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 »
Climate Change, Insurance, Data, and Technology
Climate change is a hot topic on many fronts, and insurance is playing a key role. Some insurers and industry groups are promoting adaptation strategies, including modifications to insurance programs. The Insurance-Canada.ca sponsored Insurance 2023 Working Group is discussing the role that technology is and will play in supporting insurers. Our question: how is climate… Read more »
Zen and the Art of Data Ownership
Data ownership has always been a hot topic with insurers, distributors, data providers, and policy holders claiming right to some or all of the data. The volume of the discussion of this has risen with the increase in importance of data to the profitability of the business. An alternative is emerging which sounds a bit… Read more »
Telematics Driving Improved Behaviour With Lower Premiums, Other Benefits
Some of us may not want to admit it,but we may need to be incented to drive better. Response to this seems to be leading to lower insurance rates for a typically expensive category of drivers. Our question to you: as good as this seems, is the change sustainable without costs exceeding value? Telematics as… Read more »
The best big data solutions don’t look like data
Big data is all the rage. But is it really sexy? You’ve probably heard the stats. Things like, “more data is created every day than existed in the entire world back in 2003” (true). Or how about, “72 hours of video are uploaded to YouTube every minute” (true). Impressive as they are, these kinds of… Read more »
Independents, Data, Analytics, and the Future
What do you get when you mix the principal of an independent agency in Michigan with the principal of an independent brokerage in Ontario, and add a few questions on data, analytics, and the future of independent distribution in North America? Answer: A fascinating 90 minutes reaffirming the resilience of the independent system. We’d like… Read more »
Micro-Segmentation For The Micro-Organization
In the new world of data, big data, and analytics, some concepts and approaches can seem overwhelming, especially for small to mid-size enterprises (SMEs) that don’t have substantial resources. However, there are common sense approaches to implement techniques which may not be as elegant as more formal approaches, but are nevertheless effective in providing real… Read more »
Are You Satisfied with IT? Does IT Know?
Are you satisfied with IT in your organization? Has anyone asked you lately? These are becoming important questions as IT finds itself serving an increasingly diverse and sophisticated group of users who recognize options beyond in-house IT services. As a user, or as an IT professional, or both, we’d like to get your thoughts: Is… Read more »
“Analytics” is Plural for a Reason
The use of anlaytics to understand data is clearly a hot topic in the insurance community these days. Those who have not taken steps to begin to use analytic tools are being warned that they are behind the curve already. A recent white paper notes that successful implementation of an analytics program is a non-trivial… Read more »
What is the biggest productivity killer: Email, Social, ….?
Recently, a colleague of ours sent me a note with the subject line “I should not be sending this by email!” It was an article noting that email may have become a productivity killer, and suggesting that social media may be the saviour. However, within 24 hours, a second article crossed our desk suggesting that… Read more »
How Do Cool Agents Do Social Media?
When we ask some consultants the best way to learn social media, one of the tongue-in-cheek answers has been, “find a cool kid and watch what he does.” At its recent Implementation Forum, ACORD took this seriously and brought two of the coolest 20-something agents in to show how they use social media to market… Read more »
Tales From Agent Social Media: The More I See You, The More I Want You
A recent report and an interesting case study are underscoring how resilient the independent P&C distribution system is, and how social media can support it. Our question to you: Is the use of social media a key element for survival of independents? And if so how is it benefiting you? Positive Trends for US Independents… Read more »
Keep On Truckin’: Intellectual Property Wars and The Economy of Ideas
There is an active discussion about the impact of patents on innovation in technology caused, in no small part, by the recent successful conclusion of Apple’s legal action against Samsung for patent infringement. Our question to you: What is the best way to support innovation in theory and in practice? Collateral Damage from Patent Litigation… Read more »
Consumer Satisfaction, Auto Insurance, and Telematics: A Failure to Communicate?
Could it be that Canadian auto insurers will ultimately be driven to adopt pay-as-you-drive insurance schemes once consumers learn how to say ‘Telematics?’ Rob Carrick wrote a piece in the personal finance section of the Globe and Mail last week, entitled “Car insurers just don’t get Generation Y”. Citing information from a recent J.D. Power… Read more »
Understanding Insurance Consumer Data: Dr. Phil Meets Stephen Hawking
Sometimes it seems that the new recipe for insurance marketing looks like something Dr. Phil and Stephen Hawking would jointly develop: 2 parts rocket science, 2 parts intuitive psychology, and 6 parts alchemy. A couple of on-line pieces brought this into stark relief for us recently. Our question to you: what path(s) are you following?… Read more »
Innovation and IT: Are We Planning for Failure?
There is tremendous demand for growth and innovation in the industry these days. And there is a lot of emphasis the the critical role that modern technology plays in meeting this demand. Is the reality bearing out the demands put on technology? And, if not, what can we do to improve our results? Theory and… Read more »
Looking Ahead Through Wide-Angle Binoculars: Insurance 2023
What do you get when you mix 10 curious insurance professionals from 3 countries, 18 trend factors, and 2 hours on a web call? Simple: More questions than answers and a desire to press ahead on an exercise we’re calling Insurance 2023. And we’d like you to join us. The idea started with a a… Read more »
Are On-Line Quotation Services Moving Beyond Price?
There are stirrings in the wind which suggest that on-line quotation systems may be moving beyond price and into quality. Here’s the question: Are we just suffering from incurable optimism in the face of a continuing soft market, or is this a real trend? We recently posted on Google’s entry into on-line insurance quotations in… Read more »
Telematics: How To Get Around It, How To Transform With It
If there is any doubt that Telematics is becoming a disruptive technology in insurance, one only has to look at what is happening at its edges. Some folks are planning ways to work around it, while other folks are discovering it takes them into new enterprises. Question: What do you think it will it do… Read more »
Several Dimensions of Theory Vs. Reality For BYOD
It seems like a straightforward question: Should employees be allowed or encouraged to use their own electronic devices at and for work? Informal conversations with our peers suggest it is not so easy to come up with a simple answer and, as a result, there doesn’t seem to be a consensus among Canadian insurers and… Read more »
Google Enters Comparative Auto Insurance Space: Who Should Worry?
When we first heard the news that Google had entered the automobile insurance comparative quoting business in the UK, our first reaction was that this would be a pure price play. However, a little more reading suggests that the approach is more sophisticated than that. So who should be worried (Hint: brokers might want to… Read more »
Social Marketing Reaching Saturation; Insurance Leaders Differentiate Through Content
Two recent reports show some import trends in the use of social media for marketing generally and within the insurance community specifically. The short summary: Social Media are recognized components within the mix of marketing activities. Question: Have you established your desired position in the new mix? Use of social media for marketing seems to… Read more »
Is Data Quality Too Important To Be Left To Data Managers?
With all the buzz around ‘big data’ and the proliferation of new data sources – social media, event tracking tools – combined with the residual issues relating to legacy system data, it is important to remember that the value of data needs to be measured by quality as well as quantity. The old adage: ‘Garbage… Read more »
Can IT Be More Effective by Being More Social?
An ‘anonymous’ CIO suggests that there are some IT issues that can best be addressed by gathering input from employees using social media. Is this something that would work within the insurance community? What’s this about? First, let’s introduce the newest buzzword: ‘Socialize’. Our real-life CIO, writing under the pseudonym John McGreavy in Information Week,… Read more »
Telematics Uptick – Where Will Insurers Take Usage Based Insurance?
The recent Insurance Telematics USA 2012 Conference demonstrated that it is possible to measure,and possibly predict, virtually everything about the use of a vehicle and the behaviour of a driver, and there is lots of activity. An open question: where will the scheme take hold first. No Shortage of Enthusiasm One thing is certain: There… Read more »
How Do You Take Your Coffee? Socially, With a Little Insurance and Technology
It seems that State Farm is continuing the long linkage between coffee, new ideas, insurance and marketing. What do you think: Is State Farm on the right track? And, is hot java integral to social marketing? A little over a year ago, State Farm opened Next Door, a place for Gen Y-ers to hang out,… Read more »
Does Proper Use of Language Matter in Insurance?
Since it’s back to school time, we thought we’d give a nod to one of the most important parts of any education: the proper use of English to communicate effectively. Maybe it’s just us, but it seems that more and more professionals seem to have cut those classes a bit too often. Our question is: … Read more »
Canadian Telematics Poll: Impact Expected to be Positive; Awareness and Interest High
A recent article on Telematics in PropertyCasualty360 began: “There is a conversation being held around telematics at almost every level of the insurance industry these days.” Results of a recent Insurance-Canada.ca poll bear that out, and indicate people are not tired of the topic, even though they are not yet heavily involved. Are you one… Read more »
Want to Connect Productivity, Engagement and Profitability? Tell IT There’s An App for That!
If you heard an executive say, “In order to satisfy our need for growth, we must do more with less in order to delight our customers by deploying consumerized technology to engaged employees,” would you worry that she had been hard-wired to a hyperbolic buzz-word machine? Well, it might be that she had just encapsulated… Read more »
