Insurance-Canada.ca Technology Awards

2022 Insurance-Canada.ca Technology Awards

Discover the winners on June 22 in a virtual ceremony  |  Follow on Twitter: #ICTA2022

(Jump to: Purpose; Eligibility; Publishing Descriptions; Criteria)

Nominations have closed. Details of each nomination will be posted through April and May and featured in the Chronicle newsletter. Join us on June 22 to discover the winners in a virtual ceremony! In the meantime, browse past ICTA winners.

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, disruption, 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.

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 2022 ICTAs will be presented on June 22nd in a virtual ceremony.

Purpose

To celebrate organizations in the Canadian Property and 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 in Canada. All areas of the business are eligible: product development, distribution, policy administration, claims management, etc.

New for 2022:

Previously those who provide products and services to insurance could be recognized either:

  • through the nomination of an insurance practitioner; or
  • through their own use of technology in support of the product or service they offer.
  • Those two options continue.

    New: Now they can nominate themselves on the basis of the product or service they offer using a separate nomination form. (Please note, a customer reference is required.)

Eligible Businesses

Note that the nominee must use the technology for the processing of their insurance business. If in doubt, please ask for clarification. Eligible organizations include:

Insurance Businesses:

  • Insurers — companies licensed to underwrite business in Canada (including reinsurers).
  • MGAs — underwriters which do not carry the risk.
  • Distributors — companies licensed in Canada to distribute insurance underwritten by one or more insurers in Canada.
  • Suppliers — companies that supply insurance-related services (data, information, restorations, repairs, BPO, premium financing, underwriting or claims services, etc.) to Insurers and Distributors in Canada.
    * This nomination is for the technology the Supplier uses itself.

Other Providers nominated for their product or service:

  • Those businesses which offer a product or service to insurance businesses but do not use that product or service in their day-to-day business. (See "New for 2022" above.)

Publishing the “Business Use of Technology” Descriptions

The ICTA nominations represent many different uses of technology in support of the insurance business.

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 2022 ICTA Nominees. All nominations will be posted by the end of May.
  • 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.
 

2022 ICTA Sponsor:

Canadian Broker Network

The Canadian Broker Network is an alliance of leading independent insurance brokerages representing more than $1.5 billion in property casualty premiums as well as employee benefits and life and financial services, with over 50 offices across Canada and more than 1,500 employees. We give independent, employee-owned brokerages a unique way to grow and innovate their businesses by leveraging the collective wisdom, experience, and connections of our members.

Fiercely independent & proudly Canadian. For more information on CBN, including a list of our members, please visit canadianbrokernetwork.com.

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.

In order to have an assessment of the business impact, technologies should have been in production for a minimum of three months (i.e. debuting by January 1, 2022). 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 – smart phones & apps, advanced analytics, telematics – in creative and effective ways;
  • Deploying new technologies – drones, robotics, AI, machine learning, cognitive systems, 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.

 

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].