What does the metaverse mean for insurers? | Insurance Blog

The metaverse is a concept making headlines across the globe, with its application being imagined across all industries. However, until recently, the practical manifestation and future impact of the metaverse was unknown. The newly-released Insurance Tech Vision for 2022 not only defines the metaverse, but contains valuable, timely insights for insurers on how the metaverse is ushering in the next wave of digital change.

Accenture defines the “Metaverse Continuum” as a spectrum of digitally enhanced worlds, realities and business models poised to revolutionize life and enterprise in the next decade. This applies across all aspects of business, from consumer to worker and across the enterprise; from reality to virtual and back. The metaverse continuum is being built on a wide range of mature and emerging technologies. These technologies include artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms,

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Why smart insurers are modernizing their mainframe now | Insurance Blog

In a market that calls on insurers to be agile and digitize at scale, an insurer’s mainframe can either catalyze or inhibit progress. While the mainframe was once a valuable core technological function, many legacy mainframes lack the agility to meet the demands of customer expectations and rapid digital progress.

The call for mainframe modernization

Insurers want to reach a digital end-state and embed the enabling functions they need to perform in the cloud using a route that is faster, better, and cheaper. Modernizing the mainframe is the last mile towards enabling business capabilities, reimagining the business and driving a cloud operating model.

If we look at the market forces shaping the wider industry, insurers are being called upon to be more agile so as to keep pace with rapidly changing demands. This is due to a range of factors, from higher inflationary environment expenses for insurance operations and increasing

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New Report Targets MGA and MGU Barriers to Producer Experience, Distribution Growth

This post is part of a series sponsored by AgentSync.

For MGAs and MGUs looking to own the future of their distribution channels, having a reputational advantage with downstream agencies and maintaining a stellar producer experience is mission critical. To help, AgentSync has released a report, Four Producer Barriers to Your MGA’s Expanding Market Share.

Insurance has long been dominated by producer-led sales, a trend that’s likely to continue for the foreseeable future. Yet, managing general agencies and managing general underwriters often sit in the middle of a distribution channel, parked between carriers and smaller agencies and producers.

These MGAs and MGUs face unique challenges in breaking through the industry noise to prove their worth to players on both the upstream and downstream sides of the sales pipeline.

For a quick look into how to turn compliance into your biggest producer experience superpower, download our checklist, Eight Steps to

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7 Ways to Avoid Predatory Towing Companies

This post is part of a series sponsored by IAT Insurance Group.

Companies that engage in disreputable towing — sometimes referred to as predatory towing — practices are preying on trucks in areas known to have an elevated frequency of crashes. They may even use nefarious means to contribute to likelihood of an accident. This is the latest scam affecting long haul and moving and storage trucking.

Case in point: A driver recently incurred significant damage when attempting to drive their tractor trailer under a Chicago bridge, whose “low bridge” sign had been suspiciously removed. As soon as the accident happened, an unsolicited tow truck appeared. In the driver’s distress and haste to rectify the situation as quickly as possible, the driver accepted towing services without a quote. Soon after, the moving and storage company received a bill for the $75,000 towing, a service that should have cost around $2,500.

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Blackcomb Consultants is now part of Accenture | Insurance Blog

Blackcomb Consultants is now part of Accenture

I am excited to welcome Blackcomb Consultants, a leading independent Guidewire partner in North America, into the Accenture family.

Why Blackcomb Consultants?

Amid market disruption and heightened consumer expectations, insurers are turning to platforms such as Guidewire to drive strategic digital and business transformation. Accenture and Blackcomb Consultants share a vision focused on delivering innovation to P&C carriers of all sizes, helping them create a sustained competitive advantage

I have previously spoken about how Guidewire is helping insurers transform. Guidewire’s end-to-end technology platform combines digital, core analytics and artificial intelligence capabilities across the underwriting, billing, claims and customer relationship management functions, helping property and casualty insurers reimagine their operations in the cloud.

We thoroughly examined the marketplace and Blackcomb’s reputation among its clients was unmatched. Joining forces really brings our total reinvention story to life by adding a company to our repertoire with

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