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 2016-14, April 5, 2016


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

Is CRM Realizing its Potential After 3 Decades?
Customer Relationship Management offers users the potential to be more disciplined in marketing and selling products and services. It was embraced early by insurance carriers. But after three decades of less than inspiring results, is there a reason to keep it alive?

One of the first IT projects I worked on in my insurance technology career was a CRM initiative in a multi-line insurer. When we got to deployment, we had severely underestimated what users really needed; it seemed that everyone had their own idea of what they couldn't live without. Despite substantial support from executives, the project was terminated without a single successful implementation.

Over the next few decades, I kept my ears open and found that in spite of every new technical development, the majority of CRM initiatives hit the same issues, with the same results.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Technology

Majesco and SPLICE Software announce strategic partnership
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has announced that SPLICE Software, a provider of solutions that connect insurance companies and customers with a real-time, data-driven engagement across all mediums of automated communication , has joined their partner ecosystem.

Guidewire Software acquires EagleEye Analytics
Guidewire Software, Inc. has announced that it has agreed to acquire EagleEye Analytics, a provider of SaaS-based predictive analytics products specifically designed for Property/Casualty insurers. With this acquisition, Guidewire will enable its customers to apply predictive analytics to make better decisions across the insurance life cycle.

eSignLive to meet data residency requirements with new data centers in Europe and Australia
VASCO Data Security International, Inc., a global leader in authentication, electronic signatures, and identity management, has announced that eSignLive™, the e-signature choice for business, will launch instances of its e-signature software in data centers in Europe and Australia. The move positions eSignLive to offer the most cloud locations globally among the leaders in the e-signature market.

GMC Software introduces GMC Inspire Mobile Advantage
GMC Software, a leader in customer communications management, has announced the availability of its GMC Inspire Mobile Advantage, a solution that makes it possible to create a responsive, interactive and regulatory compliant mobile experience with little reliance upon IT or external support. For enterprises seeking to improve their competitive position by delivering an exceptional customer experience, GMC Inspire Mobile Advantage enables enterprises to extend the power GMC Software's award-winning customer communications management solution, GMC Inspire, to their mobile apps.

Information Builders presents the Innovation Sessions webcasts
Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, has announced it is launching The Innovation Sessions, a series of seven webcasts with some of the industry's top visionaries.

Business of Insurance

RIMS benchmark survey: Total Cost Of Risk declines for second year
Due to declines in property and liability costs and overall risk management costs, businesses paid 2% less in 2015 than they did in 2014 to cover the total cost of risk, according to the 2016 RIMS Benchmark Survey.

IBM Executive Report – Innovating insurance: Lessons from the world's leading innovators
With high levels of protection through regulation and other factors, insurers have lacked an imperative to innovate to remain competitive. Yet shrinking premiums in a slow economic environment, rapidly changing customer expectations and behaviors, and unprecedented technological advancement are changing the game. Insurers can no longer count on barriers to entry to protect them, as emergent forces of change gnaw away at traditional business models. This executive report highlights key innovation lessons from the world's most successful organizations and identifies specific strategies that can help insurers innovate and outperform.

iA Financial Group launches Access Life
Industrial Alliance Insurance and Financial Services Inc. has announced the launch of Access Life, a simplified issue life insurance product offering quick, comprehensive coverage with no need for a medical exam. Access Life provides basic coverage for clients who have trouble getting life insurance for any number of reasons.

Slice Labs secures funding from Horizons Ventures and XL Innovate
Slice Labs Inc., an insurtech startup set to launch the industry's first on-demand insurance platform, has announced that it has secured seed funding from Horizons Ventures and XL Innovate. The Slice on-demand insurance platform allows participants to easily purchase insurance when they need it, with a tap. The first product launched on the platform will be a pay-per-use policy for Uber and Lyft drivers.

IBC and Tesera Systems announce transfer agreement for municipal risk assessment tool
Insurance Bureau of Canada has announced the transfer of intellectual property rights for its municipal risk assessment tool (MRAT) to Tesera Systems Inc. MRAT, the only tool of its kind, is a made-in-Canada innovative solution to help communities be more resilient and adaptable to climate change by providing insights into infrastructure vulnerabilities and the risks they face from extreme weather events.

Conning releases annual insurance M&A study
Conning's new Strategic Study examines insurance distribution and services mergers & acquisitions, both U.S. and non-U.S., for 2015 and historically. This comprehensive global insurance M&A analysis provides a listing of transactions announced in 2015 and in early 2016. The study also includes in-depth analysis of emerging or expected trends across insurance distribution and insurance services.

Policy Management

ISO introduces drone insurance coverage options for commercial inland marine market
ISO is preparing for the potential rise and fall of commercial drones with new inland marine insurance forms to help protect businesses from the costs of potential crashes, including damage to the drones, their equipment, and their cargo. The new ISO forms provide insurers with underwriting tools to address commercial drones, which have developed a wide range of potential and reported uses, including package delivery, crop protection, and aerial photography.

Celent report on Closed Block Vendor Spectrum: Options For Outsourcing and Technology Transformation
Factors such as low investment returns, management distraction from a growth agenda, and increasingly higher costs to administer shrinking blocks are leading insurers to question what they should do about the management of products that they no longer consider strategic. An update to Celent's 2013 reports on closed block solutions, this spectrum report aims to provide a sample of the solutions available to insurers seeking to reduce their closed block operational exposure while retaining ownership of the customer.

Opta expands innovations with launch of Inspection Score
Opta Information Intelligence, creators of the iClarify™ and Peril Score™ analytic solutions, are proud to expand their suite of services and innovations to the Canadian property & casualty insurance industry with the launch of Inspection Score. This latest innovation is designed to help companies manage risk and mitigate against future loss by working with their customers to proactively identify homes more likely to incur future loss while also helping carriers to concretely track return on investment for inspection services.

Celent survey: Making property/casualty investments that pay off
Underwriting is at the core of the insurance industry. Over the last few years, carriers have been heavily engaged in replacing core policy administration systems and increasing the automation of their underwriting processes. Automation of underwriting processes carries the promise of improved results, but can come at a significant cost. So where is the industry today, and when does it make sense to invest in automation?

Distribution

T.E. Wealth acquires Doherty & Bryant
T.E. Wealth (T.E. Financial Consultants), a subsidiary of iA Financial Group, is pleased to announce that it has acquired Doherty & Bryant Financial Strategists Inc., a personal financial planning firm, based in Calgary, Alberta.

Claims

CSC and 360Globalnet join forces to advance digital insurance claims processing
CSC, a global leader in next-generation IT services and solutions, and 360Globalnet, a UK-based digital insurance solutions provider, have announced a new relationship which includes a strategic investment by CSC in 360Globalnet. Together the companies' innovative solutions will enable insurance companies worldwide to offer their customers state-of-the-art, self-service claims processing capabilities, live streaming video capability and unstructured data technology.

Marketing

eMarketer: Canadian consumers split on comfort with digital purchasing
One-fifth of internet users in Canada are decidedly uncomfortable with making digital purchases – and nearly half are less than happy to do so, according to February 2016 research conducted by The Harris Poll for Chartered Professoinal Accountants of Canada.

eMarketer: Financial institutions turn to IoT to stay competitive
The IoT, an interconnected ecosystem of internet-enabled objects – networks, devices, sensors, microprocessors, machines, data hubs, artificial intelligence software and analytics programs – already has many applications in the financial services industry. Studies that assess the market size and growth potential for IoT in the financial industry generally agree that there is substantial investment, with healthy growth expected to continue over the next several years.

Jobs and Careers

LOGiQ3: Three Ways to Leverage Research in the Insurance Industry
Think about the last vacation you went on. How did you prepare? Did you get insight from a travel agent, ask your friend for tips or spend hours online to build the perfect itinerary? Regardless of your method, you likely did some kind of research. And rightly so. You want to make sure your time and money are spent wisely so you get the most out of your well-deserved vacay. Making the effort to research before investing (time or money) into something can definitely pay off – especially in your career. If research isn't your forte, we're breaking down 3 ways to leverage research in the insurance world.




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