“Insurance 2024”: A Look Ahead at The Canadian P&C Insurance Industry
Held October 7, 2014, at the Metro Toronto Convention Centre
Advances in technology in the coming decade will have a major impact on all aspects of the business of insurance worldwide. But insurance practitioners aren't the only ones making changes. Other advances, outside the insurance industry's control, will impact the survivability of industry players. Consider:
- Consumers are more informed and more demanding;
- Climate change is challenging underwriting/rating criteria and processes;
- New approaches to marketing and communications are driving engagement and growth;
- Personal data and information is being leveraged by more and more organizations every day;
- Distribution and its channels are reshaping and evolving;
- Autonomous cars and car sharing are changing the auto insurance opportunities.
Technology is a persistent thread through each of these and more – driving new opportunities while presenting new challenges. Forward-looking insurers need to consider: What will insurance look like over the next ten years?
In 2012 Insurance-Canada.ca set-up a study team, comprised of insurance practitioners and analysts to consider the implications of these changes. In October 2013, the study team presented their findings at our first Executive Forum – Insurance 2023.
This second annual Executive Forum, “Insurance 2024,” will provide the opportunity for you to step outside of the day-to-day issues, and dedicate time to that next scenario just over the horizon. You will get perspectives from others in the industry about a number of changes coming, and what they really mean. These perspectives will provide new food for thought; and inform your current and longer range planning.
Join us for thought-provoking value for senior executives and professionals who are involved in longer range planning. Most firms today are busy implementing people and workflow environments for tomorrow. Those people who are sketching the bridges to the organization and processes needed beyond tomorrow will value the insights presented at Insurance 2024.
|8:35||The Digital Insurer - Michael Costonis, Accenture|
|9:15||Internet of Things - Donald Light, Celent|
|10:20||Mobility - Catherine Kargas, MARCON|
|11:05||Workflow - Ruth Fisk, Hyland|
|12:45||Customer Experience - Peter Pleckaitis, IBM|
|1:30||Distribution - Jim Ryan, AIG|
|2:30||Marketing in 2024 (Panel) - Debra Ambrose, Aviva|
|3:10||Closing summary & discussion|
Topics: the Challenges & Opportunities of the Next 10 Years
The Insurance 2023 group came together in 2012 with insurance professionals from the insurer, broker, and intermediary sectors, as well as industry watchers. These representatives provided cross-Canada input, with some external expertise from an American insurance professional.
Through collaborative discussions, surveys and industry experience, two sets of factors were developed – factors which would influence the shape of insurance a decade from now. The factors ranged from current global topics – such as climate change – to the impact of the changing ways we communicate; from mergers and acquisitions and new competitors to technologies which seem to be sprouting all around us.
This half-day seminar will provide the opportunity for you to step outside of the day-to-day (and tomorrow) issues which absorb us completely, and dedicate a little time to that next scenario just over the horizon. You will get perspectives from others in the industry about a number of changes coming at us and what they may mean. Some of these perspectives may provide new food for thought, others may validate your current longer range planning.
Please join us at this forum which will provide value to senior executives and professionals who are involved in longer range planning. Most firms today are busy implementing people and workflow environments for tomorrow. Those people who are sketching the bridges to the organization and processes needed beyond tomorrow will value the insights presented at Insurance 2023.
Are the actions you are taking today positioning you for future corporate health? You be the judge. Consider what the leading experts describe and predict with their views on the changes within and outside the industry. What are the significant impacts, positive and negative, on P&C insurance in Canada?
Speakers and Moderators
Debra Ambrose is the Senior Vice President of Distribution for Aviva Canada. Her varied career includes developing strategic marketing plans, business development, sales management, operations, research and insights; and the management of multi-functional work teams.
Debra has substantive executive experience – managing large marketing organizations and sales professionals. Prior to joining Aviva Canada, Debra was the Head of Product Development and Financial Services for American Express Canada. During this time, Debra developed several cobranded credit card products and successfully managed large corporate partnerships.
Debra describes herself as a passionate marketer with a keen eye for progressive and innovative marketing. Some of her favourite brands include Aviva and American Express, Apple, and President's Choice Financial.
As Senior Director of Research and Development at LoyaltyOne, Jeff manages research initiatives in North America and internationally. With more than 15 years of experience in loyalty marketing, analytics and customer engagement, Jeff manages and directs the development of LoyaltyOne's thought leadership content including research and best practices for global loyalty marketers. Jeff's background in client management, business development and consulting in both the B2B and B2C spaces make him an expert who has experience in the theory and practice of loyalty marketing.
Jeff originally joined LoyaltyOne in 1999 and held a number of positions managing relationships for the AIR MILES Reward Program with clients such as American Express, Bank of Montreal and Rexall. In 2006, Jeff assumed the role of head of Loyalty and Database Marketing at Fairmont Hotels, where he helped institute the structure and discipline of a customer management strategy and leveraged data and analytics to drive customer engagement and profitability. He also spent three years successfully developing a small research and consulting operation focused on helping Fortune 500 companies market and sell to small businesses. The business was sold in 2008 to the Corporate Executive Board, and Jeff became the GM and SVP of the Canadian operation. In 2010, Jeff rejoined LoyaltyOne and focused on cultivating business relationships in the U.S. marketplace until he assumed his current position in 2012.
An engaging presenter who is a frequent speaker at loyalty conferences, Jeff has also been featured in such media outlets as CNBC, National Post, Direct Marketing News, Target Marketing and Strategy Magazine and writes a blog for the Canadian Marketing Association.
Michael Costonis is a Managing Director in Accenture's Insurance practice. He is responsible for managing the Insurance North America East Client Group. In addition to this role, Costonis leads Accenture's Global Claims Business Services
Michael has nearly 23 years experience developing, managing and deploying large scale technology systems, business processes, and strategies for some of the world's leading insurers, including property & casualty, life, and multi-line insurance companies. In his career with Accenture, he has worked with more than 50 leading insurance clients in 18 countries around the world.
Prior to his current role, Michael has led Accenture's Insurance Solutions practice in North America and was responsible for the Insurance Industry Program for North America where he set the overall vision and strategy for the practice.
Costonis has authored several articles in leading insurance trade publications, and has been quoted in the New York Times, Bloomberg News, Reuters News, Financial Times, Forbes, Best's Review, Insurance & Technology, InformationWeek, National Underwriter, Technology Decisions, and the Philadelphia Inquirer. He is a sought-after public speaker, having addressed many leading industry conferences in the U.S. and internationally. His monthly insurance commentary and insight can be found here.
Costonis received a bachelor's degree in political science from Swarthmore College (Swarthmore, PA). He is based in Philadelphia.
David Elder practices communications, competition and privacy law with Stikeman Elliott LLP, where he is the Chair of the Communications group and a member of the Competition and Foreign Investment, Privacy & Data Protection, Government Relations, Regulatory and Public Policy practice groups. He serves as the firm's Chief Privacy Officer, and has also been retained as Special Digital Privacy Counsel to the Canadian Marketing Association. He provides compliance advice to a wide range of Canadian and international businesses conducting both “bricks and mortar” and online activities, and has also been an active participant in legislative and policy developments respecting privacy, lawful access/intercept and spam.
He has over 20 years' experience gained in private practice, government and corporate settings. David was formerly Vice President, Regulatory Law with Bell Canada, where he also served as Chief Privacy Officer. He has also served as Legal Counsel to the CRTC, the Canadian communications regulator.
David is the Past Chair of the National Entertainment, Media & Communications Law Section of the Canadian Bar Association. He is also an active member of the Information Technology Association of Canada and the International Committee of the Antitrust Law Section of the ABA. David is involved in a number of community and charitable endeavors, including the March of Dimes, Plan Canada and the Run for the Cure. He is a board member of the Sir Ernest MacMillan Memorial Foundation.
Ruth Fisk has 25+ years' experience working within the insurance industry, including 14+ years as a manager at a Property & Casualty Carrier. Her primary responsibility as a manager was to improve overall operational efficiency and to reduce expenses. During her tenure, Ruth also managed several high-profile corporate projects.
A foremost expert on the practical application of EDMS technology within the insurance industry, Ruth has helped numerous insurance companies globally to implement Enterprise Content Management solutions within their organizations. As an insurance industry specialist, Ruth has consulted for several insurance organizations around the world and successfully helped them to significantly reduce operating expenses and increase efficiency, which has resulted in enhancing their bottom line.
Catherine Kargas, a business strategist with 25 years of consulting experience, has worked with clients in both the P&C insurance and transportation industries. She is Vice President at MARCON, a research and strategy consultancy, Chair of the Board of Directors of Electric Mobility Canada and founding member of the Transportation Evolution Institute.
Catherine advises private and public organisations on mobility business models, including on how to prepare for and seize the opportunities presented by the emergence of new industries and technologies, including driverless vehicles.
Donald Light is the Director of Celent's Americas Property/Casualty Insurance Practice. His coverage areas include: technology and business strategy, transformative technologies such as digital strategy and the Internet of Things, new business and underwriting, policy administration, claims, M&A due diligence.
His recent consulting work includes: developing a strategic IT plan for a specialty insurer, vendor selection advisory work for rating, policy administration, and claims; a build vs. buy analysis for core systems; and several due diligence projects for acquisitions.
Mr. Light is widely quoted in the press and media, including the Wall Street Journal, the New York Times, the Financial Times, the Economist, NBC Nightly News, CBS Evening News, CNBC, and National Public Radio.
He is a frequent presenter at industry conferences including those sponsored by ACORD, LOMA and IASA.
Prior to joining Celent, Mr. Light was an insurance subject matter expert with Sapient and for his own firm Donald Light Consulting, where he advised senior managers at major insurers and other financial institutions. He has also held a senior research position in Allstate's Research and Planning Center.
Mr. Light has a B.A. in economics from Princeton University, and an M.B.A. from the University of California, Berkeley.
Heather McLachlin, President of Cowan Insurance Group, has more than 20 years in the financial services and insurance industry. Accountable for strategy and operations for Cowan Insurance Group, one of the largest independent insurance brokerage and consulting operations in Canada, she is a collaborative leader who has earned a reputation for results through building strong teams, and a client focused approach.
Heather has extensive expertise in leading strategic transformational change, business development and sales management, corporate marketing and communications and human resources. Under her leadership, Cowan Insurance Group has been named one of Canada's Best Managed Companies in 2012 and 2013, and recently was named one of Canada's top 10 brokerages for 2014 by Insurance Business Canada Magazine.
Previous to accepting the role as President at Cowan Insurance Group, Heather was most recently at The CUMIS Group where she worked in a number of progressively senior roles including Vice President Business Development and Partnerships, Vice President Corporate Marketing and Vice President Direct Marketing and Distribution.
Heather holds an Economics Degree from Wilfred Laurier University and has successfully completed executive management programs at both the Queens School of Business and the Disney Institute. She is on the Council of Advisors Committee to the President of Wilfrid Laurier University, serves as an active member of the International Women's Forum and is a member of the Langs Chair's Innovation Council. Heather was also the past chairperson for the Canadian Global Women's Leadership Initiative, a not for profit foundation in support of women in developing nations and a former board member of the Canadian Cooperative Development Foundation. She is an avid skier and golfer and serves on the Board of Directors at Boler Mountain Ski Club in London Ontario.
Peter Pleckaitis leads the Customer Experience & Strategy team in IBM's Interactive Experience organization. Peter works with clients to generate business models and launch new business to capture the benefits of disruptive technologies such as mobile, cloud, big data and social.
He brings significant experience in advanced campaign delivery systems, performance management and executional change management. Peter also brings deep expertise in driving improvements in all life-cycle stages, customer retention, as well as identifying cross-sell and up-sell opportunities.
Peter joined IBM in 2013 and has served in marketing and brand executive roles in the telecom, hospitality, and media industries.
He was Managing Director at TSN where he was awarded a Gemini Award for High Definition Television; as Chief Marketing Officer at Fallsview Casino and Resorts where they adopted the Harrah's Segmentation and Life time value model; and the National Basketball Association where as an executive marketing advisor to the League Commissioner he worked with IDEO to redefine the fan experience across all channels for all franchises.
Jim is responsible for the global deployment of the Salesforce.com CRM and Chatter solutions within the AIG Property and Casualty business group. He leads the Salesforce.com Center of Excellence (COE), which is comprised of business and technology specialists who work closely with all levels of management to develop strategic objectives as well as complete delivery responsibility for implementation and user support. AIG is one of the largest Salesforce.com clients with over 30,000 users worldwide. The Chatter solution has been deployed to all members of the organization to facilitate knowledge sharing and enable virtual team collaboration.
Prior to his current assignment, Jim was responsible for implementing the technology platform related to the AIG commercial multinational book of business. In this role, he implemented global placement applications that were responsible for supporting the end-to-end business process related to complex risk transfer and risk management solutions provided to global multinational accounts.
Jim is an active member of the Salesforce.com community. He served as a co-founder of the Salesforce insurance industry group and is a frequent speaker at Salesforce-related events.
Jim graduated from Baruch College and holds an MBA in finance from the Stern School of Business, New York University.
Doug Grant has been helping the insurance industry in Canada make effective use of technology for many years. From a business-impact and application perspective, he has helped individual companies and cross-industry groups in both Property & Casualty and Life insurance.
The progress of technology from the the basement computer room to the desk-top terminal and PC, to portable laptops to smartphones and tablets and now BYOD has been a fascinating journey. Processes extended to business partners through connected systems has continued to improve efficiency and timeliness.
The web brought the customer directly into the equation. Social functions have enabled new levels of connectedness, triggering the current focus on customer experience and engagement, which can paradoxically both enhance loyalty and increase freedom of choice.
Doug is a founding partner in Insurance-Canada.ca, a leading Canadian Insurance resource centre for consumer and insurance professional alike. He organizes and hosts regularly scheduled Insurance-Canada.ca conferences and other events.
Married with two sons, Doug is a recent migrant from house to condo (too much stuff – not enough space), both in the heart of downtown Toronto.
Patrick has more than 25 years of experience enabling technology and electronic commerce in the insurance and risk management communities. Patrick is a Founding Partner of Insurance-Canada.ca, Inc., the premier source for Canadian information on insurance & technology.
Patrick currently serves as Insurance-Canada.ca's Director of Products and Services, and sits on the company's Advisory Board. He edits the Intersection, Insurance-Canada.ca's blog, produces and hosts on-line and in-person events, and develops bespoke offerings for Insurance-Canada.ca's clients.
Throughout his career, Patrick has held senior management positions with insurance companies, distributors, consulting firms, and technology solution providers. He serves on boards and committees of various industry associations.
Patrick authors articles for leading trade publications and has spoken at insurance and technology conferences in Canada, the US, UK, Europe, and Bermuda.