The Chronicle: Issue 2013-39, October 8, 2013
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What's Going Through The Intersection of Insurance and Technology?
Insurance 2023: A Funny Thing Happened on the Way to the Future |
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Policy Management
Opta launches Canada's first commercially available peril-based scoring tool
During the recent 2013 National Insurance Conference of Canada, discussions amongst industry leaders focused on the increased frequency and severity of property losses as part of the new reality for property insurers in Canada. The issue is compounded due to the lack of availability of information regarding weather-related losses and key construction features such as finished basements. On the heels of the industry's lament, Opta Information Intelligence is pleased to announce the early release of Peril Score, Opta's new peril-based scoring tool.
SAS: Life Insurance – What could you do in 72 days?
There are many things that you could do in just over 10 weeks – if you are Kris Humphries or Kim Kardashian, for example, you could get married and then file for divorce. But if you are a life insurance company, you could issue a life insurance policy! Amazingly, the average time from the start of the underwriting process to policy issuance for a mid-to high value life insurance policy is 72 days. With life insurance sales at a 50-year low, insurers need to find ways to make it easier to issue policies.
COUNTRY Financial in production with Sapiens ALIS policy administration system
Sapiens International Corporation, a global provider of innovative insurance software solutions, has announced that COUNTRY Financial, a Fortune 1000 insurance and financial services company based in Bloomington, Ill., has successfully deployed the Sapiens ALIS policy administration system to support its life insurance business.
Distribution
Policy Works and SGI Canada launch real-time wording lookup
SGI Canada and Policy Works Inc. are pleased to announce the launch of real-time wording lookup. SGI Canada brokers using Policy Works are now able to instantly view the policy wordings for specific coverages directly in their Policy Works system.
CSIO announces Northbridge Insurance is first insurer to obtain CSIO Certification for eDocs
The Centre for Study of Insurance Operations (CSIO) is pleased to announce Northbridge Insurance® as the first insurer to obtain CSIO Certification for eDocs. CSIO data exchange standards are company neutral and help solve data compatibility issues, facilitate more efficient and seamless integration of information and improve implementation of technology solutions.
Applied Systems announces PerformanceManagement analytics application
Applied Systems has announced the upcoming release of Applied PerformanceManagement. This new Applied Systems analytics software application transforms data in Applied Epic and Applied TAM into business performance insights that enable executives to more profitably manage their business.
Unica Insurance delivers CSIO XML eDocs solution
Unica Insurance is pleased to announce the launch of its eDocs pilot, providing electronic declaration pages for brokers using any broker management system (BMS) providing eDocs support – TAM and Epic (Applied Systems), The Broker Workstation (CSSI), SigXP (Keal Technology) and Powerbroker (Zycomp Systems).
Claims
AudaExplore introduces GoTime line of driver-focused mobile solutions
AudaExplore, a leading provider of automotive claims, underwriting, information and parts solutions to insurance carriers, repair facilities, government agencies and additional markets, has introduced GoTime™, a new line of driver-focused mobile solutions that streamline and accelerate a range of partial and total loss claims and repair processes while driving an improved and optimized vehicle owner experience.
Business of Insurance
Frank Cowan Company partners with Baseline Telematics to deliver weather monitoring for Canadian municipalities
Frank Cowan Company, a leader in providing specialized insurance programs, and Baseline Telematics, an important supplier of Telematics based solutions for insurers, have partnered to deliver an innovative web-based weather-monitoring and operations management platform called Snowman, specifically designed for municipalities across Canada.
Technology
Insurance Frameworks makes “No-Cost” Panorama 360 licenses available to financial organizations and universities
Insurance Frameworks Inc., the provider of possibly the most extensive suite of Insurance and Wealth Management Capability Map, Enterprise Business Architecture Framework, Process and Data Reference Models and Methodologies is making its Panorama 360 available at “no cost” to any financial industry organizations and universities.
In The Community
State Farm issues service-learning grants to five youth-focused projects
The State Farm Youth Advisory Board (YAB) is giving service-learning grants to five Canadian youth-focused projects designed to tackle issues and support community improvements. Grant recipients include a school robotics program, suicide prevention, an Air Cadet League leadership initiative, and an aboriginal role model program.