The Chronicle: Issue 2015-04, January 27, 2015
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What's Going Through The Intersection of Insurance and Technology?
While we are waiting for changes to be processed ...
The Agent Advisor: Virtual, but Very Real |
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13th Annual Insurance-Canada.ca Technology Conference Welcome and thank-you to our 2015 conference sponsors:
Telus as a Silver Sponsor. |
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Business of Insurance
Guy Carpenter: Industry leaders launch micro insurance consortium
A group of leading companies in the insurance industry have announced that they have established a micro insurance consortium and micro insurance venture incubator (MVI). The consortium consists of American International Group, Inc., Aspen Insurance Holdings Limited, Catlin Group Limited LLC, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Transatlantic Reinsurance Company, X.L. Group, plc, and Zurich Insurance Group.
FSCO reports 4th-Quarter 2014 Auto Insurance Rate Approvals and Breakdown of 2013 Claims Costs
The Financial Services Commission of Ontario (FSCO) has provided an overview of the private passenger automobile insurance rate changes approved or ordered in the fourth quarter of 2014. The number of filings reviewed by FSCO and the overall average rate change for the Ontario market may vary from quarter to quarter.
PwC survey: disruptive changes to business environment become the norm
According to the 18th Annual Global CEO Survey, newly released by PwC at the World Economic Forum in Davos, Switzerland, Canadian CEOs are responding to general market and business uncertainty by developing a more diverse range of partnerships with other organizations and stakeholders. In fact, a significant majority expect to enter a strategic alliance or joint venture over the next year, compared to just half, globally. Cyber-security is the top business threat facing Canadian businesses today.
Technology
Conference Board of Canada: Preparing for automated vehicles
Buckle up and get ready for the next big thing. Automated vehicles (AVs), already on the road in some form, will continue to rapidly enter the on-ramps, highways and Canadian roadways, packed with time-saving benefits and reducing road collisions. A new study from The Conference Board of Canada, in collaboration with the Van Horne Institute and Canadian Automated Vehicles Centre of Excellence (CAVCOE), estimates that self-driving cars could be on the roads by 2020-25.
GMC Software Technology and e-SignLive by Silanis partner to make digital business in insurance a reality
Leading electronic signature provider Silanis Technology has announced the integration of its e-signature signing service e-SignLive™ with GMC Software Technology's GMC Inspire, an award winning customer communication management (CCM) platform, to deliver personalized digital communications to customers across channels. With an enterprise platform for CCM and e-signatures, insurance carriers and agents can complete transactions like contracts, invoices, policies, statements and welcome kits – any situation where a signature is required – quickly and easily, in any channel, while ensuring compliance with regulatory or company policy requirements.
Telematics
IBRI launches telematics offering for fleet managers
Independent Broker Resources Inc., a wholly owned subsidiary of the Insurance Brokers Association of Ontario (IBAO), is pleased to announce the launch of fleetadvisor®, a revolutionary customizable fleet management solution. This offering is now available through your local insurance broker or online. This broker-owned telematics solution was designed and produced by IBRI using Quindell technology.
ICTA nomination: The Co-operators En-Route UBI Program Uses Telematics
The En-Route auto program is a UBI program available to Co-operators auto insurance clients in Ontario. The program tracks driving in real time and rewards drivers when they practice safe driving habits. Fewer occurrences of sudden braking, rapid acceleration, late driving, and distance travelled increase overall savings. Powered by IMS's DriveSync connected car platform, En-Route has helped Co-operators to grow substantially in Ontario.
Claims
ICTA nomination: Frank Cowan Company improves claims handling
Frank Cowan Company continuously looks for ways to make it easier for our clients and business partners to work with us. By enabling the use of best-in-class technology, such as Guidewire, we have taken a step in the right direction. We recognize that managing claims has become increasingly complex and we wanted an advanced administrative tool to help us manage claims as they moved from reporting to resolution so as to reduce costs and maximize efficiency. Guidewire improves claims visibility and allows us to better flag and act throughout the claims process. Guidewire allows for on-demand status updates and enables users to track claims from start to finish in real-time.
Marketing
ICTA nomination: RSA's technology to measure, test and react
The Adobe Analytics tool was purchased and implemented by the RSA eBusiness web team to measure and drive the effectiveness of its websites. The tool facilitates testing of different hypotheses in a live environment. RSA eBusiness actively uses the tool on transactional quote websites to obtain real-time data from customers and to continuously make changes to improve conversions.
eMarketer: Social network audience growth plateaus in Canada
Canada's social network user population is reaching a saturation point, according to eMarketer's latest forecast. More than half of the total population will use social networks this year, but the population is becoming fairly stagnant. Penetration rates will rise, but only slightly, by 2018.
Consumer Information
Foresters launches Advantage Plus whole life product
Foresters has launched a new, fully underwritten, participating whole life product in Canada: Advantage Plus. The new product is designed to cover a broad range of protection needs and has several unique features that will appeal to consumers who have or are planning to have children. Foresters is an international financial services organization which champions family well-being through quality life insurance and investment products, unique member benefits and inspiring community activities.
HealthQuotes.ca launches online group insurance quote tool
HealthQuotes.ca, a leading provider of Canadian travel and health insurance, announces the release of their online group insurance quoting tool. Canadian companies (and American companies with Canadian employees) can securely enter their business data online and have their employee benefits shopped for them. HealthQuotes.ca offers employee benefits quotes for carriers including Great West Life, Manulife, Sun Life, Empire Life and RBC.
Industrial Alliance joins Quebec's Electric Circuit
The Electric Circuit is pleased to announce the signing of a partnership agreement with Industrial Alliance insurance and financial services for the installation of a public charging station for electric vehicles (EV). Visitors can now charge their cars in the Place Québec parking lot on Boulevard René-Lévesque Est.
In The Community
The Co-operators makes a donation to Laurier School of Business and Economics
The Co-operators has made a significant donation to the School of Business and Economics. The national insurance and financial services co-operative provided the gift as a way of supporting the study of alternative governance models. Students, faculty, staff, alumni and special guests – including Bruce West, MBA '05, Executive Vice-President, Finance and Chief Financial Officer at The Co-operators – joined in the celebration.