The Chronicle: Issue 2015-30, July 28, 2015


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

Only in Insurance: Can Analog be Accommodated in Digital?
Insurers look with envy at the likes of Uber and Amazon, which use digital to completely disrupt complex business by introducing digital platforms that vacuum up consumers in droves. So why is digital taking so long to catch on with us?

A number of insurers and brokers realize that digital is the trend du jour and believe that wearing the digital cloth will help attract and retain customers. It is easy enough to feel internally successful with this; put up a mobile-friendly quote app, and you are in the game. The problem is that if there is no second step, this looks a lot like a reprise of the dot com days. Everyone knows that we need to embrace digital in order to innovate and engage the new consumer.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Technology

TCS study: Most companies increased revenue by investing in Internet of Things
Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, launched a major new global study looking at the impact of IoT technologies across a wide range of industry sectors around the world. The TCS Global Trend study on IoT, which surveyed 795 executives from large multi-nationals, identifies the huge potential for revenue increases from IoT, while also highlighting the significant challenges that lie ahead for businesses transitioning to the new model.

CSIO: New standards release introduces cyber liability insurance
The Centre for Study of Insurance Operations (CSIO) is pleased to announce the release of its latest XML data standard, which incorporates new updates related to the introduction of Cyber Liability Insurance. The need for cyber liability insurance is on the rise, with major retailers and government agencies – including Home Depot and the Canada Revenue Agency – recently experiencing significant data breaches. According to digital security company Gemalto, at least 276,000 data breaches occurred in Canadian companies in 2014. The introduction of Cyber Liability Insurance helps better manage these risks that can be present when doing business over the Internet.

Marketing

The Co-operators enhances its Member Benefits Program
As part of its commitment to serving its membership and the co-operative sector, The Co-operators has introduced enhancements to its Member Benefits Program. The changes provide exclusive, value-added coverage and savings on a wide range of insurance and related products and services to individuals who are members of participating member organizations of The Co-operators.

Policy Management

Majesco makes core insurance software available on IBM Cloud Softlayer
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has made its entire portfolio of property and casualty (P&C) insurance software products available to customers in a public cloud via the IBM Cloud. Majesco Billing, which supports both P&C and life and annuity (L&A) lines of business, is included in this launch, offering a unique customer-centric cloud based billing option for the industry. By making its products available on IBM Cloud's SoftLayer infrastructure, Majesco enables insurers to implement its core insurance software solutions in a secure, scalable, validated and proven environment as a viable option for their business transformation journey.

Saskatchewan Mutual Insurance goes live with ISI Enterprise
Insurance Systems Inc., a leading provider of enterprise solutions for the property and casualty insurance industry, is pleased to announce that Saskatchewan Mutual Insurance Company has successfully deployed ISI Enterprise as their core processing solution. Headquartered in Saskatoon, Saskatchewan, SMI is a property and casualty insurance provider writing both personal (habitational, farm and auto) and commercial lines of business.

Consumer Information

Intact offers tips to protect your car and property
As you head out on the road to enjoy summer vacation, Intact Insurance and TAG Tracking would like to remind you that car thieves don't go away for the summer. In fact, they'll be keeping an eye on you, as well as your vehicle and property – the latest auto theft figures speak for themselves.

Business of Insurance

Gartner survey shows information security governance practices are maturing
Information security governance practices are maturing according to Gartner, Inc.'s annual end-user survey for privacy, IT risk management, information security, business continuity or regulatory compliance. Gartner surveyed 964 respondents in large organizations in seven countries between February and April 2015.

Conning study for purchase: Innovation in Property-Casualty Insurance – Responding to a Changing Value Proposition
Property-casualty insurers are facing an erosion of barriers to entry in their markets, as risk data becomes more widely available, and as new capital sources disrupt traditional insurers, according to a new study by Conning. The study explores the relevance and value proposition of the property-casualty insurance industry in the face of today's unprecedented challenges. It also presents responses from many leading insurers, as well as scenarios for potential future outcomes and solutions.


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