The Chronicle: Issue 2015-28, July 14, 2015
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What's Going Through The Intersection of Insurance and Technology?
Big Data: On Carts, Horses, Lamborghinis, and Executives |
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Technology
J.D. Power: Insurers struggle to meet customer demand for online shopping, self-service
Insurers are struggling to keep pace with demand as website visits by insurance shoppers and customers servicing their accounts via smartphones and tablets has become more prevalent, according to the J.D. Power 2015 Insurance Website Evaluation Study.
Xpertdoc announces first-to-market support of Microsoft Word 2016
Xpertdoc Technologies Inc., a leader in document generation and customer communications solutions, has announced first-to-market support of Microsoft Word 2016 for its CCM suite. Continuing a trend started in 2007 when it was the first company to unlock the power of the DOCX format for Word documents, Xpertdoc is doing it again by certifying its solution on Microsoft Office 2016, months before the platform's official release to the general public.
CSIO releases update to eSignatures Vendor Dashboard
The Centre for Study of Insurance Operations is pleased to announce the addition of two additional vendor companies to its eSignatures Vendor Dashboard. First published in July 2014, the Dashboard reviews several vendors against legal, operational and pricing criteria and supports the broker channel in adopting this important, customer-friendly technology.
Telematics
Munich Re and Comet study autonomous vehicle data and market development opportunities
Munich Reinsurance America, Inc., and Comet, a developer of ground mobile robotics pilot projects, have engaged in a feasibility study focused on autonomous vehicle (AV) data and market development opportunities. This engagement is part of Munich Re America's overall commitment to understanding and developing solutions for emerging and future risks. Autonomous vehicles are expected to make driving safer, but they also pose new questions about risk and liability, which the feasibility study will begin to examine.
Business of Insurance
C.D. Howe Institute: Canada's mortgage insurance risk needs a better backstop
Canada's mortgage insurance risk needs a better backstop fund, according to a new report by the C.D. Howe Institute. In Mortgage Insurance as a Macroprudential Tool: Dealing with the Risk of a Housing Market Crash in Canada, authors Thorsten V. Koeppl and James MacGee suggest an era of steadily rising house prices and high mortgage debt warrants concern over the potential exposure of Canada's mortgage insurance system – and taxpayers.
Distribution
The Guarantee and Bullfrog Insurance offer online coverage for Canadian small businesses
The Guarantee Company of North America has teamed up with Bullfrog Insurance to provide a faster and simpler way for Canadian small business owners to obtain small business insurance. Called Bullfrog Insurance this new online portal was designed to allow business owners to purchase a policy that is tailored to their industry and meets their budget. Small business owners in the Canadian marketplace no longer have to fill out long, tedious forms and wait days, even weeks, to receive insurance quotes for their small business.
Applied Systems: Epic's Canadian user base grows rapidly year-over-year
Applied Systems has announced that its Applied Epic software user base has increased by approximately 300 percent year-over-year in the Canadian marketplace. Leading brokers such as Orr Insurance, Miller Insurance Brokers, Brokers Trust Insurance Group, Inc. and First West Credit Union made the decision to convert from other brokerage management systems to benefit from the standardized business operations and scalability delivered by Applied Epic. In addition, as demand continues to increase for online access, the cloud version of Applied Epic, Applied EpicOnline, has been selected by 90% of new Applied Epic brokerages.
CSIO welcomes specialty insurer Hagerty Canada to its membership
The Centre for Study of Insurance Operations (CSIO) is pleased to announce the addition of Hagerty Canada, LLC to its membership. Hagerty is a classic and collector car insurance company and CSIO's first insurer member dedicated to a specialty market. With membership, Hagerty can leverage CSIO data standards, industry forms, CSIOnet and Advisory Services, extending the reach of leading-edge technology solutions to an important niche market for the benefit of business partners and customers alike.
Jobs and Careers
IBAO appoints Jim Murphy as CEO
The Insurance Brokers Association of Ontario (IBAO) is proud to announce that Jim Murphy has been selected as the organization's next Chief Executive Officer. Jim comes to IBAO from the Canadian Association of Accredited Mortgage Professionals (CAAMP) where he served 11,500 members as President and CEO since 2007.
Consumer Information
Allstate Canada: Assess risk versus reward for short-term home rentals
With the summer season kicking into high gear and a number of high-profile events taking place across Canada, homeowners may be considering listing their property on a shared accommodation service. As the popularity of the sharing economy continues to rise, people around the world have turned to services including Airbnb and HomeAway to offer temporary rentals. While this can be a quick way to make money, it could lead to negative outcomes for homeowners if they haven't taken steps to properly protect their property.