The Intersection - The Insurance-Canada.ca Blog

Digital Insurance: What, Why, and How

‘Digital insurance’ is a hot topic within the P&C community. At a high level, consultants and practitioners can rapidly agree on the importance of ‘digitalization’. However, when we start developing and implementing a business case, definitions of the strategies and tasks get a bit murky. Two recent articles help focus on critical criteria. Why do Digital… Read more »

InsurTech: Threats or Opportunities for Insurers?

When traditional P&C insurers look at the world of InsurTech firms, there are two common reactions: InsurTechs are a flash in the pan: They have some slick customer interfaces, but not enough depth to be a lasting concern; InsurTechs will disrupt our business model: They will process the business with zero friction and take a… Read more »

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Will InsurTech Break Two Solitudes of Insurance?

An increasing number of  insurance practitioners are looking seriously at using InsurTech solutions for competitive advantage. At the same time, InsurTech suppliers are looking at our industry and developing solutions and constructs with little or no understanding of modern insurance. My spider sense tells me the ‘two solitudes’ approach – which has never worked particularly well – will continue… Read more »

Autonomous Vehicles – The Disruption Never Ends

As recently as four years ago, if you mentioned ‘autonomous vehicles’ as a serious alternative to traditional private passenger automobiles, there were good odds that you would be laughed at or threatened. That has changed, and the impact could be more disruptive than first imagined. It seemed straightforward at the time … At the first… Read more »

Telematics: A Larger Landscape

Telematics-enabled Usage-Based Insurance (UBI) has been slow in penetrating the traditional insurance market, causing some to dismiss the approach. However, the inexorable press of time is showing the larger significance of telematics. How do you see this impacting your digital strategy? It started out so simple… UBI has been around since the early part of… Read more »

Canadian Disruptions, Eh?

The theme for the 2017 Insurance-Canada Technology Conference on Feb.28 was “Disruption ⇒ New Realities, New Opportunities.”  I had the privilege of moderating two sessions, which demonstrated that Canadian insurance organizations are embracing the realities and creating opportunities. If you missed it in person, or want to visit it again, you will have the opportunity… Read more »

Pilots on the Disruption Path

The 2017 Insurance-Canada Technology Conference and The 2017 Broker Forum, have now come and gone. But their impacts remain. Over the next few weeks, I will reflect back on key elements. To the best of my knowledge, the first and the last speaker didn’t spend much time comparing notes. Yet these two were complementary pilots… Read more »

The Rollout of Automated Driver Assistance Systems and the Impact to Insurance Costs

Long available as high-end luxury vehicle options, Advanced Driver Assistance Systems (ADAS) are now offered on a number of 2017 vehicle models. For example, Toyota Safety Sense offers an ADAS bundle that will be included as standard on the majority of Canadian models starting with the 2017 model year. How is the insurance industry responding… Read more »

Increasing Policyholder Retention through Telematics-Driven Claims

Auto insurance has one of the highest Net Promotor Scores™ of any industry, yet nearly all auto insurers struggle to engage with their policyholders in a positive and constructive way. Telematics can play a significant role in improving engagement and improving claims management. Low engagement, combined with highly price elastic customers, leads to the insurance… Read more »

One Step Towards Customized Pricing

Location has an impact on individuals’ everyday activities. Choosing to take up residence far from work increases daily travel time and higher accident risk. Residing in a poorly lit neighbourhood increases the chances of break-ins. Living close to waterways entails flood associated risks. These variables have been taken into account for years when establishing the… Read more »