Insurance-Canada.ca - Where Insurance & Technology Meet

AI: The Computing We Always Wanted?

With all of the discussions about InsurTech, Disruption, Innovation, Artificial Intelligence (AI) may  be poised to slide in seamlessly and radically change how we do business.  Are we realizing what we thought computing should be? Where is AI now in insurance? We are already seeing implementations of AI.  Lemonade, which is bringing a new model… Read more »

Analytics Getting Operational In Intelligent Claims Processing

Analytics capabilities are seen by insurers as essential tools for intelligent claims handling, so much so that technology suppliers are moving to embed analytics offerings within claims administration systems.   Two leading experts, while underscoring the value that analytics can bring to claims handling, offer a cautionary note about over-reliance on silicon tools to the exclusion… Read more »

Big Data and Core Systems: Is Co-existence Possible?

Big Data is making the news in all sorts of ways. It is being used by actuaries and underwriters to fine-tune selection and become more precise in pricing. It allows claims examiners to detect fraud patterns and lower costs. Marketers can predict patterns of consumer behaviour from Big Data to tailor campaigns to increase sales. Does… Read more »

Data Analytics and Understanding: Strategies for Balanced Growth

There’s an old story that goes something like this:  The CEO has commanded that all decisions have to be backed by solid market information.  This causes a parade of people to form outside the IT VP’s door looking for data and information.  After getting tired of providing the same answer, the overworked exec puts up… Read more »

Analytics Goes Operational From Quoting to Claims

Increasingly, insurance-related analytics is moving from the purely analytic to real-time operational for leading insurance organizations and new-comers to the industry. The impacted areas range from from prospecting and conversion to claims handling including fraud management. And the anticipated results are impressive. Analytics for Fun and Prospects (Is That A Zebra In My Quote?) On… Read more »

Bridging the Gap to Big Data and Analytics

At a recent meeting of the Insurance 2023 Group, one of the members suggested that Analytics was going to create a divide between the “haves” (those insurers/brokers which have access to and understanding of data and analytic tools) and the “have-nots.” There seems to be a gap already forming. Fortunately, there is an opportunity to… Read more »

How Do Consumers Want To Be Served? Do We Know, or Think We Know?

“How may I help you?” It seems like an innocent enough question, but our success going forward  may depend on knowing the correct answer for each prospect or customer we serve.  Specifically, we need methods to understand each consumer’s attitude about how much of his or her personalized information we can (or cannot) use. This… Read more »

Is Privacy Dead, or Does It Just Smell Funny?

In the waning year of the 20th century, a technology leader famously said that privacy was an artifact that should be left in the past.  The response was strident.  Fast forward a decade and there are new data that indicate that privacy is not so much a right as a commodity to trade.  Is this… Read more »

Analytics: The New Competitive Landscape Differentiator

There is increasing evidence that intelligent use of data – to gain understanding and to anticipate results – is becoming the foundation for success in the new landscape of insurance.  A number of experts in the area will be presenting at the 2012 Insurance-Canada Technology Conference  on March 5, 2012 in Toronto. As reported in… Read more »

Insurance Telematics Reality Check: It Really is Gaining Momentum

We identified telematics – the use of integrated technologies in vehicles – as a trend for Canadian insurers in 2012.  Several recent reports are suggesting that the trend is gaining momentum, and a tipping point may have been reached. Phil Gusman recently reviewed  a Celent report, entitled “Telematics-Based Insurance: Has Its Time Finally Arrived?” in… Read more »