The Chronicle: Issue 2013-15, April 16, 2013


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

Effective Social Media Tactics for Agents/Brokers
Nothing succeeds like success. At the February meeting of the Agents Council for Technology (ACT), Terry Golesworthy of the Customer Respect Group shared information on successful social media strategies and tactics for independent insurance agents and brokers. He was joined by some practitioners on a panel. We think they offer some good, common sense advice. We'd like to know what you think and what strategies are working for you.

Where Does Old Data Fit in the Modern Insurance World?
Among the many reasons cited for converting from legacy to modern administration systems, improving access to historical data tends to appear low on the list if it is mentioned at all. Some argue that this is as it should be. Others suggest that ignoring existing data could put legacy conversion projects at risk, and recommend a “data first” approach is warranted. What do you think – is legacy data really that important?

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Ontario auto insurer results show NDP numbers don't add up, reports IBC
Reports released today by Insurance Bureau of Canada (IBC) show that auto insurers had marginal net returns in 2011 and 2012 after recovering from a severe loss situation prior to 2010 reforms. But the returns on equity numbers are quite modest when compared with other industries.

Renewals see reinsurance pricing stabilize amid dynamic capital growth, reports Guy Carpenter
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, reports that dynamic capital growth and ample reinsurance capacity resulted in a relatively stable renewal at April 1, 2013. In a briefing released today, Guy Carpenter comments that the convergence of traditional and alternative capital sources is changing the marketplace, with non-traditional capacity now making up an estimated 14 percent of global property catastrophe limit.

TIC launches new brand and website highlighting travel insurance expertise
TIC Travel Insurance has launched an exciting new brand that tells a more dynamic story about who they are and what they're all about. The company introduced their brand in a big way with the debut of a new website designed to provide an enhanced online experience while strengthening their web presence.

Consumer Information

Water damage dominates home insurance claims, reports Aviva Canada, with 10 prevention tips
With a heavy spring thaw underway, Canadians are seeking various ways to protect their homes this season. Approximately 40 per cent of all home insurance claims are the result of water damage, according to data from Aviva Canada Inc., one of the country's leading providers of home, auto, leisure and business insurance. Aviva offers ten top tips for Canadians to safeguard their homes and possessions from water damage this spring.

IBC offers nine insurance tips for homeowners
With spring underway, it's a time when many Canadians start looking for a new home or thinking about renovations. Either way, it's an ideal time to start thinking about home insurance. Taking a few insurance precautions now can be a great help if you do need to make a claim.

Claims

The Escalating War on Insurance Fraud: A new report from Aite Group
A new report from Aite Group provides an overview of the North American P&C insurance fraud battlefield, including its history and evolution. Based on July 2012 to March 2013 Aite Group interviews with North American P&C industry stakeholders and industry fraud-prevention organizations, the report sizes the cost of fraud, details fraud types and their perpetrators, and describes anti-fraud solutions being developed and deployed.

Distribution

LOGiQ3: Managing General Agencies support industry standard for life insurance distribution
Life insurance advisors, distributors and carriers have supported the Canadian Council of Insurance Regulators' Agencies Regulation Committee's (ARC) view that as life insurance distribution has changed from a career sales force driven model to one that is now predominately occupied by independent advisors using Managing General Agencies (MGAs), that working together as an industry to proactively review and adapt how the industry meets the desired outcomes of its regulators is timely and valuable.

In The Community

State Farm launches campaign with Parachute Canada to tackle teen vehicle crash deaths
State Farm and Parachute are joining forces in a major new campaign to tackle the #1 cause of death for young Canadians – motor vehicle crashes. The numbers point to the real need: despite progress due mainly to graduated driver licensing, Canadian teenagers 16-19 remain at a higher risk of death per kilometre than all other age groups.

Aviva Canada youth co-op housing study marks International Day for Street Children
In recognition of the International Day for Street Children, Aviva Canada, one of the country's leading providers of home, auto, leisure, group and business insurance, is pleased to announce the release of a study on YouthLink's Co-op Housing Program.


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