The Chronicle: Issue 2015-33, August 18, 2015
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What's Going Through The Intersection of Insurance and Technology?
Can we Crack the Insurance Shopper's Genome With Half the DNA Sequence?
Threats, Opportunities & The Future of Insurance |
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Technology
Majesco launches Business Analytics
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has announced the launch of Majesco Business Analytics on the foundation of a robust and proven BI/Analytics solution, Cover-All BI, exclusively designed for the insurance industry. Majesco Business Analytics is an integral part of the Majesco software portfolio and Majesco Data Services offering.
e-SignLive by Silanis whitepaper: e-Signature Strategies for Insurance Carriers
Insurance carriers can play a key role in making e-signature adoption a reality among independent agents, but doing so requires a clear strategy. To help guide your strategy, this White paper outlines the top three e-signature adoption trends in the independent agent channel and presents recommendations.
IBM teams with Hootsuite to advance integration of cloud and social
IBM and Hootsuite have announced plans to integrate several of their respective cloud and social technologies as well as expertise, to provide Hootsuite clients a fast and reliable social experience. Hootsuite will migrate its popular App Directory to IBM Cloud's Infrastructure as a Service, SoftLayer. The Hootsuite App Directory is a collection of extensions and applications that business professionals add to their Hootsuite dashboard to create custom views of the social outlets and metrics most important to them.
Policy Management
Leading Insurance Group goes live with CPP on ISI Enterprise
Insurance Systems Inc. (ISI), a leading provider of enterprise solutions for the property/casualty insurance industry, is pleased to announce that Leading Insurance Group Insurance Co. (LIG) has successfully moved its Commercial Package Policy (CPP) business onto ISI's core solution, ISI Enterprise. Headquartered in Fort Lee, New Jersey, LIG is a property/casualty insurance provider writing commercial lines using ISO Rating Service®. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
Guidewire Software announces Guidewire InsuranceCloud Solutions partner program
Guidewire Software, Inc., a provider of software products to Property/Casualty insurers, has announced the launch of the Guidewire InsuranceCloud™ Solutions partner program. Under the new program, select Guidewire PartnerConnect™ Consulting partners will deliver cloud solutions that combine Guidewire products with their own differentiated content and services, and complementary third-party systems for Property/Casualty insurers in a hosted environment. Partners participating in the program will deploy and maintain Guidewire software, along with the other third-party products that round out their respective offerings.
Distribution
IBAO & E-SignLive E-signature partnership delivers immediate win for Ontario insurance brokers
In January of this year, when the Insurance Brokers Association of Ontario (IBAO) and e-SignLive™ by Silanis launched their partnership to offer e-signatures to brokers, they could not have predicted how positive the reaction would be. In the months since the partnership announcement, dozens of Ontario brokerage offices and hundreds of their clients have sees the benefits of e-signatures.
SNAP Premium Finance introduces e-signature to Canada's insurance premium financing market
The ability to sign documents electronically, securely and legally is a service enhancement that benefits everyone. SNAP Premium Finance is the first premium financing company in Canada to provide Electronic Signature services to Insurance Brokers as part of the premium financing application process. SNAP's E-Signature service is securely encrypted and managed in compliance with electronic signature legislation in Canada and the United States.
The Co-operators acquires Carleton Insurance Brokers Ltd.
Co-operators General Insurance Company has announced that its wholly-owned subsidiary has purchased Carleton Insurance Brokers Ltd. in Ottawa. The brokerage's portfolio includes personal and commercial insurance policies. Current clients of the brokerage will be notified of the change in ownership and their existing insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. As current policies expire, clients will be offered comparable policies from The Co-operators.
Business of Insurance
Aviva offers simple cross-border insurance coverage
Aviva Canada Inc., one of the country's leading providers of home, auto, leisure and business insurance, is pleased to offer a new cross-border insurance coverage designed to provide a simple solution for Canadian domiciled companies who also have U.S. plated vehicles.
IBC: Prairie hailstorm tops 230M (CAD) in insured damage
Insurance Bureau of Canada reports that insured damage caused by the heavy rains, wind and a hailstorm that swept across parts of Alberta and Saskatchewan on July 21 and 22 is estimated at more than 230 million CAD, according to preliminary figures from Property Claim Services Canada.
Marketing
eMarketer: Email marketers move to cross-channel communication
The enduring quest to be as pertinent and timely as possible is one of the top trends affecting email marketing. 2015 will be an important year for brands looking to shift toward a next-generation approach to real-time email marketing, which most will find involves more than just email, according to a new eMarketer report, “Email Marketing Benchmarks 2015: Are Performance Metrics Revealing Signs of Consumer Fatigue?”
eMarketer: How effective has personalization been so far?
Marketers remain stuck on the basics when it comes to personalization, and recent research reaffirms that notion that it's still early days for such efforts, with plenty of room for growth in effectiveness and targeting, for example.
Consumer Information
Square One: for insurance, babysitting may be considered daycare
Nearly nine in 10 Canadians with children (86 percent) rely on some form of childcare services on a regular basis. The monthly cost of these services averages $800 per child. And as many parents have experienced, securing childcare can be challenging. Part of the reason is that there are approximately 10,000 licensed daycares in BC and Ontario but they only have the capacity for 15 to 25 percent of children requiring childcare in those provinces. So, it's no surprise that other alternatives, like hiring a nanny or neighbour, to care for children are increasing in popularity. Do you babysit children of family members, friends or neighbours? If you do, Square One warns that your babysitting activities may actually be considered daycare operations by both the provincial government and your home insurance provider.
IBAO issues warning over ridesharing programs
The Insurance Brokers Association of Ontario is raising awareness of the risks associated with ridesharing programs for both drivers and passengers. IBAO reminds Ontarians that auto insurance coverage is a complex product, and there are a number of myths that suggest insurance coverage would be recognized should an UberX driver or an UberX passenger be involved in a collision.
Ipsos: Eight in ten Canadians believe electric cars are the way of the future
Eight in ten Canadians agree, strongly or somewhat, that “electric cars are the way of the future,” according to a new Ipsos poll conducted on behalf of Hyundai. Just two in ten disagree about the prospects of electric vehicles. In fact, three quarters of Canadians would like to have a car that is not powered by traditional gasoline.
Square One warns that laneway homeowners may not be fully covered with their current policy
Laneway homes were first legalized by the City of Vancouver in 2009.
In response to the continued rise in home prices, Vancouver has committed to expand its laneway home program even further. These types of homes offer another source of rental income for homeowners and more rental options for tenants. It's worth noting that other cities, like Calgary and Toronto, are also looking to develop their own laneway home programs. So, we can expect to see more laneway homes across Canada in the next five to ten years.
For homeowners insuring their laneway home as a detached structure, it's important that they consider three additional, often unexpected, factors when selecting their limit of insurance.
BMO InvestorLine study: Nearly all Canadians feel investment anxiety
BMO InvestorLine, a part of BMO Wealth Management, has released the results of its latest study which examines the psychology of investing. The study found nearly all Canadian investors (97 per cent) feel anxiety when thinking about their investments.