The Chronicle: Issue 2013-31, August 6, 2013
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What's Going Through The Intersection of Insurance and Technology?
Analysts: Customer is Queen, Data is Crown Princess |
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Events and Announcements
Insurance and Technology Topics: what would you like to discuss? | |||
Business of Insurance
J.D. Power & Associates: Canadian home insurance customer satisfaction declines substantially
Overall customer satisfaction with Canadian home insurance companies declines substantially as premiums increase and claims service levels deteriorate across all regions, according to the newly released J.D. Power 2013 Canadian Home Insurance Study. The annual study examines customer satisfaction with their home insurer by examining five factors: interaction; billing and payment; claims; policy offerings; and price.
Economical Insurance releases loss estimates from weather catastrophes in Alberta and GTA
Economical Insurance has released catastrophe loss estimates from the storms and floods in Southern Alberta in June and the Greater Toronto Area in July. "The damage wrought by these precedent-setting incidents demonstrates that, as a country, we are facing the increasing impact of climate change," said Karen Gavan, president and CEO.
Consumer Information
IBAO reminds parents to review their policies and ensure proper coverage for students moving this fall
Next month, many Ontario students will be moving away from home to university and college campuses across the province for the first time. The Insurance Brokers Association of Ontario is reminding Ontario parents to review their insurance policies with their broker to ensure their coverage extends to their child’s new residence.
RBC Insurance unveils employee group benefit plans for smaller businesses
RBC Insurance is now offering small- to medium-sized Canadian businesses a full range of benefits for groups with as few as two employees. The new Group Benefit Solutions product, which includes health and dental insurance, is designed to allow small businesses to offer employees the same range of value-added benefit programs that larger employers provide.
Technology
ISO introduces suite of Mobile Business Interruption options
ISO has filed new coverage options to address the business interruption exposures of vehicles and mobile equipment. Traditional business interruption coverage typically responds when loss or damage occurs at a specific location. Commercial policyholders have long been able to protect their revenue stream from adverse events that occur at their brick-and-mortar locations, as well as events that occur at the premises of suppliers and other dependent locations. ISO's new coverage options will enable business interruption coverage to respond to the exposures presented by vehicles and mobile equipment while away from the policyholder's location.
Policy Management
InEdge: Risk Rating & On-Level Analysis Accelerator addresses Inefficiencies in Ratemaking
Typically, ratemaking involves three basic activities: segmenting the Book of Business, setting rate assumptions, and simulating the proposed rating environment. A restriction in any of these is felt first by actuarial staff. According to Insurance Business Analytics consultancy InEdge, the top limitations to the P&C rate development process are easily identifiable.
Distribution
illustrate inc acquires illustration software division of Lewis & Ellis
illustrate inc, a leading provider of life insurance illustration and point-of-sale technology in North America, has announced the purchase of the Lewis & Ellis Illustration Software Division. L&E has been a leading actuarial consulting organization since 1968 with an outstanding reputation for professional expertise, integrity and service. That reputation extends to the Software Division that has been delivering new business and in force insurance illustration software for all life & annuity products since 1985.
In The Community
The Co-operators approves grants to 14 Canadian community organizations
The Co-operators has announced grants to assist in the funding of 14 Canadian community organizations across Canada, each of which works to help disadvantaged people achieve greater self-reliance. The funding comes from The Co-operators Foundation Community Economic Development Fund (CED) and Co-operators Fiftieth Anniversary Community Fund. These funds support organizations from St. John's to Vancouver that assist people who face barriers to employment in finding meaningful work that socially, economically and environmentally benefits them and their communities.