- Where Insurance & Technology Meet

On Brokers, InsurTech Experience, and Friday Afternoons

Disruptive forces are pushing into the business of insurance in a big way. In many of the pronouncements from the usurpers and commentators, brokers are pictured as dull artifacts from a long-past time. Some brokers are emulating the digital pioneers. But is the reality of customer experience a bit more nuanced? Brokers Embracing InsurTech Jeff… Read more »

Can we Crack the Insurance Shopper’s Genome With Half the DNA Sequence?

Experts suggest that the consumer digital journey is similar in complexity to genome sequencing.  If that’s true,  why do segments of the insurance community feel that they can get all of the information they require with only half of the data that’s available? We’d like your thoughts on this. Earlier this month, two McKinsey & Company experts… Read more »

Survey Says: Broker/Agent-Insurer Alignment Grows, As Do Portals

A recent survey found that insurance practitioners are committing significant resources for technology to support customer service and growth.  Digging a bit deeper, we see another trend:  better alignment between insurers and brokers/agents. We’d be interested in your thoughts. Background recently partnered with Xchanging, an international business procurement and technology service provider, to conduct… Read more »

Do We Need Different Constructs for Broker/Carrier Connectivity?

For the past 47 years, independent P&C insurance distributors, insurance carriers, and suppliers to the community have invested large quantities of time, energy, money, and credibility in seeking to rationalize insurance data transfer between brokers and carriers (now commonly referred to as ‘broker connectivity’).   We believe consensus exists on two points: There continues to be… Read more »

UBI and Brokers: Ticket to Ride or Highway to Hell?

By all accounts, telematics-enabled usage-based insurance (UBI) is making  steady progress in the Canadian insurance market.  In spite of active leadership by several broker associations, there does not seem to be consensus among front-line brokers as to what role they should, or could, play with new product and service models driven by UBI. We’re wondering… Read more »

Who Owns the Client? A Modest Proposal

When we first started working with independent distributors  in the insurance industry (around the time the wooly mammoths were roaming Southwestern Alberta), one of the first liquid lunch debates focused around the ownership of the client.  We recall that the debate was long, intense, and came to no conclusion.  At the recent Technology Conference,… Read more »

Core Modernization: Standard vs Bespoke Implementations

A large proportion of insurers are either planning or executing replacement projects for core business systems. The majority of these center around the soon-to-be “new” policy administration system (PAS), targeting the needs of internal users. After all, underwriting and policy issuance are really the core activities of insurance companies, aren’t they?  And internal efficiencies are… Read more »

Latest Prediction on Agents’ Future: Old News or New Challenges?

In September 2013, McKinsey & Company published a report on the future of agents in P&C insurance distribution.  It contained some dire predictions for both captive and independent agents in the US.  The major independent agent associations disagreed with the premises and conclusions of the report. We think that there are some important truths in… Read more »

A Unique Broker Opportunity: Technology, Customization, and Zero Distance

Increasingly, consumer-facing organizations are using technology to offer a customized experience to their customers. It is part of a trend referred to as mass customization aimed at delivering products and services reflecting customers’ individual tastes and preferences, at prices that translate into superior value. Mass customization and zero distance Companies’ adoption of mass customization is… Read more »

Can Brokers Create and Seize the Future?

After attending recent industry meetings and planning sessions, we are convinced that independent brokers in Canada are at a pivotal point. On one hand, there are increased threats to the broker from a number of fronts. At the same time, brokers are seeing the market space with fresh eyes and a stronger commitment to serving… Read more »