If you make yourselves sheep, wolves will eat you. That’s the ‘innovate or deteriorate’ culture challenging insurers and brokers across Canada as the market transforms with the help of new technology.
Change brings about an awful lot of noise. Words like ARTIFICIAL INTELLIGENCE, MACHINE LEARNING, and BLOCKCHAIN are constantly buzzing in the background, causing insurers to consider the relevance, efficiency and sustainability of their services.
Standing out among this incessant noise requires something a bit special – some out-of-the-box thinking that matches the noise of change with an equal, if not dominant, boom of creativity. Innovative thinking is something the Canadian insurance market has in abundance, according to Bob Tisdale, president and chief operating officer at Pembridge Insurance Company.
Tisdale will be judging nominees who enter the Insurance Business Canada Awards 2018 – a broker-focused, prestigious black-tie event celebrating excellence in the insurance industry and recognizing the outstanding achievements of individuals and businesses across Canada.
What is he looking for in award submissions? Companies that are “testing the bounds in their thinking” and really trying to differentiate themselves.
“As a judge, I’m looking for a company or individual that’s doing something to really differentiate themselves in the market,” Tisdale told Insurance Business. “For example, if you’re looking at the training of employees – how are companies taking that training to the next level? If you’re looking at digital evolution – how are companies being innovative with technology in a way that makes them stand out?
“Which organizations are testing the boundaries and moving beyond their peers? I’m definitely looking for success, but I’m also looking for companies or individuals who can learn from failure and turn it into success. It’s not always about hitting the home run right off the bat. It’s just as important to celebrate those who had a few foul balls and then suddenly hit a home run after making changes, tweaks or innovation.”
While Tisdale sees “a lot of winners” in the Canadian marketplace moving forwards, his enthusiasm also comes with caution for those following others like sheep or those sitting and waiting to see how change plays out. Preparing for the future requires forward-thinking and the evolution of ideas into action before it’s too late, he added.
Do you want to know if you’re best-in-class and find out where you stand relative to your industry peers? Find out by nominating for an Insurance Business Canada award – but be quick because nominations close on Sunday, August 12.
