The Intersection - The Insurance-Canada.ca Blog

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 »

Searching for Innovation in All the Wrong Places?

We all agree that innovation is the word of the decade (so far). But today’s version of innovation may require some humbling tradeoffs. Are you ready for this? Tell me if you’ve been here … It’s planning time and the executives have been spirited away to a 3 day retreat to finalize ‘The Plan’. The… Read more »

Should IT Risks Be Part of Corporate Governance?

According to a well-respected risk management and governance consultant, “IT risk” shouldn’t exist at the corporate governance level.  This seems to track with the philosophy that IT serves business needs.  However, prohibiting standalone IT elements from the board agenda entirely could be counter-productive in several critical scenarios.  I’d appreciate your thoughts here. Is “IT Risk”… Read more »

Too Much Going On? Too Expensive? This Could Be the New Normal

When we ask our IT colleagues how they are, the most frequent response is “Too Busy.” When we ask our Finance colleagues how things are going, a common reply is that “IT projects are costing a lot.” These aren’t necessarily new revelations, but we’re wondering if these symptoms indicate bigger changes coming. We’re going to… Read more »

Application Currency: A Modernization Parable

So there you sit, in the privacy of your own office, with a metaphorical brandy in one hand and a cigar in the other. It’s been a long and expensive journey replacing those core business systems, but finally, the Big Three — Policy, Claims and Billing — are all running on the latest systems.  Unquestionably… Read more »

Data vs. Data Governance? Chicken & Egg Dispute Resolved!

It looks like the egg comes second in one “Which came first?” argument. At least, that’s our read on a recent report by Celent, based on a survey of insurance companies on the topic of data governance. It seems that the Data chicken precedes the Governance egg by a long stretch. Our question to you: … Read more »

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Project Review – Think of it as an ‘Annual Physical’

In this post we look at the value that an external Project Review brings to a project. A project review is typically undertaken for two reasons: A project is challenged in some way and a review is needed to identify the problems and recommend solutions to resolve the problems. A project is not challenged in… Read more »

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Is Communications a Lecture or a Conversation?

Over the years, I’ve learned – sometimes the hard way – a deep respect for communication professionals in all aspects of business. I recently came across a report from the Project Management Institute (PMI) which quantifies the impact of communications on project effectiveness. This is important reinforcement for the role of communications. However, after looking… Read more »

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Modernization: An Option to Replacement for Insurers

In the last article, we discussed Application Modernization and the steps that should be taken to ensure a successful Modernization project.  In this article, we will discuss which systems are viable candidates for Modernization and the reasoning behind it. Regardless of company or industry, when considering application portfolios for modernization, only systems that hold valuable… Read more »

Insurance-Technology 4.0: Are We on the Cusp?

Since the dawn of modern business computing, there have been three major generations: business scaled computers, personal computers, and the Internet.  Each of these has had distinct characteristics and distinct implications for the insurance industry. A very wise mentor of ours refers to these as the ‘Generations of the Previously Unthinkable,’ due to the wide-ranging,… Read more »