Ventana Research Announces New Benchmark Research and Education in Business Analytics for Insurance Industry. Ventana Research Announces New Benchmark Research and Education in Business Analytics for Insurance IndustryResearch finds lack of investments and use of technology hindering business processes San Ramon, Calif. – November 22, 2011 – New benchmark research from Ventana Research finds that while insurance companies are advancing in their ability to apply analytics, there is still significant room for improvement in their analytics processes and technology. Insurance companies, under more pressure than ever to operate efficiently and make the right decisions regarding customers, policies and claims that can optimize the full potential from business analytics to be effective. This new benchmark research from Ventana Research, the leading business technology research firm, presents comprehensive, research-based information on insurance companies’ attitudes towards business analytics.
Media: Copies of benchmark research report and interviews are available upon request. Media Contact: 3 Ways Insurers Will Compete on Data in 2012. Insurance technology professionals have been used to slow, incremental change in the industry, but things are speeding up on several fronts. Consumer adoption of anytime/anywhere computing has forced rapid evolution of mobility and service related technology, and the rapid evolution of cloud technology is hitting the industry like a second wave of outsourcing, introducing new efficiencies that give insurers a competitive edge.
However, the rapidly evolving technology area wherein we're going to see the most profound changes to the industry is data analytics, and the data infrastructure that supports it. Insurance has always been driven by data, and advances in the circulation and analysis of data will start showing their potential to change the industry by leaps and bounds. When analytics came on the scene, the argument was about whether underwriting was more art than science. The answer then was "both" and it's still true. - Insurance & Technology. Insurance & Technology's Corporate Offices: TechWeb, 240 West 35th Street, New York, NY 10001 Phone: (212) 600-3000, Fax: (212) 600-3060 Editorial Director kburger@techweb.com Executive Editor aodonnell@techweb.com Associate Editor ngolia@techweb.com Group Content Manager lkovach@techweb.com 240 W. 35th St. 8th Fl., New York, NY 10001 Vice President Group Sales Martha Schwartz mschwartz@techweb.com VP, Brand and Product Development, InformationWeek Business Technology Network John Ecke jecke@techweb.com Business Manager Joe Donnelly jdonnelly@techweb.com National Sales Director Ben Riggle briggle@techweb.com Account Manager Southeast and Midwest James Lloyd jlloyd@techweb.com Account Director West Coast Matt Kingham mkingham@techweb.com Summit Director David Broffman dbroffman@techweb.com Vice President, Events rduda@techweb.com Senior Events Manager - Conferences & Summits mtrafton@techweb.com Senior Events Manager - Roundtables & Forums jmarks@techweb.com Event Manager - Roundtables & Forums idoyle@techweb.com Webmaster.
Healthcare Payer News | Www.innovationininsurance.com/LinkClick.aspx?fileticket=b9qikvbG_rQ%3d&tabid=135. Innovation In Insurance > Home. Automation Technology Can Successfully Transform Business. This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
Insurance buyers have enjoyed a soft property-casualty market since 2007, and while there are some signs of the market hardening, most experts project that current conditions will likely continue for another two years. The importance of expense control and organizational efficiency has become more critical than ever. In addition, rapidly changing technology can create challenges, particularly for the independent agent distribution channel. Many insurance carriers are re-evaluating their IT infrastructures and going beyond traditional ways of cost cutting to focus on transforming their business to create market differentiation.
Carriers have identified several key technology priorities, according to a recent IVANS survey. Getting Everyone on Board Internally Getting Agents to Use Technology. Addressing Analytics in 2012. Regulations Spurring IT Spend. Regulations Spurring IT Spend. Insurers Acknowledge Customer-facing Shortcomings. Insurers Acknowledge Customer-facing Shortcomings. Sharpening Compliance With Cloud-Based Analytics Tools. S it did for many firms, the 2008 financial crisis uncovered compliance weaknesses at The Warranty Group ($4.8 billion in total assets). "With our existing systems, we had difficulty consolidating information into a package on demand," acknowledges Jim Krygier, chief investments officer for the Chicago-based P&C insurer. "We were left waiting for month-end reports -- essentially waiting until it was too late. " Fortunately, just prior to the crisis, an asset manager had pitched SaaS-based Clearwater Analytics as a value-added service, so when The Warranty Group began investigating compliance reporting solutions in early 2009, Krygier included Clearwater as one of three prospective vendors.
"During the intervening six months, Clearwater had already made significant upgrades based on user feedback," Krygier recalls. "This demonstrated an interest in listening to customers. In addition, the solution could handle all our assets, multiple basis and currencies at scale. Lines of Business: P&C. IT Execs Prioritize Concerns in Proviti Survey. Cloud Computing Exchange | Presented by Information Management. October 18, 2011 – Even the most able of insurance CIOs may find themselves hard pressed to keep their footing on a rapidly evolving technological playing field.
Yet, even if they do, they may find the rules of the game are changing too. All Information Management articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to: Full access to information-management.com including all searchable archived content Exclusive E-Newsletters delivering the latest headlines to your inbox Access to White Papers, Web Seminars, and Blog Discussions Discounts to upcoming conferences & events Uninterrupted access to all sponsored content, and MORE!
CIO Insurance Summit. Insurers to Increase IT Budgets, Focus on Analytics, Agents and Speed to Market: Novarica.