributed to unpreparedness for a cyberattack along with the consequences associated with a cyberattack. Being prepared for a cyberattack is crucial in today’s digital landscape. Here are steps that can significantly bolster preparedness: Risk Assessment and Planning: Identify Vulnerabilities: Conduct thorough assessments to identify potential […]
Are You Prepared for a Cyberattack? Part 1
by Debbie Rivers Are You Prepared for a Cyberattack? Over the past decade, there has been a noticeable increase in high-profile data breaches and cyberattacks on major corporations, with news headlines that have forced businesses to acknowledge the importance of securing their digital infrastructure. Government agencies and industry regulators have also introduced stricter data protection […]
The Ever-Increasing Importance of Insurance Agent Portals
by Rod Giess The Ever-Increasing Importance of Insurance Agent Portals Automated underwriting, often driven by machine learning models, has become standard practice. However, this doesn’t signify the end of human underwriting. In fact, 80% of the value of human judgment in underwriting arises from just 20% of cases. Therefore, carriers in personal lines, workers’ compensation, […]
The Cost of Digitalization on the Customer Relationship”
by Rod Giess The Cost of Digitalization on the Customer Relationship The insurance industry, like many others, has undergone a transformative journey with the rise of digitization. Technological advancements have led to streamlined processes, improved efficiency, and enhanced customer experiences. However, amidst the many advantages, a growing concern arises: Is digitization causing the insurance industry […]