Insurance-Canada.ca Newsletter Archive

This newsletter serves the Canadian insurance industry. The Chronicle is published weekly and notes news, events, and general information relating to insurance, technology, and innovation in the industry and the marketplace. Subscribe or view past issues.

The Chronicle: Issue 2016-01, January 5, 2016


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

2016 – Digital, Analytics, and Mother Earth Will Not Be Ignored
There's a lot going on, and when the present is so busy it's hard to look long-term. With that said, I believe there are three trends we will not be able to ignore in 2016:  Digital, Analytics,  and Mother Earth.

This year saw several large companies (including Aviva, Intact, Manulife) open digital innovation centres in Canada. Digital systems make up the arterial system; intelligent machines and Analytics & Data comprise the brain and neural network. And where the earth is concerned, we may not be immediately worried about damage at the North Pole from an insurance standpoint, but there's more. Climate change is a major wild card.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


2016 ICTA Nominees

ICTA Nomination: Gore takes small business products online through brokers' websites
Gore Mutual Insurance Company partnered with eight insurance brokers to launch uBiz, the first fully ecommerce commercial insurance platform in Canada. uBiz “Business insurance just how u want it” enables small business customers to design their own insurance coverage and buy it instantly and securely online. This is an exciting new way of connecting small business owners with the products they need, at a price that makes sense, from an online insurance broker.

ICTA Nomination: Bullfrog offers small business online comparative quotes, full self-service
Bullfrog's platform is the first to provide a combined broker management, customer relationship management and rating engine for small business in Canada. Bullfrog provides up to four different quotes on more than 120 different businesses in select categories. The system is unique in that we not only receive data on "the backend" in real time but also are able to understand where a customer has hit "a roadblock" and assist them through online chat or a call with an agent. Quotes can be obtained in as little as 90 seconds and binding, payment and policy issuance takes less than five minutes. The integration of Google Analytics and collection of dozens of data points provides Bullfrog with unparalleled insight into customer buying behaviour and segmentation. This data is used to continually refine the quoting and buying process and expand the product offering.

ICTA Nomination: Safety Comes First With BI&I App
The Safety App is part of BI&I's Health and Safety program for our remote field Inspectors. It is technology that can provide our Inspectors in the field with assistance (fast response) for potentially dangerous or emergency situations. It reduces the potential risk and liability for our remote field Inspectors who are working on their own.

Business of Insurance

Munich Re: El Niņo curbs 2015 natural catastrophe losses
Losses from natural catastrophes in 2015 were again lower than in the previous year. The natural climate phenomenon El Niņo reduced hurricane activity in the North Atlantic, while it brought major floods and heatwaves to many developing and emerging countries. The deadliest catastrophe, and also the costliest in terms of overall losses, was the Nepal earthquake in April, where some 9,000 people lost their lives and overall losses totalled nearly USD 5bn.

Swiss Re sigma study: Life insurance is at a crossroads
The life insurance industry is at a crossroads: new technologies pave the way for a revolution in the way insurers write business, handle data and engage consumers. Swiss Re's latest sigma study, “Life insurance in the digital age: fundamental transformation ahead,” looks at how life insurers have adopted some of the capabilities now available and how the future may take shape. It explores issues such as the use of Big Data, cognitive computing and how digital data can help insurers broaden their reach. The report also explores looming challenges for life insurers such as creating a positive digital experience for consumers, keeping up with regulatory changes, especially around data privacy, and dealing with potential partnerships or competition from non-traditional players.

Technology

Benchmark IME: Key steps to consider when implementing a workflow-based technology system
Over the past 10 years, with the advent of enhanced Internet-based application capabilities and a growing awareness of the gains systemized processes can provide an organization, a wealth of resources have been invested in an attempt to determine what constitutes the optimal technology solution/s for a company. As a result, we have decided to weigh-in with a high level overview on workflow analysis – a key strategic component of any new system implementation. Prior to implementing a new technology solution it is important to consider that the overall workflow must be examined first and, as detailed below, with an eye towards more than just an attempt to gain efficiencies. The real objective of a new workflow is to accomplish a set of goals.

CGI releases its 2015 Annual Review, showcasing clients' digital transformation journey
CGI has announced the release of its 2015 Annual Review, which captures insights from CGI's 2015 Voice of Our Clients program and provides an overview of how CGI is partnering to help clients address rapidly changing market and industry dynamics.

Policy Management

Majesco announces P&C Suite updates
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, today announced updates to the Majesco P&C Suite. Majesco P&C Suite includes Majesco Policy for P&C, Majesco Billing and Majesco Claims, Majesco Rating, Majesco Underwriting Workbench, Majesco Reinsurance and Majesco Configuration Toolset.



Attend our Technology Conference, Feb. 29, & Broker Forum, Mar. 1

Discover new uses of technology supporting your insurance business. Learn more about the trends shaping the industry. What will help you, and what might come back to bite you?  Expert presentations include:

American Family and the IoT: Doing to Insurance what Starbucks Did to Coffee
Ryan Rist, Director of Innovation, American Family Insurance
There are reasons why insurers should care about the Internet of Things – some obvious, some not. Take away ideas from Ryan's experience as an early adopter.

Meet with, and learn from, our sponsors, including:

Attend ICTC2016: “Technology: A Two-Edged Sword” for insurer-focused content.

For broker distribution challenges, attend ICBF2016: “Brokers on the Digital Expressway”.

Sponsors include:

EIS Group

Silanis e-SignLive

Hortonworks



Claims

Coalition Against Insurance Fraud 2015 U.S. Insurance Fraud Hall of Shame
Blown-up houses, staged wrecks and bogus spine surgeries were among the damage inflicted by nine convicted scammers newly selected and enshrined in the US-based Coalition Against Insurance Fraud's 2015 Hall of Shame. The Hall of Shame recognizes the year's most-extreme insurance schemers. All were convicted or had other legal closure in 2015.

Marketing

eMarketer: Canada's ad market continues inexorable shift to digital
Digital ads made up more than a third of total ad expenditures in Canada this year, eMarketer estimates, and that percentage will continue to climb in 2016. Digital's high degree of targeting precision and advanced metrics are attracting a larger share of ad budgets, even as many digital ad formats continue to mature, according to the latest eMarketer report, Canada Digital Ad Spending Forecast 2016: Mobile, Video and Social Pushing Investment to New Heights.

eMarketer: Mobile's workplace role continues to grow
The first, most overarching trend for B2B mobile marketing in 2016 is that mobile's role in the workplace will continue to grow. Mobile is a key contributor to the ever-blurrier lines between work time and personal time, giving B2B marketers a growing number of reasons why they should be working harder to reach mobile audiences.

Consumer Information

IBC says B.C. earthquake a reminder of need for emergency preparedness
An earthquake that struck about 20 kilometres north of Victoria on Dec. 29, 2015, measured 4.3, reported Natural Resources Canada. While there have been no reports of injury or property damage, this latest quake illustrates, yet again, the need for British Columbians and other Canadians who live in seismically active areas to ensure they're prepared for a major and damaging earthquake.

Aviva Canada: Ontario man found guilty of committing arson to obtain insurance payout
The insurance industry continues to experience arson-for-profit schemes. These dangerous and fraudulent acts not only put the public and emergency responders at risk, but also represent a significant financial risk to insurance consumers. Aviva Canada Inc., one of the country's leading providers of home, auto, leisure/lifestyle and business insurance, is committed to tracking and preventing fraudulent claims.

CLHIA: Life and health insurers release results of coverage by pooling system for high-cost prescription drugs
In 2014 the cost of covering highly expensive and recurring drug treatments increased by 45% over 2013 for life and health insurance industry benefit plans. This information was released today by the Canadian Drug Insurance Pooling Corporation (CDIPC), the mechanism under which Canadian life and health insurers voluntarily share the costs of highly expensive and recurring drug treatments.

IBC's Top home safety tips to ensure a happy holiday season
With the winter season underway, Insurance Bureau of Canada is providing Canadians with some important safety tips. "During this very social time of year, it is important to make sure your home is safe for anyone who lives with or visits you. We encourage everyone to review and follow a few safety tips to help keep this season happy, healthy, merry and bright," said Kim Donaldson, Vice-President, Ontario, IBC.




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