The Chronicle: Issue 2014-26, July 2, 2014


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

Mid-Year Update on 2014 Trends
Before we head off for a good long weekend, we thought we'd celebrate the 2014 mid-point by reflecting on the trends we discerned at the beginning of the year. It looks like we caught a wave or two, and are still waiting when it comes to some others. We'd like your experience: how have your prognostications played out?

Regarding Core Systems Replacement, it was a no-brainer to suggest that legacy systems modernization would continue through 2014, since 30%-40% of insurers had started the journey. We added a caveat: there would be increased fiscal control placed on large projects. We think we hit this one. Scope control is the order of the day in many shops. Unfortunately the original business case, touting “business transformation,” may be going through its own transformation, with lowered expectations.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Careers: Welcome, Patrick!

Insurance-Canada.ca: Patrick Vice appointed Director of Products and Services
Dave Gibbons, Managing Partner, Insurance-Canada.ca, Inc., has announced that Patrick Vice will assume the role of Director, Products and Services for Insurance-Canada.ca, Inc., effective July 7, 2014. This is in addition to his position as a member of the Advisory Board and Partner in the firm.

Business of Insurance

Aviva Canada commences litigation over collusion between broker employee and deceptive policyholders
Aviva Canada, one of the country's leading providers of home, auto, recreational vehicle, group and business insurance, announces that it has commenced litigation against a former employee of KMI Brokers Inc. of Mississauga, Ontario. The owners of KMI Brokers are cooperating fully with Aviva Canada's investigation and endorsed the submission of complaints about their former employee's business practices to the Registered Insurance Brokers of Ontario (RIBO).

Frank Cowan Company now offers commercial and public automobile policies in Alberta
Frank Cowan Company is pleased to announce that the Company now offers commercial and public automobile policies in Alberta as part of their packaged multi-line program. This new development comes in response to demands by local brokers for a one stop solution.

Gore Mutual Insurance Company obtains CSIO Certification for eDocs
The Centre for Study of Insurance Operations (CSIO) is pleased to announce that Gore Mutual Insurance Company has achieved CSIO Certification for its eDocs solution. CSIO data exchange standards are company neutral and help solve data compatibility issues, facilitate more efficient and seamless integration of information and improve implementation of technology solutions.

Unica adds Professionals Office Connection to its suite of Connection products
Unica Insurance is proud to announce the addition of the Professionals Office Connection™ to its suite of Connection™ products, a product designed to address the unique coverage needs of larger Canadian professional firms such as medical and dental clinics, architectural, accounting, engineering and law firms. Under its new Connection banner, Your Business. Your Needs. Your Way™, Unica conveys its message that each risk is assessed on its own merit and coverage is customized to meet clients' unique needs.

Swiss Re: Premium growth slowed largely due to weak life sales in advanced markets
Premiums written in the global insurance industry grew by 1.4% in real terms in 2013 after a 2.5% increase in 2012, says Swiss Re's latest sigma study. The slowdown was primarily due to weakness in the life sector in the advanced markets. Global life premiums were up just 0.7% in 2013, with weak sales in North America and the advanced Asian markets offsetting a strong performance in Western Europe, Oceania and most emerging markets. Non-life premiums grew by 2.3%, also less than the previous year as growth slowed in the advanced and emerging markets. Overall profitability in the life and non-life sectors improved, despite the impact of still low interest rates on investment returns.

Technology

IBM collaboration harnesses Big Data to improve our understanding of water risk at the watershed level
A new data integration platform for watershed management built by the Southern Ontario Water Consortium in collaboration with IBM is helping researchers, urban planners and others develop more sophisticated tools to predict floods, safeguard the drinking water supply and forecast the impact of growth and urbanization on vital ecosystems.

MARCON Mobility Newsletter: The Bottom Line Dilemma
We have often wondered about the decision by an automaker to recall a product. Where in the ethics of business are the various considerations brought together – with data around costs, risk of injury or even death, customer and market perception, investor confidence and more, who stirs the mix and how is the decision made? This issue of the Future Mobility newsletter explores these issues, leading to the point that electric vehicles will be safer – presumably at least in part because of reduced pollution – and that shared vehicles will be a preferred mode of transportation over driver-owned vehicles. But the question emerges as to the pace of change from today to tomorrow, and whether vested interests are slowing the progress – and if so, at what expense to safety?

Distribution

CLHIA report: Solutions to boost Canada's infrastructure
Canada faces a significant infrastructure deficit that must be addressed if we are to grow our economy and support Canadians' standard of living. The Canadian Life and Health Insurance Association (CLHIA) has released a report, Get it Built: Fostering Economic Growth and Prosperity Through Enhancements to Canada's Long-term Investment Market, making recommendations on how businesses and governments can work together to build the infrastructure this country needs.

Marketing

eMarketer: Majority of Canadians access web via mobile
For the first time, more than half of the overall population of Canada will use the internet on their mobile phones at least monthly this year, eMarketer estimates. The US will pass the halfway marker this year as well, according to our latest estimates of mobile phone usage patterns around the world.

Aite Group report compares U.S. auto insurers' social and online presence
In this analysis of the top 20 U.S. auto insurers, Aite group establishes an evaluation framework which it uses across their websites, mobile capabilities, and social media activity. The specific criteria cover the end-user functionality of each channel. By evaluating where each of the insurers is delivering a positive experience to consumers and where they can improve, the report offers a general understanding of how any insurance company can improve its digital presence.


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