The Intersection - The Insurance-Canada.ca Blog

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 »

Operationalized Customer Experience: On the Horizon?

The last two decades have not been kind to insurers. Sources of pain range from a continuing soft market and falling interest rates to regulations and judicial rulings that increase costs or limit revenues. Insurance marketers have sought strategies that could increase competitive advantage and improve profitability. One such strategy is ‘Customer Experience.’ Will this… Read more »

Customer Experience as an Ecosystem: New Opportunities, Old Bugbears

Customer experience (CX) is becoming critical as insurers and brokers look for ways to maintain and grow relationships. One aspect that is less understood is the relationship the client has with other providers. Getting a larger perspective on the ecosystem offers a broader landscape with which to work but can be challenging to operationalize. The… Read more »

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 »

Insurers: Are You on the “Digital Expressway” Wave? (Part 2)

In my last post on this blog, I raised the question of whether insurance is catching the wave that Alvin Toffler described a quarter century ago and making a move onto the digital expressway; I put forward some thoughts on brokers. Today I want to turn to Insurers. Customer focus remains the driver, with a… 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 »

7 Essential Technologies for Engaging Insurance Customers

You got the email. “We need to improve our customer experience. Our conversion and retention numbers are down. What can you do?” In fact, you got several emails and briefings from marketing and line-of-business leaders, and you were copied on a complaint from a key producer citing frustrated policyholders. You know what it will take,… Read more »

Peer-to-Peer Insurance: Something Old, Something New

At a recent social event, a GP physician asked me what business I was in. When I told him insurance and technology, his eyes widened and he asked an unexpected question: “What do you know about peer-to-peer insurance?” I told him it was becoming a hot topic in my world, and he surprised me again,… Read more »

360° Customer View: You Can Look, but Can You Touch?

Like the lives of so many celebrities and reality-show families whose relationships and daily interactions are splashed across our screens, insurers’ views of their customers present the same frustrating dilemma: sometimes they want to try to reach into the customers’ world to help influence decisions. But, just like on TV, it seems today’s insurers can… Read more »

Latest Stakeholder in Major Systems Projects? The Consumer

Before final sign-off on major projects, senior executives usually extract promises (accompanied by career-limiting threats) from the project manager or executive sponsor to the effect that the company will not have to repeat the exercise for many years. What would happen if the response was “Actually, we’ll have to check with our policyholders first”? Becoming… Read more »