The Intersection - The Blog

On People, Platforms, and Predictable Disruption

A recent report from Accenture provides an interesting synopsis of trends in the insurance and technology world, including some extremely important insights on the role that intelligence (real, not artificial) will have to play in order for insurers to stay viable and actively manage what Accenture calls “predictable disruption.” This Year’s Vision is “Predictable” This… 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 »

Selective Innovation: Reason for Celebration or Contradiction in Terms?

Criticizing insurers for their lack of innovation and technical progress has been a sport for at least 3 decades.  The most recent focuses on ‘digital transformation’.  The reality is that many insurers are very innovative, but not always focused on organizational transformation.  As an industry, are we missing the boat, or floating as best we… Read more »

Only in Insurance: Can Analog be Accommodated in Digital?

Becoming digital is the holy grail these days.  Insurers look with envy at the likes of Uber and Amazon, which use digital to completely disrupt complex business by introducing digital platforms that suck up consumers with the elegance of  a finely tuned Dyson.  So why, then, is digital taking so long to catch on with… 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 »

One-Stop Financial Shopping: Will We Find the Holy Grail?

In the news stories surrounding the purchase of State Farm’s Canadian operations by Desjardins General Insurance Group, I saw a phrase that took me back to my insurance roots: ‘One-Stop Financial Shopping’. Conceptually, this has strong appeal for all parties – insurers, distributors, and clients.  In practice, however, results have been spotty. I’m wondering if, in… Read more »

Insurance and The Internet of Things

Last week, we penned some thoughts on trends in insurance and technology for 2014. These included items which have received attention in this space and elsewhere: Modern Admin Systems, Cloud Technology, and Telematics/Usage-Based Insurance. We added in one that is just climbing out of the geeky world and hitting the horizon of business: The Internet… Read more »

Was Customer Relationship Management Killed, or Did It Just Change Its Name?

A quick scan of the journals suggests that the trend called Customer Relationship Management (CRM) – once the temple that held the Holy Grail of data – seems to have died abruptly in the late 2011.  Around the same time, the behemoth known as Big Data began its meteoric rise. Is this a case of… Read more »

Consurmerization of Insurance and IT: Who Are Your Role Models?

The focus on the consumer is nothing new for insurers, but the focus on the on-line consumer is.   As we ponder how we will shape insurance products and services for the on-line consumer of the future (who is likely in our client file or on our prospect list now), one of the best questions… Read more »

When Demographics are Not Enough: A View of On-line Evolution

Population characteristics – age, gender, income, etc. –  play large roles in marketing generally and insurance marketing specifically.  With the proliferation of data coming from sources including social media and on-line services, leading experts are agreeing that these factors – referred to as demographics – may not be enough for optimal results.  A set of… Read more »