Insurance-Canada.ca - Where Insurance & Technology Meet

Here, There, and Everywhere: Artificial Intelligence in P&C Insurance

By Mark Breading, Partner, Strategy Meets Action Boston, MA (Nov. 14, 2017) – Artificial intelligence (AI) is a term for a very broad array of technologies that mimic human cognition and activities; they can also discover patterns and relationships that go beyond anything humans are capable of. Depending on your view, AI will either be… Read more »

InsurTech Is Triggering Transformation in Personal Lines

Boston, MA (Oct. 4, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, InsurTech and Personal Lines: Examples, Use Cases, and Implications. The report analyzes the current state of the InsurTech world by assessing approximately 600 startups that SMA has identified as relevant for personal… Read more »

If Digital Is Urgent, How Do We Play It?

InsurTech (Insurance Technology)  is a hot topic in the insurance community these days.  But how significant is this trend and how urgently do we have to respond?  We think that the recent  Insurance-Canada.ca Executive Forum (ICEF2016)  provided insight. What do we do and, when do we do it? Writing in PropertyCasualty360, PwC analysts, Jamie Yoder… Read more »

Is CRM Realizing its Potential After 3 Decades?

Customer Relationship Management (CRM) offers users the potential to be more disciplined in marketing and selling products and services.  It was embraced early by insurance carriers.  However, after three decades of less than inspiring results,  is there a reason to keep CRM alive? If at first it looks like success …. One of the first… Read more »

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Latest Stakeholder in Major Systems Projects? The Consumer

Before final sign-off on major projects, senior executives usually extract promises (accompanied by career-limiting threats) from the project manager or executive sponsor to the effect that the company will not have to repeat the exercise for many years. What would happen if the response was “Actually, we’ll have to check with our policyholders first”? Becoming… Read more »

Is Integration the Weakest Link in Systems Modernization?

Systems modernization projects continue to occupy the lion’s share of IT time, resources, and budget in many insurance organizations. Two oft-cited reasons for these initiatives are (1) to respond to business needs for rapid access to more and better data, and (2) to support new, customer-facing applications. Several recent reports suggest that there is a… 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 »

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 »

“Analytics” is Plural for a Reason

The use of anlaytics to understand data is clearly a hot topic in the insurance community these days.  Those who have not taken steps to begin to use analytic tools are being warned that they are behind the curve already.  A recent white paper notes that successful implementation of an analytics program is a non-trivial… Read more »

Analytics Investment Increasing for Business Generally, Insurers Specifically

At the beginning of this year, we identified analytics as a mega-trend which we felt would be an overarching priority in 2012.  A couple of recent reports show that we seem to be on the right track, if spending is any guide.  We’re interested in knowing whether analytics is a priority for you. A recent… Read more »