Insurance 2024: Overview

A Look Ahead at The Canadian P&C Insurance Industry

Held Tuesday, October 7, 2014, at the Metro Toronto Convention Centre

ICEF2015 will be held August 31, 2015, at the Toronto Sheraton Centre.

ICEF2014: Insurance 2024

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Faculty

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What will be the shape of your insurance business in ten years?

Explore the impact of technology on the business of P&C insurance in Canada over the next decade.

Jump to: Presentation Topics | Agenda | Event Details & Registration | ‘Driving Change’

Driving Change

Advances in technology in the coming decade will have a major impact on all aspects of the business of insurance worldwide. But insurance practitioners aren't the only ones making changes. Other advances, outside the insurance industry's control, will impact the survivability of industry players. Consider:

  • Consumers are more informed and more demanding;
  • Climate change is challenging underwriting/rating criteria and processes;
  • New approaches to marketing and communications are driving engagement and growth;
  • Personal data and information is being leveraged by more and more organizations every day;
  • Distribution and its channels are reshaping and evolving;
  • Autonomous cars and car sharing are changing the auto insurance opportunities.

Technology is a persistent thread through each of these and more – driving new opportunities while presenting new challenges. Forward-looking insurers need to consider: What will insurance look like over the next ten years?

In 2012 Insurance-Canada.ca set-up a study team, comprised of insurance practitioners and analysts to consider the implications of these changes. In October 2013, the study team presented their findings at our first Executive Forum – Insurance 2023.

This second annual Executive Forum, “Insurance 2024,” will provide the opportunity for you to step outside of the day-to-day issues, and dedicate time to that next scenario just over the horizon. You will get perspectives from others in the industry about a number of changes coming, and what they really mean. These perspectives will provide new food for thought; and inform your current and longer range planning.

Join us for thought-provoking value for senior executives and professionals who are involved in longer range planning. Most firms today are busy implementing people and workflow environments for tomorrow. Those people who are sketching the bridges to the organization and processes needed beyond tomorrow will value the insights presented at Insurance 2024.

Event Details

Date:  Tuesday, October 7, 2014
Time:  8:30am - 3:30pm (registration & continental breakfast 7:30 - 8:30)
Location:  Room 501, South Building, Metro Toronto Convention Centre
Address:  222 Bremner Blvd., Toronto, M5V 2T6  (Directions & parking)
Cost:  $850 — with a discounted registration fee of $750 for insurers or
          $375 for brokers who register using a corporate email address.
RIBO: Accreditation for RIBO continuing education is being finalized.

Agenda

7:30amRegistration
8:30Welcome
8:35The Digital Insurer - Michael Costonis, Accenture
9:15Internet of Things - Donald Light, Celent
10:00Coffee
10:20Mobility - Catherine Kargas, MARCON
11:05Workflow - Ruth Fisk, Hyland
12:00pmLunch
12:45Customer Experience - Peter Pleckaitis, IBM
1:30Distribution - Jim Ryan, AIG
2:15Coffee
2:30Marketing in 2024 (Panel) - Debra Ambrose, Aviva
3:10Closing summary & discussion
3:30Forum ends

Topics: the Challenges & Opportunities of the Next 10 Years

Are the actions you are taking today positioning you for future corporate health? You be the judge. Consider what the leading experts describe and predict with their views on the changes within and outside the industry. What are the significant impacts, positive and negative, on P&C insurance in Canada?

“Customers, Risks, and Technology are Changing. Are You?”

Michael A. Costonis

Michael Costonis, Managing Director - Insurance Industry, Accenture

The insurance industry is in an ongoing, unprecedented wave of change. The convergence of customer expectations, changing nature of risks, disruptive technologies and fundamental demographic shifts are creating a set of conditions that create equal parts opportunity and challenge for insurance companies. In this presentation, Michael Costonis, will outline why these emerging indicators of change cannot be ignored and how companies must act quickly to prepare themselves to compete now and into the future. The companies that embrace this wave of change now will be out performing their competitors into the future. The time to act is now.

Michael Costonis is a Managing Director in Accenture’s Insurance practice. Costonis has nearly 23 years of experience developing, managing and deploying large scale technology systems, business processes, and strategies for some of the world’s leading insurers, including property & casualty, life, and multi-line insurance companies. In his career with Accenture, he has worked with more than 50 leading insurance clients in 18 countries around the world. (More)

“How the Internet of Things Is Going to Change the Insurance Industry”

Donald Light

Donald Light, Director - Americas Property/Casualty Practice, Celent

The world is changing. It is becoming more connected. People, places, and things are using these connections to exchange an exploding amount of digital information and data. This digital stuff can be stored and analyzed, and yield predictions, feedback, and control.

In the near term the Internet of Things will challenge insurers to create new products, pricing algorithms, underwriting methods, and claims processes. It will also require insurers to acquire new capabilities to influence the behavior of policyholders and the performance of insured things.

Over a longer time horizon, the ability of the Internet of Things to substantially reduce losses will mean lower premiums and a either a smaller or a transformed insurance industry.

Donald Light is the Director of Celent's Americas Property/Casualty Insurance Practice. His coverage areas include: technology and business strategy, new business and underwriting, policy administration, claims, market assessments, M&A due diligence, and transformative technologies such as the Internet of Things. (More)

Mobility, People, Goods, Vehicles – and Insurance”

Catherine Kargas

Catherine Kargas, Vice President, MARCON

From driverless vehicles to drones, mobility of people and merchandise will change. How will this impact insurance? Certainly, changes can be expected to personal and commercial auto. However, as business models evolve, so will commercial insurance. These changes and their impacts on insurance will be discussed in this presentation.

Catherine Kargas, a business strategist with 25 years of consulting experience, has worked with clients in both the P&C insurance and transportation industries. She is Vice President at MARCON, a research and strategy consultancy, Chair of the Board of Directors of Electric Mobility Canada and founding member of the Transportation Evolution Institute. (More)

“The Digital Age: Evolving Business Processes and Work Management”

Ruth Fisk

Ruth Fisk, Global Director - Insurance, Hyland

There is no doubt that the digital world will continue to grow and become more complex. Information continues to evolve and the insurance world as it is today will look much different in the future.

The impact of the technology will change the way we work, the way we interact and the way we manage our internal process. People, process and content will be connected in new ways that haven't even been recognized yet. How consumers interact with us will become even more dynamic; their expectations will continue to evolve at a faster pace than we have ever known.

What will be the impact of both internal and external influences to the carrier? How will we adapt to the new normal with the next generation of information management technologies?

In this session, look at preparing your organization for the future of work management and business process automation.

Ruth Fisk has 25+ years' experience working within the insurance industry, including 14+ years as a manager at a Property & Casualty Carrier. A foremost expert on the practical application of EDMS technology within the insurance industry, Ruth has helped numerous insurance companies globally to implement Enterprise Content Management solutions within their organizations. (More)

“Customer Experience will Influence the Shape of Insurance”

Peter Pleckaitis

Peter Pleckaitis, Associate Partner, IBM Canada Ltd.

The insurance industry is in transition, an evolution that seems to be picking up speed. The competition in the insurance market for customers – among broker and direct distribution channels, among insurers and in the claims space – is only going to escalate over the next decade.

The relationship between an insurance service and its customer is becoming increasingly important as a competitive differentiator – in marketing, in serving, in pricing, in communicating.

What makes up this overall relationship – the “customer experience”?

It's not enough to think you know your customers; their expectation is that you will know what they most care about, and that you can deliver a service based on that knowledge. This requires that you understand the roles of your people and be able to operationalize key enablers like technology and analytics to deliver the right message to the right person at the right time – creating a compelling customer experience.

This presentation will share how the benefits of disruptive technologies such as mobile, cloud, big data and social are driving customer experience market trends, and in turn enabling emerging business models. By 2024, the shape of insurance will be different.

Peter Pleckaitis leads the Customer Experience & Strategy team in IBM's Interactive Experience organization. Peter works with clients to generate business models and launch new business to capture the benefits of disruptive technologies such as mobile, cloud, big data and social. He brings significant experience in advanced campaign delivery systems, performance management and executional change management. Peter also brings deep expertise in driving improvements in all life-cycle stages, customer retention, as well as identifying cross-sell and up-sell opportunities. (More)

“The Insurance Distribution Channel of 2024”

Jim Ryan

Jim Ryan, Senior Vice President, American International Group, Global Markets

In order to remain viable and competitive, insurers and brokers must effect changes in distribution that meet the needs of the insurance user in 2024. Product, service, reporting, and risk management will need to adapt to the demands and opportunities. Collaboration and innovation will be cornerstones of this new insurance marketplace.

AIG has been working with its distributors and clients to begin the journey. Jim will describe the framework that is coming together, and the cloud-based technologies that are now enabling early implementations of this new distribution ecosystem.

Jim Ryan is responsible for the strategic objectives and global deployment of the Salesforce.com CRM and Chatter solutions within the AIG Property and Casualty business group to facilitate knowledge sharing and enable virtual team collaboration. (More)

“Insurance Marketing 2024”

Debra Ambrose, Aviva Canada

Moderator: Debra Ambrose, Sr. VP, Aviva Canada
+ Heather McLachlin, President, Cowan Insurance Group
+ David Elder, Counsel, Stikeman Elliott
+ Jeff Berry, Senior Director - Research and Development, LoyaltyOne

Analysts and practitioners continue to emphasize the growing importance of the Insurance Marketing role. The future will see Marketing being held accountable to support growth and profitability targets by using sophisticated analytic tools and big data sources to clearly hear the voice of sophisticated insurance consumers. Moreover, Marketing will develop and, possibly, manage strategies to meet consumer needs with highly personalized offerings. This panel, consisting of marketing practitioners and advisors from within and outside insurance industry, will address critical success factors which will define the future of insurance marketing.

Debra Ambrose is the Senior Vice President of Distribution for Aviva Canada. Her varied career includes developing strategic marketing plans, business development, sales management, operations, research and insights; and the management of multi-functional work teams. (More)

Heather McLachlin, President of Cowan Insurance Group, has more than 20 years in the financial services and insurance business. Accountable for strategy and operations for Cowan Insurance Group, one of the largest independent insurance brokerage and consulting operations in Canada, she is a collaborative leader who has earned a reputation for results through building strong teams, and a client focused approach. (More)

David Elder David Elder practices communications, competition and privacy law with Stikeman Elliott LLP. He serves as the firm's Chief Privacy Officer, and has also been retained as Special Digital Privacy Counsel to the Canadian Marketing Association. He provides compliance advice to a wide range of Canadian and international businesses conducting both “bricks and mortar” and online activities, and has also been an active participant in legislative and policy developments. (More)

Jeff Berry manages research initiatives in North America and internationally as Senior Director of Research and Development at LoyaltyOne. With more than 15 years of experience in loyalty marketing, analytics and customer engagement, Jeff manages and directs the development of LoyaltyOne’s thought leadership content including research and best practices for global loyalty marketers. Jeff’s background in client management, business development and consulting in both the B2B and B2C spaces make him an expert who has experience in the theory and practice of loyalty marketing. (More)


Questions?

If you have questions about the Executive Forum, please contact Doug Grant at doug.grant@insurance-canada.ca.
 

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