LAS VEGAS, Oct. 31, 2000 — A leading business-to-business technology consultant predicts that the future of the insurance industry lies with simple products sold most successfully through direct channels like the Internet.
Hugh W. Ryan, a partner in Andersen Consulting LLP, the global management and technology consulting organization, was the keynote speaker at ISOTech —the technology conference of the property/casualty insurance industry — sponsored annually by Insurance Services Office, Inc. (ISO).
In his remarks to more than 700 insurance executives, Ryan also predicted that buying property/casualty insurance will become part of other purchasing activities. Successful insurance carriers, he said, must use business models that capture new customers where they work and must become networks that serve broad customer needs.
More than 700 insurance and technology executives representing a broad range of disciplines are attending the four-day conference, being held October 30–November 2 in Las Vegas. Ryan was the first of many speakers at ISOTech, which features three general sessions and seven workshop categories, including marketing, claims, underwriting, loss control, premium audit, data management, and technology. Each category, or track, has up to seven workshops each over three days.
Besides Ryan, the conference heard from general-session speaker James Kroviak, a consulting vice president with META Group, Inc., who updated the conference on technology developments in the industry and predicted trends expected through 2002. At the third general session, a four-member panel led by Barry Rabkin, senior manager of financial services at KPMG Consulting, discussed whether the industry spends enough on technology.
Nearly 70 speakers in all will address topics from "Creating 21st Century Applications Strategy" to "Meeting the XML Challenge." In addition, 74 high-tech firms — from Acxiom to Xactware — will be displaying their products and services. For more information about the ISOTech Conference, its speakers and sessions, log on to www.verisk.com/iso, click on Conferences, and follow the links.
ISO is a leading source of information, products, and services for managing property and liability risk. ISO provides statistical, actuarial, underwriting, and claims information and analyses; consulting and technical services; policy language; and information about specific locations for a broad spectrum of commercial and personal lines of insurance. In the United States and around the world, ISO serves more than 2,900 insurers and reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators, and other government agencies.