Toronto, ON (Dec. 5, 2017) – It was a privilege to be interviewed for the Globe and Mail‘s annual Insurance Trends Report special feature. Our points of view were consolidated into two articles available for you to read now. View now in PDF format or use the links below to read them via theglobeandmail.com:
At The Intersection of Insurance and Technology
Rapidly evolving technology – and the societal changes it brings – carries a number of implications for the insurance industry. New business models, as evident in Uber and Airbnb, are evolving, autonomous cars take to the road, and cyber security risks are proliferating. While challenges continue to crop up alongside technology advancements, they are also sources of valuable tools for day-to-day business operations and can help to identify and track trends, say Doug Grant and Patrick Vice, partners at Insurance-Canada.ca Inc., a Toronto-based organization that provides consumers and insurance professionals with independent information about technology and the business of insurance in Canada.
“Insurance companies can use technology to better analyze risks, which has enabled the industry to become more overtly involved in risk management,” says Grant. “This is an area where technology opens up a lot of possibilities.”
Paving the Way For Autonomous Vehicles
The principle behind insurance is straightforward, according to Patrick Vice, partner at Insurance-Canada.ca Inc. People consider a risk factor, such as the loss of property or an automobile accident, and pay an insurance provider a certain amount of money with the “understanding that if something bad happens, they will be compensated,” he says.
New technology can challenge the models insurance companies rely on, says Vice, giving the example of driverless cars. “With a conventional vehicle, if you get into an accident, odds are someone is at fault,” he explains. “With an autonomous vehicle, you don’t have a driver, so this will change the way insurance providers calculate the risk.”
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SOURCE: The Globe and MailTags: Globe and Mail, Insurance-Canada.ca, trends