The Chronicle: Issue 2015-36, September 8, 2015
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What's Going Through The Intersection of Insurance and Technology?
Will Emerging Technologies Transform the Insurance Customer Experience?
When a Keynote Lasts All Day: Sharon Ludlow @ ICEF2015 |
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Technology
IBM and ARM collaborate to accelerate delivery of Internet of Things
IBM has announced an expansion of its Internet of Things platform – called IBM IoT Foundation – through an integration with ARM, providing out-of-the-box connectivity with ARM® mbed™-enabled devices to analytics services. This fusion will allow huge quantities of data from devices such as industrial appliances, weather sensors and wearable monitoring devices to be gathered, analyzed and acted upon.
TEI/IET Mobility Newsletter: Transportation and Mobility Innovation Everywhere
There is an astounding level of innovation seemingly occurring in all areas of mobility and transportation. This issue of the newsletter makes reference to myriad and wide-ranging topics as the transportation of the future incrementally becomes real.
Claims
InEdge: Three simple auto repair claims analytics to improve profitability for P&C insurers
In the quest to gain a competitive advantage in today's aggressive marketplace, insurers can overlook a valuable asset already in their possession: auto repair claims servicing information. By putting analytics to work in this area, insurers can improve all aspects of the auto repair claims servicing process, from appraisals through the repair costs themselves to claim payments. In particular, with careful monitoring of the insurer's relationship with repair service providers, it's not just the bottom line that improves, but experiences by the clients themselves stand to benefit.
Business of Insurance
J.D. Power: Small business owners still have low awareness of commercial insurers
Insurers trying to attract new small-business customers face one major hurdle: many small business owners are not aware many providers even provide commercial insurance, according to the newly released J.D. Power 2015 U.S. Small Business Commercial Insurance Study. The study, now in its third year, examines overall customer satisfaction and insurance shopping and purchasing behavior among small-business commercial insurance customers with 50 or fewer employees.
Gartner survey shows digital business leaders pulling ahead of the pack
A widening gap is forming between organizations already undertaking digital business initiatives versus those only in the planning stage, according to a recent study by Gartner, Inc. The survey found that 32 percent of leaders at organizations with at least 250M USD or more in annual revenue said they have a business that is a digital business, up from 22 percent in the same survey last year.
Telematics
LexisNexis study: Safety trumps discounts in driving customer adoption of UBI
U.S. consumers are more motivated by a smartphone application (app) that scores their driving than they are by premium discounts when considering enrolling in a usage-based insurance (UBI) program, according to the 2015 LexisNexis® Usage-Based Insurance Study. The fourth annual study conducted by LexisNexis Risk Solutions, a leading provider of data, analytics and technology, also found UBI programs based on safety offer the potential to boost adoption, while also engaging consumers, mitigating risk and improving retention.
IMS launches new business center with comprehensive analytics and reporting for UBI
Intelligent Mechatronic Systems, a leading connected car company, has released their new Business Center with a powerful suite of program analytics and reporting tools made possible through a technology integration partnership with Pentaho, a leading data integration and business analytics company.
msg global solutions: Device- and platform-agnostic telematics solution puts insurers in the driver's seat
Insurers seeking an end-to-end, usage-based insurance solution are challenged to find a technology partner that can put the insurer in control of the many layers of data and business process complexities that impact a UBI go-to-market strategy. Telematics Analyzer's enhancements create an end-to-end solution for insurers of all sizes that are either offering or considering a usage-based insurance program, offering control over data access and insights to improve customer service.
Distribution
Manulife customers can bid farewell to passwords and PINs
Manulife has announced that it has enhanced its contact centre customer experience with the deployment of natural language understanding (NLU) and voice biometric technologies. Manulife is the first company in Canada to introduce voice biometrics as well as natural language understanding in a single interactive voice response (IVR) system offered in both English and French.
Consumer Information
BMO Wealth Institute releases report on Canadians' top health-care-related aging concerns
The BMO Wealth Institute has released a report examining how Canadians are preparing for future long-term care needs as they age. The report, As You Approach The Age Of Wisdom, Who Will Catch You If You Fall?, found that the greatest health-care-related aging concerns among Canadians include: losing the ability to live independently (40 per cent); not having enough money to pay for adequate health care (17 per cent); and not being able to afford to remain in their own homes throughout their lifetimes (15 per cent).
IBC Reminds Students about Tenant's Insurance
As students get ready for university and college, Insurance Bureau of Canada (IBC) reminds them of an important item that's often overlooked: tenant's insurance. "Tenant's insurance is a good investment that provides peace of mind," said Doug DeRabbie, IBC's Ontario Director of Government Relations. "Even if you're renting on a temporary basis, it will help protect you and your belongings in the event of loss or damage."
CLHIA: Insurers and rheumatologists establish new national standard to provide access to biologic drugs
The Canadian Life and Health Insurance Association (CLHIA) and the Canadian Rheumatology Association (CRA), together with the Ontario Rheumatology Association (ORA), have announced the establishment of a national standard for access to biologic drugs for adult rheumatoid arthritis patients who are members of private insurance plans. This means that, going forward, unless a plan sponsor instructs otherwise, there will be a standard set of criteria across the country that private insurers will adhere to in providing access to biologic drugs to treat rheumatoid arthritis in adult Canadians.
SGI CANADA puts focus on school zone safety for September
Look out for children in school zones as if they were your own. That's the advice of former school bus driver Andy Schwindt, a current manager of Warner Transportation, the busing contractor for the Regina Public School Board. Schwindt knows firsthand the potential dangers of school zones: motorists speeding, disregarding cross walks, driving unsafely around buses, or simply exercising a lack of attention behind the wheel. Throughout September, police will be watching for traffic violations in and around school zones, including speeding and failing to respect signage, signals or pedestrians.