The Intersection - The Insurance-Canada.ca Blog

ORBiT 2015: Digital Lively, but CRM May Still Be Dead

At ORBiT Real Time Day this week, the majority of discussions were vibrant – focusing on effective use of new technology and building better digital connections in the broker world – until one attendee turned to the funereal topic of CRM.  Then things got really lively. I’d like your thoughts. What’s an ORBiT, Mom? And… Read more »

Pragmatic Telematics: Reality Trumps Theory in Chicago

I detected a noticeable change in tone at the Insurance Telematics USA conference held in Chicago last week. In prior years, much of the discussion was prognosis and guesstimation.  This year, the majority of presentations and conversations dealt with real-world issues relating to development, implementation, promotion, and utilization of telematics-based usage-based insurance (UBI). I think… Read more »

ICTC2014: Focus On The Core (Plus More)

Core Insurance Systems replacement will continue to be a major thrust for many insurers and brokers in 2014, according to virtually all insurance technology prognosticators (present company included).  Data suggest a majority of insurers are at various stages from planning to almost-completed.  Some projects are going well.  Others need some re-examination.  All can benefit from… Read more »

2013: Analytics, a Soupçon of Engagement, and Disruption

Back in the early hours of 2013, we took our crystal ball out and came up with some trends we saw forming on the insurance-technology horizon.  Here’s a synopsis of what we thought then and what we know now. Megatrend: Purposive Analytics We saw the strategic and operational use of analytics as an overarching trend… Read more »

Ontario Brokers, Carrier CEOs Stake Out Telematics Ground

On the way into the Insurance Broker Association of Ontario (IBAO) CEO panel session on Thursday last, a colleague of mine suggested a new drinking game: take a shot every time someone says “Telematics.” Had we done that, and shared our quota with the 500 or so in in the audience, we would all have… 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 »

Turn Now! Insurance Brokers Reset Directions on the Road to Telematics/UBI

With a single stroke, insurance brokers in Ontario have shifted the direction of the conversation about Telematics/Usage-Based Insurance (UBI) in Canada.  The question now is how will it change the operational direction and rate of adoption.  There will be opportunities to get more information, the first of which will be the Insurance 2023 Forum on… Read more »

Insurance Marketing 2023: Is A ‘Minority Report’ Scenario Different Than What Brokers Do Now?

In 2023, will insurance ‘marketing’ include a capability for consumers to provide data directly and through sensors to allow insurance representatives to detect new or changed insurance requirements and modify insurance programs dynamically? If so, is this really different than what happens now? ‘Smarter Marketing’  On her blog, Forrester Senior Analyst Sarah Rotman Epps points… Read more »

Analysts: Customer is Queen, Data is Crown Princess

Two recent reports are making it clear:  The winners in the new insurance game will be those who recognize that the driving force for change is the customer, and data and analytic tools will be key enablers for the change.  We’d like to know:  Does this message resonate with your organization, with your colleagues, and… Read more »

ORBiT Message to Brokers: Market Share/Profitability Are Yours to Lose

Coming away from this year’s ORBiT Road Show session, the overarching message seemed to be:  Ontario brokers have an enviable position with market share and have tools to improve profitability.  However, too many brokers are doing little to sustain this in the face of changes in the market and new, powerful competitive forces. Our question… Read more »