The Chronicle: Issue 2014-09, March 4, 2014
What's Going Through The Intersection of Insurance and Technology?
#ICTA2014 – Celebrating Integrated & Customer-Focused Solutions
Core Modernization: Standard vs. Bespoke Implementations |
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12th Annual Insurance-Canada.ca P&C Insurance Technology Conference Welcome and thank-you to our 2014 conference sponsors:
V-NEO as a Conference Supporter. ICTC 2014 sponsor directory and exhibits to visit are now online. |
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Technology
Gartner: Major organizations will face an information crisis by 2017
The rise of big data, social networking and mobile interactions, coupled with an accelerating increase in the amount of structured and unstructured information enabled by cloud-based technologies, is forcing organizations to focus on the enterprise information that is most relevant, value-generating and risk-related. Gartner predicts that, by 2017, 33 percent of Fortune 100 organizations will experience an information crisis, due to their inability to effectively value, govern and trust their enterprise information.
Denologix whitepaper: dxHub MDM solution
The need to have a holistic view of all customers across lines of business has existed for a long time, and various organizations have attempted to solve this problem with various degrees of success. The challenge has been that this is not only a technically complex process, but more importantly it forces the change to the culture of the organizations that has been operating comfortably with the autonomy of lines of business silos. It also raises security questions about the data as it becomes easily shareable throughout the organization, and in some cases, to external parties.
GMC Software Technology: Coordinating the chaos of insurance customer communications, Part 2
To create a CCM portfolio, it makes sense first to take inventory of the breadth of your customer communications. Examine how different customer activities are supported by different channels at your company. An ideal communication portfolio will effectively manage discrete campaigns across multiple channels, paying attention to the limitations and opportunities offered by each.
Claims
Guy Carpenter launches satellite-based catastrophe evaluation service
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and member of Marsh & McLennan Companies, has launched its new satellite-based catastrophe evaluation service, GC CAT-VIEW, with the announcement that it has started using the service to provide clients affected by the recent UK floods with initial insured loss estimates. Provided through an exclusive partnership with specialist geo-information services provider Geospatial Insight Limited, the new service analyzes Earth Observation (EO) Satellite and radar imagery, plus footage from unmanned aerial vehicles (UAVs), the media and social media, as well as ground-survey data, to produce initial loss estimates.
Distribution
Applied Systems releases Applied PerformanceManagement
Applied Systems today announced the general release of its new analytics application, Applied PerformanceManagement, in the United States and Canada. Applied PerformanceManagement is the first application designed for insurance brokerages to transform their data into visual business insights that enable executives to make more informed decisions for greater business performance.
Business of Insurance
Towers Watson: insurers’ shares outperform industry average post-acquisition
Analysis of major acquisitions completed by global, publicly traded insurance companies between 2008 and 2013 shows the acquirer's share price has outperformed the insurance industry average by 4.2 percentage points in the short term. The analysis was extracted from the ongoing Quarterly Deal Performance Monitor (QDPM) compiled by Towers Watson, a global professional services company, in partnership with Cass Business School.
Capgemini: insurers profitability rests with improving customer experience via digital transformation
Despite insurer profitability increasing largely due to claims falling, less than one third of insurance customers globally report having positive customer experiences with their insurer in 2013, according to the World Insurance Report 2014 released by Capgemini. As a result, most insurance customers are at risk of changing carriers, marking the second year that customer flight risks remain high, and highlighting the need for insurers to focus on improving customer experiences, to minimize customer defections and secure profits. The report finds that digital channels (with mobile leading) are the most likely to drive profitable customer behaviors such as referrals or purchasing additional products.
IBC shines a spotlight on the huge problem of insurance fraud to kick off Fraud Prevention Month 2014
Insurance Bureau of Canada is taking an active role in the February 27 official kick-off of Don't Be Scammed: Fraud Prevention Month 2014, as it joins forces with the Financial Services Commission of Ontario, Toronto Police Services and other organizations involved with fraud awareness.
Economical Insurance announces plans for new national processing centre in Kitchener, Ontario
Economical has announced plans for its new operating model, which is intended to make its underwriting operations more centralized, automated, consistent and agile. A new national processing centre will be launched at Economical's Riverbend facility in Kitchener, ON, in 2014 where Economical will process a large portion of its business. Hiring for this centre has started and demonstrates Economical's commitment to the Waterloo Region.