Considering things from the consumer perspective is important for insurers to truly understand – and, in turn, be able to respond to – ever-evolving consumer expectations, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), suggested Thursday at…
While satisfaction with the auto insurance claims process in the United States is lower among Millenial claimants than among their older counterparts, the former’s satisfaction is improving, according to the J.D. Power 2015 U.S. Auto Claims Satisfaction Study released on…
“Mass personalization” has become a distinct trend in sectors ranging from retail to manufacturing to e-commerce. Today’s consumers increasingly expect companies to tailor offers, products and pricing to their unique situations and preferences. Property and casualty insurers in Canada are slowly finding ways to tap into the power of personalization.
The Internet of Things has the potential to blend connectivity with insurance claims. Think of it as a bridge between the old economy of bricks, mortar and physical objects and the new economy of mobile devices, data networks and analytic engines. It’s estimated that billions of “things” will be linked to the Internet within the next five years through sensors located in cars, homes and businesses. How will this connected world affect loss adjusters, insurance companies and the entire claims management process?
PartnerRe Ltd. announced Tuesday its board “reaffirms” its recommendation to be acquired by EXOR S.p.A. now that a “go shop” period has expired without any other acquisition proposals. Pembroke, Bermuda-based PartnerRe, which has a branch office in Toronto, writes reinsurance…
A recent survey from J.D. Power shows auto insurance providers need to focus on customer service to compete in Canada. One area where that focus will likely be important is the digital channel space.
Telematics could offer an opportunity to identify customer-specific insurance needs and provide advice, which, it is hoped, could build loyalty that will be there as additional offerings and services unfold.
In today’s data-rich environment, property and casualty insurers have an unprecedented opportunity to move beyond a one-size-fits-all approach, and tailor newer, more profitable offerings based on each customer’s usage and needs. The key to future profits may lie buried in the data that insurers already have.
The notion that insurers can better control their claims/indemnity spend through streamlining, cost cutting and efficiency initiatives has gained momentum in Canada in recent years. Many insurance companies are finding ways to plug financial “leakage” in claims handling – a term not always popular with claims managers. Independent adjusters understand the reasons behind this focus on costs, but caution that a proper approach to claims adjudication should prevail.
J.D. Power’s recent study of risk professionals and risk management team members in the United States and Canada shows that insurers and brokers need to work together to meet commercial customer needs. Care must be taken with regard to limiting customer-reported issues, understanding the customer’s business and communicating effectively.
Property and casualty insurers in Canada, as elsewhere, are well-advised to keep and eye out for existing and emerging risks and opportunities. But with challenges ranging from economic factors to new risk surrounding cyber security, how can insurers capitalize on opportunity?
The year ahead for property and casualty insurance in Canada feels a bit like a mix of hard facts and wishful thinking. With change the only constant, is the market signalling how best to match opportunity and risk? Will the industry come up with a pleasing palette – satisfying to its customers – or do ongoing challenges threaten to produce a total mismatch?