Insurance Advisory Service October 2016

In the digital age, consumer preferences are shaped by the technology they interact with on a daily basis. Expectations of financial services providers have begun to shift as a result. Providing simple, convenient, and accessible financial products and services is becoming an increasingly important strategy to remain competitive. Having already reached numerous segments within the Canadian financial services domain, the nascent fintech wave has begun to roll into the insurance industry. Feeling pressure to innovate, many Canadian insurers are investing in technology, pursuing partnerships, and establishing innovation arms; however, technological advances and digitization alone will not to lead innovative solutions coming to pass in the insurance industry. This month, in our special feature, When Fintech Meets Insurance: Exploring the Role of Insurtech in an Evolving Insurance Industry, we take our first look at the blossoming insurtech landscape. This feature story examines the emergence of insurtech start-ups, and explores how insurers can apply the values underlying insurtech business models to drive innovation and keep pace with consumers’ ever-changing preferences. In addition to this feature story, this month includes a review of the payout annuity space, updated to June 2016. This analytical spotlight provides the results of our 2016 Payout Annuity Survey, including new premiums by distribution channel, region, and registration.