The Intersection - The Insurance-Canada.ca Blog

Should IT Risks Be Part of Corporate Governance?

According to a well-respected risk management and governance consultant, “IT risk” shouldn’t exist at the corporate governance level.  This seems to track with the philosophy that IT serves business needs.  However, prohibiting standalone IT elements from the board agenda entirely could be counter-productive in several critical scenarios.  I’d appreciate your thoughts here. Is “IT Risk”… Read more »

Is the Telematics Plateau Coming Early?

We’ve followed Telematics/Usage-Based Insurance (UBI) for some time now.  There has been significant progress, and there is an assumption that it will have a 25% market share over time. Of late, however, some folks are suggesting that UBI could plateau early just as other forces start to shape the next generation of automobile insurance. Usage-Based… Read more »

Can we Crack the Insurance Shopper’s Genome With Half the DNA Sequence?

Experts suggest that the consumer digital journey is similar in complexity to genome sequencing.  If that’s true,  why do segments of the insurance community feel that they can get all of the information they require with only half of the data that’s available? We’d like your thoughts on this. Earlier this month, two McKinsey & Company experts… 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 »

Supporting Data-First Enterprises: A Prelude to Distinctive Analytics

In one of his recent blog posts, Big Data: On Carts, Horses, Lamborghinis, and Executives, Insurance-Canada.ca’s Patrick Vice highlights the mixed points of views in various research reports and industry articles on the usage of big data in the insurance.  He poses the question: where are we now, is it ugly, is it hard –… Read more »

A Midsummer Musing on Millennials, Boomers, Technology, and Insurance

It is hard to underestimate the impact that ‘Millennials’ (born between 1980 and 2000) are having on business generally, and marketing specifically.  Every day we see exhortations such as,  “Millennials are a major target … Reaching them via digital is critical.” Interestingly, we might already know a fair bit about this demographic from personal experience…. Read more »

Only in Insurance: Can Analog be Accommodated in Digital?

Becoming digital is the holy grail these days.  Insurers look with envy at the likes of Uber and Amazon, which use digital to completely disrupt complex business by introducing digital platforms that suck up consumers with the elegance of  a finely tuned Dyson.  So why, then, is digital taking so long to catch on with… Read more »

Sponsors: Need a Plan B for Core Systems Modernization Projects?

A recent report from SMA provides an excellent outline of best practices for implementing modern core systems. As a bonus, and without explicitly saying so, the report also provides a safety net for the executive who has been appointed the project sponsor and who might find, at some point, that all is not going tickety-boo…. Read more »

A Different Side of Disruption: What Uber Could Learn from Insurers

It seems that “disruption” has been the word of the day for four years or more.   Some questions come to mind.  Do progressive, strategic managers see being disruptive as the sine qua non for success?  Also, is confrontation integral to being disruptive? I’d like to make a case for a collaboration as a balance… 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 »