Now that you are back into the swing of things at work you’ve probably overheard or even talked to colleagues about New Year’s Resolutions. Maybe you want to read more books, go to the gym more, dedicate time for a digital detox? You’ve thought about resolutions for your personal life but what about at work?
Aside from perhaps being more organized or clearing out your inbox, have you considered what you hope to achieve as a business or even industry? I was curious to find out what this might look like for the insurance industry. What will its resolutions be for a successful New Year? I went on a mission to find out.
How? You might ask. I looked at our top performing blog topics in 2016 – and there were a few that our readers really sank their teeth into. I figured since these were top of mind in 2016, the industry might be looking to implement strategies around them in the new year. Find out my predictions below.
Partnerships exist in all aspects of our lives - whether they are in our personal relationships (spouses, friends, personal networks) or professional lives (colleagues, professional networks). In all cases – partnerships are meant to enhance current state of both parties and provide peace of mind, knowing you have a trusted partner to aid in specific aspects of your life.
Let’s consider this in a corporate B2B scenario, partnerships should be mutually beneficial in a way that allows both parties to improve their overall service or offering through a shared commitment to a common goal.
These commonalities should extend beyond (but do still include) simple things like “ways to increase profit” or “growing your client base”. Now, you might be asking…
Did you know that tweets could soon be used to help insurers price premiums? That’s right! Insurance companies are looking into ways to combine social media data with artificial intelligence and predictive modeling to inform coverage among other aspects of insurance programs. Or at least that is what Paul Lucas of Insurance Business Magazine explained in his recent article!
As someone new to insurance, reading about innovative ideas such as this gets me excited for the future of the industry. I mean, it really seems like the opportunities are endless! I had a similar ‘awe-inspired’ experience after recently hearing insights from The Insurance Disrupted Conference.
In the coming years, the insurance industry will experience major loss of talent due to retirement. According to one study, about 25% of professionals in the industry will retire by 2018! This concern over such a large loss of talent has been looming over both the life and non-life industry but fortunately, is becoming more and more apparent. It was a hot topic at the TAI User Group we attended in May and will continue to be as the industry makes plans to prepare for a significant talent gap in the next 3-5 years.
So what can you do to prepare for this? I have 5 ideas below to help you get started:
The beauty of living in a diverse country such as Canada is that you get the opportunity to hire employees with not only different skillsets and expertise, but also of different cultural backgrounds. Varying cultures also have varying sets of traditions and behaviours, whether at home or in the workplace.
Over the past five years, we’ve almost tripled the size of quirky family of enthusiasts. This has not only meant growth in size but also in different backgrounds and ethnicities. And many of our employees speak multiple languages.
As the lead of Sales & Marketing, I’m charged to think about what other markets to explore and how these markets would interact with our product and service offering. The diversities we have amongst our teams have uniquely positioned us to learn more about different work ethics, education systems, and how to conduct business in different geographies.
I recently had the chance to speak to one of our Reinsurance Analysts, Eugenia, who moved to Canada from Ukraine less than a year ago. I was curious to learn about her experience onboarding not only into a new organization but a new home. I asked Eugenia to share with me her experience as we may all benefit when it comes to onboarding new staff with different cultures.
What do Sherlock Holmes and Reinsurance reviews have in common? At first blush this may seem like an odd comparison. Sherlock Holmes, is a fictional character famous for his “consulting” detective ways. Reinsurance reviews or audits involve some form of analysis on reinsurance business. This could include analyzing overall business performance, conducting due diligence on a new client or deal validation. So how do these two worlds collide? Well, Sherlock Holmes is known for his powers of observation and deductive reasoning which are the same traits required by those of us who perform reinsurance reviews.
Since reinsurance reviews can cover a wide range of topics depending on the scope of the review, they require different reference sections from the paper treaty. A thorough investigation, like Sherlock Holmes, involves a combination of detailed observation and detective skills to identify and find the sections needed for the type of review at hand.
In this post, I’m bringing out my inner Sherlock Holmes to walk you through three types of reviews and the sections required for a successful investigation.
Earlier this month the 10th annual ReFocus Conference, co-sponsored by the ACLI and the Society of Actuaries, was held in Las Vegas. ReFocus has become a “Must” Go-To destination for leaders in the life insurance and reinsurance market in North America and beyond. Our team was also invited to speak at the conference and share insight (see here for a sneak peek of our presentation highlights!). This year, more than 600 participants from around the world attended. As always, there was a variety of topics to peak the interests of attendees. But an overriding theme was the need for change in the life insurance industry to be able to better serve its customers of today and tomorrow.
There are some harsh realities in the life insurance world, some of which have always existed, while others are only now becoming prevalent.
We recently attended the European Insurance Forum where discussion focused on the ever-changing and innovating insurance landscape. Technology has been a driving force of this change but not without the innovative minds of those coming up with solutions, products and ideas. As agents of change ourselves, we are always excited to hear about opportunities for innovation in the industry.
This got us thinking – where do these opportunities for innovation exist? Given these hubs for innovation have the potential to majorly influence and shape the future of our industry, we wanted to keep you in the loop. Without further ado, here are four events encouraging innovation in the insurance world that YOU should know about!
Think about the last vacation you went on. How did you prepare? Did you get insight from a travel agent, ask your friend for tips or spend hours online to build the perfect itinerary? Regardless of your method, you likely did some kind of research. And rightly so. You want to make sure your time and money are spent wisely so you get the most out of your well-deserved vacay. Making the effort to research before investing (time or money) into something can definitely pay off – especially in your career. Whether you are just starting out, managing a team or leading a company – research should play a key role in shaping decisions for yourself and the organization you are part of.
Over the past 10 years, we’ve seen how research can play a fundamental role to success in the life and re/insurance industry. If research isn’t your forte, we’re breaking down 3 ways to leverage research in the insurance world.