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 »
Simplifying Risk Analysis with VIN Data
By Jim Vecchio, Head of VIN Products, Autodata Division, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At the 2024 Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar last month, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW… Read more »
Why AI Governance is Important for P&C Insurers
By Tom Benton & Vinay Shah, ReSource Pro — The artificial intelligence landscape has changed significantly over the past year, presenting both fresh opportunities and new challenges to the property & casualty insurance industry. As AI continues to evolve, especially through advancements like GenAI, insurance companies must create strong governance frameworks to keep AI use… Read more »
Many See Embedded Insurance As A Disruptor – Is It?
By Mark Breading, ReSource Pro — Today, ReSource Pro Insights, our research practice, announces a big milestone: the release of our 300th published research report, “Embedded Insurance: Disruptor or Distraction?” This research examines the future of embedded insurance, offering valuable insights into a concept that has recently gained significant traction across the insurance industry. From… Read more »
The Impact of Generative AI on enterprises
By Manav Gupta, CTO & VP, IBM Canada — 2023 was the year Generative AI made its way to the mainstream and rocketed up the business agenda. This year, almost two thirds (60 per cent) of C-suite leaders will be piloting Gen AI solutions, according to IBM’s Institute for Business Value. I had the pleasure… Read more »
Three Use Cases for API Technology in Insurance
By Aaron Davidson, CEO, Relay Platform — As cyber risk continues to evolve faster than many insurance carriers can keep up with, API technology in insurance provides a powerful way to stay ahead of the curve. An API is technology that connects two unrelated software systems. When we apply this to insurance, they enable greater… Read more »
Building A Data Strategy For Generative AI
By Manav Gupta, CTO & VP, IBM Canada — Artificial Intelligence is making headlines daily. It’s dominating business conversations and shooting to the top of the agenda for many corporates, if not already there. According to IBM’s Institute for Business Value, 60 per cent of C-suites will be piloting Gen AI solutions in their organizations… Read more »
A Beginner’s Guide to Cyber Insurance & Risk Management
By Aaron Davidson, CEO, Relay Platform — The cyber threat landscape is rapidly changing and presents an ever-growing challenge to mitigate risks with the right coverage. The complexity of the threat landscape continues to grow as new attack strategies are identified with alarming regularity. This guide will cover all the basics of cyber insurance and… Read more »
Artificial Insurance Trends in Insurance
By SortSpoke — The Property and Casualty (P&C) insurance sector faces many complex challenges. Inflation, climate change and social unrest have led to increasing losses, and a hardening reinsurance market makes it more difficult than ever to sustain growth. No wonder P&C carriers worldwide are looking for new, agile approaches to doing business. For many,… Read more »
Simplifying Risk Analysis with VIN Data: A CAS Seminar Recap
By Jim Vecchio, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At last month’s Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar in New Orleans, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW for a panel discussion around… Read more »
The Top Five Benefits of InsurTech
By Aaron Davidson, CEO, Relay Platform — Technology helps every industry do things faster and better, and insurtech is transforming the insurance industry. Insurtech, short for insurance technology, was coined shortly after fintech reshaped traditional banking and financial services. In the not-too-distant past, insurance companies have viewed technology as something to dabble around with or… Read more »
Three Important Macro Trends Shaping Risk
Iryna Lozynska, Product Innovation Strategist, HSB Canada — Iryna Lozynska, Product Innovation Strategist New Solutions, helps us understand three emerging risks facing businesses and consumers, walking us through the most important macro trends she feels have implications for the risk landscape and insurance industry. 1. Hiring and employment regulation is becoming more complex Businesses… Read more »
Behind the Wheel: Navigating Hard Market Challenges in the Personal Auto Insurance Industry
Erik Bahnsen, Industry Analyst, CCC — It’s no secret that we’re in the midst of a uniquely challenging time for personal auto insurers due to a convergence of factors including risky driving and significant increases in the cost of auto repair/replacement, labor, and medical bills. The industry has reacted to those challenges with unusually steep… Read more »
Tough Times Call for New Priorities for P&C Personal Lines Carriers
By Meredith Barnes-Cook, Partner, Resource Pro Consulting — It has been quite a year for property & casualty personal lines carriers in the U.S., and the implications are showing in their strategic priorities for 2024. Last year, ReSource Pro’s Strategic Initiatives research revealed the key business drivers for technology investments: customer expectations and growth. A… Read more »
Coalition is Now Offering Premium Credits to MDR Customers
By John Roberts, General Manager, Security, Coalition Inc. — Small businesses are at a significant disadvantage when it comes to protecting against cyber risk. They often lack the necessary resources — time, money, expertise, and technology — to continuously shield themselves from the increasing risk of cyber attacks. Such a lopsided battle has prompted cyber… Read more »
Data Privacy’s Dirty Little Secrets: Big Implications for the Auto Insurance Ecosystem
by Stephen Applebaum and Alan Demers — Data privacy is a sprawling, multi-faceted, complex, and controversial issue which means different things to different audiences but has serious implications for businesses and consumers alike. And it is sure to continue to grow exponentially with the explosive adoption of data-driven technology and digitization which will drive ever… Read more »
CES 2024 And The Tech Revolutionizing Human Security
By Heather Turner, ReSource Pro — The Consumer Electronics Show (CES) has long been a beacon for groundbreaking innovations, showcasing the latest advancements in technology across various industries. This year was no different, but one topic stood out in particular. A major focus at CES 2024 was the new technologies addressing human security needs, from… Read more »
Tech Advances and Cool Products at CES 2024: Does it Matter to Insurance?
By Mark Breading, ReSource Pro — Every year at this time, we are treated to many articles, videos, and news accounts of the developments at CES, formerly known as the Consumer Electronics Show. The event long ago expanded beyond just consumer tech to tech relevant to businesses and individuals alike. This year, you may have… Read more »
CES 2024: Big Themes for Insurance and How They’ve Changed
By Mark Breading, ReSource Pro — I’ve been attending CES for many years, always looking at the advancements in technology through an insurance lens. As might be expected, the insurance lens is very broad, given that P&C insurers cover every industry. New technologies are reshaping segments like manufacturing, retail, construction, and many more – understanding… Read more »
New Digital Solutions are Transforming Insurance Distribution
By Mark Breading, ReSource Pro — At ReSource Pro, we talk a lot about the technological innovations underway across the insurance industry. However, the reality remains that many processes continue to involve manual paperwork and legacy systems, leading to reduced efficiencies and increased chances of errors. While carriers have invested heavily in distribution capabilities and… Read more »
Reinsurance in uncertain times calls for risk expertise and financial strength
Reinsurance capacity recovering as demand increases Inflation falling, but remains a source of uncertainty Reliable partner Munich Re providing high capacity over the cycle, focused on disciplined underwriting Growing need for future investment The market environment for reinsurers remains promising but faces heightened uncertainty. In the period 2023–2025, the global reinsurance market is expected to… Read more »
2024 And Beyond: Change Becomes Non-Negotiable
by Stephen Applebaum and Alan Demers — We cannot imagine a riskier undertaking than predicting the future given the totally unforeseeable events of recent years, the current state of the insurance industry and the world in general. On the other hand, there are some basic principles that help guide us through the exercise. In addition,… Read more »
GenAI, Transformers, Foundation Models, and LLM – in Plain English
By Mark Breading, ReSource Pro — It seems like Generative AI emerged from nowhere in November 2022 with the introduction of ChatGPT from OpenAI. It certainly has made artificial intelligence much more visible in the public eye, resulting in its great democratization. However, the big data revolution of the last decade-plus is really the basis… Read more »
AI Delivers New Transformative Benefits to Personal Lines
By Heather Turner, ReSource Pro — Personal lines carriers face a range of challenges and mounting pressures. Rising premiums and customer service issues are leading to increased insurance shopping, while inflation causes auto and home repair costs to soar. Complicating these issues are more frequent and severe weather events due to climate change. For better… Read more »
Shopping for cyber coverage? Buyer beware
by Miki Ho, Head of Underwriting (Canada), Resilience — Changes in the cyber insurance marketplace are increasing competition among insurers, prompting more Canadian organizations to expand their search for competitive cyber coverage. With increased capacity leading to more competitive pricing and broader coverage offerings, buyers are interested in exploring their options. Seeking alternative options from… Read more »
