by Stephen Applebaum and Alan Demers — The violently disruptive and confusing shifts we are all experiencing are in large part a result of accelerating convergence. According to Marc Benioff, founder, chairman and CEO of Salesforce, Inc., “The world is being re-shaped by the convergence of social, mobile, cloud, big data, community and other powerful… Read more »
AI is changing the nature of work in the insurance industry
by Tracey Malcolm , Max Fogle & George Zarkadakis, WTW — With applications of artificial intelligence technology spreading throughout the insurance industry, fresh approaches to job design, talent acquisition and training are needed to take full advantage Cost containment or reduction is a constant challenge for insurers, particularly in light of recent inflationary pressures. Innovation… Read more »
Auto Insurance In An Existential Crisis
by Stephen Applebaum and Alan Demers — The phrase “existential crisis” has been admittedly overused in recent years, and sometimes for good reasons, but it is no less apt when applied to today’s P&C insurance industry. Macro Influences After many long years of stability, the 125-year-old, $300 billion U.S. auto insurance industry is caught between… Read more »
Protecting Your Precious Furry Cargo On The Go
Car safety tips for your pet — By The GOOD HANDS® Advice Team — Many pet owners consider their furry friends as part of the family, deserving of all the love and care a family member should expect. However, some pet parents might not be fully aware of how to protect their animal when in… Read more »
Economic Uncertainty Presents Opportunities for Agency & Carrier Partnerships
By Heather Turner, ReSource Pro — We all know of the traditional carrier/agent relationship – it may, in fact, be the first thing that comes to mind when you think of insurance distribution partnerships. But rapid technological advancements, changing customer expectations, and economic headwinds are reshaping how insurance products and services are distributed. Today, many… Read more »
Accelerate your lead conversion process with Generative AI and Compelling Touchpoints
by Domitille Dien, Marketing Manager, Zelros — In today’s fast-paced digital age, insurance companies are facing intense competition and must continually improve their lead generation strategies to stay ahead of the game. The pressure is on for sales agents, customer service representatives (CSR), and marketing teams to identify which leads are most likely to become… Read more »
Uncovering Connections: How Link Analysis Can Streamline OSINT Investigations
By Stephen Adams, Product Marketing Manager, Skopenow — Connections are the lifeblood of the internet, with people and businesses interacting and leaving digital traces across social media platforms, online marketplaces, websites, and forums at all hours of the day. For OSINT professionals, these countless interactions are not merely noise—they’re critical data points that can reveal… Read more »
The Long and Winding Road to Claims Resolution
By Raymond Mazzotta and Richard Vonesh, ReSource Pro — It’s almost impossible to turn on the news and not hear about supply chain issues or inflation affecting everything from food, gasoline, and building materials to housing costs and automobile parts. But nowhere is the impact of these disruptive winds felt more than in the claims… Read more »
Everything You Need to Know about IoT in Insurance
By Brynne Ramella, Content Marketing Manager, ProNavigator — Technology is pushing the insurance industry forward. One such advancement is the Internet of Things (IoT). As NAIC says, IoT refers to a network of internet-connected devices transmitting, collecting, and sharing data. The software within these applications analyzes and sends data to cloud servers and large databases…. Read more »
The Risks of Smart Devices in Your Home
by Jamie Ross, Marketing & Communications Manager, Wedgwood Insurance — Smart devices, from voice-activated assistants to smart bulbs and thermostats, are increasingly prevalent in our homes. While these devices offer convenience and more control over your home, they can leave you at risk for privacy and security issues. Before you invest in the latest smart… Read more »
Roadblock Ahead! MGAs’ Digital Plans Encounter Technology and Cultural Hurdles
By Heather Turner, Lead Analyst – Research, ReSource Pro — Positioned at the intersection of retail agents/brokers and insurers, Managing General Agents (MGAs) and Managing General Underwriters (MGUs) have unique vantage points in the distribution ecosystem. As the MGA/MGU channel grows, these companies are investing in technology solutions to support the customer experience for agents/brokers… Read more »
Core Systems Are More Critical Than Ever For Enabling Digital Transformation
New SMA Blog by Tom Benton, Partner, Strategy Meets Action — It would be difficult to dispute how critical core systems are in the insurance business – they are the enablers of significant in-and-out interactions and help drive efficiency and profitability for an insurance company. Today, many insurers and MGAs are accelerating their transformational journeys… Read more »
What to Look for in Claims Management Software
By Brynne Ramella, Content Marketing Manager, ProNavigator — Getting reimbursed for claims is a high priority for your insureds. That puts a lot of pressure on your adjusters. Traditional insurance claims processing involves adjusters working through large volumes of paperwork. Relying on those manual processes or legacy software can lead to wrongful claims, incorrect quotes,… Read more »
7 Fallacies About Cybersecurity Putting Your Business At Risk
By Wade Billotte, Fortify — Cyber threat actors, who attack organizations with seeming impunity, have become the boogie man of the technology world. Fear pulls us in a direction that seeks solutions and protection, but, we are always drawn to a natural state of comfort and calmness that everything will be okay. This state of… Read more »
How My View of ChatGPT Changed in 90 Days … And What It Means For Insurance
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — When I was asked in late 2022 and early 2023 about the implications of generative AI for insurance, my reply was always two-fold. First, I advised that it is absolutely a technology space to monitor closely, given the rapid advancement, broad application, and unlimited… Read more »
Commercial Lines Distribution: Agencies and Carriers Diverge on Digital Investment Priorities
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — It’s not uncommon for agents/brokers and carriers to express frustration with one another. For many risks, especially those more complex, agents are prone to gripe about carriers’ submission process, which is often laborious and requires a lot of back and forth with the underwriter…. Read more »
How Insurers Can Protect Loss Ratio with Construction IoT Technology
by Alex Fuentes, EVP – Strategic Growth & Business Development, Brickeye — Water damage, concrete rework, environmental impacts – the list of risks associated with construction is extensive. Insurers of high-rise and multi-family building projects are faced with increasing underwriting risk while trying to maintain a healthy loss ratio. Recent “Internet of Things” (IoT) technology… Read more »
Active Cyber Risk Modeling: A New Approach To Aggregate Risk
Cyber risk is insurable, if you have the correct data and approach — by Joshua Motta, CEO, Coalition — Cyber threats are among the most pervasive facing most organizations, with cybercrime and cyber insecurity ranked as the 8th most severe global risk, according to the World Economic Forum. Across the insurance industry, there is much… Read more »
InsurTech: Not Dead, But Different
by Stephen Applebaum and Alan Demers — The title of this article brings to mind two famous quotes from American culture. Mark Twain is reputed to have said, “the reports of my death are greatly exaggerated.” The saying could also apply to the frequent statements made by InsurTech detractors who have recently pronounced its death,… Read more »
It’s time to invest in a national flood insurance program
By Celyeste Power, President & CEO, IBC — Canada is becoming a riskier and more dangerous place to live. That’s not an opinion – it’s a fact. Severe weather events in 2022 caused approximately $3.1 billion in insured losses, one of the highest annual totals on record. Disasters affected almost every part of Canada, disrupting… Read more »
Adapting to Uncertainty: Commercial Lines Insurers are Approaching Strategic Initiatives Differently
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — If you were to ask us to describe the transformational activity of commercial lines insurers in the past few years, acceleration would be the first word to come to mind. But in 2023, another word may be more accurate – adapting. Economic pressures, such… Read more »
The Metaverse: Closer Than You Think, or Further Than You Can Imagine?
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified Metaverse as one of the top themes with the tagline of “Closer Than You Think.”… Read more »
The Evolution of Mobility and Transportation: What it Means for Insurers
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — In part one of this blog series, we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? I categorize the implications into the good, the bad,… Read more »
New Trends in the Evolution of Mobility and Transportation
Spotted at CES 2023 — New SMA Blog by Mark Breading, Partner, Strategy Meets Action — CES has become one of the biggest auto shows in the world – but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. Among the many sessions… Read more »
Major Themes In Technology From CES 2023
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — The CES event in Las Vegas always provides a good window into technological advancements and innovation. The over 3200 exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities. As usual, it was also… Read more »
Are Personal Lines Insurers Accelerating Transformational Tech Plans Post-Pandemic?
New SMA Blog by Heather Turner, Lead Research Analyst, Strategy Meets Action — The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Customers demanded virtual and digital interactions, so insurers responded by accelerating the development and investments in transformational technologies. Although it may not be accurate to… Read more »
Property/Casualty Insurers Aren’t Slowing Down in 2023
By Martina Conlon, Head of P&C Insurance Practice, Aite-Novarica Group — Insurance has traditionally been viewed as resilient to recession and economic uncertainty. Yet, besides the tough economic conditions, the insurance industry is facing an unprecedented number of business challenges: increasing claims severity rates due to supply chain issues and rising inflation, climate risk and… Read more »
Distribution Technology: Where Personal Lines Insurers Are Investing Today
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — We say it often here at SMA – the personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution. Over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new… Read more »
Business Drivers Shift for Small Commercial Distribution Tech Investments
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — Small commercial insurers are in a unique position in the insurance industry. While the personal lines segment often pioneers the latest innovations first in the industry, small commercial carriers are frequently at the forefront of change in the commercial market before technologies reach mid/large… Read more »
Are Transformational Tech Plans Still Important in Commercial Lines Amid Economic Turbulence?
New SMA Blog by Heather Turner, Lead Research Analyst, Strategy Meets Action — Commercial lines insurers have endured their fair share of ups and downs since COVID-19 was declared a global pandemic over two years ago. And through the course of 2022, geopolitical conflicts and inflation have rocked economies, leading to further uncertainty about the… Read more »
Are Insurers Satisfied with Their Digital Offerings for Mid/Large Commercial Distribution?
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — In recent years, the mid/large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. Additionally, carriers in the segment have been deploying new technologies for distribution to not only enhance internal operations and processes but to… Read more »
Outsourcing 2.0: Suddenly A P&C Best Practice For A New World
by Stephen Applebaum and Alan Demers — We have all been living through a period of intense uncertainty for almost three years and the pace of disruption shows few signs of slowing; instead it is morphing. Our New World The degree to which the post-COVID world in which the Property & Casualty insurance industry operates… Read more »
Personal Lines Underwriting is Entering a New Age of Data
New SMA Blog by Deb Smallwood, CEO & President, Strategy Meets Action — It would not be an understatement to say that the insurance industry is built on data. For decades, insurers have harnessed data and analytics to drive risk analysis decisions, and perhaps no other segment has done that better than personal lines. In… Read more »
Commercial Lines Insurers Cannot Afford to Stand Idle in Today’s Channel Environment
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — According to a recent SMA survey of executives, ninety-one percent of small commercial lines insurers and 82% of mid/large commercial lines insurers have plans to expand their channel partnerships. When you consider the evolving distribution landscape, including increased consolidation, new entrants, and more sophisticated… Read more »
Canadian Insurance Industry: 2022 InsurTech Trends Impacting Insurance Carriers
By Jenna Earnshaw, Head of Revenue, Wisedocs — As we near the end of 2022, the Canadian insurance industry is in a positive place, setting itself up for long-term success in a remote-first and digital-forward environment. Globally, the insurance market has transformed into a digital business model. The digital insurance landscape had an estimated worth… Read more »
Automation Accelerates in Small Commercial Lines Underwriting
New SMA Blog by Deb Smallwood, CEO & President, Strategy Meets Action — Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the… Read more »
Birds of a Feather Brand Together: How social identity and trust can help brokers build stronger brands (Part 2)
Consumer-Company Identification → Trust/Commitment → Loyalty Behaviours by Steve Pieroway, Founder, Benevolent Marketing — In last week’s article, we investigated the power of identification. Specifically, how identity similarity, distinctiveness and prestige help to form strong relational bonds. But enduring relationships (be it with a company, brand or person) need other elements to endure. Namely trust… Read more »
Businesses need to do more to stay cyber-safe
IBC calls for continued vigilance as Cyber Awareness Month concludes Toronto, ON (Nov. 1, 2022) – Cyber Awareness Month may be over, but the need for vigilance to guard against cyber attacks is greater than ever. IBC’s research shows that many businesses need to do more to prevent cyber attacks, particularly when it comes to… Read more »
Birds of a Feather Brand Together: How social identity and trust can help brokers build stronger brands (Part 1)
Consumer-Company Identification → Trust/Commitment → Loyalty Behaviours by Steve Pieroway, Founder, Benevolent Marketing — “All things being equal, people will do business with, and refer business to, those people they know, like, and trust.” – Bob Burg That’s every service provider’s Shangri-La, right? We want customers and prospects who are aware of us, like us,… Read more »
The Evolution of MGAs: Strong Relationships Are No Longer Enough
New SMA Blog by Heather Turner, Lead Research Analyst, Strategy Meets Action — Today’s Managing General Agencies (MGAs) and Managing General Underwriters (MGUs) look vastly different than they did ten years ago. The InsurTech boom brought new tech capabilities to the space, including digital and analytics platforms, that have evolved the services MGAs/MGUs are able… Read more »
Cheat Sheet: Canadian Mental Health Resources for Employers
by Cindy Danielson, Simply Benefits — October is a busy month to raise Mental Health Awareness in Canada, so we consolidated this Cheat Sheet with links to free or low-cost resources for Employers and Advisors – just download, brand, tailor & share with clients. October is Canada’s Healthy Workplace Month, a time when employers and employees are… Read more »
Why Knowledge Management Is Critical for the Insurance Industry
By Mitja Alexander Linss, Senior Director – Marketing, ProNavigator — Finding, managing, and sharing information quickly has value for any organization, but especially in the insurance industry. Insurers offer a vast number of products and services, each with its own underlying complex legal agreement – the insurance policy. Buyers and sellers alike need to have… Read more »
Connecting The Insurance Ecosystem: An Imperative For Truly Digitized Insurance And Straight-Through Processing
by Stephen Applebaum and Alan Demers — In an uncertain world, cloud migration can create certainty More than any other area of insurance operations, Claims is best positioned to benefit from a digitized, unified, and continuous ecosystem in order to meet the needs and exceed the expectations of today’s consumer, support management’s key strategic objectives,… Read more »
Twenty Leading P&C Claims InsurTechs Making A Difference Today
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — Anyone who says InsurTech is an up-and-coming space hasn’t been paying close enough attention. The InsurTech movement, which began around 2010, is long past its infancy and is both maturing and evolving. This is especially true in the P&C claims space, where companies are… Read more »
A Comprehensive Guide To Benefits Advisors in Canada
by Cindy Danielson, Simply Benefits — As an employer, finding the right expert to help you with your group benefits plan can be a daunting task. If you’ve never worked with an advisor before or are looking for a new one, our list of Canadian benefits specialists is organized by geography – and is a… Read more »
Adapting to Change: The Next Era of Underwriting in Mid/Large Commercial Lines
New SMA Blog by Deb Smallwood, CEO & President, Strategy Meets Action — What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey. The past… Read more »
What is Marketing Automation in the Insurance Industry?
by Chris Mustakas, Director of Marketing, Ai Insurance Organization Inc. — The insurance industry is notoriously complex. This complexity makes marketing automation in the insurance industry essential for long-term success. In this blog post, I will explore what marketing automation is, its importance to the insurance industry, how it has helped Ai Insurance Organization succeed,… Read more »
What to Expect When Applying for Cyber Insurance
by Jamie Ross, Marketing & Communications Manager, Wedgwood Insurance — In today’s connected business climate, cyber-attacks are no longer a question of if, but when. More and more, we’re seeing people reach out to discuss their options when it comes to securing cyber liability insurance – from adding personal cyber liability to an existing homeowners… Read more »
How Good Are You At Growing Your Insurance Business In a Riskier World?
by Damien Philippon, Co-Founder & COO, Zelros — Our world has become a riskier place. Individuals and companies face a different risk landscape today, one impacted by factors including climate change, cyber security threats, health risks in an aging population, and uncertainty about new and harmful global viruses. These dynamic risks are creating an increasingly… Read more »
Applied Systems Partners with Humber College to Secure P&C Talent for the Future
by Steve Whitelaw, SVP & General Manager, Applied Systems Canada — Before the pandemic struck, the short supply of skilled candidates joining the broker channel was one of the biggest threats to the industry’s future. The skills gap dilemma hasn’t left us, and, in many ways, the pandemic made the gap a wider chasm to… Read more »
