The Chronicle: Issue 2012-10, March 7, 2012


The Intersection: Insurance-Canada.ca BlogWhat's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.


Business of Insurance

Capgemini and Efma 2012 World Insurance Report Reveals:Insurers Identify Transforming Policy Administration as their Newest Priority.
The 2012 World Insurance Report explores ways insurers can dissect their business to identify opportunities that will make fundamental and lasting improvements to their core operations. It draws on research insights from 19 markets including: Australia, Austria, Belgium, Brazil, Canada, Denmark, France, Germany, Hong Kong, India, Italy, the Netherlands, Philippines, Singapore, Spain, Switzerland, the United Kingdom, the United States and Vietnam. Based on a comprehensive body of research, the report features an exclusive Business Agility1 and Policy Administration Transformation Survey conducted via in-depth interviews with 71 insurance executives.

Distribution

Keal Technology - Do More With Less - "What has worked in the last 100 years selling insurance will not work in the next 10" - Kimberly Harris Ferrante, Gartner.
Despite the constant change of the Independent Broker Distribution Channel's landscape, a Broker's reality is such that if they allow themselves to remain stagnant, they consequently fall behind. Amongst the long list of external factors contributing to this fast-paced environment is competition and technology.

Policy Works unveils industry's first commercial-lines mobile app.
Calgary, AB - March 5th, 2012 - Policy Works Inc., the leading vendor of commercial lines software for the Canadian insurance industry, is pleased to announce the release of the industry?s first-ever mobile app for commercial-lines: the Policy Works Producer app. With the Policy Works Producer app, the discussion between producer and prospect around risk, coverage and pricing will be more detailed, engaging and professional than ever before.

MajescoMastek Introduces Elixir Distribution Management Producer Self-Service Portal.
Ponte Vedra Beach, FL, February 22, 2012 - From LIMRA's 2012 Distribution Conference in Ponte Vedra Beach, Florida, MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), introduced the Elixir Distribution Management Producer Self-Service Portal (EDM Producer Portal), an extension and enhancement to MajescoMastek's Elixir Distribution Management (EDM) offering. Like other MajescoMastek solutions, EDM, including the EDM Producer Portal, is a web-based offering, enabling it to be delivered through traditional software licensing or via a private Cloud option.

Product Announcement

SSQauto launches its brand new Kilo Program™.
QUEBEC, Feb. 28, 2012 - SSQauto is launching its brand new Kilo Program, a custom rates method that offers consumers auto insurance premiums based on an estimate of how much they drive. If the insured client's annual driving distance changes, the Kilo Program will be adjusted. This program is intended for all types of clients who drive a passenger vehicle, whether they drive occasionally, a lot or all the time.

Technology

Outside Intelligence Launches InsuranceIQ™ Big Data Solution for Insurers.
Toronto ON 5 March 2012 - Outside Intelligence Inc., an innovative search-based applications (SBA) provider, has announced InsuranceIQ™, a game-changing Big Data solution for the insurance industry. InsuranceIQ provides a whole new way to mine, analyze and organize Big Data. It quickly discovers and analyses data from corporate databases along with information from internet sources such as regular web pages, social and news feeds as well as subscription and government databases.

The Dominion Takes The Mobile Insurance App To A New Level.
TORONTO, March 1, 2012 - The Dominion of Canada General Insurance Company (The Dominion) has launched a FREE Mobile App. Most insurance apps benefit the insurance company acting as a mobile way to streamline the claims process. The Dominion, takes a refreshing new spin on this technology offering quick, easy-to-understand insurance guidance that will help mitigate preventable damage or worse, avoidable injury either on the road following a car accident, at home amidst a basement flood or other claims emergency.

GMC Software Technology: Achieving a Collaborative Approach When Outsourcing Customer Communications.
In response to a challenging market environment, insurers have turned their focus to pursuing initiatives that will provide a continual stream of organizational benefits resulting from improved operational excellence, innovation, and a customer-centric approach. One strategy many insurance organizations are considering to achieve greater operational excellence is to adopt business process outsourcing (BPO) solutions, including print/mail fulfillment.

Oracle Insurance Survey: Overcoming IT Hurdles to Success.
If you could change anything about your business, what would it be? What would you do if your existing technology wasn?t holding you back? According to most insurers, better customer service and more innovative products top their wish list. But despite continued high interest in modernizing their IT systems, insurers still see legacy technology as a hurdle to achieving their business goals.

Gartner Highlights Five Business Process Management Pitfalls to Avoid.
Egham, UK, February 23, 2012 -- Business process management (BPM) delivers significant benefits to organizations, but some organizations have faced many problems due to wrong turns along the way, according to Gartner, Inc. Gartner analysts have identified five BPM threats BPI (business process improvement) leaders need to be mindful of as organizations progress on their BPM initiatives.

Policy and Product Management

FICO White Paper: Smarter Underwriting: New Strategies for Cost Control and Pricing Precision Using Data Management.
The profitability of your underwriting decisions is based on how well you can predict potential risks and revenue. The underwriting strategies you implement affect policy approval rates, premiums, tier distribution, customer retention, loss ratios and much more. Successful strategies win you the right kinds of business from the right kinds of policy holders. Poor strategies put you at a competitive disadvantage and reduce your bottom line.

Accenture Selected by West Bend Mutual Insurance Company to Increase Speed to Market and Continue to Enhance Ease of Doing Business.
NEW YORK; Feb. 27, 2012 - Accenture announced today that West Bend Mutual Insurance Company (West Bend) has selected the Accenture Duck Creek property and casualty (P&C) policy software suite to help the insurer accelerate its product development processes and enhance customer service. West Bend provides insurance services to home, auto and business owners in the United States.

Guidewire Selected by SafeAuto Insurance for Underwriting, Policy Administration, Billing and Claims Management.
COLUMBUS, Ohio and SAN MATEO, Calif., February 28, 2012: SafeAuto Insurance Company (SafeAuto), a U.S. property/casualty (P/C) insurer that provides direct-to-consumer auto insurance, and Guidewire Software, Inc., a provider of core system software to P/C insurers, today announced that SafeAuto has selected Guidewire InsuranceSuite™ to support the transformation of its core operations including underwriting, policy administration, rating, billing and claims management.

Customer Service - Billing

OneShield Introduces Dragon(R) Billing.
WESTBOROUGH, MA--(February 29, 2012) - OneShield,Inc., a provider of flexible, enterprise-class and content-rich policy and billing core systems for property/casualty insurers, is pleased to announce the availability of Dragon Billing, a comprehensive billing, payables and receivables management solution for both direct and agency bill. Developed with client and insurer feedback, it enables insurers to deliver process efficiencies, speed to value and superior customer service with the extensible toolset of OneShield Dragon.

Claims

IBC teams up with Toronto Police on Project Whiplash: Cooperation between insurance industry and police help foil a suspected organized fraud ring.
February 23, 2012 -- Toronto -- Toronto Police today laid charges in connection with Project Whiplash, where it is alleged that a complicated insurance fraud ring has staged auto collisions, made false claims at several rehab providers across the Greater Toronto Area, and falsely used the identities of several medical practitioners. The alleged scam targeted numerous insurers and resulted in estimated fraudulent pay-outs of $4 million.

Consumer Information

Allstate Canada is tough on insurance fraud.
TORONTO, Feb. 29, 2012 - Whether it's a staged collision, arson or an exaggerated claim, insurance fraud comes in many forms, but fraud in any form costs all Canadians. March is Fraud Prevention Month, and Allstate Insurance Company of Canada is cracking down on insurance fraud and educating Canadians on how to protect themselves against this type of crime.

TIRF poll: Canadian drivers continue to use cell phones while behind the wheel.
OTTAWA, February 23, 2012 - In a new Road Safety Monitor (RSM) poll by the Traffic Injury Research Foundation (TIRF) it was found that more than a third (36.3%) of Canadian drivers admitted to using their cell phones while behind the wheel in the last seven days, up from 20.5% in 2001. The report, based on a public opinion poll conducted in September 2011, investigates trends in cell phone use while driving over the last decade.

Manitoba Public Insurance challenges drivers to stop texting.
February 22, 2012 - The average Canadian sends or receives 41.5 texts per day, with those in the 18-24 age group texting more than 100 times a day. What the stats don't say is that texting while driving can change your life forever. The allure to quickly read and respond - even from behind the wheel of a moving vehicle - can be tempting. Just ask Dustin Vernie, who delivered a powerful presentation today to students from Winnipeg's Sturgeon Heights Collegiate.

from Doug:

The 2012 Insurance-Canada.ca Technology Conference has now been relegated to the history books. Yesterday was a good day: the weather cooperated, a great group of sponsors, the largest audience ever and a set of speakers who brought good content. I am amazed at the level of activity in the insurance and technology field, right here in our patch; the breadth and depth of topics captured that sense of intense interest and activity.
So much though for a chance to catch my breath - a Thursday meeting will discuss the framework for next year's conference.


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