The Chronicle: Issue 2015-13, March 31, 2015
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What's Going Through The Intersection of Insurance and Technology?
Is Digital Changing Insurance Fundamentals? |
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Business of Insurance
Towers Watson: P&C insurers focus on financial strength while still investing in the business
Chief financial officers at North American property & casualty insurers say their financial strength is the primary driver of capital utilization decisions, far outpacing taking advantage of opportunistic ventures and market demand for products and channels, according to a new survey on capital use and reserving. Global professional services company Towers Watson conducted the P&C Insurance CFO Survey.
Swiss Re study: natural disasters' insured losses down in 2014 despite record number of events
According to the latest sigma study, global insured losses from natural catastrophes and man-made disasters were USD 35 bn in 2014, down from USD 44 bn in 2013 and well below the USD 64 bn-average of the previous 10 years. There were 189 natural catastrophe events in 2014, the highest ever on sigma records, causing global economic losses of USD 110 bn. Fewer than 13,000 people lost their lives in all disaster events, making it one of the lowest numbers ever recorded in a single year.
Technology
Information Builders helps insurers monetize their data company-wide
Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, has announced at the Analytics for Insurance Conference and Expo that its technology and prebuilt insurance solutions help improve productivity, boost customer loyalty, and enhance overall business operations for all types of insurers.
IFC launches Intact Lab centre for digital excellence
Intact Financial Corporation has announced the launch of Intact Lab, its centre for digital excellence. Intact Lab will focus on developing world-class digital solutions to provide Intact customers with an unrivaled service experience, and brokers with industry-leading business solutions. The lab will be based in Montreal, bringing together R&D and digital experts from across the company, and will support all of the IFC brands including Intact Insurance, belairdirect and BrokerLink.
Policy Management
La Capitale selects Guidewire billing management system
La Capitale General Insurance announced it has selected Guidewire Software's BillingCenter system to manage billing operations for La Capitale and its subsidiaries. La Capitale selected BillingCenter to update and consolidate the technology platform supporting its billing operations to become more responsive to its customers and distribution partners. BillingCenter will provide La Capitale with a more intuitive and configurable platform, enabling them to further complement their customer and distribution service and provide a new offering over the web. The company will be deploying BillingCenter for the P/C sector, with La Capitale General Insurance the first to be implemented.
Consumer Information
Desjardins Insurance launches new Ajusto app
Desjardins Insurance is introducing the new Ajusto app for smartphones. With this launch, Desjardins becomes the first insurer in Canada to offer a 100% mobile insurance program that doesn't require the installation of a device in the vehicle. With the application, available from the App Store and from Google Play, the Ajusto telematics program is accessible to more clients who will be able to improve their driving behaviour, thanks to near-instant feedback of their behind-the-wheel habits.
IBAO warns homeowners to take precautions against spring flooding
Spring is here, and what that means for Ontario is a sudden spike in warmer temperatures. Melting snow causes basement flooding in many homes across the province each year. The Insurance Brokers Association of Ontario (IBAO) is urging homeowners to follow certain precautions to avoid a possible water damage disaster resulting from flooding.
GAA debuts new online tool to demystify auto claims settlement
It's not that complicated to settle an auto insurance claim – at least, not any longer! Groupement des Assureurs Automobiles has unveiled a new online tool that explains to drivers who've had an accident, had their car stolen, or suffered any other loss, what they need to know, step by step.
CAA SCO: Eight ways to get your car ready for spring
With the much-anticipated spring thaw underway, CAA South Central Ontario is reminding drivers to make sure your car is ready for the road this season. Annual spring car maintenance can help improve your vehicle's performance and lifespan. Meanwhile, CAA SCO is making it easier than ever to get roadside assistance with the help of the CAA Mobile App, which includes the CAA Service Tracker, allowing our members to track their road service call from the moment it is received to when the request is completed.
The Guarantee: Guarantee Gold expands PleasureCraft coverage to Quebec
The Guarantee has announced that GUARANTEE GOLD now offers PleasureCraft coverage in Quebec, expanding its initial coverage nationwide. The GUARANTEE GOLD PleasureCraft insurance policy was designed to provide outstanding coverage for high value watercrafts and their associated unique risks. Now clients can take to the water knowing that they are covered with comprehensive and exclusive protection offered with every GUARANTEE GOLD PleasureCraft policy.