Technology Team Rocks BIBA 2015!

by nickk on May 22, 2015

BIBA 2015 is the largest event in the UK’s insurance industry calendar. It’s where everyone connected to the industry congregate to share developments in the sector. The technology companies are there too, celebrating their chance to make a difference in the way the industry operates. There’s also a host of top notch speakers sharing their input on what the future may hold for the industry and what you might want to focus on today.

Industry events may have a reputation for being a little boring but the SchemeServe team [disclosure: our founder owns SchemeServe] doesn’t believe that they have to be. The team donned their purple top hats and set out to rock BIBA 2015. As you can see from the attached video… they succeeded admirably.

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It’s a funny thing, innovation is almost always recognized as a force for business good. You can improve the customer experience, reduce process drag, boost profits, etc. by being innovative. Yet, very few businesses have any real formal approach to the way that they innovate. Insurance businesses in particular seem to struggle with innovation and lag the banking sector considerably when it comes to technological innovation.

Creating a culture of innovation at work doesn’t have to be a stressful experience. There are several ideas that can help with the transition:

Make Innovation Formal

The purpose of formalizing innovation is not to burden it with bureaucracy but rather to give it space within the business. We’re all busy, all of the time. If we don’t allocate time to become creative; it becomes less of a priority.

There are plenty of ways that you can approach this formalization. From delivering creative workshops to adding space in team meetings for ideas for improvement. You might even try holding an offsite workshop for a day to involve everyone without the day-to-day pressures of work interfering with the creative process.

There’s a second purpose to this approach; it makes innovation exciting. It encourages people to create and change the businesses they work in for the better.

You can even use the formal process to gather ideas on how to better innovate within the business. How do your people want to be involved in the process? How can they be kept in the loop when changes are taken on? And so on…

Use Technology to Provide Data for Innovation

The era of big data means that insurers can delve much deeper into their customer’s lives than ever before. But there has to be a purpose for all that data… or otherwise its value is limited or can even constrict your ability to do business well.

That means putting some of that data into your formal innovation channel. Get people with different eyes to examine it and see what it might be used for. Don’t restrict your data to a tiny silo of people with specific responsibilities for it. Make sure that the whole business can get involved and you may be surprised at the possibilities that they discover in your data sets.

Step Outside Insurance

One of the easiest places to find innovative ideas for your insurance business is in other business areas. What could you learn from Amazon or Google that might enable you to develop an edge? Take some time to review big companies and new companies in other market places and see what might be relevant to your own.

It’s very easy to get lost in a place where you can’t see the wood for the trees. While insurance has its unique quirks which cannot be affected by other industries, it has a lot in common with other industries too. Spotting patterns of differentiation elsewhere can allow your insurance business to be a leading edge innovator without as much risk.

Insurance Innovation

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What Happens When Something Is Under-Insured?

by Jed GigerMay 8, 2015

When you take out an insurance policy; you are required to explain the value of the property (or its contents) that you want to insure. This value is known as “the sum insured”. In some cases there will be a discrepancy between the value of the property and the value of the sum insured. If […]

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4 Areas in Which Technology Can Help Insurance Marketing and Vice-Versa

by nickkMay 4, 2015

If you’re wondering what to invest in, in terms of technology, this year for your insurance brokerage – you could do worse than focus on technologies which can help with marketing and selling your products. You should also look at how marketing can support these technologies. We’ve got some ideas that might help you focus […]

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The Insurance Challenge from Driverless Cars

by nickkApril 20, 2015

The driverless car has been put into wide-scale trials and the thinking has moved from “if” to “when” these cars are finally seen on the roads. This is, perhaps, positive news if these vehicles deliver on their promises of an accident free future. But there are some serious questions that insurers need to consider before […]

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Calculating the Reserves an Insurer Must Carry

by Jed GigerApril 6, 2015

We have looked, in the last two instalments of this series, at the basics of calculating insurance premiums. There is, of course, a host of additional complexity to be included in a premium calculation such as: Brokerage Fees Capital Costs Profit Margins Recovery Costs Internal Costs (e.g. Operating Costs) Taxes Cost of Claims Cash Flow/Liquidity […]

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Health Care Goes Mobile and Insurers are Backing the Change

by nickkMarch 23, 2015

The smartphone has brought a lot of useful functionality to our lives. There’s an app for nearly everything from ordering flowers to finding your way in strange lands. Yet, while there have been many improvements in the area of health; such as the heart monitoring functions and pedometers – you’ve still always had to visit […]

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Insurance Premium Modelling – Introducing Multiple Insured Parties

by Jed GigerMarch 6, 2015

Last month, we took a look at the way an insurer would have to operate if they only insured a single party. As we discovered, it would be a hard business to run and not a very profitable one if an insurer only dealt with a single incidence of risk. They’d need to keep reserves […]

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The Skills that Are Most Needed from Insurance Technology Professionals

by nickkMarch 2, 2015

It can be hard hiring the right talent to take your insurance brokerage to the next level. The insurance industry in the UK is lagging behind other sectors in implementing technology but given the size of investment required; brokers and insurers need to focus on bringing the right talent in to implement new technology for […]

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Is Your Insurance Brokerage Ready for Windows 10?

by nickkFebruary 16, 2015

Last year Microsoft pulled the plug on official support for Windows XP. This was meant to drive businesses to Windows 8. In some cases this was a success; in many others it wasn’t. Windows 8 may be the worst received Microsoft Operating System since the Windows Millennium Edition. An interface that was designed for phones […]

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