After attending Dreamforce — the annual Salesforce.com in-person event — and listening to several presentations from insurance users, we believe that the use of SalesForce.com products and services has the potential to be as powerful as the business strategy it supports. If you are using or evaluating SalesForce.com, we are interested in your impressions. A… Read more »
Can Brokers Create and Seize the Future?
After attending recent industry meetings and planning sessions, we are convinced that independent brokers in Canada are at a pivotal point. On one hand, there are increased threats to the broker from a number of fronts. At the same time, brokers are seeing the market space with fresh eyes and a stronger commitment to serving… Read more »
Can Insurers Break Through to a New Plane of Digital Engagement with UBI?
Reports indicate that insurers have hit a low plateau in the implementation of consumer engagement strategies using digital technologies. There may be a unique opportunity, in the form of Usage-Based Insurance (UBI), which could allow a transformational breakthrough into the brave, new, digitally-engaged world. We’d appreciate your thoughts. What’s causing the blockage? As reported on… Read more »
Bill Berkley: Technology’s Influence on Risk and Insurance
Lots of people have strong opinions about insurance, business in general, and the state of the world. A small number of these people have a four-and-a-half-decade track record of success putting their opinions into practice. Bill Berkley, Chairman & Chief Executive Officer of W.R. Berkley Corporation, is one of the select few. Given the opportunity… Read more »
Lies, Damned Lies, and Spreadsheets
When the only tool you have is a hammer, lots of things can begin to look like nails. And when the only tool you have is a spreadsheet, even mistakes can look good in pie charts. Some recent examples in financial services and government suggest better discipline is needed. While we like the convenience of… Read more »
Too Much Going On? We’ve Got the Rx For You
One of the phrases we hear most frequently these days when talking to managers and executive in insurance carrier and broker offices is, “We’ve got a lot going on.” It’s typically said with a sigh and a shake of the head, implying it might just be a little too much. If you, too, feel that’s… Read more »
Ontario Brokers, Carrier CEOs Stake Out Telematics Ground
On the way into the Insurance Broker Association of Ontario (IBAO) CEO panel session on Thursday last, a colleague of mine suggested a new drinking game: take a shot every time someone says “Telematics.” Had we done that, and shared our quota with the 500 or so in in the audience, we would all have… Read more »
Does IT Have A Future in Marketing?
As insurance organizations finish their planning sessions for 2014, we are getting an impression that the coming year will be a watershed for the industry as a whole, and for IT in particular. We get the sense that the priority for most organizations will be execution of externally-focused business plans to respond to unprecedented challenges… Read more »
Innovation in Insurance: Different Views on Status and Direction
We have heard a lot about the need for innovation in insurance generally and using technology specifically. As we enter the last quarter of 2013, two leading analysts seem to be taking somewhat different views on where insurance innovation stands and where it might go. We’d like your thoughts. Innovation is so pervasive, it looks… Read more »
Would Getting Agile with Data Help Move Us Forward Faster and Better?
In order to achieve results in a compressed time frame, many insurance organizations have moved away from traditional software development practices and towards the ‘Agile’ approach. This has been the norm, especially in the installation of modern administration systems. Such has not been the case with data management — until recently. There are seeds sprouting… Read more »
Insurance 2023: A Funny Thing Happened on the Way to the Future
On October 3, fifty insurance professionals gathered at the Royal Ontario Museum in Toronto to review the results to date of a Study Team at the Insurance 2023 Forum. What started as a fairly routine set of presentations was quickly interrupted by a large, active conversation which set the tone for the Forum and will… Read more »
Turn Now! Insurance Brokers Reset Directions on the Road to Telematics/UBI
With a single stroke, insurance brokers in Ontario have shifted the direction of the conversation about Telematics/Usage-Based Insurance (UBI) in Canada. The question now is how will it change the operational direction and rate of adoption. There will be opportunities to get more information, the first of which will be the Insurance 2023 Forum on… Read more »
The Road To 2023 Is Paved With Data, Analytics, and Good Stories
Of all the trends identified by the Insurance 2023 Group, Data and Analytics were the two that permeated most of the discussion. It is clear the insurance engine is fueled by data and guided by analytics. On this basis, the results of any insurance organization is only as powerful as its data are rich; and… Read more »
Is Usage Based Insurance a Pathway to Greater Privacy, Not Less?
As industry interest in Usage-Based Insurance (UBI) grows, familiar concerns with respect to privacy surface with each launch of new UBI products. It is all but guaranteed that the “Big Brother” aspect of it will garner some significant portion of the media’s focus when they report on it. It all might seem pretty ominous for the consumer,… Read more »
Big Data Secrets, Including How to ‘Fail Correctly’
Big Data is a huge topic for insurers these days. A number of projects are being contemplated, with high expectations. However, Big Data projects differ from other IT projects in several respects. Some useful advice is emerging from several sources, including the value of scoped failure. The Insurance 2023 Forum will welcome several experts to… Read more »
Insurance Marketing & Communications: Today, Tomorrow, and for 2023
A number of marketers have noted that Customer Experience and Communications are shaping the battlefield of the present for insurance marketing. There is some positive news about insurers’ current initiatives. However, this battlefield is changing as we speak and will shift radically over the next decade. The Insurance 2023 forum is planning to have a… Read more »
Brokers Could be ‘Crucial’ in the Evolution of Usage Based Insurance
At the Insurance Telematics USA conference in Chicago last week, several themes were prominent. Taken together, these themes suggest that independent distributors will be a key element in the success of Usage Based Insurance (UBI) in North America. This will be explored next at the Insurance 2023 Forum in Toronto. Major Themes It’s ‘How’ not… Read more »
Insurance Marketing 2023: Is A ‘Minority Report’ Scenario Different Than What Brokers Do Now?
In 2023, will insurance ‘marketing’ include a capability for consumers to provide data directly and through sensors to allow insurance representatives to detect new or changed insurance requirements and modify insurance programs dynamically? If so, is this really different than what happens now? ‘Smarter Marketing’ On her blog, Forrester Senior Analyst Sarah Rotman Epps points… Read more »
Insurance 2023: Changes to the Auto Means Changes in the Auto Insurance
Despite improvements in product efficiency, performance and design, the automobile industry has remained relatively stable over the last few decades. But all that is about to change … dramatically. How will this impact the Canadian insurance system? You will have an opportunity to find out on October 3, 2013. Progress has a price … The… Read more »
How Far Will Insurance Telematics Go?
In spite of some recent setbacks in user uptake, most analysts agree that at least for the mid-term, telematics will have a significant impact on automobile insurance in North America. On this basis, from a strategic planning perspective, decision-makers need to know (1) how deep telematics will penetrate into various parts of the organization and… Read more »
Are Customers Returning to Independents? For How Long?
A recent poll for a US insurer suggests that a significant portion of insurance consumers who moved from the independent channel to direct marketers are returning to the independents. Good news for Canadian brokers? Perhaps. Sustainable change? Aye, there’s the rub. Sixty percent return to independents …. The Hanover Insurance Group, a top 25 US… Read more »
Is Integration the Weakest Link in Systems Modernization?
Systems modernization projects continue to occupy the lion’s share of IT time, resources, and budget in many insurance organizations. Two oft-cited reasons for these initiatives are (1) to respond to business needs for rapid access to more and better data, and (2) to support new, customer-facing applications. Several recent reports suggest that there is a… Read more »
Analysts: Customer is Queen, Data is Crown Princess
Two recent reports are making it clear: The winners in the new insurance game will be those who recognize that the driving force for change is the customer, and data and analytic tools will be key enablers for the change. We’d like to know: Does this message resonate with your organization, with your colleagues, and… Read more »
Summertime, And The Living Is … Frenzied?
With 2013 more than half over, some days it feels as though we’ve done a whole year’s worth of work already and there’s still a year of work more before the calendar year ends. Is this an exceptional period, or another “new normal”? And is there anything that can help? We’ve got some thoughts and… Read more »
Social Media Policy and the Insurer: Aligned or Self-destructive?
A colleague of ours recently related a story which reminded us that we are still talking from both sides of our mouth when it comes to using social media. We’re wondering how prevalent this situation is and what you think can or should be done. What’s good for the goose might not make it to… 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 »
Is Data Forcing Modern Systems to Stay in Second Gear?
There has been significant emphasis in the past few years on rapid execution of implementation plans for large systems. Agile methodologies and modern technologies allow significantly shorter timelines from the decision stage to lights-on. However, the delivery of strategic goals may not follow as quickly, as we cope with our increased need for more, and… Read more »
On The Road to 2023: How Do We Describe Our Industry?
If you had recently relocated from Mars, and asked a Canadian insurance professional to describe the P&C insurance industry, you would likely get a more ‘qualitative’ perspective than a ‘quantitative’ one, according to a recent study. And you would get a somewhat different perspective depending on whom you asked – an insurer, a broker, or… Read more »
Mobile: Is There An App for Core Sytems Replacement?
It is patently obvious that mobile technologies – including smartphones and tablets – are becoming increasingly useful tools. As a result, a number of insurers have undertaken initiatives to extend selected functions – finding an agent/broker, getting a quote, reporting a claim to mobile devices. What is less obvious is that mobile is entering the… Read more »
Analytics Getting Operational In Intelligent Claims Processing
Analytics capabilities are seen by insurers as essential tools for intelligent claims handling, so much so that technology suppliers are moving to embed analytics offerings within claims administration systems. Two leading experts, while underscoring the value that analytics can bring to claims handling, offer a cautionary note about over-reliance on silicon tools to the exclusion… Read more »
Are Commercial Lines Buyers Ready to Go On-Line?
There is a long-held belief that commercial lines insurance, regardless of the size, require a personal agent or broker to be effectively marketed, sold, and serviced. A new report (based on US data) is questioning this assumption, raising some technology, operational, and marketing issues for everyone involved in small commercial insurance. We’d like to know… Read more »
Does Blackberry Device Management Solve BYOD Issues?
Bring Your Own Device continues to be an unaddressed issue for many corporate IT departments. While Blackberry’s recent announcement of functionality to manage non-Blackberry devices looks to some as being an elegant solution to the BYOD issue, other experts raise caution. We like to know what you think. What’s The Problem? When smart phones and… Read more »
Was Customer Relationship Management Killed, or Did It Just Change Its Name?
A quick scan of the journals suggests that the trend called Customer Relationship Management (CRM) – once the temple that held the Holy Grail of data – seems to have died abruptly in the late 2011. Around the same time, the behemoth known as Big Data began its meteoric rise. Is this a case of… Read more »
Emerging Technology: Think You Have Time To Catch Up?
At the halfway point of 2013, several analysts are beginning to forecast 2014. If they are to be believed, it might not be the best year for those organizations that have not yet fully embraced advances such as consumer-facing technologies, predictive analytics, enterprise content management, etc., or who have espoused a “fast follower” approach in… Read more »
Big Data and Core Systems: Is Co-existence Possible?
Big Data is making the news in all sorts of ways. It is being used by actuaries and underwriters to fine-tune selection and become more precise in pricing. It allows claims examiners to detect fraud patterns and lower costs. Marketers can predict patterns of consumer behaviour from Big Data to tailor campaigns to increase sales. Does… Read more »
Technology and the Aging Driver: A Father’s Day Tale
Ellen looked over at her dad in the driver’s seat of the car. He was smiling as he watched road in front of him, checked the mirrors and monitored the dashboard gauges. He had not looked this happy since he had his license taken away after being diagnosed with early dementia. When they arrived at… Read more »
Should Telematics/UBI Be Mandatory in Ontario?
Telematics enabled Usage Based Insurance (UBI) should be mandatory in Ontario. The advent of the Internet, digital cellular networks, and global positioning systems over the last twenty-odd years has transformed the way we live. These innovations have been disruptive for countless industries and enabled the birth of many new ones. Used to deliver UBI, these… Read more »
Is “Innovation” The Next “Awesome”?
Over the past few years, the term ‘awesome’ seems to have lost some of its meaning as a result of overuse. We’re wondering if ‘Innovation’ is heading in the same direction, at least as it relates to insurance and technology. We’d like your thoughts. How does innovation relate to insurance technology? Those of us who… Read more »
Privacy For Rent or Lease
After the recent announcement of Ajusto – the Telematics-driven Usage-Based Insurance program from Desjardins – there were several posts that derided it as an invasion of privacy for drivers. But seriously, with everything else going on out in the interconnected world, does anyone really think that driving behaviour is private information? Or any behaviour, for… Read more »
ORBiT Message to Brokers: Market Share/Profitability Are Yours to Lose
Coming away from this year’s ORBiT Road Show session, the overarching message seemed to be: Ontario brokers have an enviable position with market share and have tools to improve profitability. However, too many brokers are doing little to sustain this in the face of changes in the market and new, powerful competitive forces. Our question… Read more »
Telematics/UBI and Driverless Vehicles: Is There a Battle Royale Forming?
There is an interesting debate involving a couple of possibly competing trends: one is the use of Telematics to support Usage-Based Insurance (UBI); the other is the emergence of Driverless Vehicles. We think that some of the discussions might be muddling some issues — and, regardless of the outcome, we think there are some clear… Read more »
Is The Media the Message for Successful Brokers?
What differentiates a broker/agent who successfully uses social media for marketing from one who does not? Is it the right media — or something else? We’d like to compare a few examples and then make a suggestion. We’d like your thoughts. What Does Success Look Like? In our view, success in the use of social… Read more »
Telematics/Usage-Based Insurance: Where Do Canadian Brokers Fit?
Since Desjardins’ May 13th launch of Ajusto – a Telematics enabled Usage Based Insurance (UBI) product – there have been active discussions about how independent brokers in Canada could fit in as distributors of this type of product. We think that brokers have a unique opportunity to define the future for themselves and their customers… Read more »
Can IT Be Aligned with Turbulence?
Within the IT management community, “alignment” has been a hot topic for some time. If, as some suggest, the insurance industry is on the edge of some fundamental, possibly existential challenges, the question might be, “align with what?” What is ‘Alignment’, Anyway? A frequently cited review of literature by Chan and Reich, IT Alignment: What… Read more »
Innovation/Collaboration Go Operational at #acordloma13
If we had a dollar for every time the mantras of Innovation and Collaboration were invoked at the recent ACORDLOMA Forum in Las Vegas, we’d have easily paid for our hotel bill and several meals. There were lots of references to innovative thinking, collaborative processes, innovative products, collaborative technologies, innovative delivery mechanisms….(you get the point). … Read more »
In the Spring, Do Canadian Insurers’ Thoughts Turn to … Telematics?
With apologies to Lord Tennyson, it appears that insurers might be putting telematics slightly ahead of other fancies in Spring 2013. Part of the evidence is a mysterious ad campaign. Are you feeling the pull? Rumblings In The Wind We have been noting the progress of telematics-based insurance offerings in various geographies, such as the… Read more »
What Do Agents & Brokers Do Anyway?
“What do agents/brokers actually do for a living?” Over the last quarter century or so, we have periodically asked insurance consumers and insurance carrier IT workers that question. We tend to get two very different answers, both of which are wrong. Worse, we find the answers from the IT employees to be further from the… Read more »
Broker Marketing: Feed the Lizard
In the Polynesian culture, the gecko feeds on insects and carries the spirit of mo’o, a mythological being which is considered to be a protector of houses and villages. In the insurance culture, the gecko feeds on Big Data and carries the brand of Geico, which is considered the destroyer of independent agents. Maybe the… Read more »
Are IT People Starting to Look Like Regular Employees?
Some recent employment-related data suggest that IT professionals have similar employment experience as other members of the working class. In fact, some IT professionals are actually reporting directly to business unit managers. Is this scary or does this offer opportunities? Hiring Flat, Participation Down As reported in Insurance Networking News, analysis by Janco & Associates… 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 »
