Beyond Our Wildest Dreams: Insurance IT in 2020
Robert Regis Hyle | July 14, 2015
There is always time to look back and re-examine the failures (and the occasional success stories) that have taken place, but looking forward and planning for the future takes a different kind of energy. Putting regular tasks aside for a time to contemplate better ways of doing things sounds like something an organization should endorse, but too often it results in navel-gazing with little accomplished.
Still, just a bit more than halfway through what has been a most extraordinary decade for insurance and technology, we felt this was an opportunity to examine what lies ahead in the remaining years of this second decade of the 21st century.
So where have we come from in this half-decade? In 2010 we were beginning to emerge from the worst financial crisis in 80 years. IT leaders were finally seen as valuable players in the company hierarchy, but the constant that held back insurance for more than a decade—the replacement of core systems—was still on hold for most carriers because of the tremendous cost concerns.
People were carrying computers in their pockets in 2010, but we had yet to see the full value of mobility and how an entire generation was getting unplugged (except for their chargers, of course). The cloud was some vague concept to many and even the smartest people I’ve met in this industry never saw entire policy systems being available in the cloud.
In the August edition of ITA Pro magazine, we have asked some industry leaders to reflect on areas of importance—such as analytics, claims, distribution, mobility and architecture—and where the industry will likely be with these capabilities five years from now.
Making predictions is never easy, but it can be fun. The beauty of where we are now, though, is that reasonable people can make outrageous claims about the future and we still have a problem tearing those ideas apart because deep inside there one speck of belief that the future is there for almost anything.
I don’t know if we will see flying cars, as Chad Hersh, then a Novarica analyst, spoke about a few years ago at a Majesco users’ conference, but another point he touched on—driverless cars—certainly has a chance to change our world in the 2020s. How wild is it to think drones will be soaring above us to examine property risks for underwriters?
Take your imagination for a spin and you might be shocked at some of the ideas that will come your way. Anyone who thinks otherwise hasn’t been paying attention the last five years.
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Tower Selects EIS Group’s Insurance Platform to Drive Transformation
- NTUC Income Selects Majesco Distribution Management and Majesco Digital Solutions to Advance its Distribution Management Operation
- Emerson Reid Modernizes Its Business Processes With VUE Software
- Octo Telematics Powers CAA MyPace™ Pay-As-You-Go Program
- Announcing the Solartis Insure Microservice Hackathon
- DataCubes Completes Plug and Play Tech Accelerator Program
- Medical Mutual of Ohio Implements One Inc Digital Payments
- SUNZ Insurance in Production with Sapiens’ Workers’ Compensation CompSuite® Policy System
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
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