The Intersection - The Insurance-Canada.ca Blog

Insurance Going from Evil to Good: Is there an App for That?

Sixty-one years ago tomorrow, Sun Life Insurance took out an advertisement to provide high points of its annual report. In the ad, a box provided commentary, with the heading, “The Miracle of Life Insurance.” While this sounds arcane today, it might be making a reprise in P&C insurance, thanks to Insurance Technology (InsurTech). Fintech is… Read more »

Insurers: Are You on the “Digital Expressway” Wave? (Part 2)

In my last post on this blog, I raised the question of whether insurance is catching the wave that Alvin Toffler described a quarter century ago and making a move onto the digital expressway; I put forward some thoughts on brokers. Today I want to turn to Insurers. Customer focus remains the driver, with a… Read more »

The Transforming Insurer: Competing in a Post-Modern World

Insurers have spent significant time and money updating processes and modernizing core business systems. What happens if modernization is only table stakes? According to leading analysts and practitioners, competitive pressures are increasing, coming from traditional and non-traditional suppliers. Their competitive advantage?  Transforming the enterprise to meet the demands of customers. How we got modern …… Read more »

Brokers: Are You on the “Digital Expressway” Wave?

In his books Future Shock (1970) and The Third Wave (1980), Alvin Toffler noted the rapidity of change and the emergence of the information age. Today we are experiencing technology-enabled change as described back then. Question: Is insurance catching the wave and moving quickly onto the digital expressway? Based on the 2016 Insurance-Canada.ca Technology Awards… Read more »

Where will Standardization Fit in a Flexible Product World?

Standardization has been a holy grail for as long as I have been involved in insurance technology. However, competitive pressures are challenging this goal. While standards are required in parts of the insurance process, these may become deeply buried in technology, allowing flexible implementations. There have been good reasons for adopting standards For example: When… Read more »

Developing the Aviva Ride-Sharing Insurance Coverage: Untying the Customer

Since Aviva announced its new coverage for ride-sharing services, several commentators have suggested that this solves problems for ride-sharing companies such as Uber. But what does it do for Aviva, its customers, and its distributors? The answers are both simple and profound. Tying customers up in knots? Jason Storah, Executive Vice President of Broker Distribution… Read more »

Just in Time, Lean Insurance: Why and How

There is no doubt: we are living in volatile times that are impacting products, services, and processes. Technology is breaking down barriers and re-defining business models. Many sectors are adopting and embracing change. However, leading analysts believes that insurance has been an outlier. But there are opportunities to change that. What are the changes and… Read more »

2016 – Digital, Analytics, and Mother Earth will not be Ignored

There’s a lot going on, and when the present is so busy it’s hard to look long-term. That said, I believe there are three trends we will not be able to ignore in 2016:  Digital, Analytics, and Mother Earth. I want to share my thoughts with you in print now, and in person later. Digital… Read more »

Insurance: A Reversal of the Disruptor Role?

My nomination for most overused word for 2015 is ‘disruption’ (along with its cousin, ‘Uberize’) with respect to insurance.  I believe this word is used too casually, given that innovation is inherent in the insurance construct.  Could we be creating a reversal of roles?  I’d be interested in your thoughts. Of course, disruption is real … The… Read more »

Unleashing a $10,000 FinTech Hack: Who Are the Winners?

A few weeks ago, I attended my first hackathon.  As a somewhat jaded grey head, I went in with a bag full of expectations.   Some of these expectations were validated and others were corrected.  Most significantly, there were expectations that I didn’t have that were exceeded. Why a hackathon? The hackathon – named “Unleash Toronto:… Read more »