The Chronicle: Issue 2015-41, October 13, 2015
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What's Going Through The Intersection of Insurance and Technology?
Can IT Learn to Embrace Sales? Would Sales Let IT Get That Close?
Start-ups, Incubators and Insurance: A Look Inside the DMZ |
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Business of Insurance
Swiss Re: The trillion-dollar disaster protection gap
Floods, earthquakes, hurricanes and droughts continue to ravage countries and destroy lives and economies. The gap between insured and total losses is widening, while many disaster-prone countries lack financial preparedness. Governments are uniquely exposed to these risks. Innovative insurance tools and solutions can help bridge this gap, but it's crucial to arrange them before catastrophe strikes, says a new Swiss Re publication launched at the World Bank/IMF annual meetings in Lima.
Technology
VASCO enters agreement to acquire electronic signature leader Silanis
VASCO Data Security International, Inc., a global leader in authentication, electronic signatures, and identity management, has announced the execution of a definitive agreement to acquire privately held Silanis Technology, Inc., a leading provider of e-signature and digital transaction solutions used to sign, send and manage documents. Silanis' e-SignLive™ platform is trusted by some of the largest banks, insurers and government agencies. The acquisition demonstrates VASCO's strong commitment to its vision of delivering new solutions that are in high demand within its financial services customer base, accelerating its transition to a recurring revenue model, strengthening its revenue base in North America, and expanding its customer base outside of its core banking business.
Gartner: Cybersecurity professionals are the new guardians of digital change
Changes in computing fabric, devices and services formed by digital business continue to shape risk and security landscapes, according to Gartner, Inc. By year-end 2017, more than 20 percent of enterprises will have digital risk services devoted to protecting business initiatives using devices and services in the Internet of Things (IoT).
TEI/IET Mobility Newsletter: Is Transportation Moving Fast Enough For You?
The featured article in this issue is “Driverless vehicles are around the bend: Is this the insurance industry's Kodak moment?” Eastman Kodak Company was a dominant force in photography and imaging for most of the 20th century; the rise of digital saw Kodak file for Chapter 11 bankruptcy protection in 2012. Fast forward to 2015 and to a different industry: insurance. The industry faces numerous challenges and threats and many of them are technology-related. One of the most important threats concerns auto insurance. From automotive driver assist capabilities to developments in autonomous vehicle and other considerations relating to mobility and the transportation of people and goods, a great deal is happening, and quickly:
Policy Management
Guidewire announces addition of GMC Software as new technology alliance partner
GMC Software Technology, a leader in Customer Communications Management (CCM), and Guidewire Software, Inc., a provider of software products to Property/Casualty insurers today announced that GMC Software has joined Guidewire PartnerConnect™, as a Solution Partner. The companies also announced that GMC Software is participating in the Ready for Guidewire accelerator validation program.
InEdge: 4 Ways to Tell If Your Underwriting Team Is Operating at Maximum Efficiency
Underwriting managers and executives have an intuitive understanding of team productivity. It's about having the right number of people on duty at the right time, and a dedication to keeping operational costs as low as possible while answering to the total workload. If they want to keep their underwriting and call center teams and staffing levels optimized, harmonized, and humming along, underwriting managers ought to be able to get quick answers to the four important underwriting team productivity questions.
Guidewire: SSQauto deploys PolicyCenter for underwriting and policy management
SSQauto, a Quebec direct insurer to group members as well as to the general public, and Guidewire Software, Inc., a provider of software products to Property & Casualty insurers, have announced that SSQauto, a subsidiary of SSQ Financial Group, has successfully implemented Guidewire PolicyCenter® as its new underwriting and policy management solution. SSQauto also implemented Rating Management and Client Data Management.
Distribution
Major transaction in Quebec insurance as new shareholder team takes over Intergroupe
It is with great pleasure that we wish to announce the arrival of a new team of dynamic shareholders who will now head the largest network of brokerage firms in Quebec. Intergroupe, whose annual turnover represnts close to a 20 percent share of the insurance market in Quebec, is being taken over by a quartet of well-established shareholders in the industry.
Applied Systems announces new Applied Partner Program
Applied Systems has announced the new Applied Partner Program, a technology and industry partnership program focused on increasing the availability of best-in-class software and enhancing automation and connectivity across the independent insurance distribution channel. Open to leading technology providers and organizations across the industry, the new Applied Partner Program advances Applied's strategic focus on partnerships to deliver value-added capabilities that further automate workflows, increase data consistency and accuracy, and drive a connected insurance experience.
Claims
Verisk Insurance Solutions: ISO ClaimSearch integrates with EIS Group's ClaimCore software
Verisk Insurance Solutions has announced that ISO ClaimSearch®, the industry-leading solution for improving claims processing and fighting insurance fraud, has developed a new integration model for claims system vendors. The ISO ClaimSearch alliance with core systems solution provider EIS Group marks a new era in the history of claims processing. Verisk Insurance Solutions is a Verisk Analytics business.
RSA Canada selects OnBase by Hyland to augment its claims transformation with Guidewire
Royal & Sun Alliance Canada, a leading Canadian general insurer, has selected OnBase by Hyland as its enterprise content management (ECM) solution through a comprehensive and detailed evaluation process. By integrating OnBase and Guidewire's ClaimCenter, RSA Canada will leverage key benefits including automation of corespondence and increased process efficiencies due to transitioning from paper-based to electronic file management.
Consumer Information
IBC shares top tips for preventing fires and saving lives
To help launch this year's Fire Prevention Week, Insurance Bureau of Canada (IBC) is reminding people about its top 10 tips for preventing fires and saving lives. "While wildfire was a significant threat over the summer months, in the fall and winter months, house fires become more prevalent," said Bill Adams, Vice-President, Western and Pacific, IBC. "In fact, data shows that, on average, home fires account for 30% of all fires and 73% of all fire-related deaths in Canada. This Fire Prevention Week, follow the steps below to help prevent a fire in your home – it could save a life."
Mutual of Omaha special risk division chooses Oceanwide Bridge to consolidate and transform core processing
Oceanwide, an Insurity company and developer of industry-leading, configurable, SaaS based insurance software, has announced that Mutual of Omaha, a leading insurance and financial services company, has selected Oceanwide Bridge to support core processing for the company's Special Risk participant accident insurance product. Oceanwide Bridge will enable the Special Risk Division of Mutual of Omaha to replace the current multiple systems; consolidating quoting, rating, binding, and policy processing onto the single Oceanwide solution. The new system is a true SaaS based application, enabling rapid implementation and a quick-to-value timeline. The Oceanwide Bridge solution being deployed by Mutual of Omaha includes an agent/consumer portal, underwriter workstation, rating, billing, document production and business intelligence reporting.
The Co-operators: New service encourages young men to access mental health support
Young men going through a difficult time now have access to a new support zone designed specifically for guys aged 14 to 18. With the help of sponsors including The Co-operators, Kids Help Phone launched BroTalk™, which includes professional counselling, a mobile-friendly website and a downloadable chat app. Young men account for three quarters of all suicides among those between the ages of 15 and 24. Yet only 23 per cent of those who call Kids Help Phone are male.