The Chronicle: Issue 2014-07, February 18, 2014

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

The Road Ahead for Auto Insurance is Paved with UBI
Intact's announcement that it will launch a UBI program in Ontario in April is a clear indication that the model has come of age in Canada. Other telematics-enabled auto insurance programs have come to market recently in Canada, but Ontario is the nation's largest market and Intact is the country's largest auto carrier. But what's driving this adoption, and why are carriers so anxious to invest in this deeply disruptive marketing and pricing model?

2014 Imperative: Execute New Technology Initiatives Effectively
Over the last few years, it seems we have entered yet another era of dramatic changes in technology and applications in the insurance industry. We have seen new core administration systems based on modernized technology, applied analytics tools and engines, usage-based insurance programs, tapping into telematics devices, etc. There is increasing reliance on cloud-based services, replacing traditional software and storage methods. Moreover, we are using new techniques, such as agile methods, to accelerate implementations. But one thing has not changed at all: execution capabilities differentiate winners from losers.

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

12th Annual Insurance-Canada.ca Technology Conference

Welcome and thank-you to our 2014 conference sponsors:

IBAO as the Broker Sponsor.
Esri Canada as a Bronze Sponsor.
Mapflow as a Bronze Sponsor.
Information Builders as a Bronze Sponsor.
SEH Computer Systems as a Conference Supporter.
Intact as a Conference Supporter.

11th Annual Insurance-Canada.ca Technology Conference
ICTC 2014
“Re-energize, Refocus, Realign”
March 17-18, 2014

Business of Insurance

IBC encouraged by federal government commitment on disaster mitigation
Insurance Bureau of Canada is very pleased by the commitment from the Federal Government to look further at one of the most pressing problems facing Canadians, that of Natural Catastrophes. 2013 was a record year for insured damages and the government will begin the process of addressing the country's exposure to natural disasters through a national mitigation strategy, the potential for residential flood insurance program and the country's preparation for an earthquake.

Guy Carpenter: global catastrophe losses fell well below average in 2013
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and member of Marsh & McLennan Companies, has released its 2013 Catastrophe Review which shows that natural catastrophes and man-made disasters in 2013 resulted in global insured losses considerably less than the ten-year average. "Last year will likely be known as the 'year of the flood,' with significant global flood events affecting Central Europe, Australia, Canada and the United States," said Julian Alovisi, Vice President for Guy Carpenter.

Technology

Mariner Innovations announces industry expansion and new Toronto office
Mariner Innovations, a leading Canadian supplier of IT professional services, is proud to announce an expansion into the Property & Casualty Insurance Industry, as well as the opening of a new office in Toronto. Mariner is excited to be welcoming several talented new employees to the team from OARBIC, a boutique P&C Insurance IT professional services firm based in Toronto.

Policy Management

Canadian Institute of Actuaries issues first-ever all-Canadian pension mortality tables and improvement scales
The Canadian Institute of Actuaries (CIA) has issued the first-ever mortality tables and mortality improvement scales that are based on Canadian pensioner mortality experience. Prior to today, Canadian pension actuaries could access primarily U.S.-based pension mortality tables to help them arrive at their assumptions. Apart from being potentially outdated, there was a concern that the U.S. pensioner experience was not necessarily reflective of Canadian experience.

Guidewire: Insurance Corporation of British Columbia selects PolicyCenter for underwriting and policy administration
Insurance Corporation of British Columbia (ICBC), a provincial Crown corporation and sole provider of universal compulsory auto insurance in British Columbia, and Guidewire Software, Inc., a provider of software products to Property/Casualty insurers, are pleased to announce that ICBC has selected Guidewire PolicyCenter® as its new underwriting and policy administration solution. Guidewire PartnerConnect™ alliance member, EY (Ernst & Young), has been selected to lead the implementation project.

Distribution

MASTERCOM obtains CSIO certification for eDocs
The Centre for Study of Insurance Operations is pleased to announce that MASTERCOM Consulting Ltd. has obtained CSIO Certification for eDocs. CSIO Certification is available to member insurance companies and vendors. eDocs is the first business activity available for certification, with plans to expand the program to cover other activities.

Subscribe here or view past issues.