Innovation is the Key to Our Industry’s Success

Innovation is having a profound effect on the insurance industry. In our business we not only need to keep on top of technological innovation that can improve our operations, but we also must consider how new technology affects risk and exposure. Our industry must adapt traditional insurance products and services to respond to newly emerging technology risks, and the successful insurance providers will embrace technology to improve the customer experience.

Customers are holding all service providers to a high standard and are beginning to expect immediate responsiveness, customization and personalization, and real-time access to information. To meet the needs and expectations of our customers and the changing demographics, we must offer an experience that rivals the best out there - not just the best within our industry.

As mobile and tablet devices become the norm for managing daily affairs, customers also expect their insurance providers to offer user-friendly, browsing, purchasing, and customer service interactions through these devices as well. Keeping pace with technological advances has been a challenge for our industry and we have struggled to provide an online experience that meets customer expectations. Time is running out to remedy this challenge.

As an industry, it's also critical that we understand how new technology is impacting risk for our customers. Technology is now a key dependency in most business operations and a failure in this system can be devastating. We have a duty to advance insurance protection beyond traditional bricks and mortar and into the brave new world of the web, cloud and artificial intelligence. Our society and our industry have adapted before, so what's different now? The pace of change is beyond anything we've ever experienced. Regulation is challenged to keep up and we have little time to assess the impact of our coverage decisions before the next technological advancement is upon us.

How do we deal with this challenging and changing landscape? The best defense is an informed offense: Information is the most valuable and cost-effective way to keep up to date and to generate new ideas within your area of the business. Whether it’s a new product or an innovative claims solution, most often the idea will generate from the need to solve a business issue, be it caused by, or solved by, new technology or the need for improved customer experience. In most scenarios, being current on latest industry trends and emerging issues will help keep you relevant.

The CIP Society is continually investing to keep you informed and forward-thinking - we encourage you to take advantage of the many resources and upcoming learning opportunities that address these very timely topics and issues in the industry.

Register for the upcoming ADVANTAGE Live webinar on June 2 - The 3 D’s changing customer expectations in the insurance industry: Digital, Data, and Demographics, which will discuss the changing customer expectations in insurance, and the ways that the industry is responding to more advance needs for digitization and big data. Our monthly Trends Papers are another fantastic resource to keep you informed on topics like Flood Insurance in Canada, Fracking, and Drones – view the full library!

In the coming weeks the Institute, through the direction of the CIP Society, will launch our second report in the Emerging Issues Research Series, Automated Vehicles: Implications for the Insurance Industry in Canada. This report assesses the potential impacts of vehicle automation on Canadian roads within the next 5-10 years, and raises many important questions for the insurance industry. CIP Society members get advance notice of the report’s availability and are encouraged to attend the May 25th Research Forum event in Toronto, and the live, national webinar on June 23rd.

By investing in these opportunities brought to you by the CIP Society, you will be better equipped to react to changes and advancements in technology, and foster the type of innovation our industry needs. 

Julie Pingree, BA, CIP
Chair, National CIP Society