The Intersection - The Insurance-Canada.ca Blog

Is Insurance the Future of InsurTech?

InsurTech is the hot topic this year, and for good reason. In the effort to improve consumer engagement, InsurTech’s new technology-driven construct is showing value. But can we envision base insurance principles being stretched in service of modernity? Customer Experience – Oxymoron or What? Having worked in the industry for a while, I can say… Read more »

Home Insurance: Engagement Rising Through Collaboration

When I started working in the insurance industry, a very wise (if somewhat cynical) colleague gave me his analysis of the product: “Insurance is dead simple, but trained professionals have spent 300 years making it impossible to understand.” This could be a theme which explains – and which caused – a current disruption trend. What’s… Read more »

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 »

IoT as a Virtual Risk Manager

The Internet of Things (IoT) has gone beyond a passive monitor of activities to become an intelligent nervous system for the world of devices and people. As a result IoT could be the largest opportunity for improving the business of insurance. Last year, Aviva Canada introduced the “Home Protect Bundle” which included coverage that provided… Read more »

Could Claims Challenge Existing InsurTech Priorities?

While the majority of InsurTech activity leans towards marketing, underwriting, sales, and product service, there is growing interest in streamlining and improving claims reporting and adjusting. Could this mean that Claims disruption is on the horizon? Customer as examiner… Earlier this month, RDN – Repairer Driven News reported that Allstate will cease using the company’s drive-inspection stations… Read more »

23 Hours of InsurTech

Last week, we had a 23-hour opportunity to take stock in our readiness for the digital incarnation of insurance. As that time passed, we found some answers — and many more interesting questions. So we’re planning to do it again with a larger team of experts. Setting the pace and the place setting … Matteo Carbone, Founder and… Read more »

Borders and the Flow of Intelligence

Just after the last US presidential election, I posted a blog on the possible impact of US immigration policies on the tech industry in Toronto. Six months on, we’re finding that Toronto and Canada may be getting some advantage. I’d like your thoughts. Is this down to just one man? The Vector Institute – an “independent, non-profit research… Read more »

Notes On the Path to Insurance 2.0

In our last post, we noted the impact of derisking on the current insurance model. As technology lowers the probability of risks (with an attendant reduction of rates and premiums), we see insurance seeking new exposures and developing more engagement with consumers. This post turns to different elements in the new world. Going ‘Episodic’ Speaking… Read more »

Smart Canadian Insurers, Smart Homes, and Insurance 2.0

Canadian insurers’ interest in smart home technology is rising. At one level, this is providing new, cool insurance programs. At a higher level, this is a prototype of Insurance 2.0. Home, Dry Home … According to CB insights, Intact Insurance in April “became the latest insurer to invest in a smart home startup – water… Read more »

Are InsurTechs Defining the Next Generation of Enterprise Systems?

Since the mid-1970s, there has been a core group of suppliers who provide enterprise systems specifically designed for P&C insurers. The group changes periodically, with mergers, acquisitions, and new technology. However, the basic functions haven’t changed much. InsurTech may be the catalyst for disruption. Back in the day …. Insurers were one of the first… Read more »