The THiNK Blog

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The Impact of Artificial Intelligence on Insurance Products [PART 3]

Jul 31, 2017 5:33:09 PM / by Max Kraus posted in InsurTech, Insurance Distribution, Artificial Intelligence

Welcome to Part 3 of the Impact of AI series. To recap, Part 2 of this series looked at the impact of selling and distribution and Part 1 looked at the impact of underwriting and risk.

Part 3 of this series will focus on the impact of the product development phase of an insurance product. 

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A Quick Guide to the Canadian Life Insurance Distribution Model

Nov 26, 2014 10:33:00 AM / by Nick Joly posted in Insurance Distribution, APEXA

As you may know, the Canadian Life Insurance Industry can be complex and can have many, many layers! I know that when I first started working at LOGiQ3, I didn’t have a clue as to what went on in life insurance past the point of filling out an application with my advisor. The financial services industry alone can cover anything from banks to insurance companies to reinsurance administration to life advisors… you name it!

After a few months on the job and some behind-the-scenes work on APEXA, an industry-led compliance solution for Canadian Life Insurance advisors, MGAs and carriers, what I found was that there was a lack of thorough yet simple to understand information on the more complex layers that make up the Canadian life insurance industry, such as,

  • Distribution Channels (Advisors, MGAs, AGA, Captive Agents),
  • Brokers, Sub-Brokers,
  • Carrier/Insurance Suppliers,
  • Reinsurance,
  • Retrocessionaires, and so on! 

Earlier this year, PricewaterhouseCoopers published a great study (2014 Sound Advice) outlining the different players in the Canadian life insurance industry, with one section focused primarily on the distribution model… and from that, in an effort to remove some layers of complexity, I’ve whipped up a great INFOGRAPHIC on the industry, specifically at the Distribution Level -  Advisor, MGA and AGA. 

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The Universal Law of ‘Cause and Effect’ in Underwriting

Nov 16, 2012 9:00:00 AM / by Carmela Tedesco posted in Underwriting, Claims, Insurance, Thought Leadership, Insurance Distribution

As an underwriter, I have seen many cases where risk factors, which have increased premiums on life insurance policies, could have been avoided had the applicant done something differently to better the outcome and manage the risk factors. 

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SOA 2012 – App, Millennials, Innovation, and Introverts - an Association in Transition?

Nov 8, 2012 1:00:00 PM / by Chris Murumets posted in Claims, Insurance Distribution, Industry News, Marketing

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A Career in Life Reinsurance - So this is Where I Belong

Oct 19, 2012 11:00:00 AM / by Tamica Charles posted in LOGiQ3 Culture, Underwriting, Audit, Insurance, Reinsurance, Insurance Distribution

If anyone told me a year ago that I would be working in the insurance industry as a reinsurance analyst, my response would have been a blank stare.

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Key Drivers and Benefits of Reinsurance Outsourcing

Sep 28, 2012 8:00:00 AM / by Natalie Ho posted in Underwriting, Claims, Outsourcing, Thought Leadership, Insurance Distribution, Industry News

Reinsurance outsourcing is a significant decision not to be taken lightly. It impacts internal controls, people, technology, and your business model. However, when done properly as part of an overall sourcing strategy, it can extend an organization's capabilities and allow for increased focus on core business activities. 

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Underwriting - Automation of Simple Risk Selection, Is it Time Yet?

Jun 28, 2012 1:27:00 PM / by Natalie Ho posted in Underwriting, Insurance, Outsourcing, Industry News, Insurance Distribution

Is underwriting ready for automation?

We are very pleased to have the pleasure of Ross Morton as our guest blogger. Ross has spent 40 years in the life insurance world and throughout that time, has played a very visible role in the life insurance industry in Canada and globally. Ross has transitioned from executive of major international companies to now, independent advisor, mentor, and reassure. Ross currently sits on our Advisory Board and is a dear friend to LOGiQ3. Today, Ross will share some of his views on the life insurance underwriting profession. To find out more about Ross, please visit

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What Mobile Devices do Life Insurance Professionals Use?

Jun 22, 2012 9:31:00 AM / by Natalie Ho posted in LOGiQ3, Whitepapers and Research, Insurance Distribution

We don't need studies and whitepapers to tell us that mobile device usage is on the rise.

It is just a matter of time that mobile device usage will exceed that of traditional desktop usage. It is anticipated that in 2014, Internet usage through mobile devices will exceed that of desktop Internet usage (Source: Microsoft Tag). Just look around you, be it at the coffee shop, waiting in line at the cashier, on the public transit, etc., mobile device usage is surrounding us everywhere. 

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Life Insurance Claims Experience and Trends

Mar 14, 2012 2:28:00 PM / by Eli Wahby posted in Claims, Insurance, Industry News, Insurance Distribution

It was good to once again attend the Eastern Claims Conference in New York. An opportunity to catch up with colleagues and friends and to hopefully learn a thing or two about the world of claims.

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Social CRM... Say What?

Jun 23, 2011 11:55:00 AM / by Natalie Ho posted in Insurance, Marketing, Insurance Distribution

It's been a few years since I left University, I was thrilled (and a little nervous) whenLOGiQ3 gave me the opportunity to complete a continuing education course at the University of Toronto back in January. It was definitely interesting being back on campus again, it brought back some great memories, and some, not so much (mainly those sleepless nights studying for actuarial exams).

I enrolled and successfully completed in May, a very intriguing course - Social CRM, From Marketing and Business Intelligence to Social Media (Dan Mariani, a great instructor). For those of you interested in Marketing, Customer Relations, or Social Media for Business, I highly recommend this course. It provided me with a good overview of current Marketing trends,a view into how customers have changed over time, how businesses are using Social Media to add value to their organizations and this new concept of Social CRM.

So Social CRM... what exactly is it? Social CRM is a concept and business strategy aimed at building relationships with customers through engagement rather than internal management of a customer and using the most suitable technologies available to assist in achieving those goals. My interpretation of successful "customer engagement" is where a customer is actively participating in conversations, interacting with a brand, and seeking for mutual benefits i.e. customer providing feedback to the brand, and the brand responding and improving their products and services to suit the needs of a customer. The brand is creating value for the customer, and the customer is also providing value to the brand - creating a constant feedback loop.

An important component of Social CRM is listening to the customer, allowing the customer to have a voice. It is important for a company to understand the wants and needs of a customer, and not promoting something that is not relevant to the customer. Customers are now capable to make their own decisions and have the control of the relationships with the brands they choose to interact with. The types of technologies available now also allow customers to pick and choose what information they choose to receive. Listening is not only key in understanding customers' needs, but also crucial in identifying who they key influencers are in your industry. Influencers are those who promote a brand, with or without direct interaction with a brand. Influencers may choose to endorse a brand and that can have a huge impact on the success of a brand.

The “social” customer is someone who controls the relationship and their buying power. They are also looking to ‘work’ with a company that is authentic – a company that is willing to build trust and be transparent. The social customer is willing to promote a company through this authenticity – which leads to the concept of advocacy. Companies recognize that a lot of customers make buying decisions through other customers’ reviews or recommendations. Therefore, companies are focusing on building relationships with their customers in hopes that a customer will generate positive conversations around their brand, leading to increased awareness by others. The transaction becomes secondary, once rich and trusting relationships are built. Customers are also looking for a personalized experience. Therefore, customization plays a vital role in creating that favourable customer experience. Giving customers the ability to customize their product and what they need generates satisfaction. This positive experience will likely generate loyalty and advocacy.

Technology tools have emerged to support Social CRM, both from a customer’s perspective and a business’ perspective. Customers are able to have peer-to-peer(with other customers, or with companies) collaboration and easy access to real-time communication. They are able to use online tools such as social networking sites and review sites (tripadvisor, yelp, etc.) to make buying decisions. They are able to communicate with companies, ask for help, through the use of online tools. There is no longer the need to walk into a store to get information. Instantaneous, real-time, online communication is now available at their fingertips.

I feel that the application of social media for business purposes seem to be endless, companies need to be creative in how they can leverage publicly available content to the best of their abilities. This movement to “new” marketing and “social” CRM is probably here to stay. Companies can’t afford to ignore this shift, and need to embrace the new breakthrough concepts and tools that are readily available to help drive their business to the next level. Even traditional industries, like our own – insurance, is looking for new ways to improve their business models and tap into a group of potential customers that are now only willing to work with companies that are authentic, connected, transparent, and engaged.

At LOGiQ3, we strive to build meaningful relationships with our community - whether it be our employees, partners, clients, vendors, or other organizations that share the same umph as us.

Phewww! That was a wordy one. If you are interested in tossing some thoughts around, feel free to contact me

Thanks for reading!- Natalie
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