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 2016-16, April 19, 2016


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

Celent Innovation and Insight Day: Pride and Optimistic Uncertainty
Last week, I attended Celent's Innovation and Insight Day. Last week, I attended Celent's Innovation and Insight Day. Last week, I attended Celent's Innovation and Insight Day. I found my (Canadian) nationalistic pride reinforced, my questions about the evolution and impact of FinTech and InsTech addressed, and even a boost for my (American) nationalistic pride.

We are seeing a new breed of informed consumers who have greater access to information and alternatives in other services. The fundamental shift is is the balance of information power between the suppliers and the consumers. According to Nadeem Shaikh, Founder and CEO of Anthemis Group, change is inevitable and “Tech is table stakes.”

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

EY outlook: 7 Forces Impacting P&C Insurance in 2016
Canada's property and casualty insurers are dealing with a host of challenges in 2016 so far – from low interest rates to the weak dollar to increasing competition. According to EY's 2016 P&C Insurance Outlook, they'll have to excel at managing 7 forces impacting the insurance industry if they want to thrive in this environment.

EY outlook: 6 Forces Impacting Life Insurance in 2016
The life insurance sector has to pick up the pace on innovation, according to EY's 2016 Life Insurance Outlook. Rapidly advancing technology and changing consumer preferences add to the bleak economic landscape, creating 6 forces for life insurers to manage.

Aon Cyber Survey finds business interruption due to breach is top cyber-risk concern
Aon Global Risk Consulting, the risk consulting business of Aon plc, the leading global provider of risk management and human resource consulting and outsourcing, has released its 2016 Captive Cyber Survey report, which finds that the costs of business interruption due to a breach is the top cyber risk concern for businesses across all industries.

Policy Management

Accenture and Apax to form joint venture to drive digital innovation
Accenture and Apax Partners, a leading global private equity firm, have agreed to form a joint venture to accelerate the innovation of claims, billing and policy administration software for the insurance industry. The joint venture will operate as a new and independent company.

Distribution

Applied Systems: Bilodeau Couture Assurances selects Applied Epic
Applied Systems has announced that Bilodeau Couture Assurances Inc. has selected Applied Epic to manage its entire operations for personal and commercial lines business in a single application. Applied Epic will provide Bilodeau Couture a modern, flexible application to standardize workflows and deliver consistent reporting across its three locations in the province of Quebec.

CSIO highlights technology, future of broker channel at 2016 Members Meeting
The Centre for Study of Insurance Operations identified technology adoption as a driving theme for the broker channel in 2016 at its annual Members' Meeting on April 14, celebrating the industry's success stories while underscoring challenges and opportunities that lie ahead. The event saw record attendance, and was the first to be live streamed for members from coast to coast.

Technology

Softchoice study: Employees still exhibit risky cloud behavior
Enterprise cloud adoption has matured in recent years, but employees using cloud apps continue to display reckless technology habits that put their employers at risk, according to a new study by Softchoice, a leading North American IT solutions and managed services provider. The study, (Still) Careless Users in the Cloud, found that one fifth of employees keep passwords recorded in plain sight and one third of cloud app users have downloaded an app without notifying their IT department.

Novarica: Insurers must prepare for changes in customer engagement from IoT and wearables
Consumer adoption of Internet of Things and wearables continues to grow and to change how consumers interact with the world around them. Leading insurers are finding ways to leverage the data available from these technologies to improve operations and better engage customers, but the industry as a whole needs to prepare for future changes in consumer behavior and expectations.

Celent's Model Insurer 2016: Case studies of effective technology use
In this new report, Celent recognizes insurance technology initiatives profiled as Model Insurer winners in a number of theme categories, including digital, data analytics, innovation, and legacy transformation.

Celent report on Social Media Intelligence in Insurance
The insurance industry is faced with the difficulty of understanding how external data sources can be used as part of their daily operations and complementing their internal data with these sources of information. The insurance value chain is highly dependent on data, and external data has become more important over the past decade. This report defines the concept of social media intelligence and provides three case studies on the use of social media intelligence with one specific example of an insurance company.

Consumer Information

CAA: Canadians don't trust autonomous vehicles (yet)
Canadians are still wary of driverless cars, according to research released by the Canadian Automobile Association on the eve of a major conference looking at the future of autonomous vehicles. Nearly two thirds of Canadians say they would not trust a vehicle to drive itself while they are in it, citing concerns such as vehicle hacking, data theft, and accountability.

SGI CANADA offers spring melt prevention tips for Canadians
Don't let this year's unseasonable winter weather lure you into a false sense of security about your property. Spring melt water damage can take many forms. To keep your home dry from roof to foundation, SGI CANADA recommends these tips for Canadian homeowners.




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