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Insurance & Technology: The Blog« September 2007 | Main | November 2007 » October 18, 2007The Coming Challenge: Taking Advantage of Processing PowerFor a number of years, the great processor race has been for speed. The speed race is finished. Now the race is to see how many processors can be fit on one chip. The currently available chips can have from two to four processor cores on one chip. A research chip exists that has 80 cores on one chip. If you are using servers with four processor cores, the operating system will handle spreading out the tasks, but you're not really taking advantage of the processing power that exists. We're still writing software for one process at a time. To take advantage, we'll need to reengineer our policy administration systems and adopt parallel programming techniques to move forward. We're handling policies with multiple risks that are presently being processed single file. One complicated risk will slow down the processing of the entire policy. It seems natural to divide the processing of the risks out and run them simultaneously. Most developers of policy administration systems are not trained extensively on parallel processing; at most, it's one assignment in college. The languages used to develop the policy administration system will need to adapt as well. XML processing would be improved if you could process nodes concurrently. The entire development process will need to change to meet the coming challenges. We'll need new methodologies to debug our applications. The tools and languages we use will need to change, or we'll have to adopt new tools and languages. We can't just sit on the sidelines and do nothing. In the very near future, we'll have customers that have servers with at least 64 cores running. We had better be able to explain to them how we're taking advantage of the processing power. Posted by Howard Kennedy at 03:20 PM | Comments October 16, 2007Reach Out and TXT Someone: Sun Life Offers Insurance Via Text MessageI've spent a lot of time recently talking with colleagues and insurance industry insiders about reaching potential customers in younger demographics. Most of those conversations, unsurprisingly, have involved carriers connecting with customers via their Web sites. However, a recent story out of the Philippines serves as a reminder that there are other ways for insurers to expand the scope of their multi-channel distribution models. According to the Sun.Star Cebu (a Cebu City, Philippines-based newspaper), Sun Life Financial has partnered with ePLDT, a communications technology company, to introduce Lakbay ProTXT and Family ProTXT, two "pre-paid card"-style personal accident insurance products that can be purchased through text message. According to the Sun.Star article though, ProTXT cardholders can, through a text message, choose to purchase insurance for a period of 15 days to a year. Riza Mantaring, chief operating officer of Sun Life Financial Philippines, told me via e-mail that Sun Life is currently piloting the products, which sell as pre-paid cell phone cards. The card can be activated via cell phone. Meanwhile, clients can access policy information by texting a keyword along with their policy number and PIN to Sun Life Mobile. If clients have an electronic wallet on their cell phone, they can pay premiums from the phone as well. Mantaring explained that, while it has only average transportation and communications systems, the Philippines has an advanced cell phone infrastructure and one of the highest text messaging rates in the world. The country has about 40 million cell phone users, but only 1 to 2 million internet users. "We realized that servicing via the cell phone could become an effective means of generating sales," Mantaring wrote. While Mantaring reports that there are no immediate plans to apply the text messaging approach in other markets, this seems to me like the kind of concept that could pop up in North America sooner rather than later. Young people are increasingly comfortable communicating to one another via text message, and it stands to reason that, as they mature, they'll be just as comfortable purchasing insurance that same way. Maybe it's time to add another channel to your multi-channel distribution strategy. Posted by Nathan Conz at 04:43 PM | Comments October 09, 2007Introducing 2007’s Insurance & Technology Elite 8Insurance & Technology's annual Elite 8 November issue is about to hit the streets. We're pleased today to take the opportunity through our I&T News and blog channels to bring our readers a preview of this perennially popular issue. I&T’s editors identify the Elite 8 through a combination of our own insights into the industry’s talent and the nominations of outstanding senior technology executives by their colleagues and business partners. Selecting the Elite 8 is a time-consuming, difficult process, and a bittersweet one — because as gratifying as it is to celebrate the accomplishments of eight standout technology officers, it is disappointing to exclude many others. On the bright side, it is that abundance of talent that keeps the Elite 8 issue so vital year after year. This year, as last year, and as always, we feature a cross section of honorees from the P&C, life and health insurance sectors. While representing a similar pool of companies as their predecessors, this year's honorees will surprise the reader with their unique qualities and backgrounds. In a very short time, our readers will be able to read our full coverage in the paper and online versions of our magazine. In the meantime, we proudly present our annual Elite 8 podcasts, consisting of conversations between I&T’s editors and the eight honorees. We invite you to enjoy these podcasts and Nathan Conz’s piece on Elite 8 honorees' grappling with the buy versus build question. We also invite you to take a look at what we have planned for our 9th annual Insurance & Technology Executive Summit, held this year at The Phoenician in Scottsdale, Ariz. This unparalleled industry event is not only the best opportunity of the year to network with fellow senior technology executives, but it is also a Posted by Anthony O'Donnell at 12:14 PM | Comments Elite 8 2007: Keys to the Build vs. Buy Decision-making ProcessFor many, the build vs. buy debate is really a question about control. That's certainly the case for Jackson National Life's (Lansing, Mich.) George Napoles and GMRC's Dennis Mehmen. While both recognize that purchasing a solution from a vendor is often the best approach, they are reluctant to do so if it means limiting their ability to make modifications later on. Mehmen, VP of business information services and CIO at Grinnell Mutual Reinsurance Company, says his IT environment is about 60 percent build, 40 percent buy. GMRC's online applications and agent Web site are all custom coded and its policy system for personal lines is homegrown. Mehmen, VP of business information services and CIO at Grinnell Mutual Reinsurance Company (Grinnell, Iowa), says his IT environment is about 60 percent build, 40 percent buy. GMRC's online applications and agent Web site are all custom-coded and its policy system for personal lines is homegrown. The key, Mehmen explains, is access. GMRC's billing and claims systems, for instance, were both purchased from an outside vendor, but GMRC was given access to each systems' source code. Source code is so important that the company is in the midst of ending a 20-year vendor relationship involving its commercial lines policy system. A long dispute over the system's source code has caused GMRC to begin to develop its own commercial processing system, Mehmen says. "Our main philosophy here is that we want to own the code for our main processing systems -- policy, billing and claims systems. We want to be able to change it as much as we want and we want to use those systems as leverage in our marketplace," Mehmen says. At Jackson, where George Napoles is EVP, chief administrative officer and CIO, a "buy and modify" philosophy is in place. "Where we can — and not all vendors will let us — we attempt to get source code for every system," Napoles says. While buying is generally preferable, Napoles says that Jackson often can't find a solution in the marketplace with the capabilities it's looking for. As a result, many of the carrier's applications are built internally. "If we can find a product that satisfies our needs without a lot of modifications, it really is cheaper for us to buy," Napoles relates. "What drives us to build is the degree of modifications often required for a [vendor solution] to meet our specifications." In a way, the key to a making the right call when it comes to build vs. buy decision is having an efficient IT team in place, with strong leadership. Even when the marketplace fails to meet your specific needs, building can still be the wrong choice if your internal builders aren't up to the task. According to a recent Celent report, conveniently titled "The Build Vs. Buy Debate," many of the reasons not to build involve the risks inherent in an underfunded or poorly governed internal IT development shop. So perhaps that puts CIOs like Napoles and Mehmen in a better decision-making position. It can be easier for a CIO to look at the vendor marketplace more critically, when he or she has confidence that, if the market can't deliver what's needed, the internal development team can. After an "exhaustive" search, for example, Napoles says that his team has decided to build rules engines internally. That project, Napoles says, is being completed on time and on budget. Anticipated benefits of the project are being realized and for less than cost of an outside vendor, Napoles asserts. "It goes back to very good and very creative people. We frequently find that we can develop internally for cheaper and for a better solution than we could purchase outside," Napoles says. Posted by Nathan Conz at 12:05 PM | Comments October 08, 2007Member Experience is Key for Holly Morris, Thrivent Financial for Lutherans
Duration: 15 minutes Posted by Anthony O'Donnell at 11:19 AM | Comments At Aetna, Meg McCarthy Focuses on Technology Delivery and Performance
Duration: 14 minutes Posted by Anthony O'Donnell at 11:17 AM | Comments Mark Boxer Helps Make WellPoint a HealthCare Industry Transformation Leader
Duration: 15 minutes Posted by Anthony O'Donnell at 11:14 AM | Comments Jim Hanson Drives Evolution of Mutual of Omaha's IT Organization
Duration: 15 minutes Posted by Anthony O'Donnell at 11:13 AM | Comments Allstate's Catherine Brune Develops Workforce To Enable Business Transformation
Duration: 12 minutes Posted by Kathy Burger at 11:08 AM | Comments Balancing Expense Control, Drive for New Systems Key for Chris Steward
Duration: 12 minutes Posted by Nathan Conz at 10:56 AM | Comments George Napoles Focuses on Customer Service at Jackson National Life
Duration: 15 minutes Posted by Nathan Conz at 10:51 AM | Comments Dennis Mehmen Turns IT Around at Grinnell Mutual Reinsurance Company
Duration: 10 minutes Posted by Nathan Conz at 10:43 AM | Comments
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Holly Morris, Senior Vice Presidence and Chief Information Officer of Thrivent Financial for Lutherans and one of Insurance & Technology's Elite 8 2007, speaks about the influence of her liberal arts education in driving an outstanding technology career, and the transformation of Thrivent's technology to drive growth through a better member experience and relationship with the fraternal benefit society.
Meg McCarthy, Senior Vice President and Chief Information Officer, Aetna, Inc., and one of Insurance & Technology's Elite 8 2007, discusses her deep healthcare and technology experience and her focus on world-class standards of technology delivery and performance.
Mark Boxer, President and CEO Operations, Technology and Government Services at WellPoint, Inc., and one of Insurance & Technology's Elite 8 2007, talks about his career path through the development of consumer-directed health movement, the value of IT for healthcare consumers, and the state of members' online experience at health insurer WellPoint.
Jim Hanson, EVP, Information Services, Mutual of Omaha, and one of Insurance & Technology's Elite 8 2007, reports on the evolution of Mutual's IT organization over the past 11 years, his organization's focus on efficiency and simplicity, and the launching of the carrier's revenue-producing IT services subsidiary Continuum Worldwide.
Catherine Brune, Allstate Insurance Company's SVP and CIO, and one of Insurance & Technology's Elite 8 2007, goes beyond the platitudes to put people first, partner with the business units, and focus on organizational transformation. Brune discusses how Allstate's Next Gen claims reengineering initiative exemplifies her focus on architecture, governance and collaboration.
Insurance & Technology Elite 8 2007 honoree Chris Steward, vice president of information systems and CIO of Arbella Insurance Group, talks about balancing the drive for new systems capabilities with the need to control operational expenses and delivering increased agent-facing functionality to the company Web site.
Insurance & Technology Elite 8 2007 honoree George Napoles, executive vice president, chief administrative officer and CIO of Jackson National Life, comments on the challenges of developing an IT department from the ground up and the importance of customer service.
Insurance & Technology Elite 8 2007 honoree Dennis Mehmen, vice president of business information services and CIO of Grinnell Mutual Reinsurance Company, speaks about how he turned things around at GMRC, his views on SOA and the role of IT as a strategic business partner.
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