Posted by David Gallagher on Wed, Jan 25, 2012 @ 12:58 PM
iter8 is sponsoring a webinar on February 9th at 2:00pm entitled “Leveraging Portal Power ...to deliver growth and profitability”.
Deb Smallwood, founder of Strategy Meets Action, an insurance industry leading consulting firm, will be presenting along with Glen Piller, President and CEO of iter8.
The webinar will focus on how agent portals and consumer portals need to change and evolve in order to meet the needs of independent agents and policy holders. For many insurers portals were put in place to address a short term need. For example to generate straight through processing, or to facilitate inquiry functions.
However, now and in the future, portals will evolve to act as centralized landing hubs for multiple transactions and provide the insurance carrier face for multiple third-parties. The use of standardized components to integrate with consumers, policy holders, independent or captive agents generates internal efficiencies and improvements to customer care levels. The days of one-to-one usage are disappearing, and this webinar will explore how newer modern portals can handle multiple transactions, extensive collaboration, and provide an overall integrated approach to the insurance carriers’ external actions.
Insurance clients want to access an insurance carrier on their terms, on their time, using hardware that they choose, where they like – not limited by bricks and mortar, defined hours, and other restrictions.
To attend the webinar, and hear from these industry experts use the attached registration link.
Posted by David Gallagher on Mon, Nov 14, 2011 @ 10:02 AM
iter8, a market leader in statistical and bureau reporting has identified 6 essential factors to solve P&C reporting needs. Based upon extensive experience in this area our internal regul8 experts have identified 6 essentials that will help carriers in their planning efforts. Read them, and use them to help in your next compliance reporting upgrade.
These six essentials can help all P&C insurance carriers faced with providing frequent, accurate, timely bureau or regulatory reporting. They can help you make the right choice in third-party solutions, or help your internal experts in their planning and strategy formation.
Click here to view the six essentials.
The costs of inattention to your statistical reporting needs can be high. For example high penalty fees, high internal costs for rework, and high costs for system changes are just a few of the costs.
So, read the six essentials, and contact us if you need more assistance.
Posted by David Gallagher on Mon, Oct 31, 2011 @ 02:09 PM
A Case Study: Wawanesa Insurance saves money, improves quality, saves time --- what's not to like!
iter8 has just published a case study that examined the impact of new statistical reporting processes, and software (supplied by you-know-who). The project saved money, improved data quality, streamlined the filing processes, improved timeliness and decreased the overall costs of ownership as system maintenance is handled by iter8. If only every project could have such clearly defined benefits.
Read the case study, and see what was done and why.
The project was also implemented successfully. The project management at Wawanesa was excellent, as was the quality of their technical and business teams.
Were there lessons to help your company?
I think so. Read the details, and see how Wawanesa identified priorities and then worked to ensure they were resolved. From problem identification, to proof of concept, to a phased project with achievable, well-defined milestones Wawanesa ensured the project delivered on-time, and on budget.
Ps – we identified 6 essentials for pain-free statistical reporting I will be able to share them with you next month.
Posted by David Gallagher on Wed, Oct 19, 2011 @ 02:29 PM
The data experts at iter8 were talking about how and why data migration and system transformation projects can run into troubles.
They mentioned to me that there are several key actions that are needed to guide such projects, and following these rules greatly improves a projects chance of success. I took these rules, and summarized their feedback into “5” key actions (I would have preferred 8, but what can you do) and asked them to give me more details on each point, and explain why they were important, and the impact they could have on insurance company success.
This is what they produced. 5 key factors for successful systems integration projects.
Follow them, and a project will succeed. They are not in any order, just five common sense steps that when practiced give IT planners a good chance at success. And, they are proven in real-world examples. iter8 has many successful projects ranging from Policy Administration System data migrations to the creation of data warehouses, to the successfully integration of multiple data sources.
Here are the five factors:
1) Choose a third-party solution provider to assist in providing tools, systems, expertise, experience, and an independent outside perspective
2) Select a partner that understands insurance
3) Select a solution in which the results can be reconciled
4) Apply technology that is built for complex data transformation
5) Choose a technology approach that is modern, innovative, yet proven.
Click here to read the full explanation, and details on each point.
Straightforward, logical, common sense. Yet putting them in practice separates the experts from the wannabes.
iter8 can help you execute.
Contact us to learn more. The five steps do not include a “trial” or a proof of concept, but we’d be happy to go down this path. Just another way to ensure risk is reduced, and success is achieved.
Posted by David Gallagher on Tue, Oct 11, 2011 @ 03:53 PM
After La Capitale Financial Group acquired York Fire and Casualty Insurance they required a consolidated Policy Administration System to create a common system of record with common data storage. York sought a strong claims control system, and quality data to enable actuarial pricing enhancements.
To do this, and meet their stated objectives, they turned to iter8 to partner with them on a complex data migration project in which disparate systems were integrated, and ongoing translation was required to continually integrate web services with the new Policy Administration System.
A case study has just been published that reviews what was needed, what was done, and why it was done.
The complexity was high – the Policy Administration System was “under construction” as the project was underway; 10 years of history, over 2 million transactions were to be migrated; differing data semantics existed between systems (image based and delta based)
The stakes were high – billions in assets and premiums were involved, 48-hour cut-over was mandatory, multiple data sources were involved, and support of the legacy system was poor as it remained with the previous York parent company
The results were tremendous – accuracy was 100% (with only insignificant differences); a translator was built such that the award winning York portal and independent broker and agent interface was untouched, and agents were unaware of the migration to a new system; the single data base led to enhanced pricing, data security improvements, and a common system of record
To get more details, read the case study. Learn how a large, complex data migration can work, using declarative techniques that scale beyond those of more straight-forward ETL tools.
An iter8 Case Study
Posted by David Gallagher on Mon, Aug 22, 2011 @ 02:17 PM
Trillium Mutual Insurance Company is the third largest farm mutual insurance company in the Province of Ontario. They are a leader in the property and farm property categories. Their products are innovative, competitive, priced right, and service levels are high.
All good, except with one big challenge -- how to keep up with the technology offered by larger carriers.
Trillium wrestled with this problem, and used tactics to help them stay competitive:
i) They partnered with another insurer to implement a new system jointly. In this way they could draw upon the business knowledge and expertise of another insurer and save some of the system implementation costs by sharing the costs.
ii) They implemented solutions in stages, such that their business and IT staff could continue with their “day jobs”, and still work with a vendor to implement new solutions.
iii) They used third party vendors to partner with. This meant they did not have to build solutions in-house, and equally importantly they found vendors they could build longer term relations with, that could understand their business, and work with Trillium to understand and solve problems.
iter8 was one of the “partners” chosen to work with Trillium. It has been one of the most positive relations we have built. A good partner, strategic thinkers, and a mutually beneficial relationship have led to success.
Smaller carriers need to work harder to succeed, and Trillium has mastered the formula.
Posted by David Gallagher on Wed, Jul 13, 2011 @ 12:03 PM
Agent portals, and consumer self serve portals are one of the last areas in which some carriers believe an in-house build can meet their needs, instead of a third-party vended solution. As a vendor of portal solutions, data migration and agency connectivity solutions, iter8 wondered how many carriers felt this way. So we asked them.
The results were mixed. Most carriers felt vended solutions were superior, as the expertise provided by vendors in system design, implementation and requirements formulation was superior to in-house solutions.
However, vended solutions were viewed as more expensive.
Perhaps even more importantly, in-house solutions allow carriers to attract and retain good IT staff. If everything is outsourced and the in-house role of IT is focussed on maintenance then good people do not wish to stay.
See the summary chart, and some specifics on the build versus buy question.
Posted by David Gallagher on Wed, Jul 06, 2011 @ 12:45 PM
Carriers working with independent agents are faced with a challenge - How can they meet their policy holder needs for self-service, without alienating their independent agents?
Several options exist, (1) Develop self-serve web applications policy holders can directly access via carrier web pages; (2) Develop self-serve web applications policy holders can directly access via agent web pages; (3) Do nothing.
As iter8 is a provider of agent facing and consumer facing web applications who can address solution #1 or solution #2, we wanted to find out what carriers were planning. So we asked them. We retained the leading P&C analysts in the country, and asked them to undertake research with carriers and see what they were planning.
Over half (53%) indicated that they would be interested in purchasing a solution soon, or in the future, while only 34% had no interest. The balance had developed an in-house solution already, or was planning one. Results and interest varied by lines of business, and competitive threats, as did the strategies they were following.
We prepared a summary chart. Click here to review it.
Posted by David Gallagher on Thu, Jun 02, 2011 @ 12:29 PM
In the third part of a series of blogs that discuss what problems and solutions P&C Insurance carriers are planning in order to upgrade their portals, strengthen market share and profitably grow their business, we turn to the views of the agent.
iter8 completed an extensive study in 2010 to speak directly with independent agents and brokers, and ask them their thoughts in a variety of areas, which included the following specific question – “ From the following list, select those functions you want but which are not provided by the carriers you most frequently represent”
It was followed by a ranking of these functions, with the top 8 functions ranked by importance.
The combination of the two measures produced some valuable insights. For example in the area of endorsements, the total number of “functions you want” was not high (103 in total, versus the top item listed with 173 occurrences). However, when weighted by importance, endorsements rose to be the top requirement, based upon the “importance mean”, while the total item in overall mentions did not even qualify in the importance mean.
Thus, while agents indicated the functions they wanted in the first chart, it only became meaningful when they indicated the priority of the wants and needs.
Click here to view the chart summarizing these results.
This can then be compared with the initiatives underway with Present carriers (see May 10th blog), and top problems identified by carriers (see May 3rd blog)
The plot thickens.
Are they aligned?
Are carriers investing in the “right” areas?
Are carriers making headway in meeting agent needs?
The short answer is – “somewhat”. The number and complexity of many of the problems can be overwhelming. (except for carriers that work with iter8, and let our insurance experts help prioritize, and share these research studies in their entirety). Agent needs vary by geography, by lines of business, and by other demographic variables, there is no magic bullet. There is no single solution. Therefore carriers need to identify several technology solutions, develop a timetable to implement in stages, and work with agents to let them know what is coming, by when, and how it will be rolled out.
Posted by David Gallagher on Wed, May 11, 2011 @ 08:07 AM
To continue the reporting of facts, figures and details from our recent carrier research efforts (in which we interviewed a cross-section of P&C Insurance carriers) the research consultants asked P&C carriers what was the top new initiative they were planning to upgrade their portals.
The top answer can be summarized as - Address online quote and new business for commercial lines. This is different for BOP and small packages, versus larger packages and monoline products.
For BOP and smaller packages, portal enhancements focussed on investments to provide Automation and Upload from Agency Management Systems.
For mid-market and larger commercial lines the focus is on collaboration and policy holder/consumer access.
For smaller commercial markets, efforts are underway to improve straight-through-processing, through automation and integration. Services offered in personal lines need to be extended to commercial lines, and carriers are planning the efforts necessary to make this happen.
In the larger segment, efforts are underway or planned to improve real-time collaboration between carriers, agents and policy holders. As business in these areas is less structured and packaged, emphasis shifts to ensuring each participant can participate in creating a unique offering.
The challenge is that costs can be high, and resource requirements steep. However, these items are in carrier plans right now, and soon will be regarded as “table stakes” for many carriers to remain in the game.
To view a pdf summary of this portion of the research study, click here.