Insurance-Canada.ca - Where Insurance & Technology Meet

InsurTech and Insurance, a Match Made in Where?

The relationship of insurance and technology has had its low moments in the past. However, the entree of ‘InsurTech’ is demonstrating that Insurance and Tech can work well together. Moreover, the relationship may be mandatory. Can we do this without starting a war? What do insurTechs think about taking a position in insurance? Noting that… Read more »

Organisations are failing to prepare effectively for cyberattacks

Leadership commitment, resilience and collaboration critical to success: PwC Forty percent of survey respondents cite the disruption of operations as the biggest consequence of a cyberattack, followed by the compromise of sensitive data (39%), harm to product quality (32%), and harm to human life (22%). Forty-four percent of the 9,500 executives in 122 countries surveyed… Read more »

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Insurance Banana Skins 2017

What are the top risks facing the insurance industry? #insurancebananaskins Toronto, ON (Sept. 14, 2017) – PwC and the Centre for the Study of Financial Innovation (CSFI) have joined forces to gather responses from senior insurers and close observers of the financial scene to learn what they see as the biggest threat. The 2017 Insurance… Read more »

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Cyber Risk: The Mother of Innovation

“Jazz is not dead. It just smells funny.” – Frank Zappa For the last two decades, insurers have introduced products, which are intended to respond to cyber risk. However, the offerings seem to lag behind the technology risks. As we enter the new era of the Internet of Things, the risks will expand exponentially, but… Read more »

Innovation, Integrity, Fintech: Pick 2?

When we hear of ‘innovation’ these days, the odds are pretty good that there is new technology behind it. The question now is whether the technology innovation can maintain integrity while scaling rapidly, especially for financial services. Technology is a critical part of daily life In a recent blog post, Mark Breading, partner in the… Read more »

What role will insurance play in the Sharing Economy Theatre?

The “sharing economy” (code for disruptive services such as Airbnb and Uber) is catching on with high consumer acceptance.  Governments are setting a stage which will allow consumers easy access to these new services.  Insurance will play a key role as well.  Our question is:  Will we be wearing a white hat or black hat?… Read more »

Threats, Opportunities & The Future of Insurance

We normally write about technology’s impact on the process of insurance.  However, respected analysts and practitioners suggest that the cause / effect relationship between  technology and the business of insurance is blurring.  We cite examples below and are developing a program which will explore this further at the Insurance-Canada.ca Executive Forum (ICEF2015) on August 31, 2015. PWC’s… Read more »

Big Data: On Carts, Horses, Lamborghinis, and Executives

Big Data is a hot insurance topic these days. The capability to use Big Data could even be a fundamental anchor for future profitability. But early forays are suggesting that there are big risks around getting lost in the process. Executives need to create a way to put the cart and horse in the right order…. Read more »

Brokers: Where Will You Take Cyber Risk?

In planning for the 2015 Insurance-Canada.ca Technology Conference, my IT and Underwriting friends tell me that cyber risk is a hot topic.  For sure, there is a fair amount of discussion in the insurance and IT trade press.  However, in talking to a few organizations who are actively developing/delivering these products, I hear that there… Read more »

Core Modernization: Standard vs Bespoke Implementations

A large proportion of insurers are either planning or executing replacement projects for core business systems. The majority of these center around the soon-to-be “new” policy administration system (PAS), targeting the needs of internal users. After all, underwriting and policy issuance are really the core activities of insurance companies, aren’t they?  And internal efficiencies are… Read more »