The Intersection - The Insurance-Canada.ca Blog

Digital Insurance: What, Why, and How

‘Digital insurance’ is a hot topic within the P&C community. At a high level, consultants and practitioners can rapidly agree on the importance of ‘digitalization’. However, when we start developing and implementing a business case, definitions of the strategies and tasks get a bit murky. Two recent articles help focus on critical criteria. Why do Digital… 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 »

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 »

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 »

Employment, Insurance, Technology: Can We Only Choose Two?

Since I started working with technology,  I have relied on an aphorism when talking with nervous non-technology folks: “Technology doesn’t really destroy jobs; it creates new ones.” I likely missed the memo, but this may have become a lie sometime over the last five years or so. Has technology become an insurance job-eater? Who’s shaking… Read more »

Threats and Opportunities in a Totally Connected World

How does insurance work in a totally connected world? Would the available data and expanded mitigation opportunities decrease risk, potentially lowering premiums? Or would we see new risk opportunities with increased value and exposures associated with connectivity (cyber risk, critical failures)? Stick around, the next decade will be informative. And you can get a preview… Read more »

Does the Digital Direction Have a Devolutionary Detour?

Last week, at the 2015 Insurance-Canada.ca Technology Conference, Kimberly Harris-Ferrante, Vice President and Distinguished Analyst at Gartner said that at present, Canadian consumers are not being easily swayed toward the new digital insurance landscape. At the Davos Economic Forum this past January, Google’s Executive Chairman, Eric Schmidt quipped that in the not-too-distant future, the Internet… Read more »

Technology and the Future of Insurance Work

During a recent episode of the CBC’s business news show, The Exchange with Amanda Lang, the host discussed the future of broadcast TV.  After concluding that the death of broadcast was closer than expected, Ms. Lang said, “Hopefully we’ll still be doing what we do.” The impact of robotics and artificial intelligence on the future… 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 »

Can Brokers Manage the Next Wave of IT?

As we look over the topics we have covered in this space, it occurs to us that the brokers might be getting hit with more IT than they expect over the next little while.  We’d like to know what you think, and, if you are part of the broker distribution value chain, what, you think… Read more »