The Chronicle: Issue 2013-28, July 16, 2013


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

On The Road to 2023: How Do We Describe Our Industry?
If you had recently relocated from Mars, and you asked a Canadian insurance professional to describe the P&C insurance industry, you would likely get a more ‘qualitative’ perspective than a ‘quantitative’ one, according to a recent study. And you would get a somewhat different perspective depending on whom you asked – an insurer, a broker, or a third party related to the industry.

Mobile: Is There An App for Core Sytems Replacement?
It is patently obvious that mobile technologies – including smartphones and tablets – are becoming increasingly useful tools. As a result, a number of insurers have undertaken initiatives to extend selected functions – finding an agent/broker, getting a quote, reporting a claim to mobile devices. What is less obvious is that mobile is entering the core of systems and business processes and could drive the capabilities of core systems (legacy and modern). How do you see the mobile trend evolving?

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Events and Announcements

When will the next Telematics/UBI programs be announced in Canada, and how many?
Insurance-Canada.ca survey sponsored by SAS (runs until July 18)


Telematics

Baseline Telematics prepares world's first motorcycle UBI pilot program
Baseline Telematics is creating the first pilot program in the world to offer a Pay-As-You-Drive and Pay-How-You-Drive insurance coverage to motorcyclists in Western Canada. SGI would be the first in the world to use telematics for motorcycles.

IBM MobileFirst solution powers Sprint Velocity Connected Car
IBM has announced that Sprint is using IBM MobileFirst solutions to deliver a more personalized, responsive connected car experience. Through new enhancements to the Sprint Velocity connected vehicle platform, cars can be seamlessly integrated with drivers' mobile devices and customized to their specific in-vehicle infotainment, security and convenience feature preferences.

Consumer Information

SGI seeks volunteers and public input on motorcycle safety
SGI is asking the public to weigh in on possible changes to motorcycle safety programs, rating structure and injury benefit levels. Earlier this year SGI formed a Motorcycle Review Committee, comprising members of the motorcycle community and impacted stakeholders, to review issues affecting motorcycle rates. SGI and the committee have now developed a package of ideas with an emphasis on saving lives and preventing injuries.

IBC: How to file an insurance claim in the wake of Alberta flooding
As thousands of people begin to pick up the pieces following the devastating flooding in southern Alberta, Insurance Bureau of Canada (IBC) is offering advice to help make filing and managing an insurance claim as straightforward as possible.

Humania Assurance launches Insurance Without Medical Exam
Humania Assurance is pleased to announce the official launch of a new ‘no medical exam’ insurance product. Available only over the Internet and through a licensed broker (Financial Security Advisor), Humania Assurance – Insurance Without Medical Exam is for people who, for medical or other reasons, have had difficulty in obtaining critical illness, disability or life insurance.

Claims

ISB Canada offers interviewing & statement analysis seminar
This is your invitation to attend an ISB Education Training and Resources Session facilitated by world-renowned instructor Nejolla Korris, who has more than 20 years of international experience teaching statement analysis and interviewing techniques. At the event on November 14, in Vaughan, Ms. Korris will teach Scientific Content Analysis (SCAN), an invaluable tool to aid in insurance investigations and interviews.

Business of Insurance

Munich Re: Floods dominate natural catastrophe statistics in first half of 2013
Floods causing billions of dollars in losses dominate the natural catastrophe statistics for the first half-year 2013. Around 47% of the overall losses and 45% of the insured losses derived from inland flooding that occurred in Europe, Canada, Asia and Australia. Altogether, at around (USD) 45bn, losses from natural catastrophes were below the average amount for the past ten years (USD 85bn).

Guy Carpenter: July 1 renewals indicate downward pressure on reinsurance rates likely to continue to year-end
Leading global risk and reinsurance specialist Guy Carpenter & Company, LLC, reports that reinsurance market rates on line (ROLs) continued to be driven by an influx of capital from third-party investors at the July 1 renewals, in spite of catastrophe losses above the ten-year average during the first six months of 2013. In a newly released briefing, Guy Carpenter comments that robust catastrophe bond, sidecar and collateralized reinsurance activity throughout the year has for the first time pushed pricing in the capital markets to “decouple” or break away from levels set by the traditional market.

In The Community

Intact Insurance donates to Red Cross Society to support Lac-Mégantic relief efforts
Intact Insurance announced today that it is donating $100,000 to the Canadian Red Cross Society to assist Lac-Mégantic residents in the wake of the tragic train derailment in the municipality.

Foresters awards 250 Academic Scholarships to students across North America
Foresters, an international life insurance provider that champions family well-being, has helped 250 dedicated students from across North America plan for their futures, rewarding each for academic excellence and commitment to volunteerism with a renewable scholarship.


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