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Season 9 – Episode 1 – Is Canada innovative enough?

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Season 9 – Episode 1 – Is Canada innovative enough?
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In this episode of the Digital Insurance Point podcast, hosts Tom, Jeff, Adam & Steve discuss the state of insurance innovation in Canada compared to the rest of the world. They explore the use of AI and machine learning in underwriting and claims, the challenges of telematics and usage-based insurance, the importance of enhancing customer experience through digitization, the impact of embedded insurance on brokers, and the role of InsureTech partnerships in driving innovation. The conversation highlights Canada’s position in the global insurance landscape and the need for continued investment in technology and innovation.

Takeaways:

  • Canada is lagging behind in insurance innovation compared to the US and Europe.
  • AI and machine learning are being used in underwriting and claims, but their effectiveness is still debated.
  • Telematics and usage-based insurance have not gained significant traction in Canada due to privacy concerns.
  • Enhancing customer experience through digitization is crucial for the insurance industry.
  • Embedded insurance poses a threat to traditional brokers by removing them from the purchasing process.
  • InsureTech partnerships are becoming increasingly important for driving innovation in the insurance sector.
  • The Canadian InsureTech community is growing, but it still has a long way to go compared to the US.
  • The future of insurance will likely involve more integration of technology and human interaction.

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