2024 Insurance-Canada.ca Technology Awards
Winners were announced at the 2024 Technology Forum in Toronto
Follow along with the conversation: #ICTA2024
(Jump to: Purpose; Eligibility; Publishing Descriptions; Criteria)
Nominations have closed. The details of each will be posted and featured in the Chronicle newsletter during the lead-up to the awards ceremony on February 27, 2024, at the Insurance-Canada.ca Technology Forum in Toronto.
The ICTAs
Technology has become an integral part of our lives and our businesses even as it evolves at an ever-faster rate. Insurance industry practitioners – insurers, brokers, claims services providers, providers of other insurance services – have made innovative and beneficial uses of these technologies to respond to customer expectations, to gain efficiencies, to improve customer, partner and employee service and to become more competitive.
Innovation and InsurTech have contributed to an increasingly digital and customer-focused insurance ecosystem. New risks – cyber, climate, crypto, etc. – are being addressed. New approaches include on-demand, parametric and embedded insurance. New practices – continuous underwriting, greater personalization – are being implemented.
The Insurance Canada Technology Awards – or “ICTAs” – highlight and celebrate the use of technologies that impact insurance. They have been awarded annually since 2010, usually at the Insurance-Canada.ca Technology Conference.
The 2024 ICTAs will be presented on February 27 at the Insurance-Canada.ca Technology Forum in Toronto.
Purpose
To celebrate innovation by organizations in the Canadian Property & Casualty Insurance industry whose implementation and use of technology shows a significant impact on a process or group of processes used in the marketing, sale, processing and servicing of insurance within their business in Canada – in other words innovation with a technology component. All areas of the business are eligible: product development, distribution, policy administration, claims management, etc.
Why Nominate?
Submit a nomination and get published! (Details below)
- Demonstrate your innovation and progress;
- Reward your team;
- Reinforce your brand;
- Inform a broader audience.
Get Published
In order to provide more visibility for the nominees, their partners, and the usage of technology, two things will be published for each qualified nomination:
- The “Executive Summary” will be published in the list of 2024 ICTA Nominees.
- An “Application Brief,” consisting of the “specific business uses of the technology” combined with the “business impact of the technology,” will be published and referenced in the Chronicle weekly newsletter, where permission has been granted to do so.
Publication of the uses of technology will enhance the awareness of not just what can be done, but some of the interesting ways that technology is being leveraged.
Eligible Businesses
*New for 2024*: This year there are two distinct categories of ICTAs:
- Insurance practitioners: Those businesses which “do” one or more process steps in the transacting of insurance business, using their own rules and processes.
- Technology and other providers: Those who provide – even run or manage – technology or produce generic data for insurance practitioners.
2022 ICTA Sponsor:
Award Criteria
The primary criterion for all awards is the positive impact that a specific technology or application of technology has had on business. The impact will be judged relative to the investment made. A small application may have a large relative impact, while a huge implementation may not have so great an impact.
This application of technology should be relatively new to reflect current innovation, but should also have been operational for a while to have some assessment of the business impact. It should have been implemented and operational after January 1, 2022, and by September 1, 2023. Examples include:
- Integration of technology to reduce costs, improve service, or streamline processes;
- Utilization of technology that enhances customer satisfaction;
- New approaches to helping customers manage risk;
- Offering new or improved self-service functions;
- Increasing the scope of embedded, parametric or on-demand insurance;
- New approaches to identifying or preventing fraud (analytics, AI);
- Participating in or developing an ecosystem;
- Applying technologies – mobile apps, advanced analytics, telematics – in creative and effective ways;
- Deploying new technologies – drones, robotics, AI, machine learning, generative AI, etc. – to improve your business;
- Use of technology to create new or differentiated products (Internet of Things, sharing economy, cyber);
- Development of technology that serves a need not previously served by technology within the industry;
- Leadership within the industry or a subset on the development of standards or practices for the utilization of technologies (industry associations, user groups, etc.);
- Integration of new data into the claims or underwriting and rating functions.
Get Started Making a Nomination
See our ICTA Nominations page for nomination details and application forms.
Make a Nomination
Nominate an application of technology in your business, in another business or with another business or two, make a group nomination.
To get started, or for complete details about eligibility criteria, visit the ICTA Nominations page.
Past Winners
See our ICTA Winners page for the results of prior years.
Questions?
If you have questions about eligibility or nominations, please contact [email protected].
