The Intersection - The Blog

Innovation, Integrity, Fintech: Pick 2?

When we hear of ‘innovation’ these days, the odds are pretty good that there is new technology behind it. The question now is whether the technology innovation can maintain integrity while scaling rapidly, especially for financial services. Technology is a critical part of daily life In a recent blog post, Mark Breading, partner in the… Read more »

What role will insurance play in the Sharing Economy Theatre?

The “sharing economy” (code for disruptive services such as Airbnb and Uber) is catching on with high consumer acceptance.  Governments are setting a stage which will allow consumers easy access to these new services.  Insurance will play a key role as well.  Our question is:  Will we be wearing a white hat or black hat?… 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 Executive Forum (ICEF2015) on August 31, 2015. PWC’s… Read more »

Big Data: On Carts, Horses, Lamborghinis, and Executives

Big Data is a hot insurance topic these days. The capability to use Big Data could even be a fundamental anchor for future profitability. But early forays are suggesting that there are big risks around getting lost in the process. Executives need to create a way to put the cart and horse in the right order…. Read more »

Brokers: Where Will You Take Cyber Risk?

In planning for the 2015 Technology Conference, my IT and Underwriting friends tell me that cyber risk is a hot topic.  For sure, there is a fair amount of discussion in the insurance and IT trade press.  However, in talking to a few organizations who are actively developing/delivering these products, I hear that there… 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 »

Policy Administation Systems Projects: Is 10% Success Enough?

Policy Administration Systems (PAS) replacements are top of mind with a large number of P&C insurers. A recent report from PwC suggests only 10% of organizations which have undertaken such projects have realized full business benefits. Our Question:  Given all the challenges inherent in running a business and embarking on large projects, are these good… Read more »

What Did We Learn Today, Dorothy? Aviva Restarts Telematics Program

The most serious mistake a company can make is to fail to learn from its past mistakes. Aviva is demonstrating that it takes that old adage to heart. The insurer has reentered the telematics based insurance market in the UK, with some very interesting elements, showing that Aviva spent some time learning from its own… Read more »

Will Pay-As-You-Drive Ever Get Traction in Canada?

We have been posting on the use of telematics and Pay-As-You-Drive  (PAYD) or Usage Base Insurance (UBI) schemes for some time.  It seems clear that these plans are gaining traction with insurance providers and insurance customers in the UK, Europe, and the US, but not in Canada yet. Why is that? We’d like your thoughts…. Read more »

Is Big Data Bigger Than IT Can Handle?

Is ‘Management of Big Data’ an inherent contradiction?  Perhaps not completely, but recent evidence suggests that it may be beyond many organizations to undertake on their own. A number of publications have identified data management and analytics as critical to insurance success (this blog identified it as a ‘megatrend’ for 2012).  Recently, a report from… Read more »