canadian insurance innovation survey 2017 · making a difference in an industry moving rapidly...
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3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
Canadian Insurance Innovation Survey 2017
Insurance Nexus recently surveyed over 100 insurance executives from across Canada to get a benchmark of what is driving change, creating obstacles and
making a difference in an industry moving rapidly through transformation.
Taking the Temperature of Insurance Innovation:
“Analytics is the single greatest disruptor to the Canadian insurance industry today”
65% of executives
3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
73% Digital – developing strong online platforms to benefit customer service
50% Analytics – building on data to provide real insights across the organisation
40% Customer – a focus on customer relationships above and beyond anything else
34% Data – the need to refine internal data and reform external data strategies
38% Distribution – adjusting strategies between brokers, direct, and digital
20% IoT – the introduction of telematics, wearables, and sensors in insurance
In 2017, where will Canadian insurers focus more on?
How does analytics rank in your company’s priorities right now?
KEY FINDINGS
Urgent, this is the
#1 project for our
business
Important, it is in
the top 5 priorities
Moderate, it is
fairly important
but not key
Not important
24%
65%
9%
2%
3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
IoT including Telematics, Wearables, and Sensors are new components to the Canadian insurance industry, where do you feel insurers are at?
Who is the service provider that is critical in delivering the future of Canadian insurance:
Not important to the industry - 0% this is a pipe dream that will never become a reality
We made it – 6% the industry is already
embracing this change
The next 12 months will be critical – 37% people are vying for
first movers advantage
Not for 5 years - 50% this is a long-term goal for the industry but we are not there yet
What is IoT? - 7% I don’t even know what this is yet?
2022
IoT
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SPARKCOGNITION
3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
In the next 12 months, your company’s investment into analytics will:
Which department do you think has the most to gain from analytics?
INCREASE DRAMATICALLY
37%
INCREASE SLIGHTLY
45%
STAY THE SAME
18%
DECREASE
0%
1. Underwriting 23%2. Distribution 16%3. Claims 12%4. Actuarial 10%5. Innovation 9%6. Pricing 9%
7. Marketing 7%8. Strategy 5%9. Fraud 4%10. IT/Technology 3%11. Digital 2%
TOP PRIORITIES__________________
3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
Which company has the greatest potential to disrupt insurance in 2017?
Where is your company in its analytics journey?
NOT READY
2%STRATEGY
27% IMPLEMENTATION
53%EXCELLING
18%
“We are not ready to start analytics yet”
“We are just planning to
make the first steps” “We are using
analytics in some areas”
“We are really advanced in analytics”
3rd Annual
Insurance Analytics Canada Summit
Conference & Networking Event
June 28th & 29th, Toronto
For more information, please visit: http://events.insurancenexus.com/canada
Canadian Insurance Innovation Survey 2017
Have you seen a return on investment from analytics yet?
If you had unlimited budget to spent on one analytics solution, what would it be?
We are seeing a healthy return
We are beginning to see a return
We should see a return this year
We aren't seeing a return yet
We might not see a return for over 2 years
16%
39%
22%
18%
5%
ENJOY THESE INSIGHTS? JOIN US AT THE 3RD ANNUAL INSURANCE ANALYTICS
CANADA SUMMIT
Join us at the upcoming Insurance Analytics Canada Summit (June 28th & 29th, Toronto), alongside 350+ leading insurance executives and innovators attending the event, with speakers from RBC, Great West Life, Sun Life Financial, WSIB, Economical Insurance, Chubb Insurance and more.
Along with insurance innovation, the conference will provide exclusive insights on how to:
Smash Your Organizational Goals with Game-Changing Analytics: Match analytics programs with organizational goals to prove value and win executive support, deliver insights that drastically impact business outcomes and become a data-driven organization
Exploit Internal and External Data for More Valuable Insights: Get an edge on your competition with business-critical intelligence, by integrating disparate data from across the organization with big data and new data such as IoT, weather, social media and more
Build an Unshakable Technology Foundation: Make excellence possible with a flexible, scalable and secure technology framework that enables best practice analytics both now and in the future, including data visualization, storage, management and governance
Become an Insurer of the Future with Organizational Transformation: Leverage analytics champions and evangelists, build a team that combines business intelligence with analytics aptitude and eradicate operational siloes to motivate rapid adoption and organization-wide support for analytics
Focused Departmental Discussions to Give You More Detail: With tracks exploring analytics in each business department, hone in on strategies tailored for underwriting, pricing, marketing, claims, fraud or customer experience, so you walk away with more immediately applicable knowledge
For more information, including the conference agenda and speaker line-up, please see
http://events.insurancenexus.com/canada
Emma SheardHead of Strategy Insurance Nexus
P: +44 (0) 207 422 4349
Contact us