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 2016-07, February 16, 2016


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

Do We Define Digital, or Does Digital Define Us?
The “Digital Insurer” is getting a lot of ink in the trade press these days. Numerous benefits emerge by applying digital to conduct the business of insurance. But the same construct is also finding its way into the popular press, with less sanguine implications. Are we facing a circle in need of squaring?

There is no one definition of the “digital insurer.” Those definitions that are put forward usually consist of examples of products and processes. Given how dynamic digital technology is at this point, that's probably the best we can do.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Distribution

IBAO to hold live webcast on Ontario auto reform
The Insurance Brokers Association of Ontario is hosting a live webcast March 2nd for its members and industry partners. Ontario Auto – Reality Check is a panel discussion featuring legal, E&O, insurer and broker viewpoints, with opportunity for audience polling and live Q&A – part of the association's awareness campaign on Ontario Auto Reform.

Business of Insurance

The Guarantee introduces a new water mitigation program
The Guarantee Company of North America introduces a new water mitigation program for GUARANTEE GOLD® clients and brokers: GOLD Watermark. A first of its kind in the Canadian marketplace, GOLD Watermark provides a two-tier program – a complimentary installation of an automatic water shut-off system (AquaTrip®) in the homes of target customers with replacement costs over CAD$3M and access for all customers to the extensive referral network of plumbers and the AquaTrip device at a reduced price. The AquaTrip is a flow-based device that does not require central monitoring and is designed to automatically shut-off water to the home at the main water supply when a leak, frozen pipe or failed appliance is detected in order to mitigate water damage.

Technology

TEI/IET Mobility Newsletter: A Look at the Future of Mobility at CES 2016
The future is coming, and it looks different. The photos collected in this issue illustrate some of the changes we can expect, from updated dashboards to modified windscreens, EVs, drones big and small everywhere, myriad new vehicle designs, assorted alterations and upgrades, and more.

Strategy Meets Action research report: Resurgence in Customer Relationship Management
Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, CRM in Insurance: New Visibility and Role in the Digital Age. The report provides a snapshot of the state of CRM in insurance and insurer plans for investing in and enhancing CRM capabilities.

Aite Group report: Life Insurance IT Strategies – Customer-Centricity's New Meaning
Who is the customer? Until recently, that question would yield many different answers depending upon whom you asked in the life and annuity industry. In the IT department alone, the answer would vary from level to level and area to area. This argument is as old as time within the life and annuity industry, but the true customer – the policyholder – has finally won. As indicated by the recent report's title, 2016 Life Insurance IT Strategies: Customer-Centricity's New Meaning, customer-centricity truly does have a new meaning for this industry. For the past several years, these companies have concentrated on the business' and agents' needs, especially in regard to technology prioritization, but in 2016, those needs will take a backseat to those of the policyholders and prospects. IT executives are now prioritizing work based on the impact to the customer's journey, from the sales process to the claim payout, in this full culture shift.

Policy Management

Majesco releases thought leadership paper on Reinventing Insurance
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new thought leadership paper, Reinventing Insurance: Leveraging the Power of Data, Analytics and Cloud Core Systems, indicating the insurance industry needs to escape the limitations of legacy systems, data and processes.

Marketing

Manulife Investor Sentiment Index: Canadians hesitant to invest, even in housing
Manulife's Investor Sentiment Index has dropped to +16, the lowest point since the financial crisis when the index hit +11; the all-time high was +34 reached in 2006. Along with eroding investor sentiment is the feeling among Canadians that they are in a worse financial position than they were two years ago (26 per cent). Canadians are increasingly viewing housing as a less attractive investment; it has dropped three points in the last year.



The 2016 Technology Conference & Broker Forum

As you, your customers and your partners – and competitors – speed onto the digital highway, are you keeping pace? Learn what insurers and brokers are doing now, or planning for the future, at:

• The February 29 Technology Conference (ICTC2016):
Three sessions and a panel will provide insight into sophisticated analytics, and how they are changing the industry:
Data-Driven vs. Insight-Driven: What's the Difference?
Cindy Maike, GM - Insurance, Hortonworks
Analytics Enabling Digital Customer Acquisition
Andrew Lo, CCMA & Chief Strategy Officer, Kanetix
Advanced Analytics and Business Transformation
Eugene Wen, MD, DrPH, VP and Chief Statistician, WSIB

• The March 1 Broker Forum (ICBF2016):
Digital tools are an increasing part of a broker's competitive toolkit. Learn how they can help you today and tomorrow:
E-Signature Success: A Broker's Perspective
Fred Onorato, eSignLive & Amanda Ketelaars, Mitchell & Whale
Strengthening Sales with Cognitive Computing, Enterprise Apps
Terry Hickey, IBM Interactive Experience and Mobile Leader
Emerging Technologies: The Implications for Brokers in a Connected World
Mark Breading, Partner, Strategy Meets Action

Learn from the speakers; engage with our sponsors:

Sponsors include:

Guidewire

Hubio

Applied Systems

HP Exstream

intact

The Guarantee



Claims

Opta releases latest update on property reconstruction costs across Canada
Opta Information Intelligence is pleased to provide the Property and Casualty industry with the latest update on property reconstruction costs across Canada. Opta has found that the average Canadian reconstruction cost increase over the 2015 calendar year was 1.46%. Among the provinces, British Columbia stands out as having the highest increase over the year, with high increases across all housing sizes but especially in smaller homes. This was not the case in other provinces. Opta found CPI increases to be lowest in Québec, primarily to the effect of very low increases in the Montréal area.

Consumer Information

Manulife to bring Vitality to Canadians
Manulife Financial Corporation has announced it has reached an agreement in Canada with The Vitality Group to introduce life insurance that rewards people for healthy living. Vitality is the global leader in integrating wellness benefits with life insurance. In 2015, John Hancock, the brand under which Manulife operates in the United States, announced an exclusive alliance with Vitality for the United States.

ICBC's 2015 Cyber Fraud Hall of Shame
These are just some of the phony cases caught by ICBC using evidence found publicly available online. Many of those who exaggerate claims expose their own lies by posting photos and updates on their social media profiles that are inconsistent with their claims.

MADD report: In-car breathalyzers save lives
MADD has announced conclusive evidence that in-car breathalyzers, or ignition interlocks, are keeping drunk drivers off U.S. roadways and saving lives. In a new 50-state report, MADD found ignition interlocks have stopped more than 1.77 million would-be drunk drivers across the country since states first passed ignition interlock laws.

Aviva Canada: Charges laid in two fraudulent vehicle theft claims
Insurers continue to see false vehicle theft reports, tying up public resources that could otherwise be responding to other legitimate and serious matters. These fraudulent reports also represent a significant financial risk to insurance consumers. Aviva Canada, one of the country's leading providers of home, auto, leisure/lifestyle and business insurance, is committed to tracking and preventing fraudulent claims.

IBC's top 10 tips to avoid slips, trips and falls
Despite mild winter in some parts of Ontario, Ontarians need to remember that a quick change in temperature leading to freezing conditions or a heavy snowfall can be hazardous for pedestrians, creating slippery sidewalks, driveways and walkways. Insurance Bureau of Canada (IBC) is reminding pedestrians to be careful and encouraging homeowners to take steps to help ensure their properties are safe.

IBC: Make Family Day an Emergency Preparedness Day
Insurance Bureau of Canada (IBC) is encouraging families across Ontario to make emergency preparation a priority. Take the time to discuss what to do in the event of a disaster with your family; preparation is key in an emergency. This Family Day, why not take a few minutes to review your family's emergency plans and update your disaster safety kit?




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