The Intersection - The Insurance-Canada.ca Blog

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 »

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 »