The Chronicle: Issue 2015-17, April 28, 2015
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What's Going Through The Intersection of Insurance and Technology?
Accenture's Vision of Insurance: 5 Trends and a Great Plot |
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Business of Insurance
The Co-operators announces collaboration with SCCU
The Co-operators and Sunshine Coast Credit Union have announced they have entered into an arrangement to provide clients and members with more convenient access to each organization's products, services and expertise. The Co-operators has relocated its advisor's office in Gibsons, B.C. to be side-by-side with SCCU's Gibsons Branch and Head Office. Operating as Sunshine Coast Insurance Services Inc., the arrangement facilitates a one-stop shop experience for Sunshine Coast residents, who will benefit from convenient access to a complementary suite of insurance, lending, banking and wealth management products, services and expertise.
Technology
Capgemini to acquire IGATE
Capgemini and IGATE have announced that they have entered into a definitive merger agreement under which Capgemini will acquire IGATE for a per-share cash consideration. The transaction is expected to be immediately accretive to Capgemini's normalized Earnings Per Share. The merger agreement has been approved unanimously by each company's Board of Directors as well as by the written consent of shareholders holding a majority of IGATE's shares. This transaction fulfills one of the essential components of Capgemini's strategy in expanding its presence in the North American market.
Gartner survey: technology-related change is a higher priority than ever before
Most CEOs expect positive business conditions and accelerating technology innovation in 2015, according to a recent survey by Gartner, Inc. The 2015 Gartner CEO and senior business executive survey found that growth remains a top priority and technology-related change is viewed as the primary tool to achieve that growth in 2015 and 2016.
Robert Half Technology survey: Tech Leaders See Wearables Working in the Workplace
As wearables gain popularity, it's just a matter of time before workplace applications start to emerge, research shows. In a new survey from Robert Half Technology, 63 per cent of CIOs said they believe wearable computing devices, such as watches and glasses, will become common workplace tools. Among this group, 20 per cent expect to see workplace wearables within five years. Wearables could potentially be used to record meetings, scan documents, provide navigation and take photographs for business.
Policy Management
Majesco signs four new customers
Majesco, the global provider of core systems and services to the insurance industry, announced it has signed agreements with four insurance carriers in North America in the last month alone. Continuing the momentum of growing its customer base from three carriers in 2006 to over 120 in 2015, Majesco continues to grow its customer base while focusing on expanding the insurance technology business globally. The company further announced that three customers have expanded their relationship with Majesco and signed up for additional solutions.
Red River Mutual selects Guidewire with EY cloud delivery
Red River Mutual, a mutual company serving families, farms, and businesses across the Canadian prairie, and Guidewire Software, Inc., a provider of software products to Property/Casualty insurers, have announced that Red River Mutual has selected Guidewire InsuranceSuite® as its underwriting, policy administration, billing, and claims management platform. The company has also selected Guidewire Data and Analytics products, DataHub, InfoCenter, and Guidewire Live™ as well as Guidewire's Claim Portal for Vendors. Red River Mutual will be accessing these products in a private cloud, with implementation, ongoing services, and support provided by Ernst & Young (EY), a Guidewire PartnerConnect™ Consulting Premier partner.
Accenture Duck Creek templates updated with new ISO cyber liability coverage
Accenture has announced new cyber liability coverage options from ISO, a Verisk Analytics company, are now available through Accenture Duck Creek Templates. The newly integrated cyber liability endorsements will allow insurers to more easily create and sell cyber security coverage to customers. Accenture Duck Creek and ISO have a decade-long alliance that is committed to providing clients with up-to-date templates that enable them to create and deliver products to market more quickly. As cyber security continues to be a top priority for businesses, new endorsements will be automatically provided to insurers using the Accenture Duck Creek Template subscription service, enabling them to stay current with ISO definitions.
Distribution
ORBiT announces Real Time Day 2015
ORBiT Canada has announced Real Time Day 2015 will take place May 26th at the Hilton Meadowvale in Mississauga. Real Time Day is ORBiT's premier educational event of the year, dedicated to the advancement of Real Time in Canada's broker distribution channel. The theme for 2015 is Make it Real. Topics include: sales and marketing for brokerages, change management, eSignatures, the Internet of Things, and more including questions and answers with carriers and Real Time experts.
Guardian Risk Managers benefit from ITS BindEasy
Insurance Technology Solutions (ITS) partnered with Guardian Risk Managers at the end of May 2014 to develop GuardianQBI.com using ITS's BindEasy platform to deliver a real time portal that would allow brokers to quote and instantly issue insurance policies in seconds. Within 2 weeks, on June 10th, 2014, Guardian had written their first policy on the site. Less than 10 months later, Guardian's brokers have issued over 10,000 policies using ITS BindEasy automated underwriting technology. Congratulations to Guardian Risk Managers – proof is in the results.
CSIO looks to industry's future at 2015 Annual Meeting and Reception
The Centre for Study of Insurance Operations (CSIO) is pleased to announce its 2015 Annual Meeting and Reception, to be held at the National Club in Toronto on May 14. To highlight the importance of technology, guest speaker Douglas Porter, Chief Economist and Managing Director of BMO Financial Group, will deliver his keynote address, “Technology, Innovation and the Canadian Economy.” Broker attendees will receive RIBO accreditation for one Management hour.
Consumer Information
Intact drives for leadership in insurance for electric vehicles
Electric-powered transportation is becoming more accessible and more popular every year. And Quebec is out in front of the trend. With nearly 5,500 electric vehicles on the road, La Belle Province accounts for half the electric vehicles in Canada. Intact Insurance is proud to contribute to the growth of electric vehicle use in Quebec by moving forward on two fronts: a unique offer for electric vehicle owners; and support to the Association des Véhicules électriques du Québec (AVÉQ) for its mission of education and promotion around electric-powered transportation/