Instec Insights
Agents Care About the Customer Experience, Too Tim Slevin, Sales Coordinator | Aug 22, 2018
The customer experience has fast become a top priority for every carrier. But how many have considered the experience of their agents? With more product and service options than ever before, creating strong relationships with your customer has become paramount and the insurance industry is no different. Agents have many places where they can place business, but they will always work with the carriers that make it easiest to do business. And, believe it or not, systems play a major role. Read more
Alternative Capital and the New Normal Tom Collett, Managing Director, Guy Carpenter & Company, LLC | Jul 26, 2018
Understanding how capital, technology, and business intersect is vital to operating in the new insurance economy. Alternative capital has caused fundamental change in our market, and it would be foolish to ignore its impact. So, whether you see it as a threat or an opportunity, formulating a strategy to adapt is critical. Read more
How to Create a Fertile Space for Insurance Innovation Kevin Mason, EVP Solutions | Jul 05, 2018
Innovators have discovered that if you splice together knowledge from different disciplines, you can create a rich and fertile space for innovation. And it doesn’t always require technology. For example, think of behavioral economics, which sits at the intersection of psychology and economics. Read more
In Pursuit of Autonomous Insurance Jason Pamplin, PhD, Product Manager | May 31, 2018
There is a feeling that with today’s technology we will finally be able to ask a few simple questions, query a few data sources, know everything we need to know, quote a compelling and profitable price, and book that business right online. How close are we? Read more
Mobile Millennials and Where to Find Them Chris Mason, Senior Marketing Associate | May 01, 2018
The upper bound of the millennial cohort is approaching its early thirties, a time when the need for insurance will become clearer. That means they should be ready to buy from you. But they will not go out of their way to start the conversation. So, how can you get your message across to them? Read more
Why New Approaches to Counter Claims Fraud May Not Work Jason McGrath, President, KLJ Computer Solutions | Mar 22, 2018
Using big data analytics to better understand markets, opportunities and risk is fast becoming a strategic differentiator in the insurance industry. Soon data-driven AI will effect dramatic changes in operations – automating key aspects… Read more
Rise of the MGA Michael Sauber, VP, Marketing | Feb 28, 2018
In a soft market with depressed rates and intense competition, MGAs remain a singular bright spot. As carrier offerings become commoditized, MGAs provide differentiated and precisely-targeted products. It’s an approach that strikes… Read more
What is AI really and how do I start using it? Mike Fagan, VP Product Management | Jan 25, 2018
“Siri, play Warriors by Imagine Dragons.” “Alexa, re-order the 35-pound bag of Pro Plan dog food.” Read more
The Next Big Market for Insurance Chris Mason, Senior Marketing Associate | Nov 02, 2017
Soft market, increased competition, tech disruption – we’ve heard the bad news before. The good news? The next green pasture for insurers is beginning to blossom. Read more
State of Confusion Kevin Mason, EVP Solutions | Oct 02, 2017
The way the U.S regulates insurance today is absolutely Byzantine. You have fifty states plus D.C plus the Feds. The patchwork of rules and regulations is confusing. My systems can’t handle it. Hopefully the feds will come in and regulate this stuff and rationalize the stack. Read more
Competitive Advantage from ISO Commercial Auto Craig Harzinski, Delivery Manager | Aug 30, 2017
ISO’s decision to delay the permanent replacement of its commercial auto manual by two years has created an opportunity to stake out a competitive advantage, if insurers are prepared to act now. Read more
Still Dealing with Darwin Kevin Mason, EVP Solutions | Jul 27, 2017
In 2005, Geoffrey Moore wrote a book called Dealing with Darwin in which he discussed how companies can use product innovation to differentiate their companies from their competitors to avoid extinction. Although written ten years ago, the concepts of the book are still relevant, though in a different way. Read more
Bugs in the System Kevin Mason, EVP Solutions | Jul 20, 2017
Core system vendors are also struggling, as the products and services they offer are no longer what insurers need. The issue is that many of these products and services were created by a business model built in the late nineties and first decade of the 21st century. Read more
T-Shaped People Kevin Mason, EVP Solutions | Jul 13, 2017
T-shaped people are better at cross connecting ideas from multiple domains, better at seeing the big picture than I-shaped people, and are the only ones with the flexibility and agility to survive in an economy that will see many jobs automated out of existence. Read more
A Clash of the Narratives Kevin Mason, EVP Solutions | Jun 28, 2017
There is a lot of confusion these days, mainly due to the presence of multiple strategic narratives competing against one another. What exactly is going on in the insurance industry, and the core systems space? Read more
Why Do We Need a New Insurance Analyst? Dorene Morgan, Director, Human Resources | Jun 22, 2017
As recently as five years ago, the insurance industry was relatively unchanging. Into this industry in flux, enter The New Insurance Analyst, equally comfortable in the complex world of insurance and the fast-changing landscape of web-enabled technologies. The new insurance analyst is multi-talented, delivering a balance of three competencies: industry expertise, technology acumen, and business savvy. Read more
Is the Underwriter an Endangered Species? Jason Pamplin, PhD, Product Manager | May 25, 2017
Every several years, there’s a wave of articles addressing the question of “whether underwriting matters.” The answer is always the same: underwriting not only matters, it is essential to any insurance company that wants to be profitable. The real question we should be asking is what role underwriters will play as automation reshapes the underwriting process. Read more
A Place for Strategic Systems Rob Reed, VP Sales | Apr 26, 2017
The once-staid insurance market is changing. New entrants and incumbents alike are accelerating the pace of innovation, and raising the level of competition. In this Darwinian Economy, insurers must move quickly, or risk being left behind. Read more
You Need to Plan for Millennials. Now. Chris Mason, Senior Marketing Associate | Feb 28, 2017
Millennials are rapidly becoming an economic driving force. Ignore this growing opportunity, and the biggest generational group in the US will ignore you. Read more
What Can Insurance Learn from Amazon, Facebook, and Google? Charles Plath, UX Design Director | Jan 26, 2017
Much noise is being made in the insurance industry lately about paying more attention to the “customer experience”. Read more
What Lies Ahead in 2017? Kevin Mason, EVP Solutions | Dec 15, 2016
As Steve Jobs famously said, "you can't connect the dots looking forward; you can only connect them looking backward." While that may be true, recent market activity can provide some clues about the market’s trajectory. Read more
Customer Communications for the Next-Gen Insurer Julie Ruffin, Marketing Manager at GhostDraft | Nov 17, 2016
It’s no secret that the insurance industry is changing. Disruption is running rampant, and competition is on the rise. The winners will be those who leverage insurtech and digital transformation to become the new leaders in an evolving industry. Read more
The Four Pillars of Cloud Computing Mark Strelau, VP, Application Platform | Oct 27, 2016
The Cloud has become a commodity. What core attributes should every cloud platform have, and what should you be looking for next? Read more
Is Insurance Industry Disruption Missing the Point? Rob Reed, VP Sales | Sep 22, 2016
Disruption has arrived in the insurance industry, but is it pervasive throughout the insurance value chain? Read more
Three Approaches to Competing in The Darwinian Economy Mike Fagan, VP Product Management | Aug 30, 2016
The world of insurance is changing. If you expect to compete, you need to be fast, forward-thinking, and flexible. Read more
To the Disruptors Go the Spoils Tom Caprel, Board Member | Jul 27, 2016
All across the insurance industry, fierce competition and disruptive forces are changing the look of traditional business models. Now is the time to adapt or decline. Read more
Your Next Good Idea Starts Here Kevin Mason, EVP Solutions | Jun 08, 2016
If there’s “nothing new under the sun”, then where do new ideas come from? Combinatorial innovation holds the key to creating new, and sometimes breakthrough, products faster and with lower cost and risk. Read more
Five Lessons from The Great Human Race Kevin Mason, EVP Solutions | May 17, 2016
National Geographic’s new series offers a retrospective on how humans have adapted and survived in response to their environment and the constant change that surrounds them. The lessons learned provide a guidebook for insurance companies navigating the Darwinian Economy. Read more
Software is Eating the World and Insurance is on the Menu Kevin Mason, EVP Solutions | Apr 19, 2016
Software-centric companies are poised to take over large swaths of the economy, and insurance is next. The warning signs are already mounting. Read more