The Intersection - The Insurance-Canada.ca Blog

Data & Analytics: Going to the Core of InsurTech

In less than 2 years, ‘InsurTech’ has become a topic du jour for insurance and technology professionals. But much of the discussion focuses on ease of use and engagement; it misses some critical fundamentals. Fortunately, there is an opportunity to find the mix of externals and internals creating the magic. Ease of use is getting… Read more »

AI: The Computing We Always Wanted?

With all of the discussions about InsurTech, Disruption, Innovation, Artificial Intelligence (AI) may  be poised to slide in seamlessly and radically change how we do business.  Are we realizing what we thought computing should be? Where is AI now in insurance? We are already seeing implementations of AI.  Lemonade, which is bringing a new model… Read more »

InsurTech, AI, and the Future of Work: On Offer in 2017

The beginning of a new year is fertile ground for making projections. However, having been hoisted by this particular petard previously, I am retreating to safer ground, and simply noting two trends. I won’t predict where these will take us, but leave it to discuss as the year reveals its true colours. Chaos takes form… Read more »

Is Big Data Working in Insurance?

Editor’s note: The Intersection blog focuses primarily on the property & casualty insurance business in Canada.  However, we occasionally take stock of interesting insights relating to other parts of the insurance community and other parts of the world, as we did here. Big Data has become a big buzzword, particularly in the insurance industry. It… Read more »

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Do We Define Digital, or Does Digital Define Us?

The ‘Digital Insurer’ is getting a lot of ink in the trade press these days.  Numerous benefits emerge by applying digital to conduct the business of insurance.  But the same construct is also finding its way into the popular press, with less sanguine implications.  Are we facing a circle in need of squaring? Digital is… Read more »

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 »

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 »

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 »

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 »

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 »