The Chronicle: Issue 2012-07, February 14, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Broker Imperative: Enhance Customer Relationships and Support Profitatbility with Technology
Independent brokers need to focus on the inherent strength of their distribution system – the relationships they have with their customers – by making maximum use of technologies that reduce friction and improve customer communications. Fortunately, there are new technologies and support structures that can help. - Analytics: The New Competitive Landscape Differentiator
There is increasing evidence that intelligent use of data – to gain understanding and to anticipate results – is becoming the foundation for success in the new landscape of insurance.
Technology
GMC North America, GMC SoftwareTechnology: Developing a Partner Relationship with Customers Through Effective and Efficient Communications - By Doug Cox, President.
February 9, 2012 - Building positive customer relationships and loyalty continues to remain a high priority on the list of every insurance organization due to rapid changes in the market, new economic realities, and intense competition-all of which lead to high levels of customer confusion, skepticism and uncertainty.
Novarica Report Says 85% Of Insurers Outsource Some Element of Information Technology.
February 7, 2012 (NEW YORK) - A new report by research and advisory firm Novarica, Outsourcing in US Insurance IT: Current State and Future Plans (www.novarica.com) based on a survey of over 100 US insurer CIOs finds that 85% are currently outsourcing at least some elements of IT, and between 25 and 35% are planning to increase their level of outsourcing in 2012.
Gartner Says Master Data Management Is Critical to Achieving Effective Information Governance.
STAMFORD, Conn., January 19, 2012 - Master data management (MDM) is critical to achieving effective information governance, according to Gartner, Inc. Failure to manage information accurately has been the root cause of several incidents, including the leak of sensitive information to WikiLeaks, and can be fatal to the success of MDM programs.
Claims
Uniban Canada and subsidiaries VitroPlus/Ziebart and UniglassPlus/Ziebart win a Maillon d'or for Innovation.
Montreal, February 6, 2012 - Some 400 people attended the 11th edition of the Gala of the Conseil quebecois de la franchise (CQF) at the Hyatt Regency Hotel in Montreal on January 23. Established in 2001, the Maillon d'or Gala is the annual gathering of industry franchisors, franchisees, and vendors. The prestigious event recognizes those industry players who stood out during the year, presenting them with Maillon d'or awards.
FINEOS Selected by Kiln for Claims Operations.
February 6, 2012 -- FINEOS Corporation, a market leading provider of claims management software, today announced that Kiln, the international insurance and reinsurance underwriting group, has selected FINEOS Express for its claims operations. Kiln, one of the largest agencies trading within the Lloyd?s insurance market, is an acknowledged leader in a number of business areas including property & special lines, marine & special risks, reinsurance, accident & health, aviation, life and enterprise risk.
Xactware Issues 2011 Property Report for Canada.
OREM, Utah-Feb. 8, 2012 - A rise in the average cost of building and installation labour rates led to an overall increase in Canadian reconstruction costs in 2011, according to a new report from Xactware.
"The New Landscape"
Social Business, Mobile, Analytics, Modern Technology
10th Annual Insurance-Canada.ca Technology Conference
Sheraton Centre Hotel (Toronto) - Monday, March 5th, 2012
Details of the Conference.
For those in tha claims space, numerous sessions will appeal:
- Utilizing Your Data to Positively Impact Claims Outcomes by Randall Day, FINEOS, and Ian Bridgman, Claims Analytics
- Benchmarking the way it was meant to be: Detailed, Insightful, and Easy by Margaret Bodman, TD Meloche, and Eugene Lee, Guidewire
- The New Landscape of Claims Handling by David Himes, Gore Mutual and Sean Cassidy, Uniban
- The Insurance Fraud Race: Using Information and Analytics to Stay Ahead of Criminals by Dan MacKenzie, SAS Canada
- Fraud Detection and Prevention for Insurance by Gordon Alexander, IBM
There are sessions for you; see the agenda at a glance.
Product Announcements
Empire Life launches Loyalty Program to help investors save on fees.
February 2, 2012 - Kingston, Ontario - The Empire Life Insurance Company (Empire Life) today announced the launch of the Empire for LifeTM Loyalty Program. The Program is a way to help investors save on fees while investing in their future.
Reference and Statistics
Kanetix.ca says Ontario car insurance rates increase 2.9 per cent.
TORONTO, Feb. 6, 2012 - Kanetix® (www.kanetix.ca), an online quote comparison website for insurance and financial products, announces their quarterly auto insurance rate study results for Q4 2011 for Ontario, Quebec and Alberta.
Business of Insurance
MCT scores and Your Investment Portfolio by Bruce Friesen, President, Global Investment Solutions.
This article examines the impact of the upcoming regulations proposed by OSFI for the 2012 reporting period. The recent paper titled: Discussion Paper on OSFI's Proposed 2012 Changes to the Minimum Capital Test / Branch Adequacy of Assets Test For Federally Regulated Property and Casualty Insurance Companies deals with a number of upcoming changes.
Ernst & Young: Canadian insurers well positioned despite challenging year ahead.
(Toronto, 30 January, 2012) The Canadian insurance industry faces a challenging climate, but there are opportunities for success - if insurers make the right moves in 2012, Ernst & Young says.
Aite Group Report: Top 10 Trends in Insurance, 2012.
Boston, January 19, 2012 ? A new report from Aite Group reveals the top 10 trends that will shape the insurance industry-including health, life, and property & casualty insurance-in 2012. For all lines of business, 2012 promises to be a year full of both challenge and promise; much will hinge on macro-political and -economic developments and their impact on regulations and markets.
CIAB Survey: Commercial P/C Market Pricing Rebounded in Fourth Quarter.
WASHINGTON, D.C. - January 24, 2012 - Commercial property/casualty pricing rebounded in the fourth quarter of 2011, according to The Council of Insurance Agents & Brokers' quarterly Commercial P/C Market Index Survey. On average, small, medium and large account pricing increased 2.8 percent last quarter, compared with a -5.4 percent decline in the same period last year.
Guy Carpenter Finds January 1, 2012 Renewals Reveal Shift in Industry Behavior.
New York, January 11, 2012 - The January 1, 2012, renewals saw a shift in industry behavior as both insurers and reinsurers implemented more sophisticated, customized approaches to risk assessment and mitigation, according to Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and a member of Marsh & McLennan Companies.
Conning Research: 2012-2013 Property-Casualty Industry Forecast for Moderate Performance Improvement in Volatile Operating Environment.
(Hartford, CT) January 23, 2012 - Volatility in the economy, the underwriting cycle, and catastrophe management, combined with low investment yields will create a difficult performance environment for property-casualty insurers, according to the most recent edition of Conning's quarterly Property-Casualty Forecast & Analysis.
Consumer Information
Co-operators : Sprinkler systems in homes save lives.
GUELPH, ON, Feb. 7, 2012 - From the moment a smoke alarm sounds, occupants of a house normally have only a minute and a half to get out before they are overwhelmed and unable to escape. But this doesn't have to be the case. As demonstrated in a video released today by The Co-operators and Guelph Emergency Services, fire sprinkler systems greatly enhance families' safety.
IBC - Warm winter brings a reminder: Protect your home from water damage.
TORONTO, Feb. 9, 2012 - With Environment Canada predicting warmer-than-normal temperatures for the rest of the winter across the country, Insurance Bureau of Canada (IBC) asks homeowners: Is your home protected from water damage?
I.I.I. - Valentine's Day and a Leap Year Make for the Perfect Chance to Propose to Your Man, But If You Give Him an Expensive Gift, Make Sure It's Properly Insured.
NEW YORK, February 8, 2012 - According to lore, women can propose marriage during a leap year-and what better day to pop the question than Valentine's Day? Whether you present your intended with an expensive watch, ring or even a new set of golf clubs, your token of love needs to be properly insured, according to the Insurance Information Institute (I.I.I.).
from Doug:
Wow, doing one of these conferences is a lot of work. Facilities, sponsors, speakers, topics, registration. But then it all starts to come together and it gets really exciting. With the concurrent sessions, there is content for most everyone - brokers, claims, policy, customer service, marketing, technologists. Maybe I will even meet you there.