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 2016-06, February 9, 2016
What's Going Through The Intersection of Insurance and Technology?
Insurance Going from Evil to Good: Is there an App for That?
Benchmark: How backend influences frontend in technology system implementation
In our last article we reviewed the key steps to consider when implementing a workflow based technology system – establishing that a system can only be as good as the planning, configuration, and data entered into it – and an important part of this data is clearly understanding and defining the "role/s" of each potential user of the system. Accurately completing this task enables the technology system to automatically control the level of information and access privilege each user has based on their roles, pre-defined workflows, and peer groups. Managing user access in this manner is a form of security/privilege management methodology known as Roles Based Access Control (RBAC).
Strategy Meets Action research report: Implications of the Connected World for Insurance
Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Insurance in the Connected World: Observations on Opportunities and Threats. The report provides a structured way to think about the connected world and explores the implications for various insurance lines of business. A range of emerging technologies and their implications are highlighted, including the Internet of Things, wearables, drones, robotics, artificial intelligence, and others.
ACORD announces partnership with Global Insurance Accelerator
ACORD, the insurance industry's global data standards and services association, is pleased to announce a new partnership with the Global Insurance Accelerator (GIA), a global business accelerator focused on developing and growing innovative insurance-centric startups. The partnership brings the first of this year's ACORD Insurance Innovation Challenge (AIIC) semi-final events to the Global Insurance Symposium in Des Moines.
Gartner: Wearable devices sales set to grow by nearly one-fifth in 2016
Gartner, Inc. forecasts that 274 million wearable electronic devices will be sold worldwide in 2016, an increase of 18.4 percent from 2015. Sales of wearable electronic devices will generate revenue of USD 28.7bn this year, of which more than one third will be from smartwatches. Smartwatches have the greatest revenue potential among all wearables through 2019, largely due to Apple popularizing wearables as a lifestyle trend.
Aite Group report on Ridesharing and On-Demand Delivery Drivers: Insurance Attitudes and Behaviors
The spread of ridesharing as a part-time or full-time job has been a hot-button issue for the insurance industry for the past few years. But ridesharing is only the most visible tip of the car-utilization iceberg. In the coming years, drivers will likely have more ways to leverage their cars to generate income. Package, food, and other types of delivery are still nascent but developing. A variety of models are emerging, and not merely for short-distance delivery.
Business of Insurance
Chubb adds coverages and capacity for real estate and hospitality industry clients
Chubb has announced it has enhanced its dedicated Real Estate & Hospitality industry practice by offering a broader suite of insurance coverages and significantly expanded capacity for U.S. and Canadian real estate owners and managers and hospitality-related companies. Michael Chang, Executive Vice President, Chubb Real Estate & Hospitality, will lead the practice's team of experienced real estate underwriters, risk engineers and service specialists.
ISI completes SSAE 16 Type II Examination for ISI Enterprise
Insurance Systems Inc., a leader in providing technological solutions to the insurance services industry, has announced that it has successfully completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16) Type II examination for their ISI Enterprise Insurance Policy Administration Software System. Insurance Systems Inc. retained international business advisory firm Skoda Minotti for its SSAE 16 audit work. Insurance Systems Inc. selected Skoda Minotti after an intensive search based on Skoda Minotti's reputation as a leading assurance solutions and compliance company.
The 2016 Technology Conference & Broker Forum
Digital technology is improving your customers' personal lives and their businesses. Would you expect them to make an exception for insurance?
Insurers and brokers are tackling the challenge head-on at:
The February 29 Technology Conference (ICTC2016):
“Making Telematics a Win-Win” – John Kramer, Octo Telematics
The March 1 Broker Forum (ICBF2016):
“Effectiveness in Marketing, Sales and Service”
Engage with our sponsors and discover what they have on offer:
CSIO releases advisory report on electronic delivery of pink slips
The Centre for Study of Insurance Operations (CSIO) is pleased to release a new legal advisory report to support the broker channel in adopting eSlips, electronic proof of auto insurance in place of traditional paper pink slips. CSIO commissioned Fasken Martineau LLP to produce the report, which provides an overview of legislation requiring pink slips, describes case studies from jurisdictions that have permitted eSlips, and identifies opportunities for legislative change in Canada.
Economical and MSA Research partner to provide sophisticated research to brokers in Ontario and Alberta
Economical Insurance is pleased to be the new title sponsor of the MSA Quarterly Outlook Reports that will be distributed to the members of the Insurance Brokers Association of Ontario and the Insurance Brokers Association of Alberta beginning in April 2016. MSA's quarterly reports provide informative insight into the P&C insurance industry, including financial results for Canada's insurers and updated Standard and Poor's financial strength ratings.
Cornerstone Insurance Brokers Ltd. purchases KPL Insurance-Rates Inc.
Cornerstone Insurance Brokers Ltd. is pleased to announce the purchase of KPL Insurance-Rates Inc. The transaction, which closed end of business day on January 29, 2016, brings together two exceptional brokerages. Cornerstone Insurance Brokers will be providing the KPL client-base with the same high quality insurance products and customer service that clients have come to expect. KPL's digital online approach will complement Cornerstone's existing locations.
Keal's top 5 tips for a successful BMS conversion
Conversion and implementation is a term that strikes fear in the hearts of many brokers considering a BMS change. It is a fact that migrating to a new system will cause a disruption to the workflows of a brokerage, but what disruption should be expected and more importantly, what disruption is acceptable in the pursuit of improvement? The movement of data from one broker management system to another is a huge undertaking. The task of up-rooting all of your client and policy data and placing it into a new database takes planning, co-ordination and expertise. But how do you validate if your new software partner is up to the task?
ClaimsPro/IndemniPro strengthens Quebec coverage with acquisition of Allen & Fugère
ClaimsPro/IndemniPro has announced that it has acquired one of Quebec's leading loss adjusting firms, Allen & Fugère Inc. Allen & Fugère has been providing adjusting services throughout Quebec for more than 55 years and boasts an impressive roster of 10 preeminent insurance professionals including Senior Adjusters and Investigators. The company has developed a stellar reputation across Quebec for their Special Investigations Unit, which works to identify and investigate fraudulent claims through preliminary interview and statement-taking techniques. This capability both complements and enhances ClaimsPro/IndemniPro's existing service offering, and positions ClaimsPro/IndemniPro as an expanded presence in Trois-Rivières while increasing its geographical footprint within Quebec.
eMarketer: Marketers in Canada devote more money to mobile
Mobile is the most likely digital channel to see an increase in budget among marketers in Canada, according to research from December 2015. Ad Hoc polled marketing professionals in Canada for AdGear about their marketing allocations for 2016. Respondents said that in 2016 they plan to devote more of their marketing budget to digital than in 2015.
Aviva Canada's first-of-its-kind ride-sharing coverage now available in Ontario
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 pleased to confirm the Financial Services Commission of Ontario (FSCO) approval of its ‘first of a kind’ coverage for drivers that carry paying passengers in their own vehicles. The coverage, now available for Ontario drivers, 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.
Great-West Life: Canadians' misconceptions about financial impact of critical illness
New research uncovers a considerable gap between the likelihood of a serious illness and planning for the financial implications such an illness could bring to the average Canadian family. More than eight million working Canadians are at risk of going into debt, delaying retirement or downsizing their home in order to survive financially if faced with a serious illness. Though Canadians understand the severe impact a serious illness can have on their lives, few seem to have a well-thought out plan to manage it.