Senior executives of smaller insurance companies rely on the energy and diligence of their staff to overcome serious flaws in their systems and processes. That is a short-term tactic that for too many companies has unfortunately become a long-term strategy. For many captive managers and small insurance companies, the question is rarely, ‘do we need
It’s an interesting title, but of course by definition a start-up really is a start-up. Unless, of course, the definition doesn’t adequately describe the start-up. We start with this comment because the word ‘start-up’ evokes any number of impressions, mostly uncertainty with respect to the ability of the new company to deliver on its promise.
Have you ever wanted to throw your hands up in frustration at how your current insurance software system functions? Do you have umpteen workarounds to try to do one process…like prior term endorsements? Do you have to manually adapt premiums via debits/surcharges/credits to get a premium where it needs to be rated? Does your system
Megalodon Insurance Systems’ co-founder/CEO, Bill Montei, and I recently traveled to Colorado Springs to attend the Physician Insurers Association of America (PIAA) Medical Liability Conference. The sky was sunny and temperatures hovered in the low 70’s the day when we arrived on May 17; two days later we departed under cold (44 degrees), gray skies
The arrival of spring in North America brings not only the start of baseball season but also the busy season for industry conferences and trade shows. According to the Center for Exhibition Industry Research’s 2017 CEIR Index Report, there are over 13,000 business-to-business and business-to-consumer exhibitions held in North America every year, accounting for just
Some years ago, a seasoned colleague of mine would introduce our Agile process to the implementation team of a new client with a stark reminder: “Software implementation is a painful, messy process. Be prepared for anger and frustration, because no matter how good the base software, no matter how experienced the team leaders, no matter
Pretty much anyone in a challenging job in most industries can quickly become frustrated with – and sometimes overwhelmed by – fractured workflows. In insurance, there are often dozens of tasks to be performed and many pieces of documentation that must be collated and packaged to complete tasks, however the tools used to do this
We had the occasion recently to view a competitor’s policy and claims management software. We’ve seen demos of many of our competitors, either at trade shows or courtesy of prospects, but nothing particularly in depth. This respected industry vendor’s software was web-based and had full functionality. (It came as no surprise that the vendor has
Insurance systems – particularly policy and claims administration software systems – are born from a perspective. Some systems’ initial perspective was transactional, which typically meant the accountants wanted to make sure their reports were accurate. Many systems were document-oriented, focused on making sure policies, invoices and other records were both produced accurately and easily retrievable.