Insurance-Canada.ca - Where Insurance & Technology Meet

Emerging Auto Threats and Opportunities: In Conversation with Catherine Kargas

For the third year running, the Insurance-Canada.ca Executive Forum (ICEF2015) will feature Catherine Kargas, Vice President, MARCON leading an expert panel in exploring how upcoming changes to regulations and technological improvements will impact auto insurance over the next decade. Patrick Vice, Partner at Insurance-Canada.ca, interviewed Catherine for some additional background. Following is an excerpt. Vice:… Read more »

Data and Analytics: We Have Met the Enemy, and …

Insurers (and distributors) are seeking efficiencies and differentiation strategies.  One common approach is to become “data driven” in products, services, and customer service.  The siren song of increased market share and profitability emanates just around the analytics bend. The aspiration is laudable, but carries execution risks.  Fortunately, we already have the tools to move forward. Analytics… Read more »

Employment, Insurance, Technology: Can We Only Choose Two?

Since I started working with technology,  I have relied on an aphorism when talking with nervous non-technology folks: “Technology doesn’t really destroy jobs; it creates new ones.” I likely missed the memo, but this may have become a lie sometime over the last five years or so. Has technology become an insurance job-eater? Who’s shaking… Read more »

Threats and Opportunities in a Totally Connected World

How does insurance work in a totally connected world? Would the available data and expanded mitigation opportunities decrease risk, potentially lowering premiums? Or would we see new risk opportunities with increased value and exposures associated with connectivity (cyber risk, critical failures)? Stick around, the next decade will be informative. And you can get a preview… Read more »

Modern Technology, Muddling Through, and Insurance Management

Insurance decision-making has always been a vibrant mix of data / facts and personal experience / intuition. Question: Will the rise of powerful data analytic and inferential tools tilt the balance permanently? Scientific Management keeps getting more scientific Since scientific management principles were brought forward in the early part of the 20th century, there has… Read more »

ORBiT 2015: Digital Lively, but CRM May Still Be Dead

At ORBiT Real Time Day this week, the majority of discussions were vibrant – focusing on effective use of new technology and building better digital connections in the broker world – until one attendee turned to the funereal topic of CRM.  Then things got really lively. I’d like your thoughts. What’s an ORBiT, Mom? And… Read more »

Technology in 2025: You Want to Insure WHAT?

There’s a site we go to once in a while to get a fix of cutting-edge  technology. A recent visit  surprised us more than usual, because it cuts close to something we’re working on. We would like to introduce an investigation that involves you. It started here… Singularity Hub is the media arm of Singularity University which… Read more »

The Internet of Things and Insurance Connectivity: A New Construct?

What happens when you take creepy invasions of privacy to the next level? I’m not 100% sure, but I think we need to take a careful look at it, because it could allow increased insurance functionality within the Internet of Things. Which begs the question: Could this spawn the Internet of Insurance Distribution? Privacy or… Read more »

What Opportunities and Threats Will You Be Facing in the Next Decade?

We are launching our theme and content for the 2015 Insurance-Canada.ca Executive Forum (ICEF2015), and to make this event as valuable as possible, we  want to get some of your feedback in advance so our session presenters can be fully prepared to engage in real dialogue with attendees. This post will focus on the high… Read more »

Wearables @ Work – You Just Watch

The introduction of the Apple Watch is moving wearable technology  out of running shoes and into business brogues. Wearables have thus far been seen mainly as consumer focused; however, there is increased interest in business generally, and for insurance organizations specifically. Wearables started on a one-way path … Wearable technology  has been envisioned by SciFi writers… Read more »

What is Digital Marketing? Exactly What YOU Make It To Be

A wise marketer once told me, “As brevity is the soul of wit, in our world, simplicity is the heart of marketing.”  I sense that we may be introducing unnecessary complexity, and creating barriers to entry, as we move from physical to digital channels.  I’d appreciate your thoughts here. First, What is ‘Digital Marketing’? A great… Read more »

Is UBI Trapped in a Cul-de-sac?

After a tire-burning leap out of the starting gate, the smoke is clearing around UBI in Canada and it’s looking like it might have been steered into a dead-end. Is it stuck, or will it one day find the open road? Let me know what you think. Assume a killer app … At an automotive… Read more »

Insurance Connectivity: Life in a Parallel Universe

I went to an interesting meeting a week ago which made me think that there is a parallel universe alongside the one that I’ve been living in for the past three decades. I am not sure what to do with the information, so I thought I’d throw it out for your consideration. Here’s the back… Read more »

Too Much Going On? Too Expensive? This Could Be the New Normal

When we ask our IT colleagues how they are, the most frequent response is “Too Busy.” When we ask our Finance colleagues how things are going, a common reply is that “IT projects are costing a lot.” These aren’t necessarily new revelations, but we’re wondering if these symptoms indicate bigger changes coming. We’re going to… Read more »

Accenture’s Vision of Insurance: 5 Trends and a Great Plot

I have the opportunity of  reading a lot of interesting, forward-looking material related to insurance technology.  While most have some value points, few have the detail and holistic view that I found in the Accenture Technology Vision for Insurance 2015. It is well presented and has specific conclusions that will challenge many of us, for… Read more »

Core Systems Replacement Redux

We were having lunch with a consultant colleague last week, and the subject turned to core systems modernization / replacement. It seems that a significant percentage of North American initiatives are running longer than planned, or higher than budget, or narrower in scope. Some are encountering more than one challenge. We scratched our grey heads… Read more »

Is Agile Outdated?

I don’t usually get into the substrata of technology in this space, but recent posts on several tech sites suggest that the Agile development approach might not be meeting all the needs of software development. If true, this could cause some real disruption well beyond IT developers. I’d appreciate your thoughts. What’s Agile, Dad? Agile… Read more »

Wise Words of Wisdom

There’s a phrase I like to use to describe an overused statement that sounds better than the content it contains. I call such statements “wise words of wisdom.” I ran across something making the rounds in the social sphere which might qualify, though it sounds like profound advice for what to do next in these… Read more »

Consumers’ Views of Digital Insurance Distribution Strategies

Digital distribution is a hot topic for insurers. The advent of new digital options, combined with new potential competitors, has increased the volume of discussion. In our experience, much of this is internally focused, with consumer preferences represented by personal preferences of insurer staff. We recently came across a white paper which focused on consumers’ views… Read more »

Data Governance: Under New Management?

A recent post in SearchContentManagment posed the question: “Is 2015 finally the year of the data governance plan?” Bravely, they also provided their answer: “No.”  While I agree with the logic that led there, I disagree with the conclusion. I think there is another corporate group that is working on all the components now and could… Read more »

Is Digital Changing Insurance Fundamentals?

We’ve spilled a fair amount of virtual ink on the use of digital technologies to market, sell, and service insurance.  That’s pretty straightforward.  More difficult is assessing the impact of digital technology on the core processes of insurance: underwriting, pricing, risk management, and claims. If we are seeing digital being leveraged in these areas, there… Read more »

Apple Auto: What Would DeLorean Say?

There is major buzz around the tech giants getting into the automobile business, the most recent of which is a growing mountain of evidence that Apple is acquiring assets and resources in aid of its push. I have no idea how an Apple entree into auto manufacturing will play out.  However,  my Detroit soul is… Read more »

Telematics, Customer Engagement, and UBI: Two out of Three Ain’t Bad

We’ve been getting the sense that UBI (Usage Based Insurance) is not getting the traction that many of us felt it would when it was re-introduced to the Canadian market a few years back.  However, the investment in Telematics might be a key to customer engagement, even without reliance on premium discounts, or insurance at… Read more »

Does the Digital Direction Have a Devolutionary Detour?

Last week, at the 2015 Insurance-Canada.ca Technology Conference, Kimberly Harris-Ferrante, Vice President and Distinguished Analyst at Gartner said that at present, Canadian consumers are not being easily swayed toward the new digital insurance landscape. At the Davos Economic Forum this past January, Google’s Executive Chairman, Eric Schmidt quipped that in the not-too-distant future, the Internet… Read more »

Innovation in Analytics and Customer Service are the Hallmarks of the 2015 ICTAs

This year, Insurance-Canada.ca received direction for our annual technology awards from two sources: from the jury and from you, the people. One thing is clear from both sources:  customer-focused innovation and effective technology implementation is alive and well in Canada. The Nominees had some commonalities … We had a record twenty-seven nominations for the awards… Read more »

Application Currency: A Modernization Parable

So there you sit, in the privacy of your own office, with a metaphorical brandy in one hand and a cigar in the other. It’s been a long and expensive journey replacing those core business systems, but finally, the Big Three — Policy, Claims and Billing — are all running on the latest systems.  Unquestionably… Read more »

Policyholders Will Love That Omnichannel Feeling

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ―Maya Angelou “Customer intimacy” might be the latest catchphrase in customer experience, but I wonder how policyholders really feel about being more intimate with their insurance company. How close do… Read more »

The New Faces of Mobile Management: Engagement and Strategic Information Application

Managing mobility in an insurance organization has come a long way: from primarily clerical cost control activities, to active participation in strategic planning.  And by all accounts, mobility is on a trajectory to become a critical element in most areas in of insurance organization. We’d like to showcase the current thinking about this trend and… Read more »

Zen and the Art of Engagement Maintenance

A lot of the technology rolling out these days is focused on ‘engaging’ us. As slick as these technologies are individually, the really fine art is bring them together in a seamless customer experience.  This is being referred to as ‘omnichannel.’ Other sectors are making strides. How do you think the insurance community is doing? We’d like… Read more »

Power to the People: Technology Awards are Yours to Give

Since 2010, Insurance-Canada.ca has presented awards for the innovative use of technology in the Canadian P&C industry. We’ve made some adjustments over the years. This year we’ve taken the next step and put one of the awards in your — the people’s — hands. It will be interesting to see the results. What’s the purpose… Read more »

How to Improve Success in Business Transformation

With all of the disruptive factors at play, ‘business transformation’ has become a strategically significant topic. This is healthy, demonstrating that senior leaders are aware of existential challenges. Commentators suggest that while there is a general understanding of the requirements and processes involved in business transformation, several factors are causing a relatively low rate of success, including: underestimating the… Read more »

Will Canada Develop Its Own UBI Path?

A number of indicators are suggesting that telematics-enabled usage-based insurance is not getting traction as quickly as some expected. However, leading Canadian telematics suppliers are actively working with insurers and brokers to develop value-added and niche products which will improve the uptake, and perhaps create a uniquely Canadian UBI profile. The US trend might not be… Read more »

Is the Purpose of Digital to Make Analog Better?

I own a good number of vinyl records, some going back almost five decades. I like the experience of vinyl better than any other reproduction of music. That said, much of the electronics that support playing the vinyl are fully digital. Is there a lesson here for digital generally, and digital insurance specifically? I’d like… Read more »

Let’s Talk About Tech, Baby: Enhancing lives every day!

Reminiscent of the industrial revolution, technology has revolutionized the way that we live. Technology has the ability to enhance our lives and simplify daily tasks by designing devices to reduce our workload. From washing machines to smart phones, technological advances have transitioned us into a state of automation. The insurance industry is no different than… Read more »

The Digital Insurance Organization: If or When?

Becoming ‘digital’ is the latest mantra.  Unfortunately, this makes it easy to dismiss ‘the digital insurer’ as the next fad. However, pressures on the industry are going to force tough decisions about product, service, and distribution.  A number of industry analysts are indicating that successful adoption of digital strategies will be a hallmark of successful… Read more »

While we are waiting for changes to be processed …

As an occasional writer, I appreciate good use of language.  My collection of favourites includes three sentences used by various telephone customer service representatives. They contain a small lie. But as a wanna-be marketer, I find it really tickles my engagement fancy.  I’d be interested in your thoughts; perhaps we can chat about it in… Read more »

The Agent Advisor: Virtual, but Very Real

Watson, the computer made famous for winning on the quiz show Jeopardy!, is getting a lot of media attention. Already, the medical profession has already adopted Watson Oncology Advisor to advise physicians in selecting appropriate treatment protocols for their patients. Watson and cognitive computing has captured the imagination of leading insurers and banks who are… Read more »

Insurance in the Democratic Republic of The Internet of Things

Technology scholars occasionally refer to the “Democratization of Technology”.  This refers to the phenomenon of technology becoming increasingly accessible to more people. The recent rise of the Internet of Things  is a classic example, and has important implications for the practice of insurance.  Insurance-Canada.ca will be sponsoring a series of upcoming webinars on these implications. In… Read more »

Competitive Ground Changing for Brokers and Direct Writers

I was recently mandated to moderate a series of focus groups with P&C insurance brokers. In the context of these groups, one of the topics discussed was how brokers would compete with direct writers in the short to medium term.  After some discussion, there was a new twist on an old conversation.  I’m still trying… Read more »

Time-Based Insurance and The Data-Driven Broker: A New Model?

Hugh McTavish is a broker on a mission – one that disrupts traditional commercial auto insurance servicing, and, as a byproduct, actually causes clients to understand insurance. And all this because he got bit by the data bug. We’d like to know what you think about his approach. Making data make sense out of insurance… Read more »

Have Pity on the ICTA Jury; It’s Your Fault, After All

The Insurance-Canada.ca Technology Awards (ICTA) jurists are good, honest, hard-working people. So why do we treat them so badly? There is really only one reason:  You made us do it. The least we all can do is take some pity on them and be very kind to them when you seen them in March. About… Read more »

The Future of Insurance: Virtual Assistants

Editor’s Note: Andrea is the  Watson Transformation Leader, IBM Financial Services. We get this question often: Will platforms like Watson impact the insurance community in a meaningful way in the foreseeable future? To answer that question, let’s take a look at how Watson can help insurers transform the customer experience. Tech-savvy insurance customers are becoming… Read more »

Who is Driving the Digital Customer Experience?

For the last two decades or so, insurers and brokers have focused on internal systems and processes in order to improve efficiencies for underwriting, claims, and client service. Marketing had little involvement. The model is changing, with marketers leveraging technology to  drive the agenda for customer interaction, with  interesting implications for the whole enterprise.  The 13th annual Insurance-Canada.ca… Read more »

2015 Trends: A Year of Living Data-ly

It’s time for us to take our annual stab at trends and directions that are going to influence insurance technology for the next 12 months.  Last year, we saw interconnectedness as an overaching theme.  This year, we see that theme contributing to a larger construct:  The need to effectively cultivate, utilize and protect our most… Read more »

2014 Hits and Misses

As has been our wont since this blog began, we take a stab at predicting trends and directions for insurance and technology in Canada at the beginning of each year.  We also commit to give an honest appraisal at year-end, and ask for your comment. It’s time for the reckoning. For 2014, we highlighted specific areas… Read more »

The Digital Dilemma: What To Do With Persistent Analogs

Here is my “shoemaker’s son” confession:  In the emerging digital environment, I am still a bit of an analog.  While I appreciate lots of digital tools, I still cling  to some 20th-century analog artifacts.  So, to my suppliers, I ask:  As you move to the fully digital world, what will you do about people like… Read more »

Technology and the Future of Insurance Work

During a recent episode of the CBC’s business news show, The Exchange with Amanda Lang, the host discussed the future of broadcast TV.  After concluding that the death of broadcast was closer than expected, Ms. Lang said, “Hopefully we’ll still be doing what we do.” The impact of robotics and artificial intelligence on the future… Read more »

Are You (Digitally) Experienced?

Ok. Boomers, the title of this post is a not-too-subtle nod to Jimi Hendrix, and I will drag him in later. Before I do, we’ve got to talk about the Digital Customer Experience. And at the end, I’d like your thoughts on this. Can insurance be a digital ‘experience’? According to my reading of the… Read more »

Address Loss Containment and Security at the Same Time with a Change in Perspective

Insurers frequently struggle to come up with cost-effective and timely solutions for challenges that they know they need to address. In many cases, an outside or third party can help provide the needed help with little to no capital or operational expenses required from the insurer. All that is really required is a shift in… Read more »

Brokers: Where Will You Take Cyber Risk?

In planning for the 2015 Insurance-Canada.ca Technology Conference, my IT and Underwriting friends tell me that cyber risk is a hot topic.  For sure, there is a fair amount of discussion in the insurance and IT trade press.  However, in talking to a few organizations who are actively developing/delivering these products, I hear that there… Read more »