HACTIVISM Taking Aim at the Manufacturing Sector

toronto-private-investigators

When hacktivism enters in to discussions, the “Anonymous” group and “Occupy Movement” is often what comes to mind. While there are many groups and individuals who align themselves with this ideology and practice, the consistency amongst them is their intention and their purpose. On the Anonymous side, the global hacking community has been associated with taking down websites from mainstream media, stealing data from servers of financial institutions and compromising personal information from A-list celebrities.
Much like any activist group, mass inception and global identity and recognition doesn’t happen over night. Individuals aligning themselves to these causes and finding like-minded groups take time. Through their tenacity and perseverance, their popular following is expanding at a rapid pace.

To illustrate this point, look no further than the Twitter account of Anonymous. Their current following is upwards of 1.67 million people. While it should not be suggested that all of these individuals are fellow hackers or share in the same beliefs, one can safely assume that there are individuals who wish to stay so “dark” that they have no social media presence at all.

Any profile on any website starts with but a mere one follower. From there, the audience grows and with it, the amplification of their cause.

In the final days of 2016, Anonymous and an allied group named HackBack, set their sights on the Bildeberg Group. During this attack, the hackers gained access to their website. They placed an ominous warning to the members of what they called “the political elite”. They gave the membership 365 days to act for the common people or further hacking incidents would occur.

This is at least the second time this group has become prayed upon; The first coming in June of 2016, during their annual meeting. A DDoS attack rendered their website inaccessible to the delegation and the general public during that time.

Roughly 150 members of the Bildeberg Group attend this annual conference to discuss matters relating to politics, economy and of course, industry.
Not only have the number of devout followers increased rapidly over a short period of time for these groups, but they also have become more elaborate in their methodology and delivery. The advancement of technology and the ease of its access can be given partial credit to this.

Recent Hactivism Incidents

January 11th, 2017, an affiliate group of Anonymous announced publicly that they would commence occupying Guildhall Square in Ireland. The group provided the exact date, location and time of this movement…to bring attention to austerity through continuous and growing protests.
April of 2016, Gold Corp servers were illegally accessed and digital files were stolen. The information stolen from Gold Corp included employee personnel records, internal correspondence and external emails, budget reports and contact information of international associates.
In March of 2016, the website belonging to BCGold Corp was manipulated by hackers. The mainpage was replaced with a YouTube video of Rick Astley’s hit “Never Gonna Give You Up”. An Anonymous group calling themselves #OpCanary took responsibility for the attack.

This account has roughly 1700 followers and has posted as recently as September of 2016. The description in their bio speaks volumes of their previous actions and should give some insight in to what future plans they may have.
“Surveillance and military corporations are symptoms. Resource Corporations are the disease.”
Contrary to what their name may suggest, these groups have been quite open about their intentions.

The hackers took another step with the information. They compared portions of the data they had obtained through countless publicly accessible social media platforms, such as LinkedIn. The information from payroll, email correspondence and budget reports all became much more relevant when compared to social media posts. Again, this is the very same information that the individual employees chose to make public through social media.

There is a delicate balance between the utilizing social media for corporate branding and increasing the reach potential of an organization against the necessity to effectively safeguard physical and cyber security of the company and its employees.

The frequency of hacktivism activities will continue. Being mindful of these groups and their intentions will serve to anticipate actions taken against corporations and agencies. Continuously measuring and evaluating the security of companies, their partners and their employees will work effectively to limiting the risk of additional disruptions, liabilities and financial losses.

Guilty Plea by Former Concrete Equities Exec in $20M Fraud Case

fraud-investigations

1,200 investors were defrauded for a total sum of more than $20 million in an investment scam, and one of the involved pleaded guilty for his role in the scheme. Sounds like justice? It might seem like that until you hear that he’s not likely to spend a minute of time in jail.

The Guilty Plea

Varun Aurora, a former concrete equities executive pleaded guilty to fraud regarding his role in tricking around 1200 investors out of $20 million. The Securities Commission asked the court to distribute $1.8 million of Aurora’s frozen funds to his victims.

Aurora, 33, pleaded guilty to a single fraud charge of $5,000 in a courtroom packed with many of his victims. Some of the victims could even be heard crying amidst all these. A few of the victims shared that they felt suicidal while some shared that they felt traumatized. Many of Aurora’s victims are retirees or nearly retired who are now facing having to work for a few more years to recuperate from the losses brought on by the fraud. The other charges against him were dropped.

Prosecutor Stephen Johnson read aloud some of the statements from Aurora’s 98 victims who shared victim impact statements with the court. One Gordon Shaw shared that he lost his home as a result of investing in the fraudulent company. His victim impact statement shows that he called those who were involved in the scam as ‘greedy men’. Shaw also wrote that he is upset, disappointed, and unable to relax about the matter as he is having feelings of betrayal.

The Scam

The scam involved promising investors a return of more than 5x (500%) if they buy a stake in an undeveloped beach property which was supposedly in Mexico. No such development exists according to Johnston.

Donna Anderson and Denise Hamilton both lost money when they invested with Concrete Equities. The ladies expressed that they want to see Aurora get some jail time for what he did.

Both women shared that the money they lost through the fraudulent company has had a huge impact on their lives. They thought they’ll be doing well in retirement only to find out that it was all a lie. Anderson described the financial impact as ‘horrendous’.

Aurora was a former executive at Concrete Equities who was also an officer of the real estate project which deceived investors. The project, called El Golfo, presented investors with exaggerated and untrue statements. Even Aurora’s education was misrepresented.

El Golfo raised $25 million in 2009 and the project collapsed afterward.

Aurora’s Involvement

Johnston said that Aurora’s involvement in the fraud is minimal but he also knew what was going on and simply turned a blind eye. Because of this, prosecutors Brian Kiers and Stephen Johnston together with defense lawyer Brian Beresh recommended a 2-year conditional sentence for Aurora.

As part of his sentence, Aurora has paid $1 million in restitution. 9 of his family members were also in court. He came back voluntarily to face his charges after he was arrested in India.

Do you suspect that you’re being targeted by an investment scam? Contact us and we’ll see what we can find out with our private investigation services. Inquiries are obligation-free!

 

Employees as First Line of Defense Against CEO Fraud

fraud

Alarming as this may sound, CEO fraud emails are becoming more common in recent times. Scams like these are often well-crafted and may sound legitimate; thus targeting employees that may not be too savvy with how the organization works. For this reason, employee education is of utmost importance to combat this type of fraud and when possible, mitigate risks and losses.

CEO fraud email campaigns are also known as business email compromise attacks. Fake emails from CEOs are designed to con accounting staff into thinking that a legitimate email has been sent ordering them to schedule and approve deceitful wire transfers.

Oftentimes, otherwise diligent employees are tricked into thinking that an emergency fund transfer has to be done, thus they are more apt to bypass basic security measures. If an employee receives the fraudulent email and thinks that by approving the transfer he or she will be helping the company, then large sums of money can be transferred to the fake CEO account.

Ballooning Losses to CEO Fraud

Let’s take a look at an FBI report. According to our neighbouring country’s investigative agency, business email attacks were responsible for a worldwide loss of more than $1.2 billion between October 2013 to August 2015. This figure was disputed by Bank of the West deputy chief security officer David Pollino who estimated that last year’s losses alone could have easily been more than $1 billion.

According to recent surveys, about half of businesses today are exposed to email and wire fraud. JP Morgan Chase managing director and treasury executive Nancy McDonnell was noted as saying that payments and cyber fraud schemes are growing in sophistication each year. She added that recognizing and managing these threats is crucial to protecting one’s organization. Furthermore, she shared that investing in employee education, infrastructure controls, and appropriate data-protection tools is fundamental to every business.

CEO Email Scam – Big Money for Little Effort

The reason this scam is so prevalent is that the chances of success and big payout for perpetrators is huge compared to any effort they put in. the fraudster (or fraudsters) simply makes an email address that mimics the email address of the CEO and uses that email to demand funds from the organization via email in the guise of an urgent wire transfer for company expense. These emails will typically be embellished with company details to seem legitimate.

There may be times that an email would be followed by a few more to pressure the recipient to take immediate action. This is why the importance of employee education can’t be discounted for matters like this. An employee who has been briefed on company policies and protocols will not bypass basic security measures to give in to a seemingly legitimate demand because of the knowledge that the protocols are known to their superiors as well.

Employee Education Matters!

Of course email authentication can help with minimizing the risks and losses but employee education is still your best line of defense. In the event that a mistake has been made or if the funds transfer has already been done before the scam was discovered, a trained employee will also know what actions to do next such as contacting law enforcement or the bank’s fraud department.

Interested in devising an employee fraud prevention training program or manual to combat CEO email fraud? Contact us for an obligation-free initial consultation today!

Lawyer in Ontario Allegedly Stole Millions from His Clients

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Your lawyer is probably the last person you can expect to do something shady but sometimes people are simply not who they present themselves to be. Earlier this month in Rockland, Ontario, a lawyer had his license suspended after it was discovered that around $4 million in funds held trust for the lawyer’s clients was missing.

Tale of the Missing $4 Million

The lawyer, Joseph Stephane Langlois, have close to 20 years work experience. His colleague, a senior partner at Charron Langlois LLP shared that he is in shock after finding out about the discrepancies in the bank accounts for Langlois’ clients.

Pierre Charron, Langlois’s partner at the firm says that he finds it personally deeply distasteful to deal with Langlois but he has no choice. He shared that he’s at a loss for words and that he is still in a state of utter and unbelievable shock over the issue.

A notice of motion was filed with the Law Society Tribunal wherein allegations state that only $220,000 was left of the about $4 million in funds that Langlois was holding for his clients in trust. A recent review of accounts was the instrument for the discovery of the discrepancy.

In the motion, it was also claimed that Langlois made an admission to a Law Society investigator about where the money went. He said that he spent close to $1 million of the money in trust for his law firm and personal use.

Langlois and his lawyer attended a hearing in Toronto earlier this month. In the hearing, a panel ordered Langlois not to practice law as his license is temporarily suspended for the duration of the investigation. It is to be noted that Langlois practiced family and commercial law.

Dealing with the Backlash

In the meantime, Pierre Charron created a new law firm with a new name in an effort to distance himself from his former partner. His firm’s name is Charron Pilon Sauve and all 3 partners in the new firm were able to retain 95% of their clients after the discovery of the issue with the missing funds, shared Charron.

As for now, the Law Society is continuing its investigation. Charron shared that he cannot comment on who and how many clients are affected by the missing funds.

Pierre Charron has been in practicing law for 31 years. He shared that from his first day as a lawyer, it is understood that a lawyer simply should treat dealing with another person’s money as a sacred duty. Messing with it is certainly out of the question.

DRS Construction’s owner Gerry Dube said Langlois has been his lawyer for the ongoing Ottawa Hospital fraud lawsuit the past year and got more than $100,000 in legal fees from him. He retained new lawyers since this situation has surfaced and said that it certainly surprised everyone in Rockland.

Langlois is represented by Matthew Gourlay from the Henein Hutchinson LLP firm in Toronto. He declined to leave comments about the case and said that the investigation is still on-going, saying that they need time to understand the issue.

Looking for private investigators in Toronto to help you with cases like this? Contact us at Haywood Hunt for private investigation services and more!

Why Even Rich People Commit Fraud

white-collar-fraud

Have you ever wondered why someone who is already swimming in money still feels the need to defraud someone else? What truly motivates someone to commit white collar fraud?

Isn’t it ironic that the type of financial fraud that incurs the largest losses are typically unnoticed (or are often just discovered by chance) despite efforts in governance and detection?

Understanding the criminal mind has long fascinated psychologists and psychiatrists from around the world. We already know that researchers say that the fraud triangle – 3 factors that are needed to commit fraud has to be present for fraud to occur, but surely there is more to it?

Harvard professor Eugene Soltes has an answer. He says that even rich people commit fraud because they think they can get away with it. It is as simple as that, white-collar criminals will commit fraud for the sheer thrill of it, or so it seems.

Inside the Rich Criminal’s Mind

In his book, Why They Did It: Inside the Mind of the White-Collar Criminal, Soltes explained why people who already have status and wealth still commit financial crimes such as in the case of business executives.

To write the book, the Harvard professor wrote to 4 dozen convicted fraudsters. The people he sought answers from range from Andrew Fastow of Enron Corp, Ponzi scheme manipulator Bernard Madoff, to Dennis Kozlowski of the US$600 million Tyco International fraud.

The criminals responded with all sorts of reasons but the most common 3 are:

I Simply Did It Because I Can

It is all about the ego for some white-collar fraudsters. They are typically respected members of the community, with high social standings and have an educated background but that is not enough for them. They want to feel more ahead of their game, like they are somehow better than others. Typically, they enjoy bending other people to their will and have no problem using their specialized skills and knowledge to get what they want.

Dennis Kozlowski told Soltes that he believed he can do anything, primarily because Tyco’s board will gladly do whatever he says and believe anything he tells them.

It Is Not Really That Bad

Some well-intentioned fraudsters believe that they can somehow repay the money before their deceit would be discovered. Because they don’t really mean to take the money, they rationalize their behavior because they believe that it is for a good purpose.

This is true for Bernie Madoff, who believed that him taking some money can easily be reversed. His reason was that he will repay the money once his other plan worked and no one will know any loss ever occurred.

I Have to Do It

Some fraudsters really do think that they are acting in a legitimate manner. Some of them even believe that their ‘brave’ actions are what is needed for their organization’s survival. They somehow view themselves as martyrs or heroes willing to do the dirty work to save everyone else.

Former Enron chief financial officer Andrew Fastow told Soltes that if he didn’t do what he did, someone else will; that’s why he felt the need to go ahead and do what he thinks needs to be done.

Suspecting white-collar fraud in your organization? Give your Toronto private investigators a call for assistance with uncovering possible fraudulent activity or white-collar crime. Contact us today!

SEC Whistleblower Gets $22 Million Award

SEC

The Securities and Exchange Commission (SEC) has awarded $22 million to a whistleblower whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company where the whistleblower worked.

The $22 million-plus award is the second-largest total the SEC has awarded a whistleblower.

The largest, $30 million, was awarded in 2014.

“Company employees are in unique positions behind-the-scenes to unravel complex or deeply buried wrongdoing,” said Jane Norberg, Acting Chief of the SEC’s Office of the Whistleblower. “Without this whistleblower’s courage, information, and assistance, it would have been extremely difficult for law enforcement to discover this securities fraud on its own,”

The SEC’s whistleblower program, which has been rewarding valuable information from tipsters since its inception in 2011, has now surpassed $100 million in total money awarded.

More than $107 million has been awarded to 33 whistleblowers who became eligible for an award by voluntarily providing the SEC with original and useful information that led to a successful enforcement action.

Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.

All payments are made out of an investor protection fund established by Congress that is financed through monetary sanctions paid to the SEC by securities law violators.

No money has been taken or withheld from harmed investors to pay whistleblower awards.

By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.

Whistleblower Initiative at OSC Draws Mixed Reaction

OSC

The first ever paid whistleblower program backed by a Canadian securities regulator was launched by the Ontario Securities Commission (OSC) recently.

Ontario’s New Office of the Whistleblower       

An up to $5 million offer awaits those who will turn in tips and reports of fraud to Ontario’s new Office of the Whistleblower. Anyone who has information on disclosure violations, market manipulation, and illegal insider trading can contact authorities to report such data. In instances where sanctions are imposed, whistleblowers can be awarded with up to $1.5 million.

All of the above is meant to change people’s perception of whistleblowing. Whistleblowers stand to lose their jobs and possibly get personal threats because of their role in exposing a misconduct.

Mixed Reaction About the New Program

Office of the Whistleblower in Toronto chief Kelly Gorman says that whistleblowers need to know that they will be protected should they choose to come in the open regarding some shady activities. She added that this is not only going to be an absolute game changer for law enforcers, this can also protect Ontario investors more.

Toronto law firm Fasken Martineau senior partner Norm Keith begs to differ. He says that the program may not receive the expected level of success because he does not believe that an “American-style bounty hunter” approach is going to work in Canada.

In the US, the Office of the Whistleblower in their Securities and Exchange Commission rewards tipsters with 10 to 30% of the money collected from viable leads, viable leads described as those that provided information that caused a SEC enforcement action in which sanctions of more than US$1 million has been ordered.

Keith added that in Canada, there is no tradition of holding alleged wrongdoers accountable. He also shared his sentiments about the $5 million ceiling for rewards as too small. He further said that the OSC has a poor track record for prosecuting those involved in securities fraud such as insider trading and because of this, he is thinking that the chances of a tip being used to pursue a hearing to penalize perpetrators are cute low.

As for Gorman, she says that the program will enhance OSC’s ability to achieve better outcomes for Canadian markets as far as identifying and pursuing any securities violations This can also help the OSC protect investors. She further added that previously handled cases had favourable outcomes, with voluntary payments made to the OSC once a case has been identified.

How ‘Rewarding’ Will This Be for Whistleblowers?

A whistleblower can be an awarded only when a tip is deemed eligible for the reward. To qualify as such, information provided must lead to voluntary payments or settlements of more than $1 million. Gorman added that a whistleblower is eligible of 5% to 15% of whatever exceeds $1 million. The percentage of the payout will be determined by a number of factors, including if a whistleblower is involved in the case (or not), in which case the percentage would be on the lower end.

Keith expressed that he finds it disturbing that a co-conspirator can easily be rewarded under the OSC policy. If something goes wrong in a deal, a co-criminal, co-accused, or co-conspirator can simply turn in the other party and still be monetarily rewarded. Keith expressed that this is against the Anglo-Canadian tradition and common law that no one should gain profit from committing a crime.

Gorman responded that depending on how involved a whistleblower is, he or she can also be made to answer to the law. With this said, she added that part of the enhanced protection of the new policy is allowing anonymous tips from whistleblowers.

Want to know more about how having a whistleblower program could benefit your organization? Contact us at Haywood Hunt today for your obligation-free initial consultation. We’ll help you find out more details about how private investigators can help you with your whistleblower program.

 

Is It Time to Develop a Whistleblower Program for the Mortgage Industry?

whistleblower

An up to $5 million offer will be rewarded to whistleblowers for Ontario’s securities regulator newly launched whistleblower program. The program’s aim is to lead to the prosecution of fraudsters, fraud being one of the biggest reasons for business losses of billions of dollars a year. With this in the works, is it time for the mortgage industry to launch a whistleblower program as well?

The answer to this is, of course, not as easy as the question itself although the allure of the benefits from the Ontario Securities Commission isn’t easy to ignore either. The program gives initiatives to whistleblowers and encourages people to let the commission know of any market manipulation, potential instances of fraud, and other unsavoury activities concerning the securities industry.

The Ontario Securities Commission Whistleblower Program

An incentive of up to $5 million is being offered by the commission for truly valuable information. Besides the cash incentive, the whistleblower will also be extended some protection – a first in Canada!

It should be noted that similar programs have been launched in the past but was met with little success. Nevertheless, this program by the Ontario Securities Commission is definitely a step in the right direction, so the question is…

Should This Also Be Applied to the Mortgage Sector?

As you may have already guessed, the answer to this question will not be a straight one as well. Tip lines are known to have a not-so-high success rate.

Butler Mortgage’s broker Ron Butler was quoted by MortgageBrokerNews.ca to have said the same about success rates for whistleblower programs. He cited similar programs in the past that are good intentions, but did not garner good results. He further cited the US’s SEC as an example, saying that although it is our neighbour’s longest-lived and biggest financial services tip line, the failures far outweigh the few successes. The reason for this is because some tips have been ignored by the organization if the person being reported is well-connected or has a great reputation. Bernie Madoff has been reported 5 times by the same securities analyst, but the SEC repeatedly ignored all 5 letters/reports. The reason being Bernie Madoff is a well-connected individual.

Tip lines can become problematic because separating false tips from real ones can be quite challenging. Former employees and terminated agents are known to send in fraudulent tips to wreak havoc on the life of someone they’re holding a grudge against. It is instances like this that make tip lines not very reliable more so if mismanaged.

Perhaps the to get the best use out of tip lines, it should be monitored by professionals who know their way in getting the truth out of every situation. Private investigation firms with decades of experience and a proven track record could be utilized, but that will, of course, cost money as every report or letter will have to be addressed.

With everything said, having a whistleblower program is only as good as its implementation. Seek a professional to handle yours should you decide to implement one in your organization. Contact us at Haywood Hunt for an obligation-free initial consultation to know more about how private investigators can help you with your whistleblower program.

 

Employees Caught Abusing Healthcare Insurance Plan

health-insurance

A few weeks ago, what was dubbed as Sudbury’s largest fraud trial came to a close with the guilty verdict handed out to fraudsters Dirk Plate and Paul Caron. The duo helped defraud about $24million from Atlas Copco Canada. Their sentencing hearing will be on October 25. The concluding chapter to this fraud case was brought with a whistleblower’s help.

Plate was Atlas Copco’s general manager at their Sudbury office from 2001 to 2007 and Caron managed Atlas Copco’s employee benefits as a Montreal insurance broker. Their fraud covered a period of six years.

Health Benefits Fraud

The disturbing fact is that overbilling health benefits is a common occurrence in Canada. In fact, the Canadian Health Care Anti-fraud Association reported that fraudulent billing activity is responsible for a private health care plan loss of $1.2 to $6 billion dollars a year.

The issue above presents a problem for employers. Employers are concerned about keeping health insurance costs down without resorting to cutting health benefits of employees.

Health benefit plans are being abused in various ways these days. Some employees can duplicate a billing by hiding the double billing between a stash of small medical bills. Sometimes a therapist can tell someone to come in for more unnecessary appointments to bill time. Also, some doctors may over-prescribe drugs that are on the expensive side although those medications may not really be needed.

Needless to say, employee abuse of their benefits plan is very common and can be a huge financial loss to a company. Below are some ways employers can protect themselves from health benefits fraud with the help of a plan provider.

Protect Your Business from Employee Health Benefits Fraud

Oftentimes employees commit fraud because they do not understand how this affects them and the company in the long run. If you are a plan provider, you have to inform your clients that plans are composed of the risk insurance and the transactional costs.

You may need to explain the direct relationship between the annual claims and the future viability of the plan you are providing. Your client needs to look at the whole picture.

You’ll have to carefully design the plan. Adding a layer of pre-authorization such as each procedure having to undergo pre-approval prior to completion.

A tiered plan that divides drugs into groups based on costs can mitigate costs. Here’s more detail about this.

Employees and employers both benefit from fighting health benefit plan abuse and fraud. Because abuse results to increased plan premium and costs, plus causes eliminations and reductions of plan coverage to contain costs, everyone suffers a loss if abuse is allowed to continue. Add to this the fact that committing health care plan fraud is a criminal offense that can cost perpetrators their job and land them in jail, there is really no long-term gain from engaging in such a fraud.

Concerned about possible fraud in your business? Contact us for an obligation-free initial consultation. Our Toronto private investigators are here help you get to the bottom of things. Talk to us today!

 

KPMG Report Says Insurance Sector Needs Drastic Measures to Reinvent Itself

HWH

A new report by KPMG report shared data that could be alarming for some people. The report shared that only half of the global insurers who participated in the poll believe that they can extract and sustain value from business transformation initiatives. Furthermore, 57% of the poll respondents admitted that they have had less than successful in their transformation efforts.

The report was released through Forbes Insights and featured the results of the survey wherein 70 insurance executives from all over the world participated. The poll was conducted by the audit, tax, and advisory services firm KPMG to find out about global insurers’ perceptions of the biggest risks they face, their current capabilities, and their recent transformation initiatives. Of the respondents, 19% are from Asia Pacific, 33% are from the Americas, and about half, 48% are from Europe.

Empowered for the Future?

The KPMG report, with the title, Empowered for the Future: Insurance Reinvented, insurers are struggling to adapt their organizations for the future, although they do know that they urgently need to transform existing practices to be ready for it. A statement by KPMG says that insurers are not placing enough attention on the changing needs and preferences of their clientele and are mostly focused on implications of regulatory policy. The statement also added that less than a fourth of those polled expect that their current operations can be disrupted by changes in customer behavior.

The report’s lead author and KPMG’s global lead partner for insurance innovation and change Mary Trussell notes that very little has changed although insurers have been trying to transform their organizations for tens of years. She added that more fundamental changes need to be done in the insurance business and their operations if they are to truly adapt to the future.

Uphill Battle for Sustainability

Although 53% of the insurers that achieving short-term transformation is doable, the same cannot be said for a sustainable transformational outcome.

KPMG International global head of insurance Gary Reader said that it takes a more strategic approach to truly accomplish an organization’s reinvention and that it is far more complicated than most insurers have done with their past initiatives.

Change and Technology

Another interesting data from the report is that insurers are now seriously viewing new technology as a catalyst for change. 47% are recognizing that apps and mobile platforms are creating new opportunities for transformation and are forcing their business to change. 41% said the same about data and analytics and 45% concurred that the same can be said about social collaboration and networking.

The survey noted that a third of the respondents shared that they were watching non-insurance businesses to help them find inspiration to help reinvent their organizations. Reader further notes that insurers are taking approaches and ideas from other sectors to come up with effective strategies themselves, a move that allows insurers to compete with not just other insurers, but also with other businesses for customer’s attention.

Trussel shares that many insurers may still not be seeing the need to set their sights on the ultimate prize, how to be at the top of their game and not just be able to endure the changes the future is asking for them to make.

How stable is your insurance business? What changes do you need to implement to go with the tide? Will you sail to success or sink to the abyss of adaptation failure? We may be able to help. Contact us today for a consultation!