Insurance-Canada.ca - Where insurance and technology meet

AUGUST 23, 2016

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INSURANCE INDUSTRY NEWS

Have Your Say On Cyber Security
The Government of Canada has launched its public consultation to engage with Canadians on the evolving cyber security landscape. Read more.

Are Millennials More Prepared For The Future?
When it comes to preparing for the future, Millennial small-business owners are seemingly the most concerned generation in recent history. Read more.

Allstate to Cover Ride-for-Hire Vehicles in Alberta
Allstate Insurance Company of Canada is pleased to announce the launch of a personal coverage solution for drivers operating ride-for-hire vehicles within Alberta. Read more.

Hurricane Losses Will Outpace Economic Growth
Researchers from the Potsdam Institute for Climate Impact Research (PIK) have concluded that economic growth will not be able to counterbalance the increase in damage losses caused by future hurricanes. Read more.

Natural Catastrophes Drive Global Insured Losses
Preliminary sigma estimates show total economic losses from natural catastrophes and man-made disasters reached USD 71 billion in the first half of 2016. Insurance covered 44% of the total losses. Read more.

AIG Sells Business Unit To Arch Capital
Bermuda-based global insurer Arch Capital Group has agreed to acquire the mortgage-insurance business of industry giant AIG for USD 3.4 billion. Read more.

Reliance Insurance Group to Leverage Applied Epic
Applied Systems has announced that Reliance Insurance Group has selected Applied Epic, the fastest-growing cloud-based brokerage management system in the industry, to standardize and automate operations across its retail and MGA businesses. Read more.

Structured Data More Valuable Than Unstructured
Despite the increasing prevalence and untapped potential of unstructured forms of data (IoT, social networks, external data), business intelligence users still emphasize the importance of internal, business systems, and structured data. Read more.

Growing Adoption of ISO Electronic Rating Content
Seventeen Guidewire customers have chosen to receive their ISO updates digitally for a fast, efficient, and cost-effective way to bring current products to market. Read more.

Analytics Readiness in Insurance: Aite Group Report
Analytical capabilities can define a company's future success by supporting sales, preventing fraud, and creating the customer experience that insurance carriers strive for. Read more.

Ingle International Unveils Canuck Voyage
Ingle International has launched Canuck Voyage, an outbound travel medical insurance plan designed to meet the challenges Canadians face while travelling abroad or outside of their home province within Canada Read more.

Fort McMurray Home Resilience: Preliminary Report
According to a preliminary report by the Institute for Catastrophic Loss Reduction, homes that survived in Fort McMurray in otherwise decimated neighbourhoods were those more resistant to ignition by embers. Read more.

Prairies Storm Causes Millions in Damage
Insurance Bureau of Canada reports a severe storm that swept through Alberta, Saskatchewan and Manitoba during the second week of July has resulted in more than $48 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ). Read more.

Facial Recognition Goes Live in Saskatchewan
SGI is reminding customers that beginning Aug. 24, 2016, facial recognition software will be in place when issuing driver's licences and photo identification cards. Read more.

What's going through the Intersection
of insurance and technology?

Searching for Innovation in All the Wrong Places?
We all agree that innovation is the word of the decade (so far). But today's version of innovation may require some humbling tradeoffs. Are you ready for this?
Read more.

Millennials Lead the Way for Digital Transformation
by Tami May, OpenText Exstream
With 75% of the workforce expected to be made up of digital natives by the year 2025, digital communications are becoming more and more important. At first I didn't buy into the whole idea that this generation was all that different. But I am beginning to see the light.
Read more.

“Turning Insurance Outside-In”
4th annual Executive Forum, Aug. 30

Last call for the 2016 Insurance-Canada.ca Executive Forum: take away thought-leadership from our expert faculty.

Challenge – or confirm – your preconceptions of your customers as Daniel Shum, Partner at Deloitte, reviews the results and an impact analysis from a major Canadian insurance study on “The Voice of the Consumer.”

Pick up tips on “Digital & Engagement: Critical Success Factors”, a panel discussion. And if you thought you had enough technology, consider “Why Blockchains For Insurance?”

Plus, network with sponsors including:

Deloitte, a platinum sponsor for ICEF2016, provides comprehensive, integrated solutions to the insurance sector, with a focus on the real issues affecting businesses today.

From Doug

What an Olympics! We all have cause to be proud of the Canadian athletes at Rio – world-class competitors, many of them from Canada's Millennial and Gen Z cohorts.

On a related note, I look forward to the comments from the Millennial panel discussing the insurance experiences of younger consumers and digital natives at our annual Executive Forum next Tuesday.

Yesterday, my son showed up in a ride-share van to move a bureau; car-sharing is here. Uber's autonomous cars are set to roll in Pittsburg; driverless vehicles are coming, too. Change is everywhere, including in the air. A harbinger of end of summer, the Ex (CNE) is underway. Enjoy these final weeks!

Doug Grant, CIP
Partner
Insurance-Canada.ca

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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