The Chronicle: Issue 2014-03, January 21, 2014
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What's Going Through The Intersection of Insurance and Technology?
ICTA 2014: The Total Connectedness of IT All
Hybrid Clouds, Integration, and the Cost of Gas |
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12th Annual Insurance-Canada.ca Technology Conference
Welcome and thank-you to our 2014 conference sponsors:
IMS as a Gold Sponsor. |
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Telematics
CSIO releases telematics data standard
The Centre for Study of Insurance Operations (CSIO) is pleased to announce the release of a telematics data standard for the P&C insurance industry. The standard allows for the transmission of telematics information between multiple business partners, enabling data quality and consistency across the industry.
Distribution
LOGiQ³: Canadian life insurance distribution project gains the support of 4 key insurers
LOGIQ³ reached a major milestone on the Industry Advisor Screening, Contracting and Compliance Monitoring Service Project by receiving written commitment to participate in the build of this service from The Canada Life Assurance Company, Industrial Alliance, Manulife Financial, and Sun Life Assurance Company of Canada.
Business of Insurance
IBC: Canada's severe 2013 weather breaks records for insured losses
The December 2013 ice storm in southern Ontario and eastern Canada resulted in substantial insured losses and pushed the year-end severe weather insured loss total to a record-breaking high, reports Insurance Bureau of Canada.
Desjardins Group to acquire State Farm Canada businesses
Desjardins Group, the leading cooperative financial group in Canada, and State Farm®, the largest P&C mutual insurance company in the United States, have announced that they have entered into a definitive agreement under which Desjardins Group will purchase State Farm Canada's businesses in property and casualty and life insurance, as well as its Canadian mutual fund, loan and living benefits companies. The transaction is expected to close in January 2015, subject to approval from regulators and compliance with customary closing conditions.
CLHIA calls for increased focus on long-term investments
Canada needs increased private domestic investment into longer-term projects, such as infrastructure and renewable energy projects, if it is to remain competitive in the global economy. The Canadian Life and Health Insurance Association has released a report, The important role of Canada's life and health insurers as long-term institutional investors, outlining the leadership role that the life and health insurance industry plays in this regard.
Consumer Information
IBC: auto insurance premiums in Ontario continue to fall
For the 4th consecutive quarter, and the second year in a row, private passenger automobile insurance rates, set out in filings that are approved by Financial Services Commission of Ontario (FSCO), dropped on average. “The Government's approach to reforms appears to be working and auto insurance rates are continuing to fall. That's good news for Ontario's 9 million drivers,” said Ralph Palumbo, Vice-President, Ontario, Insurance Bureau of Canada.
Ingle: Need a hotel? When insurers pay for room service
Winter has brought flight and other travel delays. It has sucked heat and light from homes across a wide swath of North America. It has brought trees and power lines crashing down. Many folks fled drafty air terminals and frigid homes, preferring to stay in comfy hotel rooms. Others toughed it out, not realizing their insurer might have paid for room service and housekeeping. So, for future record-breaking winters, let's review some rules.
Frank Cowan Company: Quote and bind select specialty insurance products in under 10 minutes with Instant Quote
Frank Cowan Company's online rating tool, Instant Quote, is now available for small non-complex schools, daycares and community services across Ontario. Instant Quote helps brokers to easily generate a quote and binder in under 10 minutes with very few steps.
GAA announces a new automobile insurance policy in Quebec
Groupement des assureurs automobiles (GAA) is pleased to announce that the new plain language automobile insurance policy will take effect March 1st. GAA and Autorité des marchés financiers (AMF) have reworked auto insurance policies Q.E.F. No. 1 and 5, and their endorsements, so that consumers will find them easier to read and to understand.
IBC: Maximum fines imposed against Ontario clinics for false insurance submissions
Three Toronto-area rehabilitation clinics have been convicted of multiple offences resulting from co-operative investigations involving Insurance Bureau of Canada (IBC) Investigative Services, multiple insurers, police, and the Financial Services Commission of Ontario (FSCO). The prosecutions resulted in the maximum fine per conviction.
Technology
CSIO launches mobile website, live chat and broker corner
The Centre for Study of Insurance Operations has unveiled a mobile website, live chat functionality and a redesigned, user-friendly Broker Corner. Site visitors on mobile devices will now find an optimized browsing experience with easy navigation and prioritized content for quick reference.
Claims
CANATICS chooses top international analytics service to detect suspicious insurance claims in Canada
Canadian National Insurance Crime Services CEO Ben Kosic has announced that CANATICS has closed a five-year deal with BAE Systems Detica to detect suspicious auto insurance claims in Canada. Detica, a global analytics service headquartered in the U.K. with offices in Canada, has several national insurance bodies and global insurance companies as clients and will help CANATICS develop a solution that will analyze pooled industry data from Ontario. Other provinces may be added in the future.
Policy Management
Audatex Canada announces partnership with RSA Canada
Audatex Canada ULC, a wholly owned subsidiary of Solera Holdings, Inc., the leading global claims solutions provider serving the automotive industry, has announced a new long-term strategic partnership with RSA Canada, the country's third-largest property and casualty insurer. The collaboration streamlines RSA Canada's entire claims handling process, replacing multiple tolls and software programs with Audatex Canada's end-to-end suite of software.