Canadian Insurance Innovation Survey 2017 · making a difference in an industry moving rapidly through transformation. Taking the Temperature of Insurance Innovation: “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


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






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






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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MIC

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MANULIFE FINANCIAL

INTA

CT

VERISK ANALYTICS

SA

S

LIFEGUIDEEIGENRISKBLOCKVERIFY

INEDGEBROVADA

FAC

EB

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INT

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MICROSTRATEGY

GREAT WEST LIFE

SPARKCOGNITION

3rd Annual






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






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






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

E: [email protected]

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Canadian Insurance Innovation Survey 2017 · making a difference in an industry moving rapidly through transformation. Taking the Temperature of Insurance Innovation: “Analytics