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  • The 3 D's changing customer expectations in the insurance industry

    The 3 D’s changing customer expectations in the insurance industry is an overlapping interconnected cycle that seems to be driving the future of the insurance industry.
    demographics, digital, data chart
    Our society’s demographics are changing and the insurance industry needs to enhance their use of digital and data to produce better targeting, positioning, customer service, and product development that meets the changing demands of consumers.
    A discussion about changing demographics naturally points to Millennials, and this cohort simply does not lead the same lifestyle that their parents did when they were the same age (18-34). As simply put in the March 2016 IBM Commerce Blog, “Millennials don’t want the same insurance products Baby Boomers do because millennial households don’t look like ours!” 

    The emergence of peer-peer insurance, the internet of things, and more online services than ever before can possibly be traced in response to the unique needs that are emerging from Millennials’ lifestyles – for example, many Millennials are renting over owning and making purchase decisions based on experiences, not by what they’re told. An IBM Institute for Business Value survey reports that “89% of millennial consumers believe friends’ comments more than company claims” and “93% of millennial consumers usually read reviews before making a purchase.”

    As mentioned in the 2016 Trends and Predictions Trends Paper by Phil Cook,  many of the new licensed drivers our industry will insure this year were born in the 21st Century (i.e. post Y2K). They will also become our direct consumers in a few short years and we better be prepared to meet their needs, and even more importantly as an industry, to begin the process of defining those needs for them.

    So how can the insurance industry provide Millennials with the Amazon Experience - the right product, competitive prices, good service and seamless delivery, all served up digitally? Join the CIP Society on June 2 for the live webinar, The 3 D’s changing customer expectations in the insurance industry: Digital, Data, and Demographics, where Donal Corcoran, Canada Executive Vice President, Consumer Insurance at AIG Insurance Company of Canada and Marc Lipman, Chief of Staff at AIG Insurance Company of Canada will discuss if the insurance industry is ready for these rapidly changing demands compared to other services industries and how our industry we can keep up advancements in these innovations.

    Register today!

    Posted by CIP Society on 5/17/2016

  • Gender balance in the p&c workforce

    CIP graduate

    Melanie Lam and son Ethan Kwan at Melanie's CIP convocation

    A gender balanced workforce isn’t necessarily something that immediately comes to mind when talking about the financial services sector. The p&c insurance industry, however, is an exception.

    This year’s theme for International Women’s Day, #PledgeforParity, celebrates the progress that has been made towards gender parity, but also reminds us that there is so much more to be done. Prime Minister Justin Trudeau’s now famous comment, “because it’s 2015”, recently put Canada on the map for gender balance in a high-profile workplace. But when it comes to the p&c industry this is not new, some might even say that ‘it’s a women’s world’ with women making up over half of the industry’s workforce.

    In fact there is a lot to celebrate about women in the industry in Canada. Many women are leaders in the industry. A recent issue of Insurance Business Canada celebrated 35 women of influence in p&c insurance, ranging in roles from senior manager to C-suite. And nearly half of those women hold a CIP or FCIP designation.

    One of the reasons why women excel into senior roles in insurance is that professional development and learning are the cornerstones of the industry. Programs like the CIP and FCIP offer flexible options that allow self-study offering time to balance work and family.

    Take for example, Melanie Lam, a recent CIP graduate. Melanie recently shared her success as the Top Graduate – Independent Broker at convocation with her 10 month old son. Melanie says that she is, “Grateful for the flexibility offered by the CIP program,” and that she “not only learned a lot about insurance, but that continuous learning is an attitude.” Melanie also credits the CIP into helping her progress into more senior positions at her company, Ensurco Insurance.

    In many ways career success and supportive training and learning are linked in the p&c industry. Several of the women on the 2016 women of influence list mention education as being one of the important stepping stones for them in the industry. Continuing to provide flexible learning options and work environment will be key to maintaining gender balance within the p&c insurance industry.

    The p&c insurance industry can pat themselves on the back for doing a great job so far in helping to achieve gender parity. Let’s all continue to do our part to help to continue to close the gap sooner than the next century!

    Posted by Insurance Institute on 3/7/2016

  • Insurance Institute of Canada Launches Automated Vehicles in Canada Research Report

    automated-vehicles-report-cover 

    Driverless cars, autonomous vehicles, automated vehicles, semi-autonomous – these are the many terms that are used to describe the biggest transformation to start impacting our roadways since the introduction of the automobile at the turn of the last century.

    Download Report in PDF

    As automated vehicles are starting to be tested in Canada, consumers are intrigued and lining-up to get the anticipated Tesla Model 3 and excitedly watching the developments of the Google car’s progression on the roads. There is much preparation to be done to address the emerging insurance implications, particularly within the next 10 years.

    The Institute, through the direction of the CIP Society, is pleased to publish our latest report, Automated Vehicles: Implications for the Insurance Industry in Canada. This research report assesses the developments of automated vehicles on Canadian roads within the next 5-10 years, and addresses key questions for the insurance industry:

    - Why are traffic collisions expected to fall significantly?
    - Will higher repair costs limit insurance savings?
    - Who will be held responsible for traffic collisions?
    - Why does the big picture include public policy, sharing and transit?

    Our intention with this research report is to provide a foundation on which to understand the issues; the insight to foresee the transformative change ahead; and the resources and constructive recommendations to inform industry and stakeholders’ action.

    Get engaged with this emerging issue by joining us for these two opportunities to learn more on this timely and relevant issue in the industry:

    CIP Society Automated Vehicles Research Forum

    A 360 perspective on the evolution of vehicle automation and the impact it will have on road safety, the industry, society, and infrastructure. Panelists include the foremost subject matter experts on the implications of automating vehicles on Canadian roads.

    When: May 25th, 2016
    Time: 8am - 10am

    Register now for forum

    CIP Society Automated Vehicles Live Webinar

    A unique perspective addressing vehicle automation’s life-changing potential to reduce collisions and improve road safety. Panelists include the foremost subject matter experts on road safety and insurance in Canada.

    When: June 23rd, 2016
    1pm - 2:15pm

    Register now for webinar

    Keep the conversation going by posting your thoughts on Twitter - #automatedishere

    Find out more about the report, Automated Vehicles: Implications for the Insurance Industry in Canada.

    If you have any questions or comments about the upcoming automated vehicles report, contact us at iicmail@insuranceinsitute.ca.

    Posted by CIP Society on 5/10/2016