The Chronicle: Issue 2012-33, August 14, 2012


What's Going Through The Intersection of Insurance and Technology?

Consumer Loyalty & On-Line Services. Survey Says: Build It or They Will Go
Two surveys of US personal lines customers (one personal auto, one personal property) reinforce some common wisdom. They also reinforce that customer loyalty depends on delivery of greater interactive, self-service capabilities, delivered on-line. Our question to you: do Canadian customers exhibit similar traits? And, if so, are Canadian insurers and brokers moving to meet the emerging requirements of these consumers?

Can Telematics Be a Marketing Tool? Will Prospects Heed Flo’s Rally Cry?
Progressive Insurance has taken the use of Telematics further forward in the marketing cycle. We’re interested in your opinion on whether this strategy can attract qualified leads.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Technology

IBM Smarter Analytics at Westfield Insurance (Webinar on Demand).
For insurers, applying Smarter Analytics to daily decision making offers a huge new opportunity in improving products, services and ultimately a competitive advantage – if they can harness it.

OneShield's Dragon® Billing Enhancement Provides Integration with Advanced Payment Solutions Powered by BNY Mellon.
OneShield, Inc. and BNY Mellon today announced an alliance whereby OneShield will integrate a suite of BNY Mellon's advanced ePayment solutions into the OneShield Dragon® Billing platform.

Business of Insurance

WFG to Redeem all First Preferred Shares, Series Five.
HIGH RIVER, AB - Western Financial Group Inc. ("Western") announced that it will exercise its right to redeem all of its outstanding First Preferred Shares, Series Five (the "Series 5 Shares") in accordance with the terms and conditions attached to the Series 5 Shares.

RSA Canada record underwriting profit in first half of year.
RSA Canada has reported strong half-year results, with net written premiums up 7 percent to $1.2 billion, a record underwriting profit of $96 million, up 12 percent on the same period last year, and COR of 91.9%.

When will a major earthquake strike the West Coast?
There's a 40 percent chance that an earthquake will strike the southern Cascadia Subduction Zone in the Pacific Northwest within the next 50 years, says a new study from Oregon State University (OSU) researchers.

Marketers still struggle to use analytics effectively.
According to research, a majority of marketers worldwide say that less than half of all the analytics data they collect is actually useful for decision-making.

OSFI updates Corporate Governance Guideline.
OSFI said the changes reflect current industry best practices and international standards, setting out the regulator's expectations for corporate governance of federally-regulated financial institutions (FRFIs).

Aviva plc today announced its interim results for the first half of 2012.
Operating profit (including restructuring costs) was down 10% to �935 million1 (HY11 �1,035 million) as a result of the sale of RAC, adverse foreign exchange movements, the adverse impact of recent UK weather and higher restructuring costs.

Aviva US for sale?
Aviva is preparing to sell its US division after receiving approaches for the business it bought for �1.8bn in 2006. The arm is now valued at �1bn.

FATCA Compliance Conference Returning to Toronto This Fall.
The Canadian Institute's FATCA Compliance Solutions conference is back for the second time this year and will take place on October 30-31, 2012 in Toronto. This event will not only feature some of the hot sessions from the May event but will also include updates on the final regulations as outlined by the IRS.

The Dominion's George Cooke announces retirement; Brigid Murphy named successor.
George L. Cooke has announced his retirement as president of The Dominion of Canada General Insurance Company (The Dominion).

Claims

China floods cost more than $8 billion.
The recent flooding in China caused more than $8.3 billion (USD) in economic losses across the country, according Aon Benfield's latest edition of its Global Catastrophe Recap report.

FINEOS Claims Goes Live with Saskatchewan Workers' Compensation Board.
Dublin, Ireland – FINEOS Corporation, a global provider of claims management software for insurance and government insurance, announced the successful go live of FINEOS Claims at the Saskatchewan Workers' Compensation Board (WCB) in Canada.

Frank Cowan Company Selects Guidewire for Claims Management.
SAN MATEO, Calif. – Frank Cowan Company, a Canadian specialty insurer, and Guidewire Software, Inc., a provider of flexible core system software to Property/Casualty (P/C) insurers, announced that Frank Cowan Company has selected Guidewire ClaimCenter® as its new claims management system.

Consumer Information

Drivers think tech in cars is dangerous.
In-car connectivity technology, such as mobile device connection to the Internet, navigation systems, emergency response systems and telematics devices, is becoming increasingly common in today's vehicles.

ComparaSave: first Canadian site offering unbiased comparisons on mortgage, insurance and credit card rates and holiday packages.
Insurance Hotline expands its offering and announces the launch of ComparaSave.com, a new online destination for consumer comparison shopping.

IBC hails York Regional Police.
TORONTO – Insurance Bureau of Canada hails York Regional Police efforts as yet, "another step at driving a wedge into one of the alleged sophisticated fraud networks, operating throughout the Greater Toronto Area (GTA)."


Joe's Corner:

A fairly slow week newswise, with a lot of people still enjoying summer vacations and the Olympics where Canada definitely entered the Bronze age. I suppose that shows off our traits – strong and enduring, not flashy or glitzy – nothing wrong with that!

For those of you who have not completed our Telematics survey, please share your thoughts with us. The survey will close at the end of this week and we will publish the results after that.


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