The Chronicle: Issue 2013-37, September 24, 2013


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

The Road To 2023 Is Paved With Data, Analytics, and Good Stories
Of all the trends identified by the Insurance 2023 Group, Data and Analytics were the two that permeated most of the discussion. It is clear the insurance engine is fueled by data and guided by analytics. On this basis, the results of any insurance organization is only as powerful as its data are rich; and only as targeted as its analytics are calibrated.

Is Usage-Based Insurance a Pathway to Greater Privacy, Not Less?
(By Colin Wright) As industry interest in Usage-Based Insurance grows, familiar concerns with respect to privacy surface with each launch of new UBI products. It is all but guaranteed that the “Big Brother” aspect will garner the media's focus, and it all might seem pretty ominous for the consumer. But this doesn't have to be the narrative — UBI can buck the trend. Rather than being more invasive, it can actually be used to enhance personal privacy for policyholders. The reason is quite simple: insurers may become largely indifferent to who is driving a car by using driving data to shift the focus to how it is being driven.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

The Co-operators: New study asks, Is flood insurance viable in Canada?
Canada is the only G8 country in which insurance against overland flooding is not available to homeowners – but does it have to remain that way? A study released today that explores issues related to flooding and property insurance aims to advance informed discussion of the potential to better protect Canadian homeowners. It reveals that while insurance executives are concerned about the lack of flood insurance and agree on many of the associated issues, opinions remain mixed concerning its viability in Canada.

IBC: Alberta floods the costliest insured natural disaster in Canadian history
Insurance Bureau of Canada reports that the latest estimate of the insured property damage caused by last June's southern Alberta floods makes it the costliest natural disaster in Canadian history. Flooding was the result of torrential rainfall between June 20 and 24. Four people died and 100,000 people were forced from their homes. The Alberta government declared a state of emergency for a number of communities in southern Alberta.

OSFI remarks at the 2013 National Insurance Conference of Canada by Superintendent Julie Dickson
“When I was here last year, I commented on how well the Property and Casualty insurance industry was doing. At the time, the P&C sector was enjoying relative stability compared to other sectors. Although companies were being affected on the investment side by low interest rates and market performance, overall measures like Return on Equity looked good and underwriting performance was the strongest since 2006 (although it should be noted that I am talking here about averages and that there was variation by company).”

Manulife launches RetirementPlus, the first product in Canada to adjust to changing markets and client goals
Manulife Investments has announced the launch of Manulife RetirementPlus™, designed for people who are between five and 15 years from retirement. Manulife RetirementPlus provides the opportunity for retirement savings growth through equity participation, the potential to benefit from rising interest rates, and the option to choose a future guaranteed lifetime income – all within a single flexible contract.

Andrew Agencies acquires Four Corners and Hatfield Financial
Andrew Agencies Ltd. and Sunrise Credit Union Limited are pleased to announce that effective November 1, 2013 Andrew Agencies has acquired Four Corners Associates and Hatfield Financial and Insurance Services Inc. from VCU Financial Inc., a subsidiary of Sunrise Credit Union Limited.

Technology

IBM Customer Experience Lab unveils new social, mobile and big data innovations to help C-suite leaders
IBM has unveiled a set of new innovations from its Customer Experience Lab, dedicated to helping business leaders gain deeper insights into individual customers and transform the way customers experience their products, services and brands through the use of mobile, social, cloud and advanced analytics technologies.

CSIO launches certification program for insurers and vendors
The Centre for Study of Insurance Operations is pleased to announce the launch of its standards certification program for member companies and vendors. The first business activity available for certification is eDocs, with plans to expand the program to cover all other business activities.

Gartner: collaboration applications will be equally available across multiple devices by 2016
Most collaboration applications will be equally available on desktops, mobile phones, tablets and browsers by 2016, according to Gartner, Inc. Currently, a variety of apps and services for mobile content access, collaboration and productivity enable employees to collaborate in real time and work more effectively, but the fragmentation of options creates complexity and challenges for the IT organization. Within a few years, the average personal cloud will synchronize and orchestrate at least six different device types.

Distribution

IBAO: ground-breaking telematics set to enter Canadian Marketplace from IBRI and Quindell
The Independent Broker Resources Inc. (IBRI), a wholly owned subsidiary of the Insurance Brokers Association of Ontario, has proudly announced their intent to partner with Quindell Portfolio Plc, a leading provider of insurance technology, to introduce ground-breaking telematics technology to the Canadian marketplace. The partnership will launch a broker owned telematics solution.

SGI Canada partners with Kanetix SaaS to launch online quoting solution in Alberta
SGI Canada Insurance Services Limited and Kanetix SaaS (Software as a Service) have launched two new eQuote products in Alberta, giving independent contractors and small oilfield operations the ability to obtain affordable, tailored coverage.

Echelon Insurance launches automated new business applications with Brovada NexExchange
Echelon General Insurance Company is pleased to announce the launch of its automated new business upload capability using Brovada NexExchange. The functionality allows insurance brokers to submit automobile new business transactions in real-time from within their broker management system.

In The Community

The Co-operators: finalists chosen in The National Co-op Challenge
Public voting has begun in The National Co-op Challenge, a social media contest created by The Co-operators to support the growth of emerging Canadian co-operatives. Sixteen co-ops, four from each of four regions across Canada, are now competing for their share of the prize money.

Northbridge Financial pledges five-year donation to Pathways to Education
Pathways to Education, a not-for-profit organization focused on helping youth in low-income communities across Canada graduate from high school, is proud to announce a seven-figure donation over five years from Northbridge Financial Corporation, a leading commercial and casualty insurance company.


Subscribe here or view past issues.