December 2012 - Insurance Newsletter
A Message from the West Monroe Partners insurance team
Date : December 4, 2012

Across your industry, insurers remain focused on a wide variety of innovative and exciting efforts—from building claims information dashboards to enhance insight, to selecting state-of-the art solutions to drive future sales operations and agency management, to assessing and refining new products and marketing strategies. While each of you faces unique challenges and varying priorities, we have focused on relevant insights and best practices related to the common themes we see across our clients.

Industry:

Thank you for being part of our fast-growing Insurance community. Across the board, this group is involved in an array of very interesting and exciting efforts—from building a claims information dashboard to enhance insight, to selecting state-of-the art solutions to drive future sales operations and agency management, to assessing and refining new product and market strategies.

While we all have our individual challenges, priorities, and projects, there are some common threads driving many these efforts, and the purpose of this newsletter is to share some relevant insights and best practices related to those areas.

Based on our recent work and trends we are seeing in the marketplace, we’ve selected several topics to explore in more depth in this newsletter:

I hope you find this information interesting and relevant. If there is anything we can do to assist, or if you just want to talk about something you’ve read or heard, please don’t hesitate to contact me or anyone on our team.

Finally, as we approach the holidays, we want to extend our best for a healthy, happy holiday season and a prosperous new year.

Cindy De Armond

Many of you are trying to migrate off Lotus Notes but have too many custom applications to shut down. Have you looked at the potential of upgrading a tool that you probably already have—Microsoft Office SharePoint?
Mobile technology investments will be an increasingly important segment for insurance customers and agents. Have you embarked on the mobile application journey? As an aside, a leading analyst has recognized our mobile homeowners’ claims app as a leading idea in mobile apps for insurers—have you seen it yet?
Increasingly, new state regulations require insurers to review Social Security Death Master Files regularly in order to identify and fulfill unpaid benefits. Are you prepared to act?
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Date : April 26, 2017
Join West Monroe Partners at the FinxTech Annual Summit in New York, NY.
Natural Language Generation Goes to Work
Date : January 24, 2017

Natural Language Generation (NLG) is a form of artificial intelligence (AI) which takes an input of data and produces a narrative similar to how a human would interpret the data. NLG technology can be very transformative when used in business situations, especially in industries that are heavily dependent on generating text summaries based on straightforward conclusions drawn from structured data and that lack the capital to support a large workforce.

Date : January 23, 2017

Data is an asset. That is the mindset companies in the insurance industry must quickly embrace if they are to remain competitive in a landscape that is being challenged from seemingly all angles. From product commoditization, shrinking margins and disruptive startups to aging technology and processes, changing customer expectations and regulatory uncertainty, insurance companies face a critical imperative to harness data assets existing within their enterprise today.