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 2016-04, January 26, 2016
What's Going Through The Intersection of Insurance and Technology?
Brokers: Are You on the “Digital Expressway” Wave?
2016 ICTA Nominees
2016 ICTA Nomination: Trillium Mutual improves service to brokers for farm and residential business
Trillium has invested in new technology to implement a New Business Property Portal for Farm and Residential business that has excited our broker partners; given our internal Underwriting team a new UI with significantly improved capabilities; and improved speed, performance and accuracy for our new policy holders. The farm portal is a first-of-its kind broker portal that provides broad functionality for all farm properties including farm buildings, farm machinery, equipment, livestock and liability coverages. This complete, easy to understand solution handles all types of farm and residential insurance risks and allows brokers to quote and upload new business anywhere they have internet connectivity.
2016 ICTA Nomination: EasyInsure builds a partnership with fleet customers
FleetX is a revolutionary web-based fleet management system that brings synergy to day-to-day fleet management and real-time insurance binding, issuance and servicing. FleetX delivers a multi-level platform that brings efficiency to the brokerage and fleet management office. Standard fleet policy management and data entry can be burdensome and time consuming, with FleetX, EasyInsure has stream lined those antiquated processes and worked them into their client's day-to-day workflows, resulting in an unparalleled, real-time policy management experience. Offering instant document generation including certificates of insurance and liability slips, FleetX has become the new standard for fleet managers and fleet policy management alike.
GMC Software: Study finds financial services revenue growth depends on customer experience transformation
GMC Software Technology, a leader in Customer Communications Management, has released a study it commissioned from Forrester Consulting to evaluate how financial services are improving their customer touchpoints, including documents rendered both physically and digitally. The study revealed that many financial services firms are striving to achieve a better customer experience by improving technology systems, providing seamless customer onboarding and ensuring accuracy of customer data.
Celent's P&C Insurance CIO Pressures and Priorities 2016: North America Edition
At the end of every year, Celent surveys insurance company CIOs, asking the pressures they are facing and the priorities they have set for the coming year. The report covers eight topics including IT budgets, plans for initiatives, specific applications, and digital.
ICBC's Hall of Shame: The top 6 fraud files of 2015
These are the highlights of ICBC's 2015 fraud files, including a man who torches his vehicle then claims it was stolen, a woman embellishing the extent of her injuries to collect two paycheques, and a man crying wolf to get out of doing the dishes. While the vast majority of ICBC's customers are honest, there are some drivers that choose to exaggerate or make false claims. ICBC is launching an anti-fraud campaign to raise awareness about fraudulent insurance claims and its financial impact to all B.C. drivers.
UMTRI: More Americans of all ages spurning driver's licenses
While more and more teens and twentysomethings are forgoing driver's licenses, the most recent trend holds true for pretty much all age groups, say University of Michigan researchers. In a new report examining changes in driver licensure in the U.S. from 1983 to 2014, Michael Sivak and Brandon Schoettle of the U-M Transportation Research Institute found a continuous decrease in the percentage of those under age 45 with a license. Even the proportion of Americans ages 45-69 with driver's licenses have declined overall since 2008, following a 25-year rise.
eMarketer: For consumer IoT devices, cost and privacy are top issues
The internet of things (IoT) has a wide-ranging impact across many categories, from healthcare to travel. And consumers are even embracing smart home devices. However, when it comes to purchasing an IoT device, cost is a top barrier. Privacy and security issues were another hindrance to purchasing an IoT device.
2016 Technology Conference & Broker Forum
Becoming digital insurers and brokers is a beckoning mantra. Explore the status, determine the key issues, identify opportunities and refine your plans
At the February 29 Technology Conference (ICTC2016):
At the March 1 Broker Forum (ICBF2016):
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Business of Insurance
PwC survey: Canadian CEOs expect lower growth
PwC's 19th annual Global CEO Survey, Redefining Business Success In A Changing World, points to a less positive outlook for the global and Canadian economies. Published today at the opening of the World Economic Forum Annual Meeting in Davos, Switzerland, the survey - which includes responses from more than 1,400 CEOs - found that CEOs globally (66%) and in Canada (76%) see more serious threats facing their businesses today than three years ago. China's economic rebalancing, falling oil prices and geopolitical uncertainties are all weakening CEO confidence, with 23% globally (31% in Canada) believing that global economic growth will fall over the next 12 months.
Aviva Canada announces acquisition of RBC General Insurance Company
Aviva Canada Inc., one of the country's leading providers of home, auto, leisure/lifestyle and business insurance, announces the acquisition of RBC General Insurance Company and a 15-year strategic agreement with RBC Insurance. Through this agreement, Aviva Canada will provide policy administration and claims services, and RBC Insurance customers will be able to access Aviva Canada's full suite of property & casualty products. RBC Insurance will continue to market and sell these products under the RBC Insurance brand.
SMA quantifies insurance industry transformation and strategies
Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Insurers' 2016 Strategic Initiatives: Advancing Industry Transformation. This report provides further evidence regarding the shifts taking place in the industry, identifies the specific initiatives that are driving change, reveals how insurers are funding these major programs, and shows how the initiatives converge to provide insurers with a platform for the future.
FSCO reports Q4 2015 auto rate changes
The Financial Services Commission of Ontario (FSCO) has provided an overview of the private passenger automobile insurance rate changes approved or ordered in the fourth quarter of 2015. FSCO approved 26 private passenger automobile insurance rate filings during the fourth quarter of 2015. A total of 21 insurers submitted the filings. The number of filings reviewed by FSCO and the overall average rate change for the Ontario market vary from quarter to quarter, based on updated information about claims costs, market conditions and other financial factors and the resulting impact that these factors have on the adequacy of an insurance company's current rates.
Desjardins General Insurance Group selects EIS Group Software Suite
EIS Group, an insurance core systems software provider, today announced that EIS Suite™ has been selected as the new core systems solution for Desjardins General Insurance Group (DGIG), a leading property & casualty insurer in Canada. EIS Suite will be used for all core underwriting, policy administration, billing, claims and customer management processes in Desjardins Insurance's personal and commercial insurance operations.
Aviva Canada appoints Leclerc Insurance and Financial Services as MGA in Quebec
Aviva Canada, one of the country's leading providers of home, auto, leisure/lifestyle and business insurance, is pleased to announce that its long-standing partner in the Quebec market, Leclerc Insurance and Financial Services ("Leclerc"), has been appointed Managing General Agent in Quebec for its specialty personal lines business underwritten by Elite Insurance Company of Canada. The appointment will take effect April 1, 2016.