The Intersection - The Insurance-Canada.ca Blog

MGAs Walking the Specialty Line

Managing General Agents are getting attention of late.  A recent study finds that the MGA channel is growing faster in commercial market production than the commercial segment generally.  It points to specialty lines as a key driver. An international MGA association cites the need for MGAs to leverage analytics / modern technology to maintain the success. Last,… Read more »

Why should insurers be interested in bitcoin? (Hint: It’s not about the money)

Bitcoin hit many business users’ radar screens in a quadrant labelled “Don’t even think about it.” It looked like a complex product, developed by geeks, that served the interests of  international criminals. We were in this camp until we learned that the best part of bitcoin doesn’t involve financial transactions and may solve some big… Read more »

Defining Insurance & Distribution 2025

What will insurance product distribution look like in a decade? I know three things: (1) it will look very different than it does now; (2) it will have high levels of customer service at the centre; and (3) I am going to listen carefully to some very smart people at ICEF2015 on August 31st. We… Read more »

CAA Insurance and ACE PRS: Future in the Present Tense

When we polish our crystal ball, some future trends for insurance and technology become obvious.  Recent developments in the Canadian P&C space demonstrate that some participants are transforming the future into the present at an impressive pace. We sat down with two such insurers recently, and thought you’d be interested in their thoughts. The tip… Read more »

If Suppliers Don’t Think Insurance is Innovative, Do We Care?

About two or three times a month, I have a technology supplier look at me, lower her voice, and ask, “is anyone in P&C doing anything innovative with technology?” Because of the frequency, I’ve had the opportunity to reflect on whether this is important. I’ll give you my answer, if I can get your thoughts…. Read more »

Emerging Auto Threats and Opportunities: In Conversation with Catherine Kargas

For the third year running, the Insurance-Canada.ca Executive Forum (ICEF2015) will feature Catherine Kargas, Vice President, MARCON leading an expert panel in exploring how upcoming changes to regulations and technological improvements will impact auto insurance over the next decade. Patrick Vice, Partner at Insurance-Canada.ca, interviewed Catherine for some additional background. Following is an excerpt. Vice:… Read more »

Data and Analytics: We Have Met the Enemy, and …

Insurers (and distributors) are seeking efficiencies and differentiation strategies.  One common approach is to become “data driven” in products, services, and customer service.  The siren song of increased market share and profitability emanates just around the analytics bend. The aspiration is laudable, but carries execution risks.  Fortunately, we already have the tools to move forward. Analytics… Read more »

Employment, Insurance, Technology: Can We Only Choose Two?

Since I started working with technology,  I have relied on an aphorism when talking with nervous non-technology folks: “Technology doesn’t really destroy jobs; it creates new ones.” I likely missed the memo, but this may have become a lie sometime over the last five years or so. Has technology become an insurance job-eater? Who’s shaking… Read more »

Threats and Opportunities in a Totally Connected World

How does insurance work in a totally connected world? Would the available data and expanded mitigation opportunities decrease risk, potentially lowering premiums? Or would we see new risk opportunities with increased value and exposures associated with connectivity (cyber risk, critical failures)? Stick around, the next decade will be informative. And you can get a preview… Read more »

Modern Technology, Muddling Through, and Insurance Management

Insurance decision-making has always been a vibrant mix of data / facts and personal experience / intuition. Question: Will the rise of powerful data analytic and inferential tools tilt the balance permanently? Scientific Management keeps getting more scientific Since scientific management principles were brought forward in the early part of the 20th century, there has… Read more »