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Your Guide to Becoming a Canadian Insurer of the Future

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Opta Information Intelligence White Paper

Toronto, ON (Mar. 20, 2017) – The Canadian insurance industry is changing rapidly, becoming more technologically advanced, diverse and innovative. To stay in the game, you must be poised to take advantage of future opportunities, and prepared to meet the challenges of the future. But what does that mean practically, and what steps do you need to take to become an insurer of the future?

Download this free whitepaper to find out.

Introduction

Insurance Nexus, in association with Opta Information Intelligence, explores the trends that will disrupt Canada's insurance market to 2025 and beyond

Two words describe the Canadian insurance experience of the future: informed intuition. It means that insurers will be coming closer to the customer experience ideal of being able to intuit individuals' insurance needs based on the huge amounts of information they hold about them.

That information will, as it does now, pour into the insurer from mobile devices, from customer journeys, from the Internet of Things and from the growing number of partnerships insurers will be making that enable them to provide next generation risk protection and prevention.

The outcomes from informed intuition will be faster, seamless interactions from the moment of enquiry, through purchase to claim. It's going to usher in a new workflow change that will enhance customer experience. Crucially, informed intuition will help map out new product concepts and consumer trends that will allow insurers to adapt in a sector more open to disruption than ever before.

Greg McCutcheon, President of Opta Information Intelligence explains: "The period between understanding the customer journey and delivering on experience has to condense. The consumer is demanding it. If the industry is unprepared it will be disrupted. I would rather be a part of the change, leading it rather than waiting to see what will happen."

Of the large number of potential directions the Canadian insurer of the future could take, executives interviewed for this report agreed that there were four characteristics that would define the insurance landscape to 2025 and beyond.

  • Data and segmentation, allowing differentiation and innovation
  • Product simplification and development through digital capabilities
  • Rapid claims management
  • The rise of machine learning

Download the whitepaper to read more.

About Opta

Opta Information Intelligence is Canada's largest aggregator of property risk information and leading provider of property intelligence and innovative technology solutions for insurance and corporate industries. Opta helps you access, understand, and synthesize previously inaccessible information, turning it into intelligence that helps to discover and understand business risks. Visit www.optaintel.ca.

SOURCE: Opta Information Intelligence


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