March 11, 2018 by David Gambrill, Editor-in-Chief
As technology progresses to the point when the insurance industry can push out relevant information to Internet-connected Canadian policyholders, look for insurance professionals to transform into holistic risk advisors.
“Technology is rapidly providing our industry the opportunity to focus on prevention rather than just reacting to a claim,” says Ilda Dinis, senior vice president of customer experience and innovation at Northbridge Financial. “That said, the question isn’t about technology as much as it is about the cultural shift required by insurers. Organizations will need to evolve their mindset, purpose and value proposition to be prevention-focused rather than claims-focused—a challenging task for many insurers that will take some time.”
Driven by the increasing Internet of Things (IoT), technology has opened the field for the property and casualty insurance industry to be proactive about preventing risk, rather than being reactive and simply paying out claims after they happen.
People in the industry can see the following examples of risk-prevention measures that insurance professional might be able to undertake in home, auto and commercial lines over the next five to 10 years.
In homeowner lines, imagine an insurer’s catastrophe modelling shows a Category 3 hurricane bearing down on the Canada’s east coast. You have about five days before the storm arrives to wreak its havoc.
Read the full article in the Digital Edition of the March 2018 Canadian Underwriter.
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