By Joseph D’Souza, Founder & CEO, ProNavigator — Most insurance organizations have highly experienced & tenured staff. In areas such as claims and underwriting, these people have developed an innate wisdom that drives their success. But that wisdom is often NOT documented anywhere – much of it is instinctual. This article focuses on how to… Read more »
Insuring electric vehicles: A growing opportunity with near-term challenges
by Xin Dai & Roman Lechner, Swiss Re Institute — Electric vehicle (EV) sales are forecast to grow 30% annually up to 2030, and the market for EV insurance is growing rapidly with it. Estimates place the global market size at over USD 200 billion by 2030, versus USD 51 billion in 2022. EV driving… Read more »
How Natural Disasters Impact Canadian Wallets
By Matthew Roberts, MyChoice — Climate change is responsible for a 379% increase in average annual insurable damages in Canada in the last decade. In light of the devastating impact of the Milton hurricane in Florida, which by some estimates will cause anywhere in between $60-100 billion in insured damages, many Canadians are left wondering… Read more »
Waymo reducing serious crashes and making streets safer for those most at risk: New Study
By Trent Victor, Director of Safety Research & Best Practices, Waymo — The path to Vision Zero requires reducing severe crashes and improving the safety of those most at risk. Our latest research paper shows that the Waymo Driver is making significant strides in both areas. By reducing the most dangerous crashes and providing better… Read more »
Innovation in P&C Insurance? Look no further than InsurTech MGAs
By Mark Breading, Senior Partner of Transformation Services, ReSource Pro — Okay, the title of this blog may be stretching the point – innovation is certainly occurring in all segments of the P&C industry. However, a strong case can be made that insurtech MGAs – startups from the last decade-plus – are catalysts for change… Read more »
Closing the gaps in Canada’s auto theft crisis
Stopping the export of stolen vehicles — By Hanna Beydoun, Insurance Bureau of Canada — Canada is in the midst of an auto theft crisis that is costing Canadians billions of dollars. Auto theft losses skyrocketed more than 254% between 2018 and 2023, surpassing $1.5 billion in direct claims costs for private passenger vehicles in… Read more »
Will AI really transform the insurance industry?
By Mark Breading, Senior Partner of Transformation Services, ReSource Pro — With the thousands of blogs, articles, and presentations on AI and P&C insurance saturating the market, you may be wondering, “What more can be brought to the table?” While this may seem like just another blog on the topic, our research at ReSource Pro… Read more »
A.I. Can Fix Everything In Insurance
By Stephen Applebaum and Alan Demers — Every time I read an article or a marketing piece espousing the astounding power of AI as applied to insurance, I cannot help but think about Gus Portokalos. As you may recall, Gus was the bride’s father in the 2002 hit movie My Big Fat Greek Wedding who… Read more »
Are insurers truly ready to scale gen AI?
New survey findings uncover gaps in preparedness, but a strategic focus on resources, responsibility, and returns could help insurers from POC to production — By Sandee Suhrada & Stephen Casaceli, Deloitte — It’s likely that no other technology offers as much transformative potential as generative artificial intelligence. This technology has the potential to change the… Read more »
Generative AI in the Insurance Industry
Savvy insurers will seize the gen AI opportunities that intrigue their customers — By Christian Bieck, IBM Institute for Business Value, et al — For the insurance industry, is generative AI more of a risk or an opportunity? Insurance CEOs are equally divided: 49% said it’s more of a risk, 51% said it’s more of… Read more »
It’s Time To Emphasize Climate Defence Over Offence: IBC
Governments and insurers must work together urgently to prepare communities and households for wildfires, floods, windstorms and hail while improving Canada’s response to and recovery from these increasingly frequent and severe disasters — By Craig Stewart, Vice President, Climate Change and Federal Issues, IBC — In the last decade, more than 880,000 Canadians and 87,000… Read more »
Rising Uncertainty: Risk & Opportunity For Insurance Resilience
By Stephen Applebaum and Alan Demers — Until recently, it was said that the only constant was change – now the only constant is uncertainty. Uncertainty is at a generational high in almost every aspect of our lives; socially, financially, politically, and technologically. One of the most serious consequences of this uncertainty is its impact… Read more »
AI and the Future of Actuarial Science
How cyber insurance is moving faster, scaling up, and preparing for unknown risks — By Austin Aten, Head of Cyber Pricing, Coalition Inc. — When cyber insurance was first introduced almost 30 years ago, the cyber threat landscape looked much different. We were far less reliant on digital technology and data, it was much more… Read more »
Trust, Personalization and Transparency: Foundational for Premium Accuracy
By Stephen Applebaum and Alan Demers — The insurance industry is at a crossroads. Brewing negative consumer sentiment toward insurance affordability and premium fairness is spilling over as profitability struggles threaten markets. As the industry takes needed action, the approach itself comes into question. Insurers find it difficult to inform and educate a customer base… Read more »
Drowning in Duplicated Docs: Which Version Is the Correct One?
By Joseph D’Souza, Founder & CEO, ProNavigator — I have a 10-year-old son who likes to take pictures when he gets access to a phone. It’s cute to watch him taking pictures. It’s not so cute when he holds the shutter button down and I find 50 little near-identical images of his thumb. Okay, well,… Read more »
P&C Insurance: Mind The Gap(s)
By Stephen Applebaum and Alan Demers — The expression “Mind the gap” dates to the 1960s when it was first announced on the London Underground. The purpose was to warn passengers of the potentially dangerous gap between the train door and platform which are not perfectly aligned. It has since evolved to become a general… Read more »
Knowledge on Mute: How WFH Makes Your Company Forget What It Knows
By Joseph D’Souza, Founder & CEO, ProNavigator — 2020 was a remarkable and noteworthy year in history, especially for businesses and their employees. Many businesses found out that they can remain at near peak productivity with their employees working from home (WFH), while many others found out that they cannot. It also added wrinkles to… Read more »
Combatting Canada’s Auto Theft Crisis: Tackling ReVINing
By Hanna Beydoun, Policy Manager, IBC — In Canada, a vehicle is stolen every five minutes. This national crisis is disrupting the lives of Canadians and causing significant distress and financial strain. From 2018 to 2023, auto theft losses surged over 254%, surpassing $1.5 billion in direct claims costs for private passenger vehicles. Ontario has… Read more »
There Is Just Too Much Insurance Knowledge Out There
By Joseph D’Souza, Founder & CEO, ProNavigator — At the end of the 20th century, as web technologies began to go mainstream, the term “information superhighway” was coined to describe how the piping infrastructure of the internet would allow information to travel frictionless from portals to users and back to portals. As internet adoption exploded,… Read more »
Six Hard Truths CEOs Must Face In The GenAI Era
Whether generative AI is your wildest dream or your worst nightmare depends on how your organization reacts today and prepares for tomorrow — By Christian Bieck, IBM Institute for Business Value, et al — Generative AI has the potential to shake up the way your business has always worked, driving unprecedented productivity and revealing new… Read more »
Navigating Technology Transformation In Insurance
Mark Breading, Senior Partner of Transformation Services at ReSource Pro, discusses the evolving landscape of the P&C insurance industry in a Coffee Talk session with ACN’s Brian Langerman — Mark outlined six major trends in the P&C insurance industry, and addressed topics like the impact of AI on agents, the evolving mobility space, and cyber… Read more »
Broken Trust – Insurance Industry Included
By Stephen Applebaum and Alan Demers — It is a well-known adage that ‘trust takes years to build, seconds to break, and forever to repair.’ The extensive and growing loss of trust in our most treasured institutions is responsible for the recent and rapid transformation of behavior and attitudes across the entire landscape. Trust is… Read more »
Waymo is safer than even the most advanced human-driven vehicles, new Swiss Re study reveals
By Trent Victor, Director of Safety Research & Best Practices, Waymo — We are pleased to share new cutting-edge research with Swiss Re, one of the world’s leading reinsurers, analyzing liability claims related to collisions from 25.3 million fully autonomous miles driven by Waymo. The study uses auto liability claims aggregate statistics as a proxy… Read more »
Unprofitable Insurance: Tail Effect Hits Auto Lines
By Stephen Applebaum and Alan Demers — Since 2020, the world has seen more change, disruption and surprises than any period in recent memory – and the U.S. personal auto and property insurance market is no exception. Declining auto claims and associated consequences are now in focus. The P&C industry has endured catastrophes, runaway inflation,… Read more »
Unlocking the Best Path: Three Approaches to Effective Customer Communications Management
By Gautam Jit Kanwar, President, BelWo Inc. — As insurers continue their digital transformation, many face the challenge of how to handle the complexity of producing and delivering communications through a policyholder’s channel of choice. To stay competitive, insurers must effectively manage customer touchpoints—whether it be print or email or SMS text on a mobile… Read more »
Generative AI in the insurance industry
Savvy insurers will seize the gen AI opportunities that intrigue their customers — By Christian Bieck, IBM Institute for Business Value, et al — For the insurance industry, is generative AI more of a risk or an opportunity? Insurance CEOs are equally divided: 49% say it’s more of a risk, 51% say it’s more of… Read more »
Embedded Insurance: Major Disruptor Can Bridge the Huge Coverage Gap
By Stephen Applebaum and Alan Demers — Embedded insurance promises to disrupt insurance distribution as well as product. Moreover, it will help close the “protection gap” – which is roughly 50% of all economic losses not covered by insurance. Accenture defines embedded insurance as “any insurance that can be purchased within the commercial transaction of… Read more »
Wow Your Customers with On-demand Omnichannel Communications
by Ernie Crawford, President & CEO, Crawford Technologies — With the rise of real-time data, the relationship between insurers and their policyholders has fundamentally changed. Today’s consumers expect immediate access to information, services and support. For both P&C and life & health insurance companies, this means rethinking their communication strategies, moving from traditional print and… Read more »
Reimagining human potential in the generative AI era
Revolutionizing work to boost business value — By Cathy Fillare, IBM Institute for Business Value, et al — Business leaders must be careful not to focus solely on how generative AI can simplify and automate today’s processes – many of them are routine and mundane. While such measures may increase productivity, executives also have a… Read more »
What Will Urban Mobility Look Like In 2035?
by Andreas Nienhaus, Steffen Rilling & David Markey, Oliver Wyman — How will mobility services reshape cities by 2035? New technologies and regulations are transforming the way we travel and challenging industry executives to find new revenue streams and operating models: Oliver Wyman Forum Value Pool Report Disruptions from new technologies and regulations in mobility… Read more »
Learn How to be Cybersmart
Introducing CSIO’s Cybersecurity Education Program — By Shreya Patel, Communications Coordinator, CSIO — We’ve all had that experience of receiving an email or text that doesn’t feel right. But sometimes, we may not immediately see the signs that we are about to become the victim of a sophisticated cyber-attack. And even if we do have… Read more »
How France Supercharged Its Startup Ecosystem – And How Canada Could Do The Same
How Canada can 10x its startup ecosystem: Lessons from France’s innovation boom — By Greg Boutin — Canada has long prided itself on being a hub for innovation, with its tech hubs in cities like Toronto, Vancouver, and Montreal nurturing talent and startups. However, despite its strengths, Canada’s startup ecosystem has yet to reach its… Read more »
The Exodus of Expertise: A Strategy for Documenting and Safeguarding Your Company’s Specialized Knowledge
By Joseph D’Souza, Founder & CEO, ProNavigator — Pretty much every company has a Greta. Greta is a valued and experienced staff member who possesses a great deal of institutional knowledge. Unfortunately, that knowledge has not been documented. Greta is eager to be helpful and answer questions, but the one-on-one format is inefficient which makes… Read more »
Unlocking the untapped potential of insurance and the Internet of Things
By Heather Turner, ReSource Pro — The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries. But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential…. Read more »
Laying Groundwork to Combat Cyber Threats To The Construction Industry
By Corvus Insurance — Based on Corvus’s Threat Intel team data, the frequency of ransomware attacks on the construction industry increased 48% from 2022 to 2023. Encryption software firm NordLocker, in its latest report on cyber attacks, ranked construction as the number-one most-targeted industry. This post will spotlight why construction firms are especially vulnerable and… Read more »
Maintaining Extreme Weather Awareness with OSINT
By Jake Palmer, Content Manager, Skopenow — Extreme weather has the ability to disrupt anything, including businesses, schools, government services, and personal lives. From hurricanes and blizzards to wildfires and flash floods, major weather events can grind daily life to a halt in an instant. When critical infrastructure goes down and traditional communication channels fail,… Read more »
The Future of Work: Where Technology and Sustainability Converge
By Kerry McGuire, Client Innovation Center Leader, IBM Canada — When IBM launched its sustainability hub at the IBM Western Canada Client Innovation Centre (CIC) in Calgary, in partnership with Invest Alberta, Calgary Economic Development, and Opportunity Calgary Investment Fund (OCIF), this exciting milestone marked a significant step forward in our journey to harness the… Read more »
Why Security Awareness Training Is Essential For SMBs
Introducing Coalition Security Awareness Training — By Alok Ojha, Head of Products, Security Business, Coalition Inc. — Coalition is guided by a single mission: protect the unprotected. To meet that mission, we offer both cyber insurance and cybersecurity tools, all focused on tackling cyber risk. Human error is one of the biggest contributors to cyber… Read more »
Insurance Has Five Problems – But A.I. Isn’t Among Them
Industry experts identify top technology predicaments facing insurance leaders and how to address them — By Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, SAS — While billions trust their lives and livelihoods to insurers every day, the insurance sector itself is facing an existential crisis. Record losses due to more frequent… Read more »
Can Climate Tech Save Insurance?
The future of the insurance industry is dependent on how it responds to climate change — by Stephen Applebaum and Alan Demers — The adage that “everybody talks about the weather, but nobody does anything about it” – often attributed to Mark Twain, but in fact written by Charles Dudley Warner in 1897 – is… Read more »
Modernizing Customer Correspondence in Insurance
By Patrick Kehoe, EVP of Product Management, Messagepoint, Inc. — Customer expectations have changed dramatically in recent years. While printed communications were once accepted as standard, younger generations of consumers have a strong preference for dynamic and highly personalized digital experiences. Yet despite this, print documents and PDFs continue to be the primary mechanism for… Read more »
CrowdStrike Outage: Policyholder Guidance and Insurance Implications
By Joshua Motta, CEO and Co-Founder, Coalition Inc. — On Friday, July 19, 2024, at 04:09 UTC, cybersecurity vendor CrowdStrike released a single computer file buried in a defective software update, causing a global IT outage for customers running the update on any Microsoft Windows operating system version 7.11 and above. Numerous airports, banks, 911… Read more »
How Will Embedded Insurance Affect Agents and Brokers?
By Mark Breading, ReSource Pro — Agents and brokers are no strangers to whispers that their role may one day disappear. However, thus far, they continue to be a mainstay in insurance distribution and have successfully navigated significant industry transformation. But could the recent rise in embedded insurance solutions tip the scales? What is embedded… Read more »
Social Inflation: Decades Of Insurance Litigation Abuse
by Stephen Applebaum and Alan Demers — The scourge of legal abuse in insurance is hardly new or even recent but rather has been insidiously growing throughout the industry for decades. Referred to today as social inflation, the stakes are higher and so-called “tort reform” seems distant with no signs of slowing. Some 86% of… Read more »
Is instant quoting the future of cyber insurance and broker-carrier relations?
By Aaron Davidson, CEO, Relay Platform — For better or worse, the cyber environment is a place of constant evolution. On one hand, that evolution means tremendous innovation. However, those leaps forward are unfortunately opening the world up to increased threats of cyberattacks. For businesses, this increase in cyber threats has resulted in a corresponding… Read more »
Sales Leaders Must Harness the Power of AI While Keeping the Human Touch: Gartner
Gartner Q&A with Adnan Zijadic — As generative AI continues to disrupt the sales landscape, leaders are seeking ways to empower their sellers with the right content and tools to optimize AI capabilities in support of a wider revenue strategy. Despite the buzz, the salesperson role isn’t fading — it’s the human in the loop… Read more »
HR Revolution: The Era of the Global Platform for Managing Employee Benefits and Group Insurance
By Segic — In the current HR landscape, companies face a major challenge: meeting the diverse needs of four different generations in terms of employee benefits and group insurance. It is crucial to adopt an integrated and flexible approach to designing benefits programs that address these varied needs. Consider the differences between a young employee… Read more »
How Insurers Can Leverage Omnichannel Distribution
By Aaron Davidson, CEO, Relay Platform — Thriving in an ever-changing digital landscape relies heavily on how well insurers understand and reach their customers. A Google study showed that mobile searches for “insurance near me” have grown by over 100% since 2017. From there, the research stage for many buyers becomes more complex and nonlinear,… Read more »
Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)
By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit,… Read more »
MGAs and Smaller Carriers Drive Growth in Core System Purchases
By Tom Benton, ReSource Pro — At ReSource Pro, we talk a lot about digital transformation as an enabler of business growth. This type of enterprise-wide transformation relies on core systems, like policy, billing, and claims solutions; these systems work together to help insurance companies improve efficiency, profitability, and customer experiences. Carriers and MGAs recognize… Read more »
