The Chronicle: Issue 2015-43, October 27, 2015
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What's Going Through The Intersection of Insurance and Technology?
Platforms and Insurance: Where the Bulldozer Meets the Road
Benchmark's Experience with CARF Accreditation: Long Day's Journey into Enlightenment |
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Telematics
SAP launches SAP Vehicles Network to accelerate cloud-based mobility and vehicle-centric services
SAP SE has announced the availability of the SAP® Vehicles Network solution. It is a new cloud offering that allows enterprise companies to offer secure, convenient end-to-end vehicle- and mobility-centric services – independent of devices or vehicles. SAP Vehicles Network enables drivers in North America to share data from the Internet of Things, activate gas pumps, pay at the pump, reserve parking, open off-street parking gates and pay for on-street parking from the car through a mobile wallet or app. The announcement was made at SAP TechEd Las Vegas.
Technology
Guy Carpenter launches GC AdvantagePoint
Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, has announced the release of GC AdvantagePoint®, a pioneering portfolio and risk management platform. GC AdvantagePoint is designed to help insurance companies translate vast amounts of data to help leaders set strategy and improve underwriting profitability, understand risk concentration and make more informed risk selection and deliver real-time catastrophe tracking and improved claims management.
Business of Insurance
FSCO reports Q3 2015 auto rate approvals
This notice provides an overview of the private passenger automobile insurance rate changes approved or ordered by the Financial Services Commission of Ontario (FSCO) for filings reviewed in the third quarter of 2015. The number of filings reviewed by FSCO and the overall average rate change for the Ontario market may vary from quarter to quarter, based on updated information about claims costs, market conditions and other financial factors and the resulting impact that these factors have on the adequacy of an insurance company's current rates.
Policy Management
Swiss Re to work with IBM Watson to harness the power of Big Data for Reinsurance
Swiss Re and IBM have announced that they are developing a range of underwriting solutions that rely on IBM Watson's cognitive computing technologies. One of the first applications will be in Swiss Re's Life & Health Reinsurance business unit. To compete successfully and profitably, insurers must identify and act on emerging trends. In addition, insurers need the ability to spot operational issues or opportunities in real time and respond proactively. Cognitive technologies, coupled with human experience and insights, can enhance and help inform timely decision making. By applying Watson's capabilities, the new platform could allow Swiss Re professionals to make better informed decisions and more accurately price risk.
Majesco announces new release of Majesco Distribution Management
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has announced the next release of the Majesco Distribution Management solution. Majesco Distribution Management is designed to uniquely support all lines of business across P&C and L&A (Individual and Group) as well as all channels and is pre-integrated with Majesco Business Analytics and Majesco's digital portal and mobile capabilities. This new release, built on the Majesco Configuration Toolset, expands configuration and integration areas within distribution management.
FINEOS announces research into life insurance billing
FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today announced the findings of new research into Life billing system capabilities. The research, underwritten by FINEOS and published through Novarica's Research Partner Program, is entitled Overcoming the Challenges of Life Insurance Billing and is based on interviews with insurer CIOS and IT leaders about the challenges and limitations of their current billing solution, and their perspective of what is important in a future system.
ACORD and CSIO to unify and rebrand eDoc and message standard across North America
ACORD, a global provider of insurance data standards, business and technology leadership, and the Centre for Study of Insurance Operations (CSIO) have announced the rebranding of the Activity Notes standard to ACORD eDocs and ACORD Messages and CSIO eDocs and CSIO Messages, providing a consistent North American standard for the electronic delivery of policy documents and messages from insurers to independent insurance agencies and brokerages. eDocs is the highly successful CSIO Message Standard used by Canadian carriers and brokers for the delivery of secure insurance documents directly to broker management systems. eDocs were developed by CSIO based upon the ACORD Activity Notes message structure. The rapid adoption of eDocs within the Canadian marketplace was an indication that the name eDocs resonated with both carriers and brokers.
Marketing
Manulife survey: Millennials ignoring saving for retirement
Four in ten (43 per cent) of the affluent millennials surveyed believe they will have more than enough income when they retire, despite putting saving for retirement near the bottom of their priorities, according to the most recent Manulife Investor Sentiment Index. They are also less concerned (seven per cent) than their parents and other age demographics that they will run out of money in retirement.
Distribution
kasina report: The best financial advisor websites
kasina, a DST company providing data-driven insights and distribution solutions to financial companies around the world, today released the results of its annual review of asset managers' websites. The report, Advancing the Advisor Decision Journey with the Advisor Website, suggests that personalization is gaining momentum among successful sites. The report also includes a ranking of the top five mutual fund advisor websites based on advisor responses.
Applied Systems to deliver sales automation, market appetite capabilities with Applied Epic 2016
Applied Systems has announced the upcoming release of Applied Epic 2016, the fastest-growing agency and brokerage management system, to the U.S. and Canadian marketplaces, at Applied Net 2015. The latest release of Applied Epic will offer additional capabilities to manage benefits and deliver new industry-first capabilities to improve sales pipeline management, measure carrier market appetite for hard-to-place risks, and better automate agency and brokerage operations within a single application. Applied Epic 2016 furthers Applied's commitment to provide agencies and brokerages a single view of their business and increased connectivity with both their customers and carrier partners.
Applied Systems: A.M. Fredericks to expand product distribution through Applied rating services
Applied Systems has announced that A.M. Fredericks has expanded its distribution channel with Applied Rating Services, the industry-leading software suite that streamlines rating activities and allows brokerages to build a stronger client portfolio by streamlining insurance sales and underwriting processes. Through this partnership, A.M. Fredericks will distribute its Property products, including High Value Homeowner and Non-Standard products, including seasonal, rented seasonal, rented dwelling for the provinces of Quebec, Ontario and Alberta.
Claims
Symbility Solutions: Cunningham Lindsey selects Symbility's Video Connect
Symbility Solutions Inc., a global software company dedicated to developing applications for the insurance industry, is pleased to announce that it has signed a contract with Cunningham Lindsey to integrate its ground-breaking live video collaboration technology, Symbility Video Connect™ into its operations. With over 100 years of loss adjusting and claim management experience, Cunningham Lindsey provides its global insurance business partners fast, efficient and above all, consistent service from their operating platform of 5,000 employees in over 60 countries.
Consumer Information
Manitoba Public Insurance: Winter tire low-interest financing program will continue this year
Driven by positive response from Manitobans, the province's winter tire low-interest financing program will once again be offered to vehicle owners. To date, more than 30,000 Manitobans have taken advantage of the program, which was first introduced by the provincial government last fall and administered by Manitoba Public Insurance.
In The Community
IBC and Nova Scotia Department of Seniors partner to support safety initiatives
Friday, Insurance Bureau of Canada (IBC) and the Honourable Leo Glavine, Minister of Health and Wellness and Minister of Seniors, announced funding to support community groups that promote seniors' safety initiatives across Nova Scotia. The funding will go to support safety initiatives through 14 different community groups for seniors, including driving courses, identity theft prevention workshops and injury prevention promotion.