FluidTasks reposted this
This month, the FluidTasks team had the pleasure of meeting new faces and reconnecting with colleagues dedicated to solving diverse challenges in Canada's insurance industry at the IBABC Trade Show and Trufla Amplify Broker Techfest. My key takeaways from these events highlight a significant trend: Canadian brokers are increasingly adopting technology but expect to see tangible value from these investments sooner rather than later. Currently, insurance technology solutions are often perceived as an additional expense on the broker's income statement, despite vendors' promises of cost savings. However, brokers who do leverage technology are experiencing productivity gains and time savings. When it comes to AI, the primary concern for brokers is how to integrate new AI capabilities with their existing solutions without necessitating entirely new investments. I also observed that Canadian brokers tend to piece together various solutions to support their business operations. Discussions with industry experts at the Amplify conference revealed several reasons for this, including legacy systems, high switching costs, and the unreliability of unified platforms. While using different solutions isn't inherently problematic, the maintenance effort can be substantial. Therefore, simplifying the integration of these diverse solutions is crucial. CSIO - Centre for Study of Insurance Operations is making commendable progress by developing numerous standards for data exchange. However, I believe that well-established vendors and carriers can do more to foster innovation. Currently, they don't make it easy for new entrants or competitors to integrate into existing systems used by brokers. This lack of openness stifles innovation. Ideally, if I need to integrate with an existing solution from another vendor, I should be able to visit their Developers page, complete a request access form, access the API documentation, use a sandbox environment, and start experimenting with different integrations. This approach would accelerate innovation within agency IT organizations, established vendors, and startups. While I understand the closed approach may be due to proprietary reasons, a certain level of vendor openness can be a key driver for the next generation of insurance platforms. This openness would benefit insurance service providers and their distribution channels, ultimately driving the industry forward. Thanks to Sherif Gemayel and team for this great event, and thanks to Jeff Roy, Tom Reid, Nick Kidd, John Harvey, Jason Foroglou MBA FCIP CRM, Tony Cañas, CPCU, MBA, AU, ARM, ARe, AIC, AIS, Dr. Christy Lane, Daniel Rajkovic, Yonas Alemyehu just to mention a few for sharing you insights with us on and off stage. #amplify2024 #InsurTech #DigitalTransformation #Innovation
Well said. IBAC has advocated for just such a sandbox environment, albeit at the industry level, through CSIO.
Probably the most comprehensive and eloquent summary of Canadian Insurance Industry sentiment and outlook on next tech adoption. Great chatting with you Ishe.
Very well said. It was a pleasure to meet you!
The push for tangible value and better AI integration resonates well. Fantastic takeaways!
VP, Customer Success @ Goose Digital | Insurance SME @ Goose Digital | Podcast Producer and Host @ Risk Takers & Trailblazers, Women in Insurance Podcast
3moGreat take aways Ishe Doro. Your point on integration is spot-on—it’s the gold standard for modern API-driven platforms and exactly how leading tech companies operate. The contrast becomes striking when you’ve experienced both worlds. While I’m a strong advocate for starting with the tools you have, even if that means relying on platforms like Zapier, the frustration and time consumption are real.