The Chronicle: Issue 2014-49, December 9, 2014
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What's Going Through The Intersection of Insurance and Technology?
Technology and the Future of Insurance Work
Are You (Digitally) Experienced? |
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Distribution
ICTA nomination: Frank Cowan Company improves sales function
Salesforce was selected as the CRM tool for Frank Cowan Company in 2013, with an initial focus on our Specialty Programs & Association broker partners and clients, with the opportunity for expansion into other lines of business. Specifically, Salesforce is used to help manage and develop relationships with a growing number of brokers and associations. It was deployed by Frank Cowan Company in August, 2014 as our sole Customer Relationship Management (CRM) platform. Salesforce now provides a much more strategic way to manage broker account information.
ICTA nomination: Moore-McLean Wins at the Track
In early 2013, Moore-McLean identified a unique niche that was not being served by the Canadian property and casualty insurance industry – vehicle coverage for individuals participating in Track Day events. Track Days are held at motorsports parks across Canada and are put on by a wide range of organizations; these events are growing in popularity, with more than a hundred events being held at a dozen locations across Canada each year. Track Day Insurance Canada is a unique insurance program providing coverage for vehicles participating in sanctioned track day events across the country. Policies are sold directly to consumers through an integrated website offering quick quotes, an intuitive application form, integrated payment solution with PayPal and immediate policy issuance via email.
Opta Information Intelligence and CSSI deliver on property intelligence platform with iClarify services
Opta Information Intelligence, Canada's leading risk information company serving corporate and insurance industries, and Custom Software Solutions Inc. (CSSI), providers of IT Solutions for brokers, MGAs, and insurance companies, are pleased to announce they have partnered to bring iClarify Residential™ construction data, imagery, and replacement cost values to CSSI brokers across Canada. iClarify™ is an integrated property information and validation solution that empowers brokers with a competitive advantage through a more efficient quoting process and an ability to offer enhanced services and experiences to their customers.
Hub International acquires Canadian-based MGA Partners
Hub International Ltd., a leading global insurance brokerage, has announced that its subsidiary Hub Financial Inc. has acquired the shares of MGA Partners Inc., an Ontario-based managing general agency. Terms of the acquisition were not disclosed. The acquisition broadens Hub's footprint in Canada's eastern provinces and its reach to financial advisors and insurance brokers seeking multi-fund insurance and risk solutions while maintaining their independence.
Applied Systems: PerformanceManagement 2014 R2 delivers dynamic visual reporting for deeper data-driven business insights
Applied Systems has announced the release of Applied PerformanceManagement 2014 R2 to U.S. and Canadian insurance agencies and brokerages. Building on the innovative and first-to-market solution introduced in early 2014, Applied PerformanceManagement 2014 R2 provides an expanded user interface and richer, dynamic reporting options to deliver further data-driven business insights for analysis and tracking across key business performance indicators.
Claims
InEdge: 3 key analytics categories for improving auto repair claim management profitability
A fundamental piece of information in the context of auto repair claim servicing is the difference between the total cost of a claim and its original estimated value. It is known as the Efficiency Ratio. When seeking to understand the factors involved in this fundamental ratio in order to improve performance, three claim management categories of analytics stand out for scrutiny: appraisers, body shops, and parts & labor. What can be expected from focusing on these categories is an overall improvement in terms of performance that translates into lowered costs, improved relationships, and improved services.
Policy Management
Verisk Climate research explains changing severe weather frequency in Canada and U.S.
Verisk Climate has announced that its scientists presented new research that quantifies the changing behavior of severe thunderstorms in North America. The research team developed a new view of severe weather that systematically analyzes and explains changes in the patterns of severe wind, hail, and tornado perils in recent decades. Verisk Climate is a Verisk Analytics business.
Business of Insurance
Accenture: Insurers anticipate acquisitions to foster digital innovations
More than half of insurance executives expect their industry peers to make acquisitions of digital insurance startups over the next three years to better position themselves in the digital world, according to new research by Accenture, based on a survey of 141 insurers in 21 countries.
Fairfax to acquire Malaysian General Insurance Business
Fairfax Financial Holdings Limited has announced that it has, through its wholly-owned subsidiary The Pacific Insurance Berhad (“Pacific Insurance”), entered into a business transfer agreement with MCIS Insurance Berhad (“MCIS” – formerly known as MCIS Zurich Insurance Berhad)and Koperasi MCIS Berhad (“Koperasi MCIS”) pursuant to which it will acquire the general insurance business of MCIS, a Malaysian insurer. The transaction is subject to customary closing conditions, including court approval, and is expected to close in the first quarter of 2015.
Consumer Information
IBC names 2014's top 10 most frequently stolen cars across Canada
Ford F-250 and F-350 trucks are big, rugged – and loved by thieves across the country. This year's Top 10 Most Frequently Stolen Vehicles list, published annually by Insurance Bureau of Canada (IBC), shows a growing interest by organized criminals in Ford (“F”) series trucks.
The Co-operators helps small businesses succeed with OnePlace For Business program
Co-operators Financial Advisors across Canada are offering OnePlace For Business™, a program designed to help small business owners save time and effort while getting helpful advice about essential insurance products and financial services.
Allstate Canada data reveals December is the worst month for collisions on Canadian roadways
The newly released annual Allstate Insurance Company of Canada Safe Driving Study reveals that in recent years, the days leading up to the holidays – December 21, 22 and 23 – had the highest number of collision claims, while Christmas Day and New Year's Day had the lowest number of collision claims. The study examined the frequency of customers' collision claims in Alberta, New Brunswick, Nova Scotia and Ontario.
CLHIA welcomes PRPP legislation in Ontario
The Canadian Life and Health Insurance Association welcomes the introduction of PRPP legislation in Ontario. PRPPs are a simple, low-cost pension innovation that is particularly attractive to small businesses who don't want the administrative burdens of traditional pension plans. By pooling many employers together, they offer economies of scale usually seen only with the very large pension funds.