Insurance-Canada.ca - Where Insurance & Technology Meet

Is UBI Facing A Future That Isn’t UBI?

For the last decade, insurers have sought to change automotive underwriting by relying on real data from vehicles, rather than using proxies such as drivers’ estimates of mileage driven, traffic tickets, and accidents. However, as the industry in poised for rapid expansion, a leading expert is suggesting that it is already a failure. But there… Read more »

Disruption: 50 Years On

Disruption is very much in vogue as a target  for new technology.  But disruption is not a recent development.  As a fully invested boomer, I have been thinking about the 50th anniversary of 1967 – a year of fundamental disruption.  Two events stand out in my mind, the latter relating directly to insurance and the importance of… Read more »

Moving Beyond the ‘Trust’ Factor: Challenging the Traditional Marketing Approach

In the insurance industry, one marketing priority has always stood out: building trust. Trust is what allows consumers to feel good about choosing a certain brokerage or brand over another. It’s how positive word of mouth spreads and how awareness is established. But is trust enough to capture the loyalty of an increasingly informed audience?… Read more »

InsurTech Futures

InsurTech is a hot topic in the insurance community. Developers are bringing forward digital technologies, which improve existing functionality, increase customer experience, support new products, and reduce friction costs. The big question is whether InsurTech will continue to operate on the periphery of ‘standard’ insurance technology or integrate with insurers’ architecture. InsurTechs are taking positions……. Read more »

Big Data, Big Intelligence, Artificial Intelligence, Cognitive Computing, Connected World…..Hadoop at the core!

Few would disagree that big data is maturing. Looking back over the past 11 years of Hadoop, we’ve seen many participants in the ecosystem – those with proprietary, others with ‘mostly’ open-source and, of course, 100% open-source distributions. In 2015, the Open Data Platform Initiative (ODPi) was created by a group industry leaders working collaboratively… Read more »

The Internet of Things Morphs to the Infrastructure of Innovation

April 2017 may well go down as the pivot point when the Internet of Things (IoT) went from theory to reality. Some insurers (and InsurTech startups) are building models and working prototypes, but there are some serious gaps including resource allocation and governance. Where are you on the IoT journey? We have a map to… Read more »

Blockchain Moving to Mainstream, With Help from the Cooks

Blockchain is getting more traction in the business press, but implementation still seems to have remained in the IT domain. However, applications relying on Blockchain technology are emerging in the insurance domain. In addition, third parties are providing entry points for insurance professionals to understand and drive Blockchain applications. Are you part of these developments? Blockchain… Read more »

Claims 2017 – Distinctly Driving Digital

In the May 28 blog post, I suggested that claims and risk management are taking a prominent place in digital transformations. Today, I will review recent articles that describe potential impacts and possible time frames. I will also note sessions at our 2017 Insurance-Canada Executive Forum, which will provide unique claims thought leadership. Telematics is not… Read more »

Is Insurance the Future of InsurTech?

InsurTech is the hot topic this year, and for good reason. In the effort to improve consumer engagement, InsurTech’s new technology-driven construct is showing value. But can we envision base insurance principles being stretched in service of modernity? Customer Experience – Oxymoron or What? Having worked in the industry for a while, I can say… Read more »

Home Insurance: Engagement Rising Through Collaboration

When I started working in the insurance industry, a very wise (if somewhat cynical) colleague gave me his analysis of the product: “Insurance is dead simple, but trained professionals have spent 300 years making it impossible to understand.” This could be a theme which explains – and which caused – a current disruption trend. What’s… Read more »