The Chronicle: Issue 2013-44, November 12, 2013

What's Going Through The Intersection of Insurance and Technology?

Can Insurers Break Through to a New Plane of Digital Engagement with UBI?
Reports indicate that insurers have hit a low plateau in the implementation of consumer engagement strategies using digital technologies. There may be a unique opportunity, in the form of Usage-Based Insurance (UBI), which could allow a transformational breakthrough into the brave, new, digitally-engaged world. A new report from the global consultancy EY indicates that insurers are “only playing at the digital game.” The majority of insurers surveyed agreed that while digitization was important to the consumer, short term pressures and internal system limitations were preventing digital from becoming a priority.

Bill Berkley: Technology's Influence on Risk and Insurance
Bill Berkley, Chairman & Chief Executive Officer of W.R. Berkley Corporation, has a four-and-a-half-decade track record of success putting his opinions about insurance into practice, so we jumped at the chance to hear Bill speak as the guest of Berkley Canada on the occasion of that organization's fifth anniversary in the Canadian market. His remarks covered a variety of topics, including the state of play in different parts of the world, the economic outlook for North America, and factors impacting the practice of insurance. Bill sees technology causing substantial changes in the insurance and risk management business.

The Intersection: Insurance-Canada.ca Blog
The Intersection
an Insurance-Canada.ca Blog

Technology

Accenture: technology critical to strengthening insurance underwriting, but poor data-integration limits productivity
Technology investment is seen as the best way to improve the quality of underwriting in commercial insurance, but lack of data integration and technology training are limiting underwriting productivity and efficiencies, according to findings of an Accenture survey of commercial insurance underwriters in the United States.

MARCON: Car sharing and its implications for insurance
The Canadian car-sharing fleets now boast roughly 4,000 vehicles and approximately 150,000 members. This results in a shrinking number of personal vehicles owned by individuals, which in turn has implications for auto insurance premiums and business for both insurers and brokers. This article provides data from various jurisdictions around the world about the growth of shared vehicles, and projections to possible Canadian numbers by the end of the decade.

DMTI Spatial and Environics Analytics announce Joint Resellers Agreement
DMTI Spatial Inc., Canada's leading provider of location intelligence solutions, and Environics Analytics, the premier marketing and analytics company, have announced an agreement to resell each other's products and services. The alliance brings together two marketing industry leaders to provide customers with the most comprehensive location and demographic intelligence information about households anywhere in Canada. This agreement will aid businesses in streamlining their access to important data that will help to increase their efficiency and success rates in their sales and marketing activities.

Telematics

Quindell: telematics and outsourcing win with CAA Insurance
Quindell Portfolio PLC, the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their Related Sectors, is pleased to announce that CAA South Central Ontario has contracted with Quindell to provide their auto club members and insurance customers with new telematics technology and services.

Intact Insurance and belairdirect to offer auto insurance discount based on driving behaviours in Quebec
Intact Financial Corporation has announced that its affiliates Intact Insurance and belairdirect will launch a telematics-based solution that will allow eligible good drivers in Quebec to save up to 25% on their annual auto insurance premiums based on driving behaviours, in the weeks to come. Similar programs are expected to be rolled out in other jurisdictions in the coming months.

Consumer Information

Aviva Canada unveils environmentally-conscious Green Assure enhancement
Aviva Canada, one of the country's leading providers of home, auto, recreational vehicle, group and business insurance, is excited to introduce Green Assure, a new insurance enhancement that enables customers on to replace their damaged or destroyed property with energy efficient and environmentally-friendly products.

Business of Insurance

Strategy Meets Action: Complete the 2014 Ecosystem Survey for a chance to win an iPad Air
SMA is conducting our annual Insurance Ecosystem study, investigating insurers' technology project priorities, business drivers, and IT spending plans for 2014 and the next 3 years. The study will include all lines of business for Property and Casualty and Life and Annuities in North America. This survey should take less than 10 minutes to complete.

Lloyd's: Professional risk managers release report on food security and safety
The CRO Forum – a group of professional risk managers from the insurance industry that focus on developing and promoting industry best practices in risk management – has published a paper on food security and safety, which considers how issues relating to food are likely to impact different lines of business. It was produced by Lloyd's in partnership with other insurers on behalf of the CRO Forum's Emerging Risk Initiative.

Subscribe here or view past issues.