The Ontario Broker - Volume 22, Issue 5 - 19

perspective
perspec
INDUSTRY & MARKETS
INNOVATION IN INSURANCE: HOW BROKERS
AND INSURERS SOLVE CUSTOMER PROBLEMS
Danny Da Costa, SVP, Ontario Division, Intact Insurance
thinking into the way we do insurance, at both the product
development and product distribution stage.
This is not a stretch for customer-driven insurers or brokers.
Insurance is about helping people. It's about solving problems
for people. Solving problems calls for creativity, innovation and
outside-the-box thinking as much as it calls for data analysis,
tested algorithms and robust processes. Our most successful
innovations, and their enthusiastic adoption by customers,
happen when creativity leverages data to solve customers'
problems.
At Intact, these innovations include telematics programs like
, digital solutions like CrashAssist, Weather Alerts and
claims filing tracking in the Intact Insurance App, as well as our
tailored approach for unique customers or emerging markets.
At your brokerage, these innovations include every investment
in technology, systems, processes and people you've made over
the years, and notably every change you've made over the last
two years to better support customers in the unprecedented
business and social environment of the pandemic.
This is the virtual cycle of innovation in insurance. Our joint
purpose-as insurers and brokers-is to anticipate and solve
customers' needs. Solving customer needs requires innovation.
Innovation lets us fulfill our purpose.
my DriveTM
INNOVATION AND INSURANCE are not two words that
most people associate with each other. It's time to change that.
Customers want the people they get their insurance from
to be, above all, reliable. That makes sense. We exist, as an
industry, to provide peace of mind. When everything works as it
should, the average person doesn't really think much about their
insurance. We-brokers and insurers-do the thinking for them.
There are milestone events in people's personal and business
lives that thrust insurance needs into the spotlight-the first car,
a new home, or a new business venture. But most of the time,
life just ticks along and so does one's insurance policy.
Until something goes wrong. Then the right insurance policy
and the right coverage are what let people rebuild and get
back on their feet. That's what people want from the insurance
industry-to be there for them when they need it. To be reliable.
And in order to be reliable, we have to be innovative.
Today's customer has needs and expectations that didn't exist
yesterday. To continue to meet and exceed their expectations
tomorrow, it's important for us to monitor market trends and
customer expectations and to get ahead of them.
To achieve that, both insurers and brokers need to have an
innovation mindset. Yes, this means innovating with technology,
digital platforms, A.I., apps, broker management systems and
connectivity. It also means weaving innovation and creative
The rate of change and level of uncertainty we're seeing in the
world-economically, politically and socially-makes it difficult
to make predictions. I can make this one with confidence: the
future of insurance is innovative. As long as customer needs
drive our joint innovation and guide our decision-making,
brokers and insurers will thrive-and customers will win.
" INSURANCE IS ABOUT
HELPING PEOPLE. IT'S ABOUT
SOLVING PROBLEMS FOR
PEOPLE. SOLVING PROBLEMS
CALLS FOR CREATIVITY,
INNOVATION AND OUTSIDETHE-BOX
THINKING AS
MUCH AS IT CALLS FOR DATA
ANALYSIS, TESTED ALGORITHMS
AND ROBUST PROCESSES. "
VOLUME 21 | ISSUE 5UME 22 | ISSUE 5
19
The Ontario Broker - Volume 22, Issue 5

Table of Contents for the Digital Edition of The Ontario Broker - Volume 22, Issue 5
