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ITA Pro Weekly, August 06,2020

ClarionDoor and changing role of MGAs, insurers spending more on cybersecurity, determining your digital strategy, and more….

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Hot off the presses!

Michael DeGusta is CEO of ClarionDoor, a cloud digital distribution platform for insurance. A successful entrepreneur and consistent innovator in the insurance software industry, he co-founded web-based policy administration pioneer Steel Card (sold to Insurity in 2006) and eCoverage, a SoftBank/RRE/E*TRADE-funded startup that was the nation’s first online auto insurance carrier. In this week’s Electronic Chat, Michael talks about how the pandemic has changed insurance, emerging tech tools, and the changing role of managing general agencies (MGAs) in today’s insurtech environment.

“Recent trends in insurance distribution find many insurers expanding partner channels as a means of growth, if not straight-up survival. Managing general agents (MGAs) have emerged as a major part of that model by offering traditional insurers and other capital sources the ability to rapidly and expertly find markets for new products.
 
MGAs confront some highly technical challenges. They often handle complex, niche programs that many systems can’t handle without extensive, expensive customization. And, MGAs frequently have to rekey into, or integrate with, multiple carrier systems in order to determine appetite and pricing for a single risk.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Financial services industries across the board are earmarking more IT spending for cybersecurity protection in 2020 than in past years, with identity and access management, cyber monitoring and operations, and endpoint and network security receiving more than 50% of the pie, according to a new study by Deloitte.

“For the last three years, respondents identified rapid IT changes and rising complexities as their No. 1 cybersecurity challenge. To help effectively mitigate emerging cyber risks, companies should consider digitally enabling the cyber function within the broader IT service development process. Adopting ‘security by design’ principles during technology development could also help financial institutions create more secure products.”

 

Insurance customers are looking for ways to make their lives simpler and have a great experience. The next generation of customer experience is bigger and broader, and it requires a digital platform and robust ecosystem that work together under one common platform across different core systems. In this new blog post, Denise Garth of Majesco examines how customer expectations and changing market dynamics are shifting business and operating models and driving digital transformation for the insurance industry.

“Given the nature of ecosystems, insurers can assume multiple roles, from owner of the unifying platform, to orchestrator of the products and services, or providerof products and services. What they achieve will depend on their ability to create a cohesive digital experience … requiring a digital platform that creates rich customer experiences; innovates business models, products and services; leverages a vast ecosystem of third-party capabilities; capture market opportunities; competes in the digital age; and reinvent the insurance industry. Future success and growth are tied to your answers and your digital transformation.”

 
Breaking News from the Insurance Industry
Click on the links below to get the latest news in the insurance marketplace:
 
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