Insurance Blogs hosted by Canadian Underwriter
Insurance Blogs hosted by Canadian Underwriter
Insurance needs Real-Time now to benefit from lower costs and immediate confirmation between all stake-holders in the insurance distribution vertical. However, Real-Time transactions are too rare in insurance. The most obvious example is D2C insurers who have stepped up their…
A perfect storm is an event in which a rare combination of circumstances drastically aggravates an event. We are in a 4th industrial revolution. A technology driven revolution which led to the term “Insurance 4.0”. Insurance 4.0 is defined as…
Another direct-to-consumer insurance platform has launched in North America claiming that “unmet demand for simple and fast digital insurance services in today’s connected world. Savvy insurance customers want the option to research, compare, and buy easily online”. A growing segment…
The immediate and direct effect of Covid-19 on the insurance industry is obvious and broad reaching. For many reasons, insurers must consider their ability to operate during the pandemic as an indication of their preparedness for the future. From claims…
Why Insurance Needs to Innovate Late last year AM Best released their new methodology and criteria on scoring and assessing innovation. “Innovation is becoming increasingly critical to the long-term success of all insurers. With innovation, companies can develop sustainable competitive…
The ubiquity of the internet and the ease of access thereto has given consumers more informed buying power and instantaneous ability to satisfy their requirements for goods and services. Organizations that can meet and likely exceed consumer expectations will dominate…
“Get a horse!” people would yell in the early 1900’s as motorized vehicles were starting to gain in popularity. The majority of the population would not believe or could not understand that the trusted horse used for over 1,000 years…
Last week I received 6 letters from the same insurance company. It was for one single travel medical policy (one letter addressed to each member of my family). The letters were informing us, individually, to please contact our insurance broker…
Most of you who know me or read this blog, know by now that I am not a big fan of Legacy Thinking in Property and Casualty Insurance. While it is wonderful that new technology allows so many things that…
A political science professor that I had described how difficult it was for communist countries to convert to capitalism. He proposed that the longer the country was under communist rule, the harder and longer it was to change to capitalism;…
Over the years I have been involved in a few insurer studies regarding the cost of mistakes. The most obvious, to an underwriter, is the cost of re-issuing policy documents processed in error. No one publishes these statistics (too embarrassing),…
The promise of a better way to enable the P&C Insurance industry to do business has been an expensive and ongoing voyage, a voyage that some think is a myth while others hope it is reality. SEMCI (single entry multiple…
