The Chronicle: Issue 2013-41, October 22, 2013
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What's Going Through The Intersection of Insurance and Technology?
Does IT Have A Future in Marketing?
Innovation in Insurance: Different Views on Status and Direction |
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Business of Insurance
Gartner identifies top vertical industry predictions for IT organizations for 2014
Gartner, Inc. has revealed its top industry predictions for IT organizations and users for 2014 and beyond. Most industries are facing accelerating pressure for fundamental transformation, including embracing digitalization in order to survive and stay competitive.
Accenture: insurance sold through digital channels could double by 2016 in Europe
Technology giants are perceived as emerging competitive threats for the industry in Europe as Accenture predicts the total annual volume of property/casualty and life insurance sold through digital channels in Europe could double its 2012 value by 2016, based on a survey of 78 European insurers.
Consumer Information
TD Insurance: Canadian snowbirds are taking flight, but is their insurance up in the air?
It's getting cool out and Canada's snowbirds are starting to head south, but are they properly protected while away from home? According to a recent TD Insurance survey only half of Canadians aged 50 and over checked their travel insurance policy before leaving for vacation, and only 16% called their insurance provider to determine if they needed to update their policy.
Technology
Cognizant whitepaper: Creating competitive advantage in auto and home insurance through marketing analytics
P&C personal lines carriers face a huge challenge. Marketing spend is far outpacing the returns. The most successful carriers have learned how to leverage marketing analytics to make more informed spending decisions, and improve customer satisfaction and profitability. In this whitepaper, Cognizant describes current marketing spend challenges in the personal lines industry; why these challenges will persist; how marketing analytics can help insurers address this issue; why the time is now to adopt this function, and the benefits that can be expected from building a robust marketing analytics capability.
SAS: Married with children – the relationship between business and analytics
Buying a home, getting married, having children, even changing jobs are all potential triggers for purchasing life insurance. Today people are changing jobs more frequently, homeownership is at near record levels and yet according to a study by LIMRA, 56% of U.S households do not have an individual policy, a 50-year high. So why is it that so many people do not have life insurance protection?
OneShield: using cloud-based offerings to lower costs and respond quickly in a tough environment
From a sluggish economic recovery to 24/7 customer demands, insurers are faced with high expectations in a high-pressure environment. To meet these challenges, insurers may consider turning to cloud-based offerings, specifically private and hybrid cloud services, to rapidly deploy applications on pay-as-you-go infrastructure while ensuring business continuity. The private and hybrid cloud models provide customers with a private environment where their infrastructure is hosted and maintained by a technology provider allowing for maximum integration and configuration capabilities.
MARCON: Driverless technology – Will the insurance industry play ostrich?
The trend toward shared mobility is here today. Statistics indicate that one shared vehicle can replace as many as 20 personally-owned vehicles. This alone represents an array of significant threats, opportunities and challenges for the insurance community. Shared mobility presents two interesting revenue-generating opportunities: nonowner car insurance and ride-sharing insurance.
Catlin Group selects Guidewire solution for underwriting, rating, policy administration, billing, and claims management
Catlin Group, a global specialty Property/Casualty insurer and reinsurer, and Guidewire Software, Inc., a provider of software products to P&C insurers, have announced that Catlin has selected Guidewire InsuranceSuite™ as its new platform for rating, underwriting and policy administration, claims management, and billing.
Telematics
CSIO to release telematics standard in January
The Centre for Study of Insurance Operations has been working for the past several months to deliver a telematics data standard for the industry and is pleased to announce the standard will be released in January 2014.
Claims
Audatex Canada adds Chrysler build data to vehicle identification system
Audatex Canada ULC, a wholly owned subsidiary of Solera Holdings, Inc., the leading global claims solutions provider serving the automotive industry, has announced an agreement to bring Chrysler vehicle manufacturing build data to vehicles sold in Canada. Adding Chrysler build data to AudaVIN technology further supports the accurate vehicle identification technology that Audatex brings to the Canadian marketplace to help insurers and repairers provide industry-leading partial and total loss solutions for the benefit of vehicle owners.
Distribution
Youngs Insurance Brokers selects Keal Technology's sigXP BMS
Youngs Insurance Brokers Inc., one of the largest independent brokerages in Ontario with over 200 employees at more than 20 locations across the province, has selected Keal Technology's Broker Management System (BMS) sigXP to increase its operational efficiency and profitability.
Jobs and Careers
Aviva appoints Greg Somerville as president and CEO of Aviva Canada
Aviva plc has announced the appointment of Greg Somerville as president and CEO of Aviva Canada. Greg is currently Executive Vice President, Broker Distribution of Aviva Canada. Greg joined Aviva in 1992 and most recently was Executive Vice President, Broker Distribution for Aviva Canada. Greg has been part of the Aviva Canada Executive Committee since 2004.