- Where Insurance & Technology Meet

InsurTechTO: A Really Big Shoe

If you are wondering how Nikes or Florsheims fit into a title of an InsurTech blog, you are likely a Millennial or younger. We’ll put a note together at the end of this screed. Meantime,  let’s focus on what will happen at InsurTechTO next Wednesday, November 7, at the Toronto Sheraton Centre.

#InsurTechTO Background

Starting in 2015, InsurTech went from zero to 220 in 2 short years.  New technologies allowed greater scope and power to allow existing insurance carriers and distributors more flexibility in coverages and customer experience.

For progressive insurance carriers and brokers, developers were given free rein to develop tools and processes to meet the new product needs.  And it took hold.

In 2016/17, US and European organizations set up events to bring thought leaders and InsurTech practitioners together to share information on the process and products.  However, we looked around and didn’t see much happening in Toronto.

With a very short time frame, put together a one-day event based on the InsurTech frame work.  And the turnout was good.

We had some great content, and some slight misses.  We came away with two impacts:

  1. We were blessed with the patience our attendees had when things went awry
  2. Our attendees told us they wanted to see it again next year.

And we got to work.  This year, we’re solid.  Here’s a sample some of what will happen next week:

Keynote: Disruption In The Insurance Industry—Are We There Yet?

Sharon Ludlow, Corporate Director will provide analysis of outcomes to date and estimates for the future of  InsurTech in the Canadian market.  There are initiatives from existing underwriters and distributors, but are these driving enough disruption to impact the industry?  And to meet the consumers’ needs?

Customer Experience Is The Product

Jim Klotz, Vice President at Novarica, will focus on consumers and will address the the impact of InsurTech on customer experience and on product development.

Managing Risk in the InsurTech Industry

In recent years, insurers have invested heavily in third-party technology solutions, incorporating external solutions and applications into their operations, especially in the digital and online space. Maanit Zemel and Dimitri van Kampen, Partners at Zemel van Kampen LLP, will address  legal and regulatory risks faced by parties in the InsurTech industry and strategies for mitigating those risks.

Digital Insurance: Changing Models to Align Business and IT

Mike Fitzgerald, Senior Analyst – Insurance, Celent notes that an increasing number of insurers and distributors are launching new insurance products to respond to changing market demand.  At the same time, however, existing insurance programs require stable, enterprise products and technologies.  Mike will build on Ludlow’s presentation, supplying his views on the adjustments insurers are making to align technology investments with business objectives.

Rumor has it that I will be participating in some regard.

InsurTech For Claims: Current Trends And Future Opportunities

Greg Smith, Senior Vice President, Crawford & Company (Canada), Inc. will focus on the claims adjusting space, describing innovations that are increasing rapidly.   While changes are still slow to come, Greg will describe how new entrants as well as industry incumbents are investing in InsurTech to capitalize on the potential of artificial intelligence, machine learning and data analytics.

Insurance in Transition

Commercial insurance is changing rapidly, according to Emily Horsman AVP Programs from Markel.  Products and new tools are creating delivery mechanisms which are enhancing efficiency and building new relationships.  At the same time, however,  we must keep detours in mind.

InsurTech Startup Pitch Competition

Andrew Lo, InsurTech Innovator,  Adam Mitchell, President, Mitchell and Whale Insurance Brokers, and John Rocco, VP – Marketing & Communications, Travelers Canada will be jurors to adjudicate eight InsurTech who will pitch their ideas for a technology-enabled insurance innovation or solution before a panel of expert judges.

And More …

We have leading suppliers and practitioners who will round out the agenda.  Details can be found at Presentation Topics.

Don’t miss this unique view of the shape of InsurTech in Canada. Check us out @ 7 November 2018!

And About the ‘Shoe’

Ed Sullivan, who MC’d a weekly TV show, frequently announced that the program would be a ‘Really Big Show’ and pronounced ‘show’ as ‘shoe’.  As an aside, Sullivan had tremendous scope of talent, including early days of the Beatles and the Rolling Stones.