Leverage a Balanced Scorecard Framework for Software Evaluation

There are a number of ways to approach software selection projects, some of which are more six sigma focused such as the quality function deployment (QFD) framework and some are not as academic in nature (i.e., selection based on a brand name).  Either way, the goal of a software evaluation is to establish criteria for which individual requirements will be evaluated against to satisfy our...

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Insurance providers are scrambling to support online life insurance transactions

Today, most Insurers are being forced to rethink their business model – how do they engage consumers 45-years old and younger who are looking to purchase life insurance online? Simply put, they need to go where the market is. This generation is already comfortable researching and purchasing car insurance online. According to 2012 JD Power Insurance shopping study, 70% of shoppers are now...

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They say variety is the spice of life – but does the same hold true for Big Data?

Last week Chicago was one of 29 host cities around the world for Big Data Week, a week-long series of workshops on big data and analytics.  I had the privilege of giving a ten minute “rapid-fire” talk about big data in banking and also attended a number of other workshops.  It was a fun, thought-provoking week full of interesting case studies and great networking between government...

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Insurance: Trends in Differentiation and Potential Impacts

With insurance carriers, TPA’s and benefits advisory firms racing to differentiate themselves from the fierce competition for business and talent, there are many trends that shaping up in the industry. Being digital by default: Many firms are offering their employees, customers, clients web and mobile applications to provide both transactional and analytical information to assess risk...

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Independent Agents Should Use Physical Presence to Differentiate Themselves

Local agents have an advantage over regional/national brokers if they know how to leverage their physical closeness to their market. There’s no substitute for spending time with your existing or potential clients, or being able to establish and develop personal relationships. Where regional/national brokers sometimes fall short is the level of personalized experience they can offer their...

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Reporting from Disparate Data

A small team of us at West Monroe Partners recently completed a project for one of the world’s largest insurance brokers and third party claims administrators. The client desperately needed new revenue and claim metrics, but disparate data from disjoint systems prevented them from getting those metrics. The three main types of data that were needed for the metrics were: Revenue Data: From...

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Co-sourcing: What is it? Is it real? Is it worth doing?

George S Day wrote a Harvard Business Review article about measuring risk of innovation called “Is it real? Can we win? Is it worth doing?” It’s a great article about how companies can measure risk before moving into a new product or venture. I think this type of activity applies really well to most technology projects, including co-sourcing.…

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Our Latest Insurance Insights

Across your industry, insurers remain focused on a wide variety of innovative and exciting effortsfrom 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...

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Solvency II: Have you considered the impact?

Solvency II brings new regulatory requirements for insurance firms operating in the European Union.  Solvency II introduces economic risk-based solvency requirements which are more sophisticated and enable more customized ways of estimating capital requirements. These updated requirements will force insurers to revisit their current technology stacks and general approaches for maintaining an...

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Healthcare Insights from Poopstrong.org

Arijit Guha recently made the news by convincing Aetna to pay all of his outstanding medical bills once he exceeded his lifetime max on his university sponsored student health plan.  The healthcare consumer landscape continues to evolve as payer executives venture into social media platforms such as Facebook and Twitter.  Mark Bertolini is not afraid to enter the public conversation regarding...

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SharePoint 2013 Functional Preview

“The New SharePoint,” SharePoint 2013, promises to raise your expectations as a collaborative workplace tool. The WMP Enterprise Content Management Team will create weekly blog installments profiling the latest end user tools making SharePoint 2013 the best SharePoint experience to date!  Over the next quarter you’ll read about SharePoint 2013 and the...

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Using Leading Indicators as Preventative Care for Business Health

Typically, organizations rely on lagging indicators to measure and monitor performance. These metrics may present a picture of past performance, but they tend to expose problems after the fact, when the problems are more complicated and expensive to fixif they can be fixed at all. Leading indicators are predictive metrics that can help identify potential future problems and enable you to...

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Chicago, IL 60606
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