As your local Calgary insurance provider, Lane’s Insurance sees it as our responsibility to keep you informed of changes in the insurance industry that are affecting how services are being provided. Over the past couple years or so there have been several important changes in this evolving industry that are influencing the overall delivery of insurance.
The good news is – it’s a positive affect! At a recent Insurance Canada Technology Conference, Kimberly Harris-Ferrante of the IT research and advisory firm Gartner, Inc. explained that current improvements in the broker-carrier relationship through mutual collaboration have been key to meeting needs of the insurance industry ever more successfully. SunGard – another IT company that provides solutions to the industry – outlined how new technologies are supporting more efficient processes in response to regulatory pressure and increasing customer demands. These changes will focus on providing better customer service, improving transparency and offering the industry the ability to deliver insurance products and services more efficiently through a wide range of channels.
According to SunGard, the following trends are transforming the insurance industry and improving the delivery of products and services:
- Actuaries are becoming more efficient at modeling, analyzing, and managing asset liabilities. Risk management procedures are becoming more effective.
- New technologies are making basic administrative processes more efficient, and are incorporating business rules into the creation of new products – therefore causing them to reach markets faster.
- Healthcare claims payers are investing in analysis and work-flow tools to make claims processing more efficient.
- Insurance regulations have become more focused on governance, transparency, and compliance to assist insurance providers’ investment in their own risk management.
- Regulatory pressures are beginning to push for the integration of financial data and performance analysis to generate accounting and investment reports in real time.
- Using shared data, insurance providers are gaining more insight and improving business intelligence, which will assist in estimating future claims, assets and market information.
- By improving efficiencies and making more information available through the Internet as well as voice and mobile channels, technology is becoming “Consumerized” to better deliver products and services.
- Consolidation of data will improve work-flow and improve audit abilities across the industry.
- Global regulators such as SOX, GLB and Solvency II are pushing carriers to increase their focus on controlling liability risks.
All of this adds up to an industry that is developing and using new technologies to keep up with customer demands, comply with industry regulations and speed up and improve services.
At Lane’s Insurance our philosophy is based on being open and honest with our clients. We strive to keep you informed as to conditions in the insurance industry that have the potential to affect your products and services. Access to more information through more channels – like our Facebook and Twitter accounts – have already allowed us to provide services more effectively, and there are more improvements coming!
If you have any questions about your Calgary Insurance Rates or need a Quote, please contact us today. At Lanes Insurance, we’re here to help!
