The Intersection - The Insurance-Canada.ca Blog

Can Insurers Really ‘Do’ InsurTech?

Common wisdom has it that established insurers are not able to leverage InsurTech – the use of digital technology innovations designed to squeeze out savings and efficiency – with the same efficacy as start-up enterprises. We challenged two assumptions in our last post and will now address the third. In the last episode … I… Read more »

Digital Value Drivers

In my role on the Digital Market Insight team at Guidewire, I spend a lot of time talking to our customers and other insurers all over the world about their digital strategies. It is clear that every insurer is investing in “going digital”. But what is really driving this investment? We ask this because our… Read more »

The Transforming Insurer: Competing in a Post-Modern World

Insurers have spent significant time and money updating processes and modernizing core business systems. What happens if modernization is only table stakes? According to leading analysts and practitioners, competitive pressures are increasing, coming from traditional and non-traditional suppliers. Their competitive advantage?  Transforming the enterprise to meet the demands of customers. How we got modern …… Read more »

CAA Insurance and ACE PRS: Future in the Present Tense

When we polish our crystal ball, some future trends for insurance and technology become obvious.  Recent developments in the Canadian P&C space demonstrate that some participants are transforming the future into the present at an impressive pace. We sat down with two such insurers recently, and thought you’d be interested in their thoughts. The tip… Read more »

Need Core Systems Replacement Success? Think Small!

To mitigate risk with large technology projects, experts suggest careful planning and on-going control of scope.  There’s an old adage that advises:  “Start small and be prepared to scope down.”  Now, some data from the US and anecdotes from Canada suggest there may be one more piece of advice for success:  “Be small, and be… Read more »

Core Modernization: Standard vs Bespoke Implementations

A large proportion of insurers are either planning or executing replacement projects for core business systems. The majority of these center around the soon-to-be “new” policy administration system (PAS), targeting the needs of internal users. After all, underwriting and policy issuance are really the core activities of insurance companies, aren’t they?  And internal efficiencies are… Read more »

Big Data and Core Systems: Is Co-existence Possible?

Big Data is making the news in all sorts of ways. It is being used by actuaries and underwriters to fine-tune selection and become more precise in pricing. It allows claims examiners to detect fraud patterns and lower costs. Marketers can predict patterns of consumer behaviour from Big Data to tailor campaigns to increase sales. Does… 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 »

The best big data solutions don’t look like data

Big data is all the rage. But is it really sexy? You’ve probably heard the stats.  Things like, “more data is created every day than existed in the entire world back in 2003” (true).  Or how about, “72 hours of video are uploaded to YouTube every minute” (true).  Impressive as they are, these kinds of… Read more »

Customer Service Driving Claims Technology Decisions

According to a recent study, market conditions are dictating that claims professionals need to draw a straight line between their work and increased profitability based on customer service.  The study and recent announcements indicate technology is key in the geometry. In October 2011, the global professional services company Towers Watson released its sixth annual Property &… Read more »