Category: Uncategorized

A systematic and reasoned approach to data migration can help ensure a less painful move from legacy systems to new pension and health benefits programs. The common assumption that “my legacy data is clean” can be famous last words. A close examination of the old system by all stakeholders can lead to positive outcomes, just like the move to a new house will go much smoother if essential planning is in place before the big day.

This week’s blog comes to you just after our jaunt to sunny and most appreciatively warm Las Vegas, Nevada, where we attended the three-day InsureTech Connect conference (ITC Vegas). After a year’s hiatus from in-person events due to the pandemic, it was great to be back at a live conference, with participants from across the property, casualty, life, and annuities insurance sectors.

In group insurance, successful companies require consistent speed to market to get their products to the market quickly, to beat the competition and to get a jump on marketing. But consistent speed to market, like consistent pitching and hitting in baseball, is hard to achieve and sustain.

Other than competing on price, new and innovative products that get to market early can command first-mover advantage, and subsequently generate customer loyalty as well as strong brand recognition. Speed to market can be achieved that much easier with early IT collaboration and automation, which can result in an agile approach to product development and deployment, to ultimately achieve desired speed-to-market goals.

Large projects like a core modernization take months to complete with involvement from many different teams across a group insurance carrier.

Campaign management provides secure, bi-directional, omni-communication that allows pension administrators to create and deliver targeted campaign messaging for responsive member care as well as retirement process instruction, throughout members’ careers and post-retirement.

The growing wave of baby boomer retirees along with ineffective legacy technology is straining public pension systems' operations. Without comprehensive self-service, members are overly dependent on staff for manual interventions, leading to bottlenecks and greater system inefficiencies. In this week's blog, we discuss how enhanced self-service can put administrative capability into members' hands for 24/7 omni-channel access, streamlined operations, and reduced costs.

Public pension systems can benefit from a modern PAS with the attendant technologies such as native configurability, natural language processing with embedded ML/AI technology, robust APIs, and data pre-fill capabilities that are the hallmarks of an advanced platform.

A good friend of mine from my undergraduate days describes himself on his social media accounts in a rather distinctive way: “Just an analog guy in a digital world.” ...

For voluntary benefits to achieve greater traction with plan sponsors and employees, group insurance companies must overhaul their education and technology strategies and drive down voluntary benefits’ costs through new modern and efficient core systems.