The Chronicle: Issue 2012-33, August 14, 2012
What's Going Through The Intersection of Insurance and Technology? |
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Consumer Loyalty & On-Line Services. Survey Says: Build It or They Will Go
Can Telematics Be a Marketing Tool? Will Prospects Heed Flo’s Rally Cry? |
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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.