InsurTech – What Does It Mean?

Hello, and Happy New Year! 2016 was a fantastic year for me both personally and professionally, and I can’t wait to see what’s in store for 2017!

One of the biggest trends in our industry these days is InsurTech, or “insurance technology”. Specifically, the emerging waves of cutting-edge startups around the world, causing major (and much-needed IMO) disruptions to one of the oldest, most heavily entrenched and staid fields in the world.

First referenced in any serious way at a 2015 presentation by Financial Technology Partners, InsurTech at the time focused on four key trends:

  1. On-demand protection – The digital consumer is used to accessing anything they need at the click of a button, so the insurance industry has felt the pressure to catch up.
  2. New propositions and customer engagement – As with any advance in technology, new trends bring new opportunities for companies to innovate their propositions.
  3. Internet of Things (IoT) – In this new connected world where people, sensors, systems and data are all interconnected, consumers receive instant insurance services based on individual behaviour and performance. Telematics kicked off in the automotive sector but is now being rapidly rolled over into other sectors including health and the home.
  4. Peer-to-peer insurance – Peer-to-Peer (P2P) insurance is an increasingly popular start-up model. The front runners have all set their sights on the P2P model as creating disruption in insurance.

These trends are being watched and acted upon across all sectors in the insurance world, from home and auto, commercial liability, to our areas of expertise: life, health benefits, and financial advising. We have partnered with some of the leading startups in Canada, like Wealthsimple’s digital wealth management platform and League’s innovative health and lifestyle benefits program, as well as taking advantage of the investments being made by the big players in the Canadian insurance market, like Humania’s algorithmic-driven life insurance underwriting HuGO, and Manulife’s partnership with the health-tracking service Vitality.

We are looking forward to continuing to offer the best personal service combined with the best technical tools available to help you plan, protect, and grow your financial world.

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