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Fintech seen as the biggest disruptor for financial institutions, but effective strategies are lagging

57 percent of financial institution respondents say fintech is the greatest source of disruption, and only 46 percent say their institution has a fintech strategy in place: KPMG global report Toronto, ON (Oct. 18, 2017) – As emerging technologies disrupt traditional financial services value chains, many institutions are lagging in implementing effective strategies, according to Forging… Read more »

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U.S. Insurance CEOs Optimistic About Industry Growth, Look to Disrupt Sector

57% of insurance CEOs see technological disruption as an opportunity rather than a threat, 82% looking to disrupt the sector rather than be disrupted by competitor: KPMG 2017 U.S. CEO Outlook study Toronto, ON (Sept. 11, 2017) – The majority of U.S. insurance company CEOs (79 percent) are confident about the growth prospects of their… Read more »

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Is UBI Facing A Future That Isn’t UBI?

For the last decade, insurers have sought to change automotive underwriting by relying on real data from vehicles, rather than using proxies such as drivers’ estimates of mileage driven, traffic tickets, and accidents. However, as the industry in poised for rapid expansion, a leading expert is suggesting that it is already a failure. But there… Read more »

Autonomous Vehicle Technology Could Shrink Auto Insurance Sector By 71 Percent By 2050 And Radically Change The Type And Amount Of Insurance Sold

Shifting Driving Risk to Auto Manufacturers and Rapid Adoption of Mobility-on-Demand Will Have Significant Impact on Insurance Business: KPMG Report New York, NY (June 28, 2017)  – Autonomous vehicle technology could shrink the auto insurance sector by 71 percent or $137 billion by 2050, according to new research by KPMG, titled The Chaotic Middle: The Autonomous… Read more »

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2017 – Dance with the Hippo or Sharpen Solomon’s Tool

A few days of rich food,  Big Bang Theory bingeing,  naps at all hours, and random acts of work can produce some interesting perspectives, one of which is that 2017 is likely going to shape the next generation of insurance processes, distribution, and product. And size will matter, but in a new way. Dancing with … Read more »

Is Distribution a Second Thought In Insurance Innovation?

With all the high pitched noise about digital innovation and resulting disruption, the distribution side of insurance has had less attention in North America, other than to assume that agents and brokers could be left on the side of the road.  There are exceptions, however, and I’d like your thoughts. Digital is capturing people’s attention… Read more »

Innovation in Insurance: A Cautious Imperative?

The innovation discussion is permeating the insurance industry. But beyond the talk, data suggest that, as an industry, we would prefer to be cautious in innovation development and deployment. Some would say  that “cautious” and “innovation” don’t fit in the same sentence. But perhaps this is just the way of insurance. I would appreciate your… Read more »

Consumers’ Views of Digital Insurance Distribution Strategies

Digital distribution is a hot topic for insurers. The advent of new digital options, combined with new potential competitors, has increased the volume of discussion. In our experience, much of this is internally focused, with consumer preferences represented by personal preferences of insurer staff. We recently came across a white paper which focused on consumers’ views… Read more »

How to Improve Success in Business Transformation

With all of the disruptive factors at play, ‘business transformation’ has become a strategically significant topic. This is healthy, demonstrating that senior leaders are aware of existential challenges. Commentators suggest that while there is a general understanding of the requirements and processes involved in business transformation, several factors are causing a relatively low rate of success, including: underestimating the… Read more »

Analytics In P&C Insurance: Is a Good Start Good Enough?

A new report from two senior analysts at SMA suggest that P&C insurers have made a good start down the analytics road.  The question is:  will this be good enough to remain competitive given the pace of adoption by present and potential competitors?  A second report, focusing on the broader Financial Services community, puts perspective… Read more »