Use of mobile technology for increasingly sophisticated tasks is on an upward trajectory. Insurance professionals are participating in the uptake. A recent report suggests that banks are offering mobile applications with transactions, adding credibility to the channel. So, the question to you is, as an insurance professional, what is your organization’s mobile strategy? An Insurance-Canada.ca… Read more »
Social Media for the Slow Social Learner
I see you there, sitting in your office, reading that magazine article entitled something like “Use Social Media or Die”. I know what you’re thinking: “Maybe I can retire before I need to face this.” I was just like you. Then I read a report that made sense to me, and now I’m putting a… Read more »
Broker Connectivity Turns 45! The Summer-of-Love Children Still Strive.
In the summer of 1967, hippies made the Haight district in San Francisco ground zero for the development of revolutionary ideas and behaviour. About 45 minutes down route 101, at the Stanford Research Institute (SRI), a group of researchers, were developing other cutting edge ideas for actions to preserve the independent agent and broker system. … Read more »
Telematics Buzz: Just More Noise, or a Chainsaw on the Horizon?
Either the telematics buzz machine has been set to hyper-whine, or there is a strong undercurrent suggesting a usage-based insurance breakthrough into the mainstream of underwriting in North America. We’ve seen a large wave of articles crossing our desk (primarily from the US). In addition to the US buzz, we’re finding more serious conversion among… Read more »
Analytics Investment Increasing for Business Generally, Insurers Specifically
At the beginning of this year, we identified analytics as a mega-trend which we felt would be an overarching priority in 2012. A couple of recent reports show that we seem to be on the right track, if spending is any guide. We’re interested in knowing whether analytics is a priority for you. A recent… Read more »
Is Privacy Dead, or Does It Just Smell Funny?
In the waning year of the 20th century, a technology leader famously said that privacy was an artifact that should be left in the past. The response was strident. Fast forward a decade and there are new data that indicate that privacy is not so much a right as a commodity to trade. Is this… Read more »
Is This the Way Competition Ends: Not With a Bang, But a Widget?
Is a new app designed to make quoting and prospecting easier for smaller insurers and brokers an easy on-ramp to a social media road paved with gold, or will it turn out to be a tool underpinning the largest threat these players have ever seen? Have a read and let us know what you think…. Read more »
Regulation and Consumer Satisfaction: A Tale of Two E-Commerce-in-Insurance Reports
The insurance consumer was in the spotlight of a couple of reports recently. A discussion paper issued by the Canadian Council of Insurance Regulators (CCIR) on regulation of electronic commerce in insurance has met its goal of stimulating discussion. Meanwhile, a report by J.D. Power on consumer satisfaction with insurance put forth some interesting data… Read more »
Applied’s Compu-Quote Acquisition: Survey Says ….. It Depends
Shortly after the announcement of the acquisition of Compu-Quote by Applied Systems, Insurance-Canada.ca conducted on on-line poll to sample reactions. The results of this poll indicate that brokers overall are taking a wait and see approach on the effects of the acquisition. However, there appear to be stronger feelings within subgroups defined by which products… Read more »
Do Rules of The Internet Apply to Social Media?
Back in the early to mid 1990s, just after Al Gore invented the commercial Internet, we developed 3 rules that we found useful in explaining some of the characteristics of this new media to insurance professionals and executives. We wondered how these fared in translation to Social Media. Here are the rules and some links… Read more »
How will Predictive Modelling Impact Insurance? Actuaries and Practitioners Speak!
According to some experts, predictive modeling, using increasingly sophisticated tools, is poised to alter how the industry rates and underwrites. There’s some controversy among insurance practitioners as to whether predictive modelling will effect real change to traditional practices. Let us know what you think. A recent Insurance Journal report on the Casualty Actuarial Society Spring Meeting… Read more »
Should Insurance-Technology be an Academic Discipline?
Recruiting IT professionals for insurance companies can be challenging for a variety of reasons. A recent article suggested that alignment by insurers with colleges and universities offers some relief. We’re wondering if an extension of this – creating an academic discipline focusing on Insurance and Technology – makes sense. Do you think this idea has… Read more »
Consumerization of Access: Can Insurers and Their IT Departments Make the Shift?
Consumerization means more than just accommodating tablets and iPhones on corporate networks, according to a recent report. And the implications can be profound for insurers and their technology departments. We’d like to know what you think about these trends. Information Week and Insurance & Technology joined forces to produce The New Customer Experience: How Mobile,… Read more »
When it comes to Social ‘Engagement’, are we asking the wrong questions?
Engagement is a hot topic these days, especially with regard to on-line and social media activities. But are we clear what this means? We’ll give some thoughts, but would really like to know what you think. (It is, after all, all about YOU.) Business managers are being told they must have “engagement” with customers, business… Read more »
Applied Systems and Compu-Quote: Read The Blog! Take the Survey!
The announcement of Applied Systems purchase of Compu-Quote (CQ) has started some interesting discussions. We’d like to offer some of our thoughts on implications, and are very interested in hearing yours Take a short (5 minute) survey, and add any additional comments below. We’ll review results in this space after the survey closes. The following… Read more »
Why don’t you all f-fade away?
Does the survival of the independent insurance distribution system require a wholesale revolution led by the Millennial young turks? That seems a common theme lately. We want to know what you think. In a recent Insurance Journal article, Jason D. Cass, owner of the JDC Insurance Group based in Centralia, Ill. says that there is… Read more »
Will Pay-As-You-Drive Ever Get Traction in Canada?
We have been posting on the use of telematics and Pay-As-You-Drive (PAYD) or Usage Base Insurance (UBI) schemes for some time. It seems clear that these plans are gaining traction with insurance providers and insurance customers in the UK, Europe, and the US, but not in Canada yet. Why is that? We’d like your thoughts…. Read more »
IBM’s Watson Puts P&C CEOs In ‘Jeopardy’
A good friend of Insurance-Canada.Ca recently took IBM’s Watson Technology to Munich Re’s annual CEO roundtable. Could this be the entree point for more sophisticated use of analytics by P&C insurers through natural language queries? IBM’s Watson is popularly known for its success in defeating two human champions in the quiz show Jeopardy in January… Read more »
Don’t Crush Those Data, Hand Me the Pliers
Listening to the Day 2 Keynote at the recent ACORD/LOMA Systems Forum, we were reminded of a quote from Abraham Kaplan: “Give a small boy a hammer, and he will find that everything he encounters needs pounding.” Ian Ayres, the author of the widely cited book, Super Crunchers, was providing example after example of how… Read more »
Federation Frees Agents/Carriers From Password Jungle
If there is one consistent complaint among active Internet users, it is the requirement for multiple sign-ons and passwords for different sites. A group of independent agents, agency management system vendors, and insurance carriers in the US has come up with a solution that simplifies connectivity within their community. The concept is referred to as… Read more »
A Millennial’s Views On Her First ACORD Conference
Editor’s Note: Amanda is studying Business and Finance. She attended the recent ACORD/LOMA Insurance Systems Forum and accepted our invitation to share her impressions. I stared the conference off by listening in on a panel discussion about Agent Council for Technology (ACT). I found it a perfect way to start off because it introduced everyone… Read more »
Forget Forests, Give Up On Gas, Dump Diamonds: Here’s The Real Natural Resource
If there’s one consistent message coming from this week’s ACORD/LOMA Insurance Systems Forum, it might be this: “Put your head in the cloud, and dig deep for data.” Keynote speaker, Vivek Kundra, former CIO of the US Government and soon to be EVP Developing Markets, Salesforce.com, discussed the challenges he faced and the opportunities he… Read more »
What’s Big: Government, Data, Cloud, Opportunity, Money
Turns out there’s a big cloud forming over Washington, DC. And it could change forecasts in many places. In a March 29, 2012 release, the White House announced the “Big Data Research and Development Initiative.” The intent is ambitious: to improve “our ability to extract knowledge and insights from large and complex collections of digital… Read more »
What is Driving Auto Insurance Down? And Can Smart Technology Drive It Up?
Those of us who have been involved in automobile insurance, including the machinations of market swings and government interventions, might have quietly bemoaned the hoops we have had to go through to write this business. However, none of us (in our sober moments at least) have wished for the a significant cut in the size… Read more »
Free Trade in Broker Connectivity: ACT in Action; ORBiT Increasing Altitude
Independent insurance agents in the US have issued a report on progress towards achieving goals in broker connectivity. At the same time, Canadian brokers are consolidating around actions to promote their interests in connectivity. Are these groups aligned to benefit both groups and exert maximum leverage going forward? The ACT committee of the Independent Insurance… Read more »
Implementing Mobile – User Assumptions and Security Realities
An increasing amount of data suggests that consumers and employees are assuming that mobile technologies – smartphones and tablets – will become integrated in insurer offerings and accepted as normal business tools. And a number of insurers hare moving from pilot projects to production applications. One outstanding question is: are security methods and procedures keeping… Read more »
Is the Drive to Telematics Hitting Standards Speedbumps?
Telematics-based insurance programmes continue to attract interest from insurers. However, recent developments indicate that there may be a low level of support for development of common data and technical standards to support generalized protocols for implementation. As we noted in March, Sandy Dunn, chairman of UK-based telematics solution provider Wunelli Ltd., issued notice that he… Read more »
Consurmerization of Insurance and IT: Who Are Your Role Models?
The focus on the consumer is nothing new for insurers, but the focus on the on-line consumer is. As we ponder how we will shape insurance products and services for the on-line consumer of the future (who is likely in our client file or on our prospect list now), one of the best questions… Read more »
Data Analytics in Modern Risk Management
We have written in this space on the variety of uses that insurers are finding for big data and analytics to understand customers. It seems that professional insurance customers, with the support of their brokers, are seeing benefits from sophisticated analytics as well. And analytics may be emerging as a critical tool for risk managers… Read more »
Customer Service Driving Claims Technology Decisions
According to a recent study, market conditions are dictating that claims professionals need to draw a straight line between their work and increased profitability based on customer service. The study and recent announcements indicate technology is key in the geometry. In October 2011, the global professional services company Towers Watson released its sixth annual Property &… Read more »
Bring Your Own Device Movement Gaining Momentum, Providing Lessons for Insurers
Bring Your Own Device – aka BYOD – is gaining momentum for all the right reasons, even with a customer that would be the most concerned about the scheme. Last October,we noted that the trend for employers to allow and even encourage employees to connect their own personal devices – smartphones, tablets, laptops, etc. –… Read more »
Brokers Ready to Benefit from Insurance Telematics. (Are You Surprised?)
Brokers who are prepared to invest in some education and possibly technology could be positioned to use their ‘trusted advisor’ status to benefit from a trend to Telematics insurance programs. Telematics for insurance has received a fair amount of trade press and has demonstrated traction in Europe, the UK, the US and elsewhere (see, e.g.,… Read more »
Occupy On-line Distribution; Mobile for the 99%
We recently posted on the pressure new technologies – especially on-line/ mobile technologies – are having to blur lines between channels for insurers. Turns out some of that blurring working to the advantage of smaller insurers and independent distributors. For example, Insurance & Technology recently noted that a relatively small organization, Plymouth Rock Assurance. a… Read more »
Is Big Data Bigger Than IT Can Handle?
Is ‘Management of Big Data’ an inherent contradiction? Perhaps not completely, but recent evidence suggests that it may be beyond many organizations to undertake on their own. A number of publications have identified data management and analytics as critical to insurance success (this blog identified it as a ‘megatrend’ for 2012). Recently, a report from… Read more »
Success On-Line is ‘Blurry’ for Channels
Insurance has always had challenges with channel strategies. Historically, while there was some crossover, the majority of North American insurers did business either directly with customers or through independent agents/brokers. However, the on-line world seems to be challenging the distinction to the core. Looking at the broader world, several reports cited in eMarketer note… Read more »
Service Makes Big Claims Data Operational
Claims data driven by social media is offering opportunities for insurance practitioners. However, managing the volume of the data is a challenge. This challenge is turning into an opportunity for at least one third party supplier. A number of analysts and commentators (including ourselves) have identified the management of data, especially Big Data, as key… Read more »
Mobile on the Move: Applications Growing in Sophistication, Users Growing in Numbers, Regulations Growing in Support
We identified Mobile Technology as one of the major technology trends impacting insurance practitioners in 2012. The applications are growing and covering a wide range of insurance disciplines. Demand from customers and distributors is driving insurers to exploit mobile devices. Even governments are supportive. The only wrinkle is a lack of standardized approach. We recently… Read more »
Developing Social Media Strategies: Learning to Rake Leaves During A Windstorm
There is an old saying which suggests that trying to set strategy while dealing with a crisis is akin to trying to rake leaves in a windstorm while herding cats. If a leading analyst is correct, the state of social media strategy and insurance may be close to this. But help may be coming, from… Read more »
Telematics Momentum Driving Insurance Data Standards Development
The increasing use of Telematics in the UK, US, and Europe is driving data standards development activity. One industry leader believes standards are key to maintaining consumer confidence while telematics momentum increases. In a March 15th press release, Wunelli, Ltd., a UK based supplier of telematics solutions to the motor (automobile) insurance community, announced that… Read more »
Profiting From Disruptive Behaviour
At the 2012 Insurance-Canada.ca Technology Conference (ICTC), Craig Weber, CEO of Celent, discussed “Creative Disruption in Insurance”. Craig got high marks for his presentation. Interestingly, some of the conclusions of the presentation dovetail with our read of trends in insurance and technology in Canada. First, what is Creative Disruption? According to Craig, the next logical… Read more »
The Perfect Storm Facing Insurance – Challenges and Opportunities
There are many challenges and opportunities facing the industry but from my perspective there is one strategic challenge that rises above all others. That is the threat posed by social media, the relationships it establishes and the redistribution of consumer information. Over time it will change the landscape and influence every aspect of the industry…. Read more »
Data, Disruption, Discovery, and Dynamics: The 2012 Insurance-Canada Technology Conference
The title of the March 5th 2012 Insurance-Canada Technology Conference (ICTC) was “The New Landscape”. The underlying theme, driven by presenters, panels, hallway conversations, and awards were 4 Ds: Data, Disruption, Discovery, and Dynamics. We’ll spend some time in this space reviewing a number of the presentations over the next while, but here are our… Read more »
And the Winners Are …
After six months of concerted attention and careful deliberation, the winners of the prestigious Insurance-Canada Technology Awards were announced today. These organizations show the kind of innovation and attention to positive business impact that the awards were designed to celebrate. RMS took the ICTA in the Supplier Category, for the implementation of portal or web… Read more »
Mobility on the Move with Insurers
Mobile technology is infiltrating in our environment in a way that eclipses any other previous technology. In addition, we are seeing applications that would never have been possible in the previous non-mobile universe. The insurance industry is not in the forefront of exploiting this, but some leaders are moving traditional and new applications to the… Read more »
Independent Agents Take a Leap for Real-Time This Year
We have written periodically about similarities and differences between independent agents in the US and brokers in Canada as each group seeks to rationalize electronic connectivity with its insurance carrier partners. While the goals of the two groups align in important ways, one difference is crystal clear: US Agents have fine tuned the promotion of… Read more »
Innovation, Impact & ICTA – Part Three: Service DIY
In this, the last of the three-part blog series on the Insurance-Canada Technology Award (ICTA) finalists, we will look at a set of finalists which showed achievement in outward delegation, also known as customer empowerment. To recap: the 2012 ICTAs are intended to celebrate implementations of technology which show innovation and impact on business. In… Read more »
Innovation, Impact & ICTA – Part Two: Creative Connectivity
Emboldened by our success (or perhaps the lack of outright derision) from a recent post, where we tried to look inside the minds of the Insurance-Canada.ca Technology Awards jurists as they determined finalists for the 2012 Awards, we are taking another shot. This time, our crystal ball sees trails of creativity leading to broker connectivity…. Read more »
Innovation, Impact & ICTA – Part One: An Inside Job
Since the announcement of the finalists for the Insurance-Canada Technology Awards (ICTAs), we have had a number of questions along the lines of: “What makes these nine organizations different from the forty-one other, highly qualified candidates that were nominated?” There’s a short answer and a long answer. In this post, we’ll give the short answer… Read more »
Canadian Insurance Telematics Poll Results
Insurance-Canada.ca conducted an on-line poll on the subject of telematics in insurance. While not scientific, the results open a window onto the thinking of insurance practitioners and suppliers in Canada. The results generally support trends we have reported on in this space. There is clear interest in telematics by a cross section of the industry… Read more »
Broker Imperative: Enhance Customer Relationships and Support Profitatbility with Technology
Independent brokers need to focus on the inherent strength of their distribution system – the relationships they have with their customers – by making maximum use of technologies that reduce friction and improve customer communications. Fortunately, there are new technologies and support structures that can help. And there is an event coming up where the… Read more »
