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 2016-10, March 8, 2016
What's Going Through The Intersection of Insurance and Technology?
Which Came First: The Strategy or the Digital?
Business of Insurance
Trillium Mutual launches data breach and cyber coverage for agriculture and commercial lines
Trillium Mutual Insurance Company is pleased to announce that it has partnered with The Boiler Inspection and Insurance Company of Canada (HSB BI&I) to launch two new products designed specifically for small- to medium-sized commercial and agricultural operations. Data Compromise Coverage helps businesses notify and assist affected individuals following a breach of personally identifying information. This coverage provides indemnity for first party expenses as well as third party costs of defence, settlement and judgement.
Foresters to purchase Aegon Capital Management and Aegon Fund Management
Foresters™, a Toronto-based international financial services provider, announced that it has entered into an agreement, dated February 29, 2016 with Proj Fox Acquisition Inc. to indirectly acquire 100 per cent of the shares of Aegon Capital Management (ACM) and Aegon Fund Management (AFM). Foresters Life Insurance Company, a wholly owned subsidiary of Foresters, will indirectly purchase ACM and AFM from Proj Fox Acquisitions Inc., an intermediate holding company established for the July 2015 acquisition of Transamerica Life Canada (now ivari) and its Canadian affiliates. The transaction, which is subject to Canadian regulatory approvals, is expected to close in May 2016.
Capgemini report: IoT and digital demand signal major industry disruption
The World Insurance Report 2016 (WIR), newly released by Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services and Efma, identifies multiple threats pushing the insurance industry toward massive disruption. The continued evolution of the Internet of Things (IoT), combined with changing behaviors and preferences from Gen Y customers, is driving the urgent need for insurers to undergo significant transformation or risk falling behind emerging competitors such as FinTechs.
Willis Towers Watson: P&C insurers see value in predictive analytics
Over the next two years, many property & casualty insurers expect to advance their use of predictive analytics to both improve business performance and leverage big data, according to Willis Towers Watson, a leading global advisory, broking and solutions company. This seemingly makes sound business sense, as more than four in five insurers that have already implemented predictive models have recognized a positive impact on their carrier's profitability.
KPMG identifies 5 key cyber security trends for Fraud Prevention Month
In time for Fraud Prevention Month, KPMG has launched its Cyber Watch Report, identifying five key cyber security trends impacting Canadian businesses. Increased risks of ransomware and extortion-driven attacks and the rise of the Internet of Things (IoT) are challenging organizations in new ways. These security risks are putting heightened pressure on organizations to protect, detect and respond to new adversaries and threat tactics, while preserving their trust and reputation with customers.
Gartner survey on Internet of Things implementation
The Internet of Things (IoT) will move toward mainstream adoption in 2016 for many industries, according to the findings of a recent survey by Gartner, Inc. The online survey was conducted in November 2015 among Gartner Research Circle Members and included responses from 465 IT and business professionals spanning 18 business sectors in North America, EMEA, Asia/Pacific and Latin America.
Celent identifies Blockchain in Insurance: Use Cases
Blockchain is in the hype cycle that accompanies new, promising technologies. Until it matures, there will be a tendency to use the blockchain hammer for any inconvenient nail in insurance. This report from Celent offers a practical, insurance-specific perspective to advance understanding about what is possible when it comes to the blockchain. Its objective is to inform insurance business leaders on the opportunities presented with blockchain technology. It defines key design concepts, details specific use cases, and provides an update on activity in the insurance industry.
Technology Conference, ICTA Awards & Broker Forum Photos
The expert speakers provided a thought-provoking program for both events. For those who attended, take a look back at event day. If you didn't make it this year, see what you missed.
Applied Systems enables Go Insurance's digital transformation
Applied Systems has revealed that Go Insurance has launched its digital brokerage strategy with Applied. Go Insurance built their digital foundation on Applied Epic, the fastest-growing cloud-based brokerage management system in the world, to consolidate its business operations onto a single integrated software system. Additionally, Go Insurance has extended its rating services and customer self-service offerings through Applied WebRater and Applied CSR24 to increase client satisfaction, build client loyalty, and drive greater brokerage value.
Gore Mutual makes capital investment in tech start-up BrokerLift Inc.
Gore Mutual is furthering its commitment to digital broker distribution with a capital investment in Toronto-based technology start-up BrokerLift Inc. BrokerLift is a fully turnkey eCommerce platform designed specifically to enable insurance brokers to compete effectively with other online distribution channels. As part of their investment, Gore Mutual has negotiated an incentive for its broker network to receive full BrokerLift platform integration with no set-up fees. BrokerLift will work with these and other brokers across Canada to integrate online quoting, credit card payment and electronic document delivery, with a range of products provided by leading insurance companies, directly into their existing website.
ClearPay brokerages to provide carriers seamless electronic payments with Applied Epic
ClearPay, the Canadian leader in automating payment settlements for the Insurance Industry, announced today that insurance brokerages running Applied Epic, the fastest growing cloud-based brokerage management system, will be able to issue electronic payments and automatically send remittances to insurance carriers via the ClearPay solution in the second half of 2016.
CSIO: Google executive to deliver keynote at 2016 members' meeting
The Centre for Study of Insurance Operations (CSIO) is pleased to announce Google executive Sanjay Gosalia, Head of Industry, Financial Services, as keynote speaker at its 2016 members' meeting and reception on April 14 at The National Club in Toronto. Gosalia's address, “The Digital Journey: How Technology is Changing the Way Consumers Purchase Insurance,” will provide valuable insight into consumer trends and how the broker channel can capitalize on current and future opportunities.
Insly Ltd. obtains CSIO certification for personal lines eDocs
The Centre for Study of Insurance Operations (CSIO) is pleased to announce that UK-based insurance software provider Insly Ltd. has achieved CSIO Certification for its personal lines eDocs solution. When eDocs are used to their full potential, sending, receiving, sorting, scanning and destroying paper is no longer necessary, saving the industry significant amounts of time and money. CSIO Certification is available to member insurance companies and vendors.
SGI: #BuckleUp Saskatchewan – Police watching for unrestrained motorists in March
Police will be looking for people not wearing a seatbelt, wearing it improperly, or not having children properly secured (based on the child's age, height and weight) in the vehicle. In 2014 in Saskatchewan, 23 people died and 185 were injured because they weren't properly restrained in a vehicle.