Taycon Risk

After two and a half months of travel, we finally have a week off. So, what’s next? The Captive Conference in Grand Cayman, December 3–5! A big thank you to the Insurance Managers Association of Cayman for the invite. Interested in learning more? Visit www.imac.ky—there’s still time to register!

Fall Review: From the IBABC trade show to partner meetings, NICC, ITC, IBAO, Guidewire Connections and countless discussions and conversations, there are more than a few themes across insurance that seem to be consistent and emerging. The most important issue this industry has to start dealing with is what is 'your' strategy for unstructured data? This is the most frequently discussed topic these past 3 months as the resources to identify and organize unstructured data is only growing. This is especially important for the distribution channel, brokers, agents, and MGAs because meaningful insights will help develop a focussed business strategy. Insurers are going to get a lot smarter, at least the ones dealing with their own data challenges, and that group is going to increase quickly Another point is that while we are just at the early stage of AI within insurance,  there is not a unified vision of how it will be used. To state it simply, there are too many options and areas to find value with AI sothose who are bold enough to take risks with it will eventually find the right fit for their purposes. Everyone across all verticals within insurance should be having a sandbox to play with AI. Do not wait for someone else to tell you how they can use AI to solve your problems. When it comes to people, talent and finding it, there is one perspective I heard frequently: a resistance to bringing in new thinkers to organizations across the industry. There is a general group think about insurance, particularly that we need to find insurance people, ones that ‘already speak the language’. Yet the organizations that seem to find opportunity are ones that accept new thinking. Finally I think the insurance ecosystem is in a very dynamic position but many of the events are not attracting as diverse a set of people within the ecosystem that could and probably should attend. There are many dots to connect as this industry has increasingly more diverse technology options. There are new technology and service entrants to insurance who are adding it as a vertical in their already successful channels. The difference from five years ago is these new entrants are not claiming to disrupt or change insurance to control it, rather they are applying learned and proven experiences to help the insurance industry improve and grow. To tie it all together, consider this scenario: new entrants with proven, viable technology that can help all entities within the insurance ecosystem attract and use new thinkers to create better products and services backed by newly accessible data driven insights delivered with increasing ease. There are more and more people/companies connecting these dots and creating this future and it’s going to have an impact across the insurance industry. Leaders who are aware of how the industry is changing with insurers, data providers, SaaS companies, AI, and how they are connecting between each other will find some amazing opportunities. 

Brokers are invited to the second annual Broker - MGA Exchange trade show, which is open for registration. This trade show is like no other in Canada, it features only MGAs as exhibitors for brokers to meet with and discover what their products/appetites are. CAMGA member MGAs, who represent over 90% of MGAs in Canada, will be there to speak about the solutions in the commercial and specialty space they have for brokers. January 14, 2025 1pm-5pm, Delta Hotel downtown Toronto. Register here:

Get ready for the content deluge, an atmospheric river of incredible insights, perspectives, and actionable opportunities for anyone in the insurance ecosystem. This past fall, the podcast his touched more people in 2 months than ever before in our history. To say we have been overwhelmed is an understatement, and there will be more on that and some thank-you's too in a future post. Here is our first video release from InsureTech Connect featuring Shane Riedman from Verisk Fraud was a surprising and unexpected theme this year for us, it's very intriguing to see how the insurance industry is addressing this challenge and the cost to industry and consumers. https://lnkd.in/gf8Wt9-P

What a great time at the IBAO trade show this week! Really enjoyed connecting with our current broker partners and very much look forward to growing all the new relationships formed. Our furry friends stole the show at our booth. Thank you to St John’s Ambulance (Toronto) for bringing Leah, Hugo and Dasher! #IBAO #IBAOcon24 #IBAO2024

Thanks Taycon Risk for the new toys for our pups! #IBAOcon