Contributor: Don Canning
Many global insurance companies struggle with legacy modernization initiatives, which in essence is a call to action for Policy Administration System (PAS) consolidation and cost reduction; a conundrum of addition through subtraction. What is driving Legacy Modernization? Many insurance executives comment that their legacy systems are just too complex and expensive to respond to the market in a timely manner.... read more
Contributor: Don Canning
As we enter the post economic crisis era the insurance industry continues to face ever increasing competition and more stringent regulatory requirements, which is driving carriers to seek greater enterprise risk management (ERM) visibility and control across their organizations.... read more
Contributor: Don Canning
Another interesting trend is how the new US Healthcare reforms mandate new consumer exchanges that can affect consumer purchasing trends. Recent publications indicate that consumers will evaluate healthcare options independently from employers’ sponsored insurance (ESI) plans. These trends indicate; A shift away from ESI’s towards exchanges for choice, convenience and affordability. Many will evaluate ESI’s against new exchanges as well as most lower-income and part time workers will engage public or private exchanges. As employers and payers embrace reform mandates, new private and public healthcare exchanges will emerge changing the relationship between employers and ESI membership. New exchanges will offer opportunities for workers to acquire healthcare services outside the workplace driving a new sense of independence and consumerization of purchasing trends.... read more
Contributor: Don Canning
When speaking with Healthcare Payer’s Chief Operating Officers on a recent customer listening tour, we learned that many achieve industry benchmark standards roughly between 70-80% for claims auto-adjudication. Conversely, when evaluating overall satisfaction by large employers, they experience a decreased benchmark by an average of five percentage points, from 64% in 2008 to 59% in 20091.... read more
Contributor: Don Canning
Insurance companies make money by taking calculated measured risks, and lose money by ignoring risks. One of the most important thought leadership ideas of the late Nobel Laureate Friedrich Hayek was the economic concept of ‘spontaneous order.’ Hayek argued that price mechanisms serve to share and synchronize local and personal knowledge, which allows society to achieve diverse, complicated ends through a principle of spontaneous self organization.... read more
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