Technology in Insurance

According to a recent KPMG publication, 36 percent of Insurance Executives surveyed ranked “disruptive technologies” as a threat to their business.  However, technology should be viewed as an enabler, providing more effective and efficient tools and methods for achieving the business’s transformation objectives. For the complete publication, please click here.

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A digital crack in the banking business model?

The customers most susceptible to financial service/product cherry-picking are millennials, small businesses, and the underbanked. These segments are sensitive to costs and to the enhanced consumer experience of digital delivery. Loyalty goes to those that deliver a superior customer experience and enhanced ease of access; not those that have been around for several generations. To …

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A cashless society.

Mobile payments now account for 3% of transactions in both Canada & the USA. We’re also more inclined to use credit or debit over cash and cheque. To review the complete article, please click here.

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Money 20/20 Summary

While CSIB was unable to attend the year’s Money 20/20 Conference in Las Vegas, we found a very good summary of the event. For more information, please click here.

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E&Y Survey on Canadian attitudes towards insurance companies

According to the E&Y 2014 Global Consumer Insurance Survey, only 19% of Canadians are “very satisfied” with the communication they receive from the insurance industry. Just 59% of Canadian respondents “trust” their insurance companies compared with 70% in other countries. To read the survey results, please click here

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Tech firms taking on Banks. Will they succeed?

A very interesting article about how Banks are dealing with Google & Apple in the payment space. Will the channel with the most loyal customers determine who succeeds? Five years ago, about 15 per cent of Canadians were prepared to switch banks; today that figure is roughly half that. Ultimately, the success of the disruptors …

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Additional level of health insurance

I recall a similar product underwritten by Hartford Life, administered by WTP Assist and offered by Medcan to its clients in the late 1990’s. While that product did not have a 2nd opinion component, it did offer access and coverage to the US Medical system or an applicable facility in Canada. Please refer to the …

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