Plenty of insurers are keen to capitalize on the rapid rise of digital ecosystems. But few of them are ready to seize this opportunity. The benefits of open insurance that I discussed in my previous blog post will be beyond their reach. Unless they make big changes to their businesses. Let me explain why. Then…

Many of the insurance executives I talk to recognize the huge potential of digital ecosystems. But, lots of them wrestle with one big question. “How do I change my company to capitalize on the promise of digital ecosystems?” It’s an important question, and one that I encounter more and more. Most of us understand that…

Authors: John Koepke, Raghav Nayak, Anil Kar  Status Quo for the small insurance carriers is over. There is a significant pressure to grow the business while protecting itself from the non-traditional competition. The available channels for growth are limited and need to be achieved through product differentiation, new markets, scalability and improved customer experience. Since many regional small carriers…

Insurers rely on data for the insights they need to develop the products and services their customers need, as well as to make their business more efficient and agile, able to pivot quickly and adapt to changing technologies and evolving business expectations. But what if the data insurers need to analyze is unstructured? Nearly 80…