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 2016-02, January 12, 2016


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

Developing the Aviva Ride-Sharing Insurance Coverage: Untying the Customer
Since Aviva announced its new coverage for ride-sharing services, several commentators have suggested that this solves problems for ride-sharing companies such as Uber. But what does it do for Aviva, its customers, and its distributors? The answers are both simple and profound.

Just in Time, Lean Insurance: Why and How
There is no doubt: we are living in volatile times that are impacting products, services, and processes. Technology is breaking down barriers and re-defining business models. Many sectors are adopting and embracing change. However, leading analysts believes that insurance has been an outlier. But there are opportunities to change that. What are the changes and who are the changers? Employers are increasingly relying on contract workers, challenging traditional work relationships. Manufacturers rely on continuous improvement programs, as well as lean and just-in-time processes to maintain competitive positioning. In all sectors, big data and analytics are informing virtually all segments.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Product Announcement: Aviva Canada to offer personal coverage for ride-sharing drivers
Responding to the growing use of ride-sharing services and the need to protect both passengers and drivers, Aviva Canada – one of the country's leading providers of home, automobile, leisure/lifestyle and business insurance – is excited to announce the launch of coverage for drivers that carry paying passengers in their own vehicles. The coverage will become available for Ontario drivers in early February, and is a simple addition to an Aviva-insured personal auto policy. Aviva will be working with regulators across the country to make the solution available in other provinces in the coming months.

Rogers Insurance prepares for the arrival of personal auto ridesharing insurance in Alberta
Rogers Insurance Ltd. is pleased to announce preparations for the arrival of mainstream personal auto insurance for ridesharing drivers in Alberta. On January 6th, 2016, Aviva Canada announced the launch of coverage for ridesharing drivers in Ontario, with availability in other provinces to follow in the coming months. In anticipation of this coverage's future availability in Alberta, Rogers Insurance has launched an online sign-up utility for Alberta auto insurance customers.

Aon catastrophe report: Storm events contribute to $4bn December insurance bill
Impact Forecasting, Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during December 2015. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.

2016 ICTA Nominees

2016 ICTA Nomination: Mobile App Provides GUARANTEE GOLD with Extra Services
The GUARANTEE GOLD Mobile App is an extension of our strategy to help our clients plan ahead and proactively take safety measures to protect their homes and belongings. Our commitment in 2015 is inspired by our clients who have suffered harsh weather and water-related losses, many of whom were unsure of the steps to take and ways they could protect their homes. From the palm of their hand, the GUARANTEE GOLD Mobile App provides our clients with claim reports on the go, policy changes, claims help, a broker finder and resource centre, access to real-time weather alerts, and more.

2016 ICTA Nomination: IBC-Quebec leverages document technology to serve members better
The Xpertdoc Content Auditor is a document comparison tool that ensures compliance and quality by monitoring, auditing and managing content changes. Its powerful automated technologies for change tracking, review and approval workflows, and document monitoring enable business users to manage high volume of insurance documents and updates with ease and accuracy. Prior to using the Xpertdoc Content Auditor, the Insurance Bureau of Canada (IBC-Quebec) was faced with the daunting task of manually editing, reviewing and approving hundreds of text fragments within their policy documents. IBC-Quebec implemented this tool and realized substantial efficiency gains, a ROI in a few short months, and a modern technology platform to move ahead with.

2016 ICTA Nomination: Sharp Insurance is on the digital expressway with customer service
The impact of Sharp Insurance's digital customer service tools is beginning to take full form. Since the inception of Sharp Mobile in 2014, not many brokerages in Canada fully understood the impact of the digital shift in consumerism and how it was going to affect their own business processes. However, one year later, many brokerages are now seeing the immense value of having a multi-channel customer service approach. After all, today's consumer expects immediate access to their products, full transparency, and immediate service. Externally, the app and online portal is having a massive impact on customer service satisfaction. Internally, by using the app and online portal, it takes a lot of the day to day operations strains off of brokers. Less calls means more time to work on complicated files, and most importantly in today's shifting economy, more time to sell policies and grow the business.



2016 Technology Conference and Broker Forum

New technologies arrive ever faster. Attend these events to learn more about insurance tactics to keep up with consumers, and how insurance innovators are pushing the envelop.

At our Technology Conference (ICTC2016) on February 29:

Analytics Enabling Digital Customer Acquisition
Andrew Lo, Chief Marketing Officer & Chief Strategy Officer, Kanetix Ltd.
Digital customer acquisition has never been more exciting. Success lies in looking beyond what has traditionally been relied upon.

At our Broker Forum (ICBF2016) on March 1:

Digital Tipping Point: Why We Need To Adopt The Tools For Tomorrow, Today
Sherif Gemayel, President, Sharp Insurance
In our broadly evolving digital landscape, now is perhaps the most crucial time to change the way we service our clients.

Engage with our sponsors and discover what they have on offer:

  • Red Planet Software, a Broker Forum Bronze Sponsor, will be on hand at a booth to discuss their niche loans management software.
  • MCCG, a Bronze Sponsor for ICTC2016, will be attending with delegates from many of its member companies to share and network.
  • Esri Canada, a Bronze Sponsor at ICTC2016, , will display their enterprise geographic information system (GIS) solutions.
  • InsuranceWorks.ca will feature online job seeker and employer services as a Bronze Sponsor at ICTC2016.
  • iCon Alliance, a provider of skilled professionals, software, and advice, is a Conference Supporter for ICTC2016.

Sponsors include:

Red Planet Software

MCCG

esri Canada

insuranceworks

iCon Alliance



Consumer Information

Kanetix.ca survey on self-driving cars: Are Canadians ready to take their hands off the wheel?
Kanetix.ca releases the findings of a survey on Canadians' attitudes towards driverless cars, as Kia unveils its vision and roadmap for a fully autonomous vehicle at the Jan. 6-9 Consumer Electronics Show (CES) in Las Vegas, Nevada, where next-generation innovations are introduced to the marketplace. The survey finds that Canadians are evenly split on their desire for a driverless car. One in four cannot wait for the day that driverless cars will be available, and almost as many say no thanks, they love driving too much.

Technology

Novarica: Insurer adoption of Cloud, Mobile, and Big Data tools poised to grow in 2016
Although insurers continue to struggle with legacy systems, many are also deploying newer technologies. According to the 3rd annual emerging technology report by research and advisory firm Novarica, more than half of insurers have deployed some cloud-based systems, and the number using big data technologies has doubled since 2014. Novarica's latest report is based on a survey of more than 100 insurer CIOs, and tracks deployments in six key technology areas: social, mobile, analytics, big data, cloud, and digital.

GM and Lyft to shape the future of mobility
General Motors and Lyft have announced a long-term strategic alliance to create an integrated network of on-demand autonomous vehicles in the United States. GM will invest in Lyft to help the company continue the rapid growth of its successful ridesharing service. In addition, GM will hold a seat on the company's board of directors.

EquiSoft acquires Universal Conversion Technologies
EquiSoft has announced it has acquired Dallas-based Universal Conversion Technologies (UCT). As a result of the acquisition, EquiSoft now offers one of the largest specialized life and annuity services team in North America. Since 1994, EquiSoft has offered core integration services for life, annuity and health insurers and wealth management companies.

Policy Management

The Guarantee doubles premium base following Tinubu Square implementation
Tinubu Square, a leader in credit risk software solutions, has been credited with helping The Guarantee Company of North America (The Guarantee) to raise its profile in the highly competitive surety and specialist insurance market in Canada to the extent that it has doubled its premium base in just three years.

Marketing

eMarketer: In Canada, most digital sales still come from desktops
Digital shoppers in Canada are using mobile in their path to purchase, but desktops are still the kings of closing a sale. Q3 2015 data from Demac Media based on clients using the Magento ecommerce platform indicates that a majority of all conversions occurred on desktop PCs. Tablets accounted for nearly a third of conversions, with the remaining 15% coming from mobile phones.

Jobs and Careers

Insurance Brokers Association of Ontario elects new president, Doug Heaman
IBAO is proud to announce that Mr. Doug Heaman has been elected as IBAO's 73rd President. Doug was officially inducted at the IBAO Convention held in Toronto and formally assumed his role as President on January 1, 2016. His presidential theme is Create Your Future, based on the famous Abraham Lincoln quote: “The best way to predict your future is to create it.”




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