Insurance-Canada.ca - Where Insurance & Technology Meet

InsurTech vs InsuranceTech – Who’s Winning?

When the term ‘InsurTech’ first entered the business lexicon, ‘disruption’ was a frequent follower.  Typically, the new technology impact was targeted at Insurers and licensed distributors (agents, brokers, MGAs, etc.).  However,  we may be entering a collaboration period.  Will this truly take hold? Where did the InsurTechs come from? While there had been digital tech… Read more »

The Nice Thing About Standards: They are So Flexible

Canadian Underwriter‘s Greg Meckbach recently described concerns by brokers focused on differences in insurance coverages for water damage to homes. In the article, Glenn McGillvray, managing director of the Institute for Catastrophic Loss Reduction (ICLR), said that the host of wordings by different insurers “causes and will continue to cause confusion, as premiums, deductibles, caps/limits,… Read more »

Does Customer Engagement Need A Happiness Halo?

With a persistent soft market and heavy competition, insurers and brokers have implemented strategies to differentiate products and services to improve customer engagement. However, new, sophisticated measures are revealing important information that may suggest the significance of consumers’ emotional desires as well as financial needs. More data is coming at #ICXF2017. Customer Engagement Practitioners and industry suppliers have been… Read more »

Moving Beyond the ‘Trust’ Factor: Challenging the Traditional Marketing Approach

In the insurance industry, one marketing priority has always stood out: building trust. Trust is what allows consumers to feel good about choosing a certain brokerage or brand over another. It’s how positive word of mouth spreads and how awareness is established. But is trust enough to capture the loyalty of an increasingly informed audience?… Read more »

Is Insurance the Future of InsurTech?

InsurTech is the hot topic this year, and for good reason. In the effort to improve consumer engagement, InsurTech’s new technology-driven construct is showing value. But can we envision base insurance principles being stretched in service of modernity? Customer Experience – Oxymoron or What? Having worked in the industry for a while, I can say… Read more »

Smart Canadian Insurers, Smart Homes, and Insurance 2.0

Canadian insurers’ interest in smart home technology is rising. At one level, this is providing new, cool insurance programs. At a higher level, this is a prototype of Insurance 2.0. Home, Dry Home … According to CB insights, Intact Insurance in April “became the latest insurer to invest in a smart home startup – water… Read more »

Digital Insurance: What, Why, and How

‘Digital insurance’ is a hot topic within the P&C community. At a high level, consultants and practitioners can rapidly agree on the importance of ‘digitalization’. However, when we start developing and implementing a business case, definitions of the strategies and tasks get a bit murky. Two recent articles help focus on critical criteria. Why do Digital… Read more »

Increasing Policyholder Retention through Telematics-Driven Claims

Auto insurance has one of the highest Net Promotor Scores™ of any industry, yet nearly all auto insurers struggle to engage with their policyholders in a positive and constructive way. Telematics can play a significant role in improving engagement and improving claims management. Low engagement, combined with highly price elastic customers, leads to the insurance… Read more »

If Digital Is Urgent, How Do We Play It?

InsurTech (Insurance Technology)  is a hot topic in the insurance community these days.  But how significant is this trend and how urgently do we have to respond?  We think that the recent  Insurance-Canada.ca Executive Forum (ICEF2016)  provided insight. What do we do and, when do we do it? Writing in PropertyCasualty360, PwC analysts, Jamie Yoder… Read more »

Millennials Leading the Way for Digital Transformation

With 75% of the workforce expected to be made up of digital natives by the year 2025, digital communications are becoming more and more important. I’m not a millennial, but I live with a few of them, and I have noticed some differences. Big Group/Big Differences.  Big Dollars/Big Opportunities. At first I didn’t buy into… Read more »