Denise Garth, Author at Insurance Thought Leadership



Denise Garth

Denise Garth

Denise Garth is senior vice president, strategic marketing, responsible for leading marketing, industry relations and innovation in support of Majesco’s client-centric strategy. Garth is a recognized industry leader with both P&C and L&A insurance experience as a CIO and business executive with deep international ties in Asia and Europe through her ACORD leadership role.

Garth is an acknowledged strategic thinker, innovation leader, international speaker and author of thought leadership and articles regarding the key issues and opportunities facing the industry today as it tries to prepare for the future.

Prior to joining Majesco, Garth held business and technology senior executive roles with leading insurance companies, including Mutual of Omaha, CUNA Mutual and Century of America. At ACORD, she was vice president, standards and membershi,p driving ACORD’s international expansion and market presence. While at Innovation Group, she was EVP, strategic marketing, and global head of market strategy; she re-established the company’s position through market-driven strategy and solutions. Most recently, she was partner and chief digital officer with Strategy Meets Action, leading the innovation practice evaluating emerging technologies, outside industry trends and innovation and their implications and opportunities for the industry.

Garth is a cum laude graduate with a BS in math and computer science from Central College in Iowa and did MBA work at the University of Northern Iowa. She has attended various executive leadership programs.

Recent Articles by Denise Garth

Dramatic Shift in Underwriting Ahead

It’s about time, volume and volatility. Any one of the three by itself could push commercial companies to improve underwriting automation, but all three working together are pulling insurance executives out of their comfort zones and into action. At one time, underwriting automation was simply about growth, competition and consistency. Can we beat the competitor […]

Digital Distribution With Personal Touch

News channels and insurance distribution have something in common. Both have been undergoing two decades of disruptive change. Both have had to re-examine their role in the life of the customer. Both are facing the dilemma of how to reach customers in the face of information overload. And… it may be that both are finding […]

Underwriting in the Digital Age

Underwriters in the commercial market are, in some ways, facing a promising future: Valuate Reports recently estimated that the segment’s compound annual growth rate through 2028 would be 8.5% — a healthy clip by any standard. This is far above the overall average direct written premium (DWP) growth rate of 3% to 4% over the last decade […]

Power of Partner Ecosystems

To the max. As much as possible. To the utmost extreme. All of these define the term “nth degree.” As a math major, I know the term has roots in mathematics, where “nth degree” equations and roots have been around for decades. How does this apply to insurance? The digital era of insurance is accelerating […]

How to Improve the Customer Experience

Tunnels, once the greatest innovation in transportation, are poised to be the greatest once again through innovation and rethinking of transportation. While Elon Musk has been looking to the sky with SpaceX, he’s also been going underground with the Boring Company, creating test tunnels in California and operational tunnels in Las Vegas. The key to […]

The Recipe for Embedded Insurance

My grandchildren are curious, a trait they definitely inherited from me. Whenever they get a cool new toy or technology gadget (yes, even the 1½-year-old loves these!) and have put it through its paces for a while, their attention inevitably turns to trying to figure out how the thing really works. This can result in the […]

Did You Use the COVID Down Time?

The pandemic led to a burst of home remodeling, and some insurers have likewise found themselves in the middle of a dramatic remodeling project. Choices must be made. Which remodeling projects will modernize and optimize the business, and which ones will create a whole new business next door? COVID and its digital pressures have compressed […]

2-Speed Strategy: Optimize and Innovate

Success in moving from the past to the future of insurance requires a two-speed strategy: Speed of Operations, which focuses on making improvements to the current, traditional business model with next-gen, mature systems and processes; and Speed of Innovation, which is all about creating agile, fast and new business models that explore, test and grow […]

Ready for the Fully Connected Future?

Have you ever entered a store when the automatic door wasn’t working? Or, have you ever come to an escalator that is simply stopped, and you have to walk up or down? It feels strange when common automations don’t work. If you are like me, you might even experience that disoriented, woozy feeling when your […]

Managing Absences for Disability Insurance

As our research has consistently shown, value-added services are increasingly one of the top areas of interest among customers, and one area of growing interest is integrated absence management for disability insurance. (We discussed this growing trend in a webinar with the Standard, a leading insurer that has provided integrated disability and absence management to their customers […]

Adversity Breeds Innovation

Steve Jobs gets a lot of credit for re-imagining computing, for making us mobile and for putting technology in our hands that has changed the way we communicate, do business, purchase products — and so much more. But he had some help from things like the availability of increasingly powerful data storage options and more […]

Insurance Leaders Look in the Mirror

It was 1999, and everything about business was changing. The internet was hot and growing! Ebay and Amazon launched within the previous four years. Napster debuted the peer-to-peer music file sharing network – the precursor to iTunes. E-business!  Fast Company magazine was putting out 300-page monthly issues that covered the most innovative companies and people imaginable. Every […]

Insurance Leaders Use Digital for…

Let’s start with a warm-up exercise. Here are phrases you might find in any project meeting. Insert the missing words. “The easiest way to start this project is to pick the [insert adjective] fruit.” “That process is too convoluted. The shortest distance between Point A and Point B is a [insert adjective][insert noun].” “We need to modernize, but […]

Crisis Invigorates Insurance Innovation

It’s like a scene from an action-packed Marvel thriller! The threatened hero is being chased down the street but sees a route for escape. It’s an alley. (We all know not to go down the alley, but the hero doesn’t listen to us.) At the end of the alley, there is a brick wall. (We […]

Do You Know What You Don’t Know?

On March 12, 1928, William Mulholland, Harvey Van Norman and Tony Harnischfeger hiked down the dry side of the newly filled St. Francis Dam in California, inspecting worrisome leaks. Mullholland was the mastermind behind Los Angeles’ new aqueduct — a 233-mile series of man-made rivers and reservoirs that would eventually bring much-needed water to the San […]

Leaders Rise From a Year Like No Other

It has been a year since the first cases of COVID became known, beginning an upending of the world as we knew it. As COVID hit, our strategies, priorities and plans all took on a new view, a new focus and in many cases a new urgency – through the eyes of digital engagement, for […]

Pressure to Innovate Shifts Priorities

For me, one of the best songs by the rock band Queen was “Under Pressure,” co-written by David Bowie. The story is that the collaboration was creatively different as the vocal was constructed in a very novel way in one night, where they all contributed different pieces of the song musically and vocally and then […]

A Burning Platform for Transformation

While the industry had digital as a “priority” in nearly every survey the last few years, the events of 2020 have accelerated its importance – creating a tipping point for insurance. Malcolm Gladwell’s bestseller, The Tipping Point, described this phenomenon as a “magic moment when an idea, trend or social behavior crosses a threshold, tips and spreads like […]

Strategic Priorities and the New Reality

“We’ve seen two years’ worth of digital transformation in two months. From remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security—we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything.” — Satya Nadella, CEO Microsoft This statement […]

A New Boom for Life Insurance?

When executives are looking at future business scenarios, they are often called upon to “connect the dots.” If we draw a line from A to B to C to D, what kind of future scenario emerges? In which direction are the dots pointing? Sometimes the lines are fuzzy. The dots don’t quite line up. The […]

Life Insurance’s New Occupation

It has been a long time since I took chemistry as a pre-med student in college – yes I was pre-med before switching to a math and computer science major! I loved science, and I remember the experience. I can’t recall many of the formulas or compounds. But I remember the labs – especially the all-night […]

Selling Where Life Happens

Every moment of every day, retail operations are under scrutiny. Executives and management teams for grocery stores, gas stations, big box home goods, home repair and department stores are obsessed with merchandising. Product placement is always in flux. Endcaps are changed for a season or a weekend. Special displays are constructed as demand is anticipated. […]

‘3D Underwriting’ in Life Insurance

After 9/11, a revolution happened in airline travel. Airline security tightened far beyond what we had previously known. In addition to new carry-on guidelines, travelers were subjected to more frequent individual screenings. More items had to be removed from our bags and examined. Electronics had to be turned on. Our shoes started coming off. The […]

Creating the Future of Distribution

Normally, July and August are fairly quiet in the insurance industry — but was not the case this year! Bold moves are abounding, by both new and traditional insurers alike, setting a new pace in creating the future of insurance and distribution.  In this new era of insurance, nearly every insurance process is rapidly becoming frictionless, […]

5 Trends Changing Auto Insurance

Nearly every time you turn on a light switch today, you are witnessing the power of trends upon shifting markets. Though lighting isn’t going away, the types of bulbs we use and their supply chain has been in flux for the past two decades. On May 27, 2020, General Electric stopped making light bulbs entirely […]

Insurance Innovation — Alive and Kicking

Insurance innovation is alive and kicking, and gaining traction, as represented by the wide array of submissions for the 2020 Innovation in Insurance Awards, sponsored by Efma and Accenture. Last year, I was honored to be selected as a judge, and the winners were just announced in a virtual award ceremony.  Congrats to all for carrying […]

The End of Auto Insurance

Imagine that you wake up one day in the future and you read this headline: “Auto insurance is no longer being sold.” The article says accidents are rare or no longer possible due to autonomous technologies, hundreds of new safety features, an entirely new methodology for handling vehicular risk and a dramatic reduction in the […]

Market Boundaries Are Blurring

The year is 1959. Neuroscientist and psychologist Bela Julesz tests the ability of the brain to perceive images in 3D. With circular dots and a double image, subjects could begin to see a circle floating above a printed background. Fast forward 20 years, and two of Julesz’s students use a computer to accomplish the same […]

Are You Innovating, or Chasing the Leader?

It’s the relay runner’s nightmare: You just can’t seem to catch up. Maybe you’re in the lead, but you can’t shake the person on your shoulder. How do you get ahead and stay ahead? In insurance, whether you’re looking over your shoulder or trying to catch up, you need to know as much as possible […]

When Regulation Offers Opportunity

Have you ever wondered, “Where would basketball be without the three-point shot?” It has been my husband’s favorite shot as a player, coach and fan, and it’s mine as we watch Big East Creighton basketball games, because the energy, excitement and momentum completely change in seconds! You may never have considered this (and you may […]

How to Innovate With Microservices (Part 3)

In Part 2 of this blog series, we shared how a microservices architecture is applicable for the insurance industry and how it can play a big role in insurance transformation. This is especially true because the insurance industry is moving to a platform economy, with heavy emphasis on the interoperability of capabilities across a diverse ecosystem of […]

New Customer Decision Models

Spring is here … but for many parts of the U.S. you would not know it!  Many are making decisions to wear their gloves, hoping they still fit! For insurance, the dawning of a “new spring” is here, as well: Digital Insurance 2.0. But for many, it does not fit well with their current business […]

Digital Playbooks for Insurers (Part 4)

A playbook is better than a simple plan. A plan is a road map to a desired future based on current conditions and the steps needed to go from the current state to a future state. A playbook acknowledges that there are many possible futures and that businesses need to be built in a way […]

How to Innovate With Microservices (Part 2)

In Part 1 of this blog series, we shared how a microservices architecture can bring value to a constantly changing business environment. In this segment, we will share our views on the benefits of a microservices architecture for the insurance industry.The traditional insurance value chain and subsequently the customer experience over the last two-plus years has operated […]

Darwinian Shift to Digital Insurance 2.0

Brian Solis, a digital analyst and anthropologist, studies the effects of disruptive technology on business and society, calling it “digital Darwinism.” Solis borrowed Darwinism to describe how organizations adapt to changing customer behavior (anthropological view) and rapidly changing technology through digital transformation. As Solis says in various articles, the effect of digital Darwinism on business […]

Digital Playbooks for Insurers (Part 3)

In our last two blogs, we discussed why consumer playbooks and SMB playbooks have such an effective application for business. Insurers, especially, can use the idea of a playbook to put together a package of viable “plays” that will help them on their shift from Insurance 1.0 into Digital Insurance 2.0 — the second wave of technological and business […]

Digital Playbooks for Insurers (Part 2)

In the first of my four blogs on insurer playbooks, we looked at the consumer market from the vantage point of a pre-game analysis. This week, we’ll once again be taking a pre-game approach to playbook development, but we’ll focus instead on scouting out this highly coveted small-medium businesses market for opportunities that may lie […]

Digital Insurance 2.0: Benefits

The disruption and changes that are reshaping economies, industries and the businesses within them are providing unprecedented growth opportunities for employee and voluntary benefit insurers in terms of new markets, new customers and the demand for new products and services … creating Digital Insurance 2.0. The gig economy, evolving healthcare markets, shifting industry boundaries due […]

How to Innovate With Microservices (Part 1)

Whether you are part of building a modern digital enterprise platform for mid-sized to large insurance companies or part of a startup that distinguishes itself through innovative technologies, you are likely to be hearing about microservices. Microservices architecture has increasingly become popular and often associated with benefits such as scale, speed of change, ease of […]

Digital Playbooks for Insurers (Part 1)

Football, in its infancy, had no plays. In the late 1870s, the visiting team would travel to the home team, where both teams would agree upon the set of rules for that game. The home team would supply officials, causing occasional controversy, and the game would be off and running. There was no quarterback, no […]

New Expectations, Accelerating Rivalry

The Ice Age! The Ice Age movie franchise that centered on a group of mammals surviving the Paleolithic ice age produced five films: “Ice Age,” “Ice Age: The Meltdown,” “Ice Age: Dawn of the Dinosaurs,” “Ice Age: Continental Drift” and “Ice Age: Collision Course.” These movies reflect what we are seeing today in insurance and what […]

Taking Care of Small-Medium Business

In the 1973, Bachman Turner Overdrive hit song, Taking Care of Business, it talks about employees getting annoyed and becoming self-employed, something that is happening 45 years later in the new gig economy. The growth of new small and medium businesses and the fight for talent is creating challenges and opportunities for insurers. And just like […]

New Business Models Are Needed

The pressures the insurance industry is facing seem to keep coming like an unending stream of tsunamis, beginning with changing customer expectations with millennials and Gen Z and gathering momentum with blurring industry boundaries and the wave of insurtech startups. The ability of the industry to invest large sums of money into creating opposing forces […]

A Great Year for Digital Resolutions

When it comes to thinking about 2018, you may have already set some company goals and feel that your plans are in place. Implementing plans, however, can be difficult, and every plan has a tendency to change over the days and months that it grows into a reality. New Year’s resolutions may not be the […]

Update IT Systems One Slice at a Time

Every business today has legacy processes and systems and faces the dilemma on how to transform the business to adapt to the rapidly changing market dynamics that are driving the shift to the digital age. Is there a proper approach? Insurtech is embracing these dynamics and powering the shift through the significant capital flowing to […]

4 Ways That Digital Fuels Growth

In my last three blogs, we discussed what it means to be a digital insurer and how digital preparedness looks much like a fusion reactor — accomplishing something we called Digital Fusion. For a recap, you can begin with the blogs here. In the November 2017 issue of Canadian Underwriter, I also discussed why Digital Fusion is […]

What SMBs Want in Group Insurance

In my last blog, we established the rationale for group and voluntary benefits providers to consider new business and technology strategies. The market is changing. Market drivers should be pushing carriers to recreate themselves to meet the needs of employers and employees. As a part of that blog, we touched on group and voluntary benefits […]

Why Commercial Insurers Can Rock

Commercial insurers have every reason to be optimistic. Thanks to the gig economy and the sharing economy, business launches are on the rise. And even though not every business launch is the next Fortune 500 company, insurers that are poised to take advantage of volume may find themselves with impressive market share. Here are five […]

Core Systems and Insurtech (Part 3)

What is a digital insurer? In my previous two blog posts we dived into the digital deep end. In Part 1, we looked at what a digital insurer is and what it is not. We examined the link between customer-centricity and digital readiness, and we attempted to resolve the paradox of being an insurer that is […]

How Sharing Economy Can Fuel Growth

In our last blog of our two-part series on the gig and the sharing economy, we looked closely at how the gig or “on-demand” economy will open up new markets to group and commercial insurers. You can read that blog here. In today’s blog, we look at the sharing half of the gig and sharing economy. […]

Rethinking Group and Voluntary Benefits

Traditional group and voluntary benefit markets are growing, especially in those areas such as critical illness and vision and any benefits that enhance the quality of life. Lifestyle products, such as pet insurance, health club memberships, legal coverage and identity protection are also on the rise. Carriers, however, may not have fully capitalized on the […]

Core Systems and Insurtech (Part 2)

The first part of this series can be found here. The digital insurer uses fusion to leverage the power of data — i.e. content. So what is fusion? It is a platform, with a new architecture from the ground up, designed for molecular binding of transactional, analytical and engagement capabilities. This is not a retrofit architecture […]

Using Catastrophes to Rethink Claims (Part 3)

This is the third part in the series. You can find Parts One and Two published here and here. Claims is the most emotional segment of the insurance value chain. Because it is the primary point of brand promise, and because it is so emotionally charged, it is also the point at which insurers can […]

The Industry’s New Dynamic Duo

Insurers are full of economy-speak these days. We have the gig economy, the digital economy, the data economy and the sharing economy. There is the economy of one, the economy of the many, the service economy and, of course, the experience economy. These concepts are all real and vital considerations for insurers, yet most deal […]

Using Catastrophes to Rethink Claims (Part 2)

Digital technologies have the power to re-design insurance. A host of benefits lie within the front-end customer experience, but insurers stand to gain just as much from the digitalization of the back-end operations, including the claims process. According to the Insurance Information Institute, 64% of insurance premiums (nearly 2/3 of every dollar) are used to […]

The Insurance Renaissance Rolls On

It has been busy in insurance lately, as the industry continues to engage and consider the future — first at our customer conference, Convergence 2017, then at Insurtech Connect. Both conferences had record attendances, a sign that insurers are both grappling with change and committed to making it happen. It is a shifting future, one that is […]

Using Catastrophes to Rethink Claims

Houston and Harvey. Florida and Irma. The West and the Wildfires. Hail in the Midwest. Floods in the South. Will 2017 set a new record for catastrophe claims? According to the Insurance Information Institute (III), 2013/14/15 and the first 9 months of 2016 were welcome respites from insured disaster losses, totaling between $13 billion and […]

Winning in a New Age of Insurance

Insurers have been masters of data for centuries. But the digital age has ushered in dramatic changes in the types and volumes of data available as well as the tools and techniques to extract insight and real business value from that data. Once the leaders in data-driven decisions, many insurers now find themselves behind the […]

Chatbots and the Future of Interaction

When it comes to the list of disruptive technologies, are we giving chatbots enough credit? Chatbots are only beginning to show their potential, garnering initial headlines primarily due to Lemonade and its chatbot called Maya. That is interesting, considering that chatbots and AI will likely have a greater overall impact than many of the up-and-coming […]

Why Buy What You Don’t ‘Get’?

It sounds like a riddle, and in some ways it is. When it comes to insurance customers: If they don’t “get it,” they won’t get it. If they don’t see the need, they won’t need it. We can’t value our experience if they can’t experience our value. Let’s dig a little deeper. Much has been […]

Sensors and the Next Wave of IoT

Spies and “bugs” have made frequent appearances in movies, books and television. In the James Bond movie series, we see an array of devices that were designed for 007 by “Q.” In the 1997 movie, Tomorrow Never Dies, Bond’s BMW car and mobile phone provide the first glimpses of the potential of the Internet of Things […]

Driverless Vehicles: Brace for Impact

On June 26, Waymo (Google’s autonomous car firm), signed a deal under which Avis Budget Group will provide “fleet support and maintenance services” to Phoenix-area Waymo vehicles. Waymo uses Chrysler Pacifica minivans to autonomously shuttle Phoenix residents around town. Its first fleet of 100 minivans quickly grew into an order for 500 more. The Waymo/Avis […]

How to Move to the Post-Digital Age?

We are in the midst of the shift from the information age to the digital age, which is realigning fundamental elements of business that require major adjustments to thrive, let alone survive. As we noted in our new report, Greenfields, Startups and InsurTech: Accelerating Digital Age Business Models, new greenfield and startup competitors are rising from within […]

Core Systems and Insurtech (Part 1)

On July 1, Canadians celebrated Canada Day, commemorating the fusion of Nova Scotia, New Brunswick and the province of Canada. On July 4, the U.S. celebrated its Independence Day, which was the act of 13 interdependent colonies. It is fascinating to think that as we celebrate independence, we are also celebrating interdependence, which is very […]

What Is the Major Barrier to Change?

Bringing change within any organization is hard to achieve. Arguably, the larger the company, the more complex and difficult the problem is. Add to that geographic and cultural differences, and the waters are muddied further. Change encounters roadblocks. From the reticence of employees to change their working practices, to the difficulty of getting boardroom support […]

New Era of Commercial Insurance

Despite a generally soft market for traditional P&C products, the fact that so many industries and the businesses within them are being reshaped by technology is creating opportunities (and more challenges). Consider insurers with personal and commercial auto. Pundits are predicting a rapid decline in personal auto premiums and questioning the viability of both personal […]

How to Find Distribution Payday

Even before venture capitalists started funneling resources into insurtech, insurers were aware that channel development and effective distribution management was one of the keys to driving growth. Pipelines or channels have a way of either facilitating sales or impeding progress. They were governed by the same rules a decade ago that still apply today, with […]

The End of an Age in Insurance

Hundreds of millions of years ago, Pangaea was a supercontinent formation now commonly explained in terms of plate tectonics.  It began to break apart in three major phases, but at different times.  During this breakup, some species survived, and others struggled. This breakup reset the world.  It reorganized the continents, oceans and seaways that subsequently […]

Where Is the Teddy Bear Picnic?

If we take a stroll in the woods today, there are unlikely to be the fabled Teddy Bear picnics waiting for us on a pleasant spring day in the bluebell-filled woodlands. In all probability, as we take some well-deserved time out from the high pressure, cut and thrust of daily business, we’ll start to contemplate […]

Can You Leapfrog the Competition?

In business, the gap between “knowing what to do” and “doing it” is of increasing concern. Why? Because in a world of rapid change, the gap between leaders and fast followers or laggards will at some point become insurmountable. The forces of change are shifting the status quo. New competitors are rising within and outside […]

How Habits Stifle Strategy

Last week, we discussed a major strategy issue for insurers: What happens when we have the knowledge to move forward but are stymied by a Knowing/Planning/Doing gap? It can be difficult for insurers to get from the point of knowing to the point of planning, let alone doing. We dipped into a relevant book by […]

A Gap That Could Lead to Irrelevance

It’s been four months since many of us vowed to stick with our New Year’s resolutions.  How is yours going?  One study showed that more than half of those who made resolutions gave up within six months, and only 9% feel they successfully met their goals by year-end.  We make resolutions because we know we […]

Developing Programs for Shifting Channels

Though cable TV has technically been in use since 1948, broadcast television was the staple of home entertainment for decades. It offered a handful of channels, but most viewing was done on ABC, CBS, NBC and PBS — the big four. As the number of satellites grew and the number of cable providers proliferated, so […]

How Basis for Buying Is Changing (Part 2)

How fast is too fast in insurance? Most insurers would probably say that the recognizable point of an insurance process being “too fast” is the point at which poor decisions are made regarding risk. If the risk is the same either way, then there is no “too fast.” In my last blog in this series […]

How Basis for Buying Decisions Is Changing

Building a business around speed and convenience is nothing new. Fast food drive-thrus, cell phones and FedEx overnight delivery services were just some of the predecessors to today’s Ubers, apps and same-day Amazon orders. But in most of these cases, purchase decisions were based upon simple factors — “I’m hungry,” or “We need delivery of a […]

Insurtech: Unstoppable Momentum

In March 2016, the first Future Trends: A Seismic Shift Underway report was published, highlighting that a seismic shift in the insurance industry was underway due to the converging “tectonic plates” of people, technology and market boundary changes. The shift was realigning fundamental elements of business that would require major adjustments from insurers for them […]

How to Get There From Here?

To capture the flavor of the pace and magnitude of change during 2016, we wrote a series of blogs where we compared the dramatic shifts in insurance to what happened during the original Italian Renaissance. In reality, the Renaissance was an upheaval. It was a rebuilding of an entire society, characterized by major developments in […]

5 Topics to Add to Your List for 2017

As an industry, we are knowledgeable. In fact, I think one could say that insurers may know more about the way the world works than most other industries. We hold the keys to risk management and the answers to statistical probability. We underpin people, businesses and economies world-wide. We have centuries of real-world experience and […]

6 Minutes of History From 2016

We knew that 2016 would be big. To capture the flavor of the pace and magnitude of change, I wrote a series of blogs where I likened the dramatic shifts in insurance technology to what happened during the original Italian Renaissance, when education, money, art and science combined to create quantum leaps forward and redefined […]

Insurtech’s Pay-As-You-Go Promise

Even though Metromile was groundbreaking with its pay-per-mile insurance, it certainly wasn’t the first to provide usage-based cover. In fact, the earliest documented paper insurance policy, a commercial policy, was a pay-per-use policy and was dated Feb. 13, 1343. It covered 10 bales of linen on their trip from Pisa to Sicily on the Santa […]

What Small Firms Want to Buy

American entrepreneurship is alive and well and growing! There are countless rags-to-riches stories of how people with a good idea, boundless energy and infectious optimism have made it big, or simply made a rewarding livelihood and legacy for themselves and their families. Today’s fintech and insurtech movements are testament to this in spades! And while […]

Thinking on Core Systems Is Backward

Insurance technology spending is high. In April 2015, Celent estimated that global insurance technology spending would top $181.6 billion by the end of 2016. This spending will include a combination of standard modernization, keeping legacy systems alive and well, supporting infrastructure projects and (increasingly) building digital and data frameworks. Many insurers remain focused on upgrading or […]

Are You Ready for the New Customer?

In our new consumer research report, The Rise of the New Insurance Customer: Shifting Views and Expectations, we captured the views and expectations of today’s consumers in the midst of the disruption and change rapidly unfolding in the insurance industry. Insurers, MGAs, reinsurers and others must embrace this shift by understanding changes at play and […]

6 Hot Areas of Focus for 2017

When you Google Jeopardy! and insurance, you get 855,000 hits, including a range of Jeopardy! games developed to help educate people about insurance. At Majesco’s recent customer conference, Convergence 2016, we developed a Jeopardy! session with insurance industry analysts Karlyn Carnahan of Celent, Martina Conlon of Novarica and Karen Furtado of Strategy Meets Action around the […]

Insurtech: One More Sign of Renaissance

Just before the Italian Renaissance, guilds were formed in Florence and throughout Italy to bring together people of like occupations under a social network. Their purpose was to agree upon standards and rules, represent the group to government, improve upon their art, science or trade and provide support services to families and widows when needed. […]

A Renaissance, or Just Upheaval?

When people think of the Renaissance, they most often consider shifts in art, architecture and a period of calm European advancement. In reality, the Renaissance was an upheaval. It was a rebuilding of an entire society, characterized by major new developments in social and cultural behaviors, science, art, trade and thought. This shouldn’t surprise us, because […]

Commercial Insurers and Super Delegates

No matter how hard I try, I have been unable to avoid being bombarded with news about the presidential race. While most of the opinions and assertions leave me wondering, the additional insights into the importance of super delegates fascinated me. It turns out that winning the traditional delegates was important, but having the super […]

6 Charts on Startups, Greenfields, Incubators

The Future Trends Framework The New Insurance Value Chain The greatest level of activity in insurtech is focused on the front end of the value chain, where new companies are leveraging expectations and capabilities to change traditional insurance distribution. They are focused on making it easier for customers to compare features and prices and get […]

Startups: How to Find the Right Partner

InsurTech is rapidly growing and evolving, with a wide array of new startups: from technology companies serving the industry, to new distribution and insurance companies meeting new customer and risk needs. To quote a recent Majesco white paper, “Greenfields, Startups and Incubators … Innovation in Insurance,” “The number of insurance-related startups varies widely across different sources: Venture […]

The Insurance Renaissance, Part 5

This is part 5 of a 5-part series. Part 1 can be found here. Part 2 can be found here. Part 3 can be found here. Part 4 can be found here. A Thirst for Reality Today’s Insurance Renaissance shares one very clear trait with the Renaissance of the 1400s — in both cultures we find […]

How to Unlock Group Insurance Market

A combination lock relies upon multiple numbers to match in order to release the catch. You can have three of the four numbers correct, and the lock will remain closed. Is this what is happening to the promise of group insurance sales? Are some insurers just one or two details away from unlocking the market? […]

Testing Requires Its Own Transformation

As new technologies like mobile are used and the need for agility and speed rises, so does the need for new testing techniques; otherwise, testing will hold implementations and organizations back. Just as today’s systems are modernizing, new testing methods and tools are rapidly advancing the quality and speed of development and implementation. To assess […]

Inventing Your Future: A 3 X 3 Approach

When you add it all up, the insurance industry has many characteristics that make it an attractive target for aggressive investments in innovation. First, it is enormous; it is estimated to be a global market of premiums written of more than $4.7 trillion. Second, it faces multiple challenges that offer opportunities for exploitation by nimble, […]

How to Turn ‘Inno-va-SHUN’ Into Innovation

No industry has been witness to as many changes in the business world as insurance. Paradoxically, the insurance industry has remained (relatively) the same operationally. However, it can no longer turn a blind eye to the change rapidly occurring around and within insurance. The need of the hour is not “inno-va-shun”— shying away from necessary […]

How to Plant in the Greenfields

If insurance were a map, we would be surveying a whole new world. The fences and boundaries of tradition have fallen. The snow-capped mountains of certainty are melting away. The rivers of market share are changing course, and streams of data are coming directly to our doors. We know there are still products to plant […]

The Insurance Renaissance, Part 4

This is part 4 of a 4-part series. Part 1 can be found here. Part 2 can be found here. Part 3 can be found here.  In 1494, Luca Pacioli, a Venetian friar and mathematician, published a textbook that described the use of double-entry bookkeeping. Drawing upon his knowledge of Venetian merchants, Pacioli showed how […]

The Insurance Renaissance, Part 3

This is Part 3 of a four-part series. Part 1 can be found here. Part 2 can be found here. What if Leonardo Da Vinci had been alive to witness the digital revolution? Perhaps he would have been a sought-after consultant and speaker (after his start-up had gone public and his paintings were selling for […]

Data Science: Methods Matter

When data analytics uses simple formulas, much conjecture and an arbitrary methodology, it often fails in what it was designed to do —give accurate answers to pressing questions. So, at Majesco, we pursue a proven data science methodology in an attempt to lower the risk of misapplying data and to improve predictive results. In Methods Matter, […]

The Insurance Renaissance, Part 2

A few weeks ago, in our opening blog series on the Insurance Renaissance, we discussed how the climate of change we saw in the Renaissance of the 1400s holds lessons for the current state of insurance. In both periods, we see the epicenters of change and innovation. For insurers, the Renaissance is more than an […]

The Insurance Renaissance (Part 1)

It was in 14th century Florence that an epic awakening happened. It was all-pervasive. It wasn’t just art that began to thrive. Philosophy, economics, culture and science began rapid change, too. Education, technology and literature were thrown into a cauldron of modernization, and world-shaking disruption and advancements spread rapidly. Fast-forward to today, and the comparison is […]

The 5 Charts on Insurance Disruption

The high-level forces (people, technology and market boundaries) are responsible for insurance’s driving influences — new expectations, innovations and new competition that individually exert tremendous transformation pressure on the industry. The forces don’t operate in isolation, however. They are connected and combine to create an even more powerful and disruptive impact on the industry. Majesco […]

Helping Data Scientists Through Storytelling

Good communication is always a two-way street. Insurers that employ data scientists or partner with data science consulting firms often look at those experts much like one-way suppliers. Data science supplies the analytics; the business consumes the analytics. But as data science grows within the organization, most insurers find the relationship is less about one-sided […]

Secret Sauce for New Business Models?

Insurance companies were built to bring stability to an unstable world. So, why do factors such as market instability, technological upheaval and consumer pressure seem to throw so many insurers into panic? In many cases, insurers can simply point to their rigid foundations. It didn’t take many California earthquakes to convince California builders that foundations […]

Leveraging the Power of Data Insights

The vast majority of insurance companies lack the infrastructure to mobilize around a true prescriptive analytics capability, and small- and medium-sized insurers are especially at risk, in terms of leveraging data insights into a competitive advantage. Small- and medium-sized insurers are constrained by the following key resource categories: Access and ability to manage experienced data scientists […]

Waves of Change in Digital Expectations

In the first of this three-part blog series, titled “Bringing Insurance Distribution Back Into Sync Part 1: What Happened to Insurance Distribution?”, we talked about the seismic shifts that have rocked traditional insurance distribution and about how insurance companies need to adopt a 2D strategy to thrive in this new environment. There are four fundamental […]

How to Bring Distribution Into Sync

We’ve been taking a look at how a confluence of forces are having an impact on insurance distribution and how insurance companies need to respond by following a 2D strategy. In my first two blogs, we detailed the four fundamental drivers of the changes. In my first blog post, “Bringing Insurance Distribution Back Into Sync […]

Meeting a Litmus Test for Disruption

The insurance industry has been talking a lot about disruption over the past couple of years. But, as with many things, insurance is a late arriver to the disruption party. Clayton Christensen helped kick off an earnest discussion of the topic back in 1997 with his first book, The Innovator’s Dilemma: When New Technologies Cause Great Firms to […]

What Happened to Insurance Distribution?

A bright market pundit could probably offer up her ideas on just which day it was that insurance distribution fell markedly out of sync with retail technology and consumer expectations. Was it the day Amazon was launched? Was it the day that the first app was purchased on the app store? Did it involve Google […]

New Insurance Models: The View From Asia

Recently, I chaired the 4th annual Asia Insurance CIO Technology summit in Jakarta, Indonesia. The experience brought me into contact with an entirely different set of insurers and insurance technology players. I was rewarded with a fresh view on the challenges and opportunities of insurance during an era of disruptive innovation, as well as a […]

Keep Your Eye on the Fourth P

If you ever took a marketing class, you probably remember the four “P’s” – product, price, promotion and place. While attention to all of these is vital to business success (including one or two new ones added over the years), the fourth P, place (which really is about distribution) has been getting a lot of […]

New Channels, New Data for Innovation

Distribution channels may be the most tangible part of most consumers’ experiences with insurance. While the details of the product are obviously important, once the policy is purchased, most people file it away and forget about it. Many consumers couldn’t find their policies if you asked them. And how many consumers do you think have […]

Why ‘Digital’ Is So Important

We all know that digital technology has changed, and continues to change, how people shop for, buy and use goods and services. Power has shifted from the company to the customer. All companies must adopt the digital technologies that create the interaction that consumers now demand and expect. But is digital readiness more of an […]

New Leaders in Race for the Killer App

Last week, we looked at how insurers have missed opportunities, multiple times, to become real innovators and follow through on developing the new killer apps. We took as our inspiration, the book, The New Killer Apps: How Large Companies Can Out-Innovate Start-ups, by Chunka Mui and Paul B. Carroll. This week, we’re looking forward. Is […]

What Is the Killer App for Insurance?

Remember the must-read book Unleashing the Killer App: Digital Strategies for Market Dominance, by Larry Downes and Chunka Mui? I was lucky to get a signed copy at a Diamond Technology Partners event and hear them speak about the killer app. It was in 1998, the start of the e-business revolution, with the emergence of […]

The Coming Renaissance

Insurance has been around for a long time … dating back to ancient times. The first written insurance policy was carved into a Babylonian obelisk; the “Hammurabi Code” offered basic insurance for individuals if a personal catastrophe made it impossible to pay back a debt. Insurance continued to grow and evolve across centuries and continents. […]

Succeeding in the Digital Revolution

History has seen different technology revolutions: the industrial revolution in the late 1700s, the information and telecommunications revolution in the mid 1900s and the digital revolution of the present. Each revolution has taken advantage of the new technologies of its day, creating disruption, innovation and business transformation. Businesses have either grown or died based on […]

Voice of the Customer: They’re Not Happy

Early in November 2014, immediately following the release of the SMA research report Crowdsourcing and Open Innovation: Powering the Sharing Economy, which explored the shared economy and its implications for insurance, I received an interesting email from the CEO of a shared shipping start-up. The CEO stated, “I just wanted to let you know that I […]

How to Enable the Next-Gen Insurer

Innovation continues to be a key topic within the industry, attracting greater attention in the last few years because companies like Google, Walmart, Apple and others have raised the bar with strong innovation cultures that are challenging existing companies and industries, including insurance, in a multitude of ways. Their commitment to create, nurture and inspire […]

2015: Pivotal Year for Emerging Technology

The Consumer Electronics Show (CES) has been the preeminent show for seeing, hearing and feeling what is emerging and hot in consumer electronics. It is the place to go to see new electronic games, mobile devices, TVs, home appliances and other electronics that will be coming to market to amaze and excite us. Remember Onewheel, […]

Cars: What’s Driving Disruption and Change

The SMA research report The Next-Gen Insurer: Fueled by Innovation identified the major influencers within and outside the industry that are reshaping the business of insurance. It cautioned that if insurers chose to ignore, or even put off, the inevitable need to change along with the rest of the world, they would be taking a chance and […]

Google and Insurance: One Year Later

In January 2014, SMA published the research report, Google and Insurance: Far-Reaching Implications, which hit a nerve in the industry. We followed up in August 2014 with the research report, The Shifting Competitive Landscape: A New Breed of Industry Challengers, which generated even more discussion. We noted in both reports that the future of insurance is changing […]

New Way to Insure the ‘Sharing Economy’

Disruptive influencers are surrounding the insurance industry. Speed and intensity are increasing, challenging industry practices, assumptions and business models. According to a Forbes article in January 2013, the revenue flowing through the shared economy directly into peoples’ wallets in 2013 would surpass $3.5 billion, with growth exceeding 25%. At this rate, peer-to-peer sharing was moving […]

Innovation in Insurance Begins to Refocus

With today’s fast pace of change, innovation is no longer a nice-to-have initiative, but rather a must-have, strategic mandate that is defining a new era for insurance – and separating future winners and losers. Today, it is not any one thing that is creating change, but the convergence of many things that are creating a […]

The Power of Crowdsourcing

From Ben Franklin (inventor of the lightning rod and bifocals) to Thomas Edison (the phonograph and popular form of the incandescent light bulb) to Tim Berners-Lee (the World Wide Web)/Internet, inventions have spawned new generations of ideas and disrupted, transformed and created businesses. That process continues. . . but at a much faster pace, with […]

9 Technologies That Will Change Insurance

“We’re at maybe 1% of what is possible. Despite the faster change, we’re still moving slow relative to the opportunities we have.” This compelling statement from Larry Page, CEO and co-founder of Google epitomizes the power and potential of emerging technologies. Yet most insurers have difficult comprehending how fast emerging technologies are being introduced. And […]

Made in China: Some Surprising Innovations

The dawn of a new industry and the Next-Gen Insurer is unfolding, influenced by levers of change from within and outside the industry, accelerated by an explosion of data and new technologies and fueled by innovation. Some insurers are embracing innovation to inspire a renaissance of competitiveness and customer value, reinvigorating what made them successful […]

Your Competitors Aren’t Who You Think

Historically, the insurance industry has assessed its competition by looking at those companies within the industry that directly compete and sell in the same market segments, offer similar products, use the same distribution channels or have similar market size. But in today’s fast-changing digital economy, this approach has become outdated, and insurers are being blindsided […]

How Internet of Things Puts Industry at Risk

To put the  impact of the Internet of Things (IoT) into context, consider industry estimates: By 2020, there will be 8 billion people on earth and 50 billion connected things, with 5 million apps; that means nearly six connected things per person. By 2035, there will be 1 trillion connected things, with 100 million apps. […]

The Need for Speed: It Just Keeps Intensifying

At the recent meeting of the Insurance Accounting & Systems Association, President Bill Clinton said in his keynote speech, “Share the future or fight over it.” As an industry, we have a history of collaborating, which has benefited all of us, but we need to raise the bar to succeed in this fast-changing world. Other […]

A Report From MIT on the Next Revolution

Inspired. Extraordinary. Insightful. Transformative. Innovative. These are the words describing what I heard, saw and experienced at the recent MIT Sloan CIO Symposium, titled “Lead Your Digital Enterprise Forward:  Are you Ready for the Next Digital Revolution?” The symposium had more than 700 business and IT leaders, from  a wide range of industries, converging to […]

How to Build an Innovation Ecosystem

Innovation ecosystem. Open innovation. The combination of these two empowers the sharing of knowledge, information and ideas that are accelerating innovation today, helping to reimagine industries and companies. Why is an ecosystem so powerful and so critical? Because of day-to-day operational demands, insurers often don’t put the influencers of change for insurance into context. An ecosystem can […]

Reimagining Insurance: More on AXA-Facebook

The reactions to the Strategy Meets Action blog “The Shot Heard Around the Industry: AXA and Facebook” have been enlightening. The blog has drawn polarized reactions … from some who envision the potential, and from others who only see today’s view of Facebook and insurance. The responses of this latter group explain a lot. They see the industry as risk-averse, steeped in […]

What the Next-Gen Insurer Will Look Like

Innovation is a crucial strategic mandate that is defining a new era of winners and losers. From retail to entertainment and everything in between, decades of business traditions and assumptions are toppling because of change – change that runs the gamut from customer behaviors and expectations to the use of new technologies. This level of change […]

Facebook-Axa: Reimagining Insurance

What a stunner and brilliant outside-in move by AXA – to position itself as a dominant digital insurance company by partnering with Facebook! You baseball fans will know the phrase, “the shot heard 'round the world,” which was said about the game-winning home run by a New York Giants player against the Brooklyn Dodgers in 1951 […]

Striking a Nerve: Google and Insurance

To say we struck a nerve in the industry with the Google and Insurance: Far Reaching Implications research is an understatement! It was picked up by all the major industry media – in some cases multiple times. It has set a record for downloaded and purchased SMA research, generating a torrent of follow-up calls and discussions. […]

Is M&A in Data and Analytics Setting a Path for Innovation?

The trend of acquisitions of software and data providers is continuing, but with a twist that may lay the foundation for innovation in the insurance industry.  CoreLogic closed out 2013 with a bang by announcing its acquisition of Eqecat, a catastrophe modeling firm, on Dec. 20, adding to an already impressive list of acquisitions in […]

2014: The Future Is Coming at You Faster Than You Think

Without a doubt, 2014 will be a pivotal year for the insurance industry – a new future is dawning, reshaped more quickly than expected by powerful influences such as customer expectations, forces from outside the industry, and technology. We will see the acceleration of these influences.  This pace of technology change, challenging decades of business […]

Google and Insurance

Google has really ratcheted up its innovation momentum over the past two to three years by broadening its digital, mobile, and data presence and, in doing so, has raised the potential impact on the insurance industry. Google continues to push forward, moving well beyond its platform for searches, marketing, and advertising and embedding its technology […]

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