Lansakara has a theory why Canada is looking up the track towards other countries . “ As with a lot of digitisation journeys , there ’ s a bit of a lag until you see the results ,” he says . “ Markets like the UK and US probably made those investments a couple of years before we did here in Canada , but I believe the players here are feeling that competitive pressure [ to evolve ].”
Transformation is slowly happening , driven by relentless consumer demand , and both our interviewees are keen to see what future transformation this causes in the Canadian insurance landscape . Perhaps in another 148 years , future generations will be scoffing at the notion of cyber insurance or scratching their heads about the way cyber risk is insured .
How is HSB Canada adapting to change ? As the custodian of all of HSB Canada ’ s technology initiatives , it falls with Scarbeau to orient the business ’ tech stack for future success . “ In terms of the IT space , I ’ m constantly looking for opportunities to adopt the philosophy of low-code and no-code , self-service for the business , and not becoming too reliant on IT all the time ,” Scarbeau tells us . “ But we have to have a really solid foundation to do that .
“ Thankfully for us here at HSB Canada , we ’ ve already gone over to the cloud and we ’ re on scalable infrastructure that affords that type of responsiveness .”
Lansakara believes the insurance industry is “ on the cusp of drastic disruption .” It is constantly evolving , but right now it has reached an inflection point , he says .
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