Coming away from this year’s ORBiT Road Show session, the overarching message seemed to be: Ontario brokers have an enviable position with market share and have tools to improve profitability. However, too many brokers are doing little to sustain this in the face of changes in the market and new, powerful competitive forces. Our question… Read more »
Telematics/UBI and Driverless Vehicles: Is There a Battle Royale Forming?
There is an interesting debate involving a couple of possibly competing trends: one is the use of Telematics to support Usage-Based Insurance (UBI); the other is the emergence of Driverless Vehicles. We think that some of the discussions might be muddling some issues — and, regardless of the outcome, we think there are some clear… Read more »
Is The Media the Message for Successful Brokers?
What differentiates a broker/agent who successfully uses social media for marketing from one who does not? Is it the right media — or something else? We’d like to compare a few examples and then make a suggestion. We’d like your thoughts. What Does Success Look Like? In our view, success in the use of social… Read more »
Telematics/Usage-Based Insurance: Where Do Canadian Brokers Fit?
Since Desjardins’ May 13th launch of Ajusto – a Telematics enabled Usage Based Insurance (UBI) product – there have been active discussions about how independent brokers in Canada could fit in as distributors of this type of product. We think that brokers have a unique opportunity to define the future for themselves and their customers… Read more »
Can IT Be Aligned with Turbulence?
Within the IT management community, “alignment” has been a hot topic for some time. If, as some suggest, the insurance industry is on the edge of some fundamental, possibly existential challenges, the question might be, “align with what?” What is ‘Alignment’, Anyway? A frequently cited review of literature by Chan and Reich, IT Alignment: What… Read more »
Innovation/Collaboration Go Operational at #acordloma13
If we had a dollar for every time the mantras of Innovation and Collaboration were invoked at the recent ACORDLOMA Forum in Las Vegas, we’d have easily paid for our hotel bill and several meals. There were lots of references to innovative thinking, collaborative processes, innovative products, collaborative technologies, innovative delivery mechanisms….(you get the point). … Read more »
In the Spring, Do Canadian Insurers’ Thoughts Turn to … Telematics?
With apologies to Lord Tennyson, it appears that insurers might be putting telematics slightly ahead of other fancies in Spring 2013. Part of the evidence is a mysterious ad campaign. Are you feeling the pull? Rumblings In The Wind We have been noting the progress of telematics-based insurance offerings in various geographies, such as the… Read more »
What Do Agents & Brokers Do Anyway?
“What do agents/brokers actually do for a living?” Over the last quarter century or so, we have periodically asked insurance consumers and insurance carrier IT workers that question. We tend to get two very different answers, both of which are wrong. Worse, we find the answers from the IT employees to be further from the… Read more »
Broker Marketing: Feed the Lizard
In the Polynesian culture, the gecko feeds on insects and carries the spirit of mo’o, a mythological being which is considered to be a protector of houses and villages. In the insurance culture, the gecko feeds on Big Data and carries the brand of Geico, which is considered the destroyer of independent agents. Maybe the… Read more »
Are IT People Starting to Look Like Regular Employees?
Some recent employment-related data suggest that IT professionals have similar employment experience as other members of the working class. In fact, some IT professionals are actually reporting directly to business unit managers. Is this scary or does this offer opportunities? Hiring Flat, Participation Down As reported in Insurance Networking News, analysis by Janco & Associates… Read more »
The Telematics Business Case: What’s Still Missing?
While a number of insurers ponder if and when to enter the Usage Based Insurance (UBI) marketplace using Telematics, other insurers are transitioning to Telematics Version 2 which include features and benefits to attract a wider audience and, perhaps, retain the initial UBI customer base converts, and improve overall profitability. Our question to you: Are… Read more »
Policy Administation Systems Projects: Is 10% Success Enough?
Policy Administration Systems (PAS) replacements are top of mind with a large number of P&C insurers. A recent report from PwC suggests only 10% of organizations which have undertaken such projects have realized full business benefits. Our Question: Given all the challenges inherent in running a business and embarking on large projects, are these good… Read more »
Effective Social Media Tactics for Agents/Brokers
Nothing succeeds like success. At the February meeting of the Agents Council for Technology (ACT), Terry Golesworthy of the Customer Respect Group shared information on successful social media strategies and tactics for independent insurance agents and brokers. He was joined by some practitioners on a panel. We think they offer some good, common sense advice. … Read more »
Where Does Old Data Fit in the Modern Insurance World?
Among the many reasons cited for converting from legacy to modern administration systems, improving access to historical data tends to appear low on the list if it is mentioned at all. Some argue that this is as it should be. Others suggest that ignoring existing data could put legacy conversion projects at risk, and recommend… Read more »
Predictive Analytics: Are Winners Becoming ‘Embedded’?
While predictive analytics for insurance has become a hot topic in the last year, implementation of analytic tools has been mixed. Some suggest that successful insurers will be those who not only embrace predictive analytics, but embed them in their technology and process. We’d like to know what you think. What are Predictive Analytics and… Read more »
Will Increased IT Importance Cause A Decline In IT Influence?
With the increased business interest in social media, big data, analytics. legacy modernization and the like, IT is getting significantly more profile at the senior management and board level. But is this rise in profile masking a decline in IT influence? Marketing Rising Let’s take Marketing, as an example. As data driven marketing – including… Read more »
Broker Connectivity Getting Active: Will Results Follow This Time?
There’s an old insurance sales motivator axiom that says, “You can’t control results, but you can control activity, and activity produces results.” There has been some real activity in Broker Connectivity of late — including a continuing industry effort and a large acquisition by a major player. Our question to you: Will this increase in… Read more »
Data Analytics and Understanding: Strategies for Balanced Growth
There’s an old story that goes something like this: The CEO has commanded that all decisions have to be backed by solid market information. This causes a parade of people to form outside the IT VP’s door looking for data and information. After getting tired of providing the same answer, the overworked exec puts up… Read more »
Auto Insurance and Automated Vehicles: Who’s the Consumer, Who’s the Consumee?
At the recent Insurance-Canada.ca Technology Conference (ICTC2013), there was lots of discussion about how insurers are preparing to consume telematics data. One presenter turned this around and described how consumer lifestyles, supported by telematics-enabled self-driving vehicles could be consuming a chunk of the insurance industry. We’d like to know what you think. Does this cause… Read more »
ICTA 2013 Winners Announced
At an awards ceremony in Toronto yesterday, the Insurance-Canada.ca Technology Awards (ICTAs) were presented to Winners and Finalists in the Insurer, Distributor, and Supplier Categories. The Awards recognize innovation in the implementation and use of technology which shows a significant impact on a process or group of processes used in the sale, processing and servicing… Read more »
ICTC2013 – What to Leave Behind?
We are 25 hours from the start of registration for the 2013 Insurance-Canada.ca Technology Conference, and, after a day like yesterday, the big question is: What can we leave behind? The answer, actually, is obvious. So What Did Happen On The Ides of March? Early yesterday morning, one of our partners discovered that all of… Read more »
Advantage Brokers: Content Rules in Social
Common wisdom has it that insurance brokers and agents have lagged behind other sectors in the use of social media for marketing. However, by employing a different approach – content marketing – insurance distributors may havew an opportunity to leapfrog into a leading position with personal and commercial lines customers. Why Do We Think Insurance… Read more »
The New Reality of the Insurance Marketing Function
As a longtime insurance expert, I’ve noticed interesting changes taking place in the industry. While insurance carriers continue spend a large portion of their technology budget on underwriting, policy administration and claims, the marketing function is emerging in importance. The Rise of the CMO We’ve seen dramatic changes taking place on the Life insurance side…. Read more »
Insurance Telematics: Got Questions? There Are Answers!
In the past year, the use of telematics for insurance has gone from interesting to important, giving rise to a whole new set of questions regarding rating, marketing, underwriting, data management, etc. Fortunately, there are emerging sources for answers, including a recent survey of industry participants and number of sessions at the 2013 Insurance-Canada.ca Technology… Read more »
Analytics Goes Operational From Quoting to Claims
Increasingly, insurance-related analytics is moving from the purely analytic to real-time operational for leading insurance organizations and new-comers to the industry. The impacted areas range from from prospecting and conversion to claims handling including fraud management. And the anticipated results are impressive. Analytics for Fun and Prospects (Is That A Zebra In My Quote?) On… Read more »
Brokers/Agents Increase Social Usage, But Don’t Measure Results
It seems that Independent Insurance Brokers and Agents have increased their usage of non-traditional methods (largely social media) in marketing efforts, but the vast majority have not taken the next step to measure the results. About the Survey …. For the second year in a row, Connecticut-based B.H. Burke & Co. conducted a survey of… Read more »
Telematics and Usage-Based Insurance: Usage to Innovation to Disruption
While the use of Telematics is just getting traction (pun intended) with insurance in Canada, it seems that some organizations elsewhere have already started releasing innovative product and marketing twists to engage, and retain, customers. Insurance-Canada.ca is currently conducting a survey and is looking for your opinions and questions to pose to an expert panel… Read more »
Gangnam Style: What It Can Teach Us About Digital
Going from obscurity to the spotlight used to take years, no matter the industry or the stage involved. No-name acts don’t just get thrown into the spotlight, and yet, we’ve all heard of Gangnam Style – if you haven’t, you’ve been living under a rock. This South Korean music video achieved worldwide recognition and status… Read more »
Analytics and Insurance: What One Question Can Do For The Shoemaker’s Son
It’s the shoemaker’s son conundrum: I have always found it ironic that insurers, whose whole business is based on the management of information, have struggled so much in understanding and utilizing the information they have. Could one question give the child some decent shoes? I have listened to insurers for over 20 years talk about… Read more »
Is Gen Y Dead? Marketing in a Post-Generational World
Is Gen Y nothing more than a product of a not-so-imaginative imagination? Some social media experts are suggesting just that. In the new marketing world, traditional ‘generational’ segmentation is losing its value relative to other factors. And marketing strategies are morphing as well. We’d like to know: Do you feel ready to market in a… Read more »
To Data With Love: A Valentine Card for a Complicated Relationship
“She is frequently kind, And she’s suddenly cruel She can do as she pleases, She’s nobody’s fool But she can’t be convicted, She’s earned her degree…” – Billy Joel, American singer/songwriter Databases have been called “relational” but if data were a person, I would describe my relationship with her as “complicated.” I’ll give you some… Read more »
Broker Connectivity: Canadian Milestones, and Potholes, On Display at ICTC
Back in the early 1980s, an analyst at an insurance company had been working on electronic policy communications with brokers for about a year. One day, the analyst’s supervisor went to an early-days meeting of CSIO. The supervisor returned with a picture of a cloud , marked ‘Standards’ with lightning bolts coming out of it,… Read more »
ICTA: The Jury Is Out And The Winners Are In the Mayonnaise Jar!
The die is now cast. The winners of the coveted Insurance Canada Technology Awards (ICTAs) have been selected and the results have been sequestered. After the ICTA jury met earlier this month, a secret ballot was held; the official scrutineer tallied the results, notified the small handful of officials who will be preparing the awards,… Read more »
Should Brokers be Queuing for the Analytics Bandwagon? Where is it Going?
We have seen an exponential growth in the interest in, and use of, analytics for a variety of insurance applications. There are a number of case studies which show evidence of the efficacy of descriptive and predictive analytics for marketing, underwriting, claims, and strategic management (selecting the ‘Analytics’ category to the right will produce some… Read more »
Marketing UBI to the Masses: Fries With That Discount, Sir?
Telematics and Usage Based Insurance (UBI) promise substantial benefits to insurers, and, presumably, insureds as well. However, as we have noted, consumer demand has yet to materialize in Canada. A recent article suggests a novel approach to encourage this demand. Telematics issues and opportunities will be featured at the 2013 Insurance-Canada.ca Technology Conference, In preparation,… Read more »
Beyond Technology Modernization: Will The Circle Be Unbroken?
We have all heard about the need for insurers to ‘modernize’ their core technologies in order to survive and thrive. But how long does a system stay ‘modern?’ And is modernization enough? Several experts suggest that modernization should not be a goal, but rather a process that requires other complementary investments to occur to achieve… Read more »
Canadian On-line Insurance Activity: Leading May Be Rewarding and Award-Winning
New data and analyses suggest that Canadians are more active than most in on-line activity, and do a respectable amount of buying, but are lagging behind Americans in on-line insurance purchasing. However, there are indications that Canadians are prepared to catch up. Some leading Canadian insurers and brokers are already preparing, and may find their… Read more »
Bridging the Gap to Big Data and Analytics
At a recent meeting of the Insurance 2023 Group, one of the members suggested that Analytics was going to create a divide between the “haves” (those insurers/brokers which have access to and understanding of data and analytic tools) and the “have-nots.” There seems to be a gap already forming. Fortunately, there is an opportunity to… Read more »
How Do Consumers Want To Be Served? Do We Know, or Think We Know?
“How may I help you?” It seems like an innocent enough question, but our success going forward may depend on knowing the correct answer for each prospect or customer we serve. Specifically, we need methods to understand each consumer’s attitude about how much of his or her personalized information we can (or cannot) use. This… Read more »
2013 Conference: New Decade, New Design, Same Quality Focus
After 10 years of producing the premier insurance-technology event in Canada, we are making some important changes to the 2013 Insurance-Canada.ca Technology Conference (ICTC). We have our clients to thank for suggestions which have resulted in an event spanning a day and a half (March 18 & 19, 2013), organized to meet the varying needs of… Read more »
The New Social World: Edge Thinking and Inside-Out Collaboration
Social media is challenging existing assumptions. A new school of thought says that we need to move away from core competencies and closer to the ‘edge’ in order to meet, and engage, the ‘social’ customer. A recent case study shows how world’s largest insurance broker is using social media to reshape internal and external collaboration…. Read more »
2013: Analytics, Engagement, Telematics, Disruption
We took out our crystal ball again to look at major trends for insurance technology in Canada for the coming year, and we found a collection of changes along with a disruptive technology or two. We look forward to your views. Megatrend – Purposive Analytics As with 2012, we found a theme which seems… Read more »
Accountability Review: 2012 Trend Predictions
Back in the dark and early days of 2012, we spotted four trends and one megatrend that we saw impacting the Insurance-Technology activity for the year. As the year closes, we want to give ourselves marks for accuracy. We will tell you honestly what we think and would like to invite you to leave your… Read more »
Solstice 2012: The World Didn’t End; Insurance Technology Continues to Progress
We have to confess that we waited until after the Solstice had passed this morning before we decided to set fingers to keyboard. It seems that the doomsayers were wrong, and the 2012 solstice brings us a new beginning. Perhaps this is a good metaphor for the world of Insurance and Technology: a few doomsayers,… Read more »
New Telematics/UBI Research Highlights Opportunities, Challenges for Insurers, Brokers
New research from Strategy Meets Action (SMA) highlights opportunities and challenges for insurers and intermediaries as they consider how to align telematics and usage-based insurance (UBI) with their strategies. SMA is clear on one point: telematics technology and UBI are disruptive forces which will impact the personal automobile insurance market over the next decade. SMA… Read more »
Showcasing Canadian Innovation: Insurance-Canada.ca Technology Awards Finalists
After careful deliberation, the 2013 Jury has selected nine finalists for the coveted Insurance-Canada.ca Technology Awards (ICTAs). The award-winners will be announced at the 2013 Insurance-Canada.ca Technology Conference, However, there is one clear winner already: the insurance technology user. The Process For the fourth year in a row, Insurance-Canada.ca has received nominations for insurers, insurance… Read more »
Social Media And Insurance Brokerages – Part 2
The first part of this blog post discussed some SM statistics and specific Canadian SM usage profiles and trends. This second part will focus on defining SM and helping brokerages determine whether having a SM presence is “right for them”. Understanding SM SM is defined as the use of electronic and Internet tools for the… Read more »
Insurance Digital Marketing: Data Primacy, Channel Challenges
There is conflicting evidence about the current value/importance of digital or data-driven marketing for insurance. However, there seems to be consensus on a few elements: Data comprise the currency, and Channel assumptions will be challenged. Our questions: How well prepared is the insurance industry for changes that are coming in data driven marketing? How well… Read more »
Social Media And Insurance Brokerages – Part 1
I recently viewed the 2013 version of Erik Qualman’s SM Revolution. The numbers cited in this video are impressive: 1 billion strong on Facebook SM has become the #1 activity on the Web 1 in 5 couples meet online 92% of children under the age of 2 have a digital shadow Every second, 2 new… Read more »
What Did We Learn Today, Dorothy? Aviva Restarts Telematics Program
The most serious mistake a company can make is to fail to learn from its past mistakes. Aviva is demonstrating that it takes that old adage to heart. The insurer has reentered the telematics based insurance market in the UK, with some very interesting elements, showing that Aviva spent some time learning from its own… Read more »
