The Chronicle: Issue 2015-29, July 21, 2015
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What's Going Through The Intersection of Insurance and Technology?
Sponsors: Need a Plan B for Core Systems Modernization Projects?
A Different Side of Disruption: What Uber Could Learn from Insurers |
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Telematics
NYCM Insurance launches inControl, powered by IMS's DriveSync connected car platform
New York Central Mutual Fire Insurance Company (NYCM) announces the introduction of inControl, an innovative usage-based insurance program, using the UBI Intelligence solution by Intelligent Mechatronic Systems (IMS), creators of the DriveSync connected car platform.
Technology
eMarketer: Attention-strapped consumers drive web design evolution
Digital overload has presented marketers with a major problem: keeping consumers' attention. But as a result, marketing and publishing professionals are embracing new design technologies to create a more engaging user experience than ever, no matter the device.
Intrepid 24/7 informs and protects international business travellers with Travel Navigator mobile and web application
Intrepid 24/7, a global medical, security, and travel assistance company within the Ingle International group of companies, is changing the landscape of business travel with its award-winning, white-labelled native mobile and web application, Travel Navigator™. Travel Navigator was launched by ACE Group, a global insurance provider, as the ACE Travel Smart mobile app and is now available to millions of business travellers in Europe, the Middle East, and Africa. The app is available on both iOS and Android devices, with options for BlackBerry and Windows.
Business of Insurance
Accenture: Global Structural Reform drives continued significant investment at financial services institutions
More than half of large financial services institutions expect to invest big dollars this year in projects to overhaul how they do business to address global structural reform (GSR) regulations, according to a new report from Accenture. GSR regulations were introduced to re-shape financial services institutions and make them more resilient following the financial crisis of 2007-2008. The Accenture 2015 Global Structural Reform Study confirms the large-scale investment to address GSR regulations, given that less than one-quarter of survey respondents said they are compliant with key GSR regulations.
FSCO reports Q2 2015 auto rate approvals and 2014 claims costs
The Financial Services Commission of Ontario (FSCO) approves or orders private passenger automobile insurance rate changes. It recently published a notice summarizing those filings which were reviewed and processed in the second quarter of 2015. The number of filings varies from quarter to quarter, as do market conditions, claoims costs etc. and as a result the overall average rate change can also vary quarter to quarter.
Distribution
SUM Insurance acquires Montreal-based MGA Morin Elliott
Strategic Underwriting Managers Inc. (SUM Insurance) has announced its acquisition of Morin Elliott Associés Ltée, a Montreal-based Managing General Agent. Founded by John and Peter Morin with Ian Elliott in 1988, Morin Elliott specializes in non-standard commercial and residential property risks and complimentary liability coverages. The company will become part of the SUM Insurance Group of Companies, an independent Managing General Agent with offices in Toronto and Montreal. Each Company will continue to run separately.
Claims
J.D. Power: Dissatisfaction with drivable claims causes overall decrease in satisfaction with auto insurance claims
Satisfaction among Canadian auto claimants declines significantly due to dissatisfaction with the process for drivable claims – those which are submitted for vehicles that do not require a tow – according to the J.D. Power 2015 Canadian Auto Claims Satisfaction Study. Now in its third year, the study measures customer satisfaction with the claims process for auto physical damage loss. Depending on the complexity of the claim, claimants may experience some or all of the following factors that drive overall satisfaction: first notice of loss; service interaction; appraisal; repair process; rental experience; and settlement. Satisfaction is calculated on a 1,000 point scale.
Policy Management
Lloyd's study highlights implications of cyber attacks
Lloyd's and the University of Cambridge's Centre for Risk Studies are launching a new report, Business Blackout. This joint report is the first to examine the insurance implications of a major cyber attack, using the US power grid as an example. The report depicts a scenario where hackers shut down parts of the US power grid, plunging 15 US states and Washington DC into darkness and leaving 93 million people without power. Experts predict it would result in a rise in mortality rates as health and safety systems fail; a decline in trade as ports shut down; disruption to water supplies as electric pumps fail; and chaos to transport networks as infrastructure collapses.
Aviva Canada partners with epost, enabling customers to receive policy documents online
Aviva Canada is pleased to announce that epost is now available for our customers. Besides providing the option to receive policy documents online, this new service reflects our commitment to reducing our carbon footprint and our goal of being a carbon neutral insurer.
ISB Canada offers ‘Making Eligibility Easy’ (MEE)
Hiring qualified eligible drivers is a major challenge to the commercial fleet industry, and by direct inference to their insurance companies. Recruiters need to not only attract drivers, but must then assess and onboard them quickly. Making Eligibility Easy, a service of ISB Canada, is designed to improve that process. Making Eligibility Easy (MEE) is focused on qualifying and determining the eligibility of drivers faster than ever before.
Sun Life signs deal over University of British Columbia Faculty Pension Plan
Sun Life Assurance Company of Canada (Sun Life) has announced that it has been selected as the custodian and recordkeeper for the University of British Columbia Faculty Pension Plan (FPP). The deal, which is the largest of its kind ever completed in Canada, brings together two of the country's largest and best known institutions. The agreement for the mandate was reached in September 2014 and the transfer was completed on June 25, 2015.
Jobs and Careers
OfficeTeam: Conference call etiquette – Are you an offender?
When joining conference calls, employees should be careful about “phoning it in” if they want to avoid irritating colleagues, new OfficeTeam research suggests. Of the workers surveyed who participate in conference calls almost one-third (28 per cent) said multiple people talking at the same time is the most distracting behaviour, followed by excessive background noise (22 per cent).
Consumer Information
CIBC poll: Canadians are doing insufficient planning for leaving their wealth to the next generation
A recent CIBC poll finds that over half of Canadians (51 per cent) expect to leave assets upon their death, but when it comes to having conversations about transferring their wealth, many say they have not discussed it with their family or a financial advisor.
State Farm: One third of Canadians experience road rage every month
Traffic is shaping up as one of the big stories of the summer of 2015. Whether it is the extra time it seems to take to get to the cottage or camping, navigating around construction, or the frustrations people feel trying to get around Toronto during the Pam Am Games, traffic is a leading topic at the watercooler. And national statistics show our patience is wearing thin.