The Chronicle: Issue 2015-20, May 19, 2015
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What's Going Through The Intersection of Insurance and Technology?
What Opportunities and Threats Will You Be Facing in the Next Decade?
Wearables @ Work – You Just Watch |
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Business of Insurance
Munich Re survey: For many businesses, drone use may become common practice
In fewer than five years, the use of drones or UAVs (unmanned aerial vehicles) could become common practice for almost 40% of businesses, say corporate risk managers surveyed by Munich Re. And what is the greatest risk of using drones for business purposes? More than two-thirds of those surveyed said potential issues related to “invasion of privacy” were their biggest concern.
Accenture: emerging risks spur increased risk-management investment
Nearly nine in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud, according to a new report from Accenture.
Technology
Guidewire announces new instant-on Live app for improved underwriting precision
Guidewire Software, a provider of software products to Property/Casualty insurers, has announced the availability of a new Guidewire Live app for insurance underwriters. Guidewire Live Spotlight™ is an instant-on hosted application that empowers underwriters to make better decisions by automating the assessment of location-based risk.
IDC research forecasts rising Canadian spending on Internet of Things
Spending on the Internet of Things is set to take off in Canada in 2015, according to a Canadian forecast on IoT released by International Data Corporation. The Canadian Internet of Things 2015-2018 Key Addressable Use Case Forecast by Industry is the first detailed forecast on the IoT market in Canada, that explores the size and growth by industry for 36 specific use cases. IDC has evaluated the components, processes, IT support, and connectivity for the key IoT use cases and segmented this market by 11 vertical markets to help market players identify growth areas. The report is designed to pinpoint the key addressable use cases for Internet of Things technologies and solutions.
Guidewire announces enhanced business intelligence functionality for property/casualty insurers
Guidewire Software, a provider of software products to Property/Casualty insurers, has announced the availability of new business intelligence functionality for P&C insurance executives. The addition of executive dashboards to Guidewire InfoCenter™ brings aggregated operational metrics to an insurance executive's mobile device or browser in the form of easy to digest information, delivering high-level performance based content in a visual and actionable way.
Policy Management
Insurity announces acquisition of Oceanwide
Insurity, Inc., a provider of core insurance processing and data integration and analysis solutions, has announced its acquisition of Montreal-based insurance software firm Oceanwide, Inc. The considerable talent and experience combined with the software solution assets of the two organizations enables Insurity to offer even greater value to existing Insurity and Oceanwide customers while strengthening its market position and ability to address the broad needs of domestic and international carriers, MGAs, and Program Administrators. The Oceanwide brand will be retained with the organization operating as 'Oceanwide, An Insurity Company.'
Sun Life Financial adopts Aon PathWise variable annuity platform
Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, a wholly-owned subsidiary of Aon plc, has announced that its PathWise variable annuity risk management platform has been adopted by Sun Life Financial Inc., a leading provider of long-term savings, investment and insurance solutions.
Marketing
Gartner identifies nine types of social applications for CRM
IT application leaders supporting customer relationship management (CRM) initiatives must understand the differences in functionality between various social applications to identify the technologies and applications that best support business goals, according to Gartner, Inc.
eMarketer: Majority of Canadian internet users will use tablets this year
More than half of internet users in Canada will use a tablet in 2015, eMarketer estimates. Our latest forecast for the tablet audience around the world predicts that use of the devices in Canada this year will increase 10.5% from 2014. That growth will push penetration past the halfway mark among internet users in the country.
Distribution
EGR continues growth with acquisition of Labrecque, Brouillette & Castelli Inc.
EGR, a company created on January 1, 2015, by damage insurance firms EssOR Insurance, Pratte Morrissette Inc., and Assuraction Inc., is continuing to grow with the announcement of its acquisition of Labrecque, Brouillette & Castelli Inc., better known as Castelli Insurance.
CSIO annual meeting celebrates accomplishments, plans for future
The Centre for Study of Insurance Operations (CSIO) was pleased to formally announce its new three-year strategic roadmap to more than 100 attendees at its 2015 Annual Meeting & Reception on Thursday, May 14, at the National Club in Toronto.
Consumer Information
SGI CANADA debuts Home Systems Protection coverage
Extended warranty isn't the only game in town. SGI CANADA has a new alternative to purchasing multiple extended warranties – Home Systems Protection coverage added to your home insurance policy.
ingenie survey: Young drivers admit phones, food and navigation distract them
According to a survey on distracted driving commissioned by ingenie, an auto insurance brand designed for drivers aged 16 to 24, many young drivers in Ontario admit they don't always give the road their full attention. The research revealed several ways drivers get distracted, from playing DJ for an excited group of passengers, to texting an update on their expected arrival time.
IBC and FOCA offer cottage weekend safety tips
As we head into the summer's first long weekend, Insurance Bureau of Canada (IBC) and the Federation of Ontario Cottagers' Associations (FOCA) have partnered to provide tips to cottage-goers in Ontario and Canada-wide for not only a fun weekend but a safe one as well.
State Farm: Majority of Canadians say distracted driving is a problem – just not their problem
Times have changed. More than half of Canadians remember not wearing a seatbelt as a child. Now, the majority wear their seatbelts and thousands of lives are saved every year, but based on a new survey released by State Farm, drivers still have life-threatening bad habits to break. According to the national survey of Canadians in urban and rural communities who drive, more than nine out of 10 respondents (93 per cent) feel that other drivers drive while they are distracted.