The Intersection - The Insurance-Canada.ca Blog

23 Hours of InsurTech

Last week, we had a 23-hour opportunity to take stock in our readiness for the digital incarnation of insurance. As that time passed, we found some answers — and many more interesting questions. So we’re planning to do it again with a larger team of experts. Setting the pace and the place setting … Matteo Carbone, Founder and… Read more »

Threats, Opportunities & The Future of Insurance

We normally write about technology’s impact on the process of insurance.  However, respected analysts and practitioners suggest that the cause / effect relationship between  technology and the business of insurance is blurring.  We cite examples below and are developing a program which will explore this further at the Insurance-Canada.ca Executive Forum (ICEF2015) on August 31, 2015. PWC’s… Read more »

Insurance 2023: A Funny Thing Happened on the Way to the Future

On October 3, fifty insurance professionals gathered at the Royal Ontario Museum in Toronto to review the results to date of a Study Team at the Insurance 2023 Forum. What started as a fairly routine set of presentations was quickly interrupted by a large, active conversation which set the tone for the Forum and will… Read more »

The Road To 2023 Is Paved With Data, Analytics, and Good Stories

Of all the trends identified by the Insurance 2023 Group, Data and Analytics were the two that permeated most of the discussion.  It is clear the insurance engine is fueled by data and guided by analytics.  On this basis, the results of any insurance organization is only as powerful as its data are rich; and… Read more »

Big Data Secrets, Including How to ‘Fail Correctly’

Big Data is a huge topic for insurers these days. A number of projects are being contemplated, with high expectations. However, Big Data projects differ from other IT projects in several respects. Some useful advice is emerging from several sources, including the value of scoped failure. The Insurance 2023 Forum will welcome several experts to… Read more »

Should Brokers be Queuing for the Analytics Bandwagon? Where is it Going?

We have seen an exponential growth in the interest in, and use of, analytics for a variety of insurance applications.  There are a number of case studies which show evidence of the efficacy of descriptive and predictive analytics for marketing, underwriting, claims, and strategic management (selecting the ‘Analytics’ category to the right will produce some… Read more »

Solstice 2012: The World Didn’t End; Insurance Technology Continues to Progress

We have to confess that we waited until after the Solstice had passed this morning before we decided to set fingers to keyboard.  It seems that the doomsayers were wrong, and the 2012 solstice brings us a new beginning. Perhaps this is a good metaphor for the world of Insurance and Technology: a few doomsayers,… Read more »

Understanding Insurance Consumer Data: Dr. Phil Meets Stephen Hawking

Sometimes it seems that the new recipe for insurance marketing looks like something Dr. Phil and Stephen Hawking would jointly develop:  2 parts rocket science, 2 parts intuitive psychology, and 6 parts alchemy.  A couple of on-line pieces  brought this into stark relief for us recently.  Our question to you:  what path(s) are you following?… Read more »

Developing Social Media Strategies: Learning to Rake Leaves During A Windstorm

There is an old saying which suggests that trying to set strategy while dealing with a crisis is akin to trying to rake leaves in a windstorm while herding cats.  If a leading analyst is correct, the state of social media strategy and insurance may be close to this.   But help may be coming, from… Read more »

The Future of Independent Brokers: Serendipity and Social Media

When it comes down to tricky things, such as the future of the independent insurance distribution system, serendipity is an occasional, but wonderful friend. A few days ago, Greg Purdy, managing partner of Pathway Partners Ltd., posed a provocative question on the LinkedIn group he manages, Canadian Insurance Broker Strategy Group: “Consumer choice – currently… Read more »