The Intersection - The Insurance-Canada.ca Blog

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 »

Fort McMurray, Insurance and Data: Hi-Tech supports Hi-Touch

During the second week in May, I attended a conference focused on the use of data in insurance. What I didn’t realize was that, quite apart from the formal agenda, I was going to learn the value of integrated data and analytic tools in catastrophic situations. On the banks of the Athabasca Fort McMurray, a… Read more »

Benchmark’s Experience with CARF Accreditation: Long Day’s Journey into Enlightenment

As a leading Independent Medical Examiner, Benchmark is committed to meet or exceed standards for quality and service. To this end, we committed to complete the Commission on Accreditation of Rehabilitation Facilities (CARF) accreditation process. The experience was enlightening and we thought we would share it with our community. What’s CARF? CARF’s mission is to… Read more »

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Are You (Digitally) Experienced?

Ok. Boomers, the title of this post is a not-too-subtle nod to Jimi Hendrix, and I will drag him in later.  Before I do, we’ve got to talk about the Digital Customer Experience.  At the end, I do want your thoughts on this. Can insurance be a digital ‘experience’? According to my reading of the… Read more »

Address Loss Containment and Security at the Same Time with a Change in Perspective

Insurers frequently struggle to come up with cost-effective and timely solutions for challenges that they know they need to address. In many cases, an outside or third party can help provide the needed help with little to no capital or operational expenses required from the insurer. All that is really required is a shift in… Read more »

Will Insurers Lead Transformation with the Internet of Things?

At the recent 2014 Insurance-Canada.ca Executive Forum, Donald Light, Director – Americas Property/Casualty Practice, Celent, gave an update on the progress of the Internet of Things and his view of the direction the IoT might give to the industry.  It is a bad news/good news story that — we think — needs careful attention. Do… Read more »

Baby Boomers’ Impact on Personal Injury Claims

Population demographics may soon play a major role in the way personal injury claims — particularly accident benefits claims — are handled in Canada.  The real question is, what can be done proactively to minimize the impact? Boomers drive on …. Canada’s baby boom is larger than that of most other G8 countries, and next… Read more »

Could Ontario Election Outcome Refocus Auto Insurers on Technology to Reduce Inflated Rates?

The June 12 election in Ontario was triggered by the New Democrats’ refusal to support their Liberal government coalition partner’s 2014 budget – in part, they claim, because of its failure to reduce auto insurance rates as promised. This plan is likely to backfire on the New Democrats and return everyone’s focus to the real… Read more »

Core Modernization: Standard vs Bespoke Implementations

A large proportion of insurers are either planning or executing replacement projects for core business systems. The majority of these center around the soon-to-be “new” policy administration system (PAS), targeting the needs of internal users. After all, underwriting and policy issuance are really the core activities of insurance companies, aren’t they?  And internal efficiencies are… Read more »

ICTC2014: Focus On The Core (Plus More)

Core Insurance Systems replacement will continue to be a major thrust for many insurers and brokers in 2014, according to virtually all insurance technology prognosticators (present company included).  Data suggest a majority of insurers are at various stages from planning to almost-completed.  Some projects are going well.  Others need some re-examination.  All can benefit from… Read more »