Insurance Highlights

Raymond R. Mazzotta, Practice Director
Raymond R. Mazzotta, Practice Director
Steve Discher, Managing Director

Nolan Perspectives

Getting Hit From All Sides

Overview
In 2007 Nassim Taleb published his landmark book, "The Black Swan." He defined a black swan as a rare, unpredictable event that has severe consequences and will later be claimed to be obvious in hindsight.

An Interview with Gary Hallgren, President, Arity

The unabridged version of this interview originally appeared in the Summer 2018 Edition of IASA’s Interpreter. It is the 44th in a series of interviews conducted for the publication by Nolan’s Executive Director, Dennis Sullivan.

An Interview with Lisa Corless, President, AF Group

The unabridged version of this interview originally appeared in the Fall/Winter 2017 Edition of IASA’s Interpreter. It is the 42nd in a series of interviews conducted for the publication by Nolan’s Managing Director, Steve Discher.

Loss Control – Hidden Opportunity

Some time ago I was interviewing an underwriting officer, and I asked him for his perspective on the Loss Control or Risk Management function. His response has stayed with me for a long time.

The Promise — and Challenges — of Digital insurance

The insurance industry is going through an unprecedented shift in terms of buyer behavior, marketplace dynamics, and technology. As a result, integrating core insurance functions with innovative technology has never been more important – or impactful.

Insurers' Growth Strategy — It's All About Results

Overview
Insurance companies today are all targeting profitable growth. There’s a buzz in today’s marketplace that one can shoot in any direction and hit their target. It’s not that easy because real growth opportunities are not everywhere.

Commercial Auto — An Old Dog Up To New Tricks
Overview
Rebooting Customer Experience

Insurance, at its core, is a service industry. Good customer service has always been an industry imperative. Given that backdrop, what is driving today's hyperfocus on customer experience?

Four Keys to Getting Governance Right

Insurance organizations are pursuing a variety of strategic initiatives – advanced analytics, digital insurance, core system replacement, customer experience, direct distribution, self-service, omni-channel, etc.

Speak Softly and Carry Big Data

The past few years have made clear that political organizations have become much more sophisticated in terms of leveraging “big data” and executing real-time, data-driven campaigns.

Getting Claim Costs Under Control

The P&C industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy.

Thomas Edison and Henry Ford: Analytics Titans?

As an analytics practitioner, I am struck by the essential practices used by Thomas Edison and Henry Ford. These titans of industry undertook major initiatives, launched from the confines of their 21-acre winter estate in Ft.

Protecting Your Blind Side

Recently I worked with a client to analyze and solve some significant underwriting problems. Initially the company’s CEO was concerned because its loss ratios were higher than its peers’ loss ratios.

Strategy: Be Quick, but Don't Hurry!

I am a fan of legendary college basketball coach John Wooden’s books and his “Pyramid of Success” philosophy. In particular, I have found the book Be Quick—But Don’t Hurry to be an especially handy and useful reference.

Is Growth Overshadowing Resilience?

While the economy improves and business opportunities abound, it’s easy to forget what we all went through starting in 2008 with the economic meltdown. As we help clients hammer out business, operations, and technology strategies, we are finding many are almost hyper-focused on growth. Why not?

Bold Claims: Unlocking the Potential in Predictive Analytics

Big data is now ubiquitous in the insurance industry, but most insurers are merely scratching the surface when it comes to effectively harnessing its value. In fact, a recent study revealed that 60% of claims data is still unstructured, and that 16% of high-risk claims are still neglected.

At Your Service: How I.T. Can Deliver Real Value

I had dinner with a couple of health plan CFOs recently, and they both voiced the same concerns about their IT spends.

Don’t Take Lean Too Lightly

Like other contemporary management models, Lean can be a powerful tool for affecting positive change. And like other theories, it has taken time for Lean to catch on — especially in organizations outside of manufacturing.

Stepping Back: A True Leadership Skill

Each year, The Nolan Company conducts industry surveys to gauge the pulse of a specific industry, be it banking, healthcare, or insurance. Some are comprehensive, others are just flash surveys.

Underwriting Rigor: More Important Than Ever

Emerging trends in the insurance industry, combined with an expectation of relatively flat market conditions, are spurring executives to embrace new initiatives to maintain their market share and create new means of growth in trying times.

Improving the Health and Financial Performance of Your Claims Organization

An annual personal health check (whether you think you need it or not) is a good discipline that can keep you healthy, help detect and treat problems and provide unexpected benefits. The same principle applies for the health of your claims organization, its processes and infrastructure.

Achieving High Performance Underwriting Results

Comprehensive risk assessment – the accurate selection, assessment and rating of risk – rests at the heart of sustainable profitability.  Underwriting involves far more than simply matching premium to coverage consistently.

An Interview with Jack Salzwedel, Chairman & CEO, American Family Insurance

This interview originally appeared in the Spring 2013 Edition of IASA’s Interpreter. It is the 30th in a series of interviews conducted for the publication by Dennis Sullivan.

Balancing the Next Great Ideas vs. Exceptional Execution

At a business breakfast recently, two clients and I had a roundtable discussion sharing our thoughts about the latest and greatest ideas and experiences in insurance industry technologies, organizational constructs, sourcing options, and other topics.

Business Transformation: It's Not Just a Vision

“The last thing IBM needs right now is a vision.”

That now-famous quote was uttered at a press conference when new CEO Lou Gerstner was being pressed for an outline of his plans for the beleaguered company.

The Operations Behind the Brand

The days of marketing and operations co-existing in a contentious relationship have gone the way of payphones and paper applications. This sea change in the industry is occurring because young adults (that is, today's new customers) demand it.

Kicking the Can and Operating Model Complexity

Most of us saw it coming: massive restructuring as the U.S. Postal Service recently announced that it will close one in ten of its 32,000 offices. Efforts are under way to evaluate selling major operating locations across the United States, a move expected to save over $3 billion annually.

Lessons to Remember as Merger and Acquisition Activity Increases

There have been countless acquisitions in the insurance and financial services industry already this year. Slow organic growth, unpredictable investment earnings, failed institutions, and attractive acquisition targets are escalating M&A priorities on the executive agenda.

Characteristics of Successful Mid-Size Insurers: Part 2

In the third quarter 2008 edition of The Nolan Newsletter, we published part one of a two-part discussion around characteristics of successful mid-size insurers.

Today's War Over Talent and What To Do About It

If there’s ever been a time when we were all painfully aware of the war over talent, it’s now. Nearly every client we work with faces the same challenge: that of attracting and holding on to their most precious resource—people.