Insurance Networking

[carrie.burns]

What will be the most talked about technology in the insurance industry in 2012?

[> JJFlavin]

CRM - driven by the need for carriers to form a much tighter linkage to the insureds for revenue generation and insureds retention. Relationship Management will keep becoming more and more critical in 2012 and beyond.

[> eiepaul]

Datawarehouse I would assume that would be connected with CRM in some way.

[> Edward Kalbaugh]

Insurance companies must integrate the business intelligence drivers that enable sound decision making, from line managers to the board room. This means that data must be of optimum quality, and must be transformed into actionable information within all applications/business units at decision-making levels across the enterprise. Decision-making aggregates into four primary buckets: governance, risk managment, compliance and performance.

This means that insurance companies must focus on the following technologies.

1) Data management, including transformation, integration, warehousing, mining, analytics, and presentation

2) Product management, including the integration of policy management, underwriting and claims (Stop calling it CRM!)

3) Risk management technology, including operational and financial risk-infomation integration, modeling, scenario generation and forecasting

4) Performace management technology that enables real time views of financial and operational activity and metrics

5) Governance and compliance technology that enables management of enterprise policies, procedures, processes, and real time views of activity and impacts

Edward Kalbaugh, Allegent Advisors

[> sethm]

Social platforms (social media sites) to drive business intelligence and create new customer channels. I think consumers these days are increasingly willing to share their perceptions and experiences with one another in a wide variety of social media settings.

Insurers should respond to this by investing or planning to invest in enhancing their digital marketing capabilities to attract customers through sites such as Facebook, Twitter and the like.