The Intersection - The Insurance-Canada.ca Blog

Address Loss Containment and Security at the Same Time with a Change in Perspective

Insurers frequently struggle to come up with cost-effective and timely solutions for challenges that they know they need to address. In many cases, an outside or third party can help provide the needed help with little to no capital or operational expenses required from the insurer. All that is really required is a shift in… 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 »

Social Media Trending Sideways – Is That A Good Thing?

Back in 1999, Homer Simpson’s daughter Lisa told her father that she could show him how to order pizza over the Internet.  Homer replied:  “The internet? Is that thing still around?”  The Internet had gone beyond the initial hyper enthusiasm into a steady state presence that fell below Homer’s radar.   We’re increasingly seeing anecdotal  information… Read more »

The Telematics Business Case: What’s Still Missing?

While a number of  insurers ponder if  and when to enter the Usage Based Insurance (UBI) marketplace using Telematics, other insurers  are transitioning to Telematics Version 2 which include features and benefits to attract a wider audience and, perhaps, retain the initial UBI customer base converts, and improve overall profitability. Our question to you:  Are… Read more »

Predictive Analytics: Are Winners Becoming ‘Embedded’?

While predictive analytics for insurance has become a hot topic in the last year, implementation of analytic tools has been mixed. Some suggest that successful insurers will be those who not only embrace predictive analytics, but embed them in their technology and process. We’d like to know what you think. What are Predictive Analytics and… Read more »

Telematics Uptick – Where Will Insurers Take Usage Based Insurance?

The recent  Insurance Telematics USA 2012 Conference demonstrated that it is possible to measure,and possibly predict,  virtually everything about the use of a vehicle and the behaviour of a driver, and there is lots of activity.  An open question:  where will the scheme take hold first. No Shortage of Enthusiasm One thing is certain:  There… Read more »

How will Predictive Modelling Impact Insurance? Actuaries and Practitioners Speak!

According to some experts, predictive modeling, using increasingly sophisticated tools, is poised to alter how the industry rates and underwrites.  There’s some controversy among insurance practitioners as to whether predictive modelling will effect real change to traditional practices.    Let us know what you think. A recent Insurance Journal report on the Casualty Actuarial Society Spring Meeting… Read more »

Data Analytics in Modern Risk Management

We have written in this space on the variety of uses  that insurers are finding for big data and analytics to understand customers. It seems that professional insurance customers, with the support of their brokers,  are seeing benefits from sophisticated analytics as well.  And analytics may be emerging as a critical tool for risk managers… 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 »

Analytics: The New Competitive Landscape Differentiator

There is increasing evidence that intelligent use of data – to gain understanding and to anticipate results – is becoming the foundation for success in the new landscape of insurance.  A number of experts in the area will be presenting at the 2012 Insurance-Canada Technology Conference  on March 5, 2012 in Toronto. As reported in… Read more »