The Chronicle: Issue 2015-03, January 20, 2015
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What's Going Through The Intersection of Insurance and Technology?
Insurance in the Democratic Republic of The Internet of Things
Competitive Ground Changing for Brokers and Direct Writers
Time-Based Insurance and The Data-Driven Broker: A New Model? |
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13th Annual Insurance-Canada.ca Technology Conference Welcome and thank-you to our 2015 conference sponsors:
OneShield as a Silver Sponsor. |
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Business of Insurance
Lloyd's: Global risk experts warn of turbulent decade ahead
A new report from the World Economic Forum identifies the biggest risks facing the world – and the important role insurance can play in mitigating them. International conflict is the biggest threat to world stability in the next ten years, according to the 2015 edition of the Global Risks report published by the World Economic Forum (WEF). The annual report, which condenses the views of 900 experts, is released in advance of the World Economic Forum meeting in Davos.
Distribution
A.P. Reid Insurance enters Alberta
Following their successful foray into the Ontario market in 2014, A.P. Reid has announced the opening of their first Business Development Office in Edmonton, Alberta. “Our goal will be to repeat last year's successful launch of the A.P. Reid brand in Ontario by first opening a Business Development office and then seeking an existing insurance brokerage to acquire,” said Jamie Reid, president of A.P. Reid Insurance Limited.
IBAO and e-SignLive partnership to benefit Ontario insurance brokers
The Insurance Brokers Association of Ontario (IBAO) and e-SignLive™ by Silanis are pleased to announce an affinity partnership to offer e-SignLive e-signatures to IBAO members. With this partnership, brokers will benefit from tailored pricing for an electronic signature solution chosen to address the unique needs of insurance brokers in Ontario. IBAO represents more than 12,000 insurance brokers across 600 brokerage offices in Ontario. Its decision to evaluate and choose an e-signature partner was in response to a desire among brokers to offer insurance customers a more convenient way to purchase and bind insurance policies.
Burns & Wilcox Canada acquires Canadian MGA Avec Insurance Managers
Burns & Wilcox Canada, a subsidiary of Kaufman Financial Group, announced it has acquired Avec Insurance Managers, a Toronto-based managing general agent with expertise in marine, inland marine and other specialty commercial lines. Avec will become part of Burns & Wilcox Canada, a managing general agent with offices in Toronto, Calgary, Ottawa, Halifax, St. John's and Moncton.
Unica Insurance obtains CSIO certification for eDocs
The Centre for Study of Insurance Operations (CSIO) is pleased to announce that Unica Insurance has achieved CSIO Certification for its eDocs solution. CSIO data exchange standards are company neutral and help solve data compatibility issues, facilitate more efficient and seamless integration of information and improve implementation of technology solutions. 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.
Policy Management
ICTA nomination: Echelon Insurance Derives Quick Benefits from Core Systems Replacement
Digitalization forced Echelon to rethink and elevate the IS&T strategic plan. Echelon has shifted their fundamental business model to support new electronic channels, content and transactions. The focus is now on how the broker wants to do business with Echelon Insurance rather than how Echelon Insurance wants to operate the business. This new approach resulted in securing the GIS system as Echelon's technology platform. GIS provides a business rule driven, customer-based platform. It enables faster turnaround time on policies and policy changes, and facilitates development of new insurance products and services to meet our customers' changing needs.
Claims
ICTA nomination: The Guarantee Cleans Up
The Guarantee's Go-To Solution is an online incident-reporting tool which gives transportation customers easy access to our leading-edge partnerships, right at their fingertips. Customers can use this tool to report a claim, create alerts, add distribution lists, find a contractor, and get access to resources from our strategic partners who are experts in smart monitoring, cargo security, online driver training, 24-hour claims and spill reporting, legal expense insurance, identity and data risk management, and credit insurance.
ICTA nomination: ICBC Claims Improves Processes, Speeds Payment to Service Providers
In an effort to initiate a business transformation, the Insurance Corporation of British Columbia (ICBC) turned to Guidewire Software's ClaimCenter® to revolutionize some of its processes. One of the configurations ICBC developed with assistance from Guidewire ClaimCenter was Straight Through Invoice Processing, which automated invoice review and approval processes. The functionality enabled by ClaimCenter eliminated manual review/approval and keying by 41.3 percent, significantly freeing ICBC employees to focus on other tasks that would add value to the claims process and improve customer satisfaction levels. The new ClaimCenter infrastructure is also flexible enough to meet future growth needs. By standardizing on Guidewire ClaimCenter, ICBC is well on its way to complete business transformation.
Manitoba Public Insurance announces the Top Five Frauds of 2014
Manitoba Public Insurance has released its annual list of Top Five Frauds, highlighted by a man who burned and destroyed his vehicle for no reason other than being “really mad.” Fraudulent and suspicious claims are handled by Manitoba Public Insurance's Special Investigation Unit (SIU). The SIU will investigate about 3,000 claims yearly. Anyone with knowledge of an auto insurance fraud is encouraged to call the Manitoba Public Insurance TIPS Line at 204-985-8477 or toll-free 1-877-985-8477. All calls are anonymous.
Technology
Gartner: IT leaders need a stronger relationship with Marketing
Increasing marketing technology investments are demanding more involvement from IT leaders to enable marketing to achieve full business value from its investments, according to Gartner, Inc. In 2015, IT leaders supporting marketing will need to build a stronger partnership with marketing and help to evaluate solutions (architecture, functionality, scalability, performance and security), source data, manage and consolidate the application portfolio, and integrate solutions. Gartner has made a number of further predictions about marketing technology investments.
TEI/IET Mobility Newsletter: Urbanization a Key Driver in Mobility
The big Consumer Electronics Show this year drew at least two keynote presentations by automakers. Mercedes unveiled an electric driverless concept car – pure luxury on wheels. Ford, on the other hand, spoke about major world societal forces – megatrends – which are influencing the mobility future. These in turn influenced Ford in undertaking some 25 mobility experiments in cities around the world. These fall into three categories, one of which is creating a better customer experience.
Celent report: Life in the Cloud: Vendor Plans and Priorities
Few technologies are as talked about as cloud computing, but it often is talked about as an emerging technology, one that is potentially transformative but still little used. The level of general interest in cloud computing is understandable. It promises tremendous flexibility, tempting economic advantages, and unending operational efficiencies. To that end, insurance carriers are dependent on the cloud offerings available. Only if vendors are offering products on the cloud can carriers take advantage of them. So where are the vendors?
Consumer Information
Canadian Snowbird Association clarifies U.S. travel rules
In a recent article which appeared on CBC News' British Columbia website, it was suggested that Canadian citizens are only allowed to spend 120 days in the United States each year. For clarification purposes, the Canadian Snowbird Association would like to remind travellers to the U.S. that this information is incorrect. Under current policy, eligible Canadian citizens may, in any 12 month period, spend up to six months less one day in the United States.
Carfax Canada strengthens relationship with Used Car Dealers Association of Ontario (UCDA)
Carfax Canada and the Used Car Dealers Association of Ontario (UCDA) have expanded their partnership to give used car buyers and sellers UCDA claims reports. Now, every Carfax® Vehicle History Report™ purchased by UCDA member dealers comes with a UCDA accident claims report at no additional cost. This follows other recent enhancements by Carfax Canada, such as adding damage claim amounts from Canadian insurers to the Carfax database and access to a cross-Canada lien search.