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Novarica
Augmented and virtual reality poised to impact insurance industry: Novarica
August 29, 2017 by Canadian UnderwriterAugmented and virtual reality each boast considerable potential for impact within the insurance industry, with implications spanning risk mitigation, improved efficiency and loss ratios and enhanced customer service, Novarica said in a new executive brief. While their effect will be…
Digitized payment gateways playing larger role for insurers: Novarica
August 1, 2017 by Canadian UnderwriterAs consumer expectations change, insurance carriers are moving towards fully digitizing more processes, including payment gateway technology, research and advisory firm Novarica said recently. In a new executive brief titled Payment Gateways in Insurance, Boston, Mass.-based Novarica provided an overview…
Master data management necessary to help make sense of big data: Novarica
June 7, 2017 by Canadian UnderwriterKey to supporting best practices in master data management (MDM) is to develop a single view of MDM that can be referenced by all systems, reporting and business processes, suggests a new brief from research and advisory firm Novarica. Issued…
U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica
May 16, 2017 by Canadian UnderwriterPersonal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from…
Reinsurers face challenging market conditions, technology to play important role: Novarica
January 31, 2017 by Canadian UnderwriterReinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake…
Emerging technologies still discussed more than deployed by U.S. insurers, but balance is shifting: Novarica
January 12, 2017 by Canadian UnderwriterWhile “hot” topic areas like social media, mobile, analytics, big data, cloud, digital and Internet of Things (IoT) are still discussed more than they are deployed in most cases in the insurance industry in the United States, the balance is…
Biggest changes for insurers in 2017 could come from product innovation, predictive analytics, cybersecurity and digital distribution: Novarica
December 6, 2016 by Canadian UnderwriterThe biggest changes for insurers in 2017 could come from product innovation, predictive analytics, cybersecurity and digital distribution, according to a new executive brief from Boston-based research and advisory firm Novarica. Released on Tuesday, the report, titled Five Potential Changes…
Incumbent insurers need to understand the “ABCs of insurtech,” Novarica says
December 1, 2016 by Canadian UnderwriterIncumbent insurers need to understand the “ABCs” of insurtech – Analytics Arms Dealers, Beneficial Bots, Creative Carriers and Digital Distributors – to get a better grasp of the space, according to a new executive brief from Boston-based research and advisory…
Blockchain technology a source of both disruption and opportunity for insurers: Novarica
November 21, 2016 by Canadian UnderwriterBlockchain technology will be a source of both disruption and opportunity for insurers, according to a new report from Boston-based research and advisory firm Novarica. In its latest executive brief, released on Monday, Novarica predicted that the technology would have…
Claims systems transformation requires rethinking metrics, processes and role of emerging tech: Novarica
November 16, 2016 by Canadian UnderwriterBefore setting out on claims transformation efforts, property and casualty insurers should establish clear strategic goals and success metrics, consider the ways in which the claims process is changing and understand the potential impact of emerging technologies like medical analytics…
Understanding potential disruptions to risk analysis, cost basis and distribution key to insurers’ strategies: Novarica
September 22, 2016 by Canadian UnderwriterInsurers need to understand potential disruptions to risk analysis and cost basis as well as distribution to effectively manage their strategies, suggested a new report from Boston-based research and advisory firm Novarica. The pace of technological change makes it a…
U.S. telematics, UBI face market limits, value-added services may be key to growth: Novarica
July 13, 2016 by Canadian UnderwriterA focus on services-based programs, and not discounts, will be a crucial differentiator for telematics and usage-based insurance (UBI) in the United States as insurers look to increase customer adoption and market growth, research and advisory firm Novarica said in…