Globe & Mail Insurance Trends Report: November 2019
Toronto, ON (Nov. 29, 2019) – Welcome to the era of ultra-personalized insurance. New types of products and services are available to Canadians through a growing number of channels and consumers are increasingly purchasing insurance tailor-made to suit their individual needs. While traditional policy categories and annual commitments still exist, insurers are launching innovative forms of insurance that break the historic mould, such as insurance that you activate and deactivate as needed, or premiums which are calculated, or discounted, based on your behaviour – demonstrated by data – instead of your demographic risk profile.
Digital monitoring technologies and connectivity are fuelling much of the transformation.
“All the sensors and connected devices in our homes, vehicles and fitness devices are generating tremendous amounts of data, and data is the new gold,” says Doug Grant, partner at Insurance-Canada.ca Inc., an organization that provides independent information about technology and the business of insurance.
- Globe & Mail Fall 2019 Insurance Trends Report (PDF)
With comments and examples from:
- Doug Grant, Partner, Insurance-Canada.ca
- Matthew Turack, President, CAA Insurance;
- Peter Primdahl, VP of Emerging Business Models, The Co-operators;
- Camille Stewart, VP Strategy and Digital Experience, Manulife (Canadian division);
- Pieter Louter, CEO, Onlia.
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SOURCE: The Globe and MailTags: CAA Insurance, Globe and Mail, Insurance-Canada.ca, Manulife, Onlia, report, The Co-operators, trends