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 2016-17, April 26, 2016


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

Insuring the Digital Economy: New Modes, New Methods (Part 1)
Insurers are realizing that the new digital economy is a prospect for growth (beyond cyber insurance). But insurers are also finding that they have to take different approaches to be successful in this world – and it involves making the insurance meet new demands.

Take Turo, a car-sharing service which helps car owners rent their vehicles to other drivers. The construct is simple: you list your car on the Turo Website for potential users to evaluate. When your car is selected, you confirm the arrangement, coordinate a meeting (checking their license and so on), and then just “kick back and earn,” with peace of mind provided by $2 million in liability coverage. Insurance is “baked in.”

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Turo crosses the Canadian border
Pioneering car rental marketplace Turo has announced its launch into Canada. Empowering Canadians to turn their idle cars into earning engines, Turo is the first peer-to-peer car rental company in Canada.

Gartner: Half of CEOs expect their industries to be substantially transformed by digital
CEOs have underlined that growth will be their top business priority for 2016. The 2016 Gartner CEO and senior business executive survey found that despite indications that the global economy is struggling, CEOs do not plan to change their priorities significantly.

Telematics

IMS announces major upgrade to DriveSync connected car platform
Intelligent Mechatronic Systems Inc. has announced a major upgrade to its DriveSync® platform, introducing new innovations that address common industry challenges facing insurers around competitive differentiation, policyholder retention and program economics. DriveSync 5 enables customization without sacrificing speed to market; introduces engaging customer experiences that help ensure retention; and provides cost savings and increased value that further justify the business case for UBI.

Claims

Benchmark IME: The importance of workflow-based document management
It is widely acknowledged that of all the different types of insurance claims, Accident Benefits (AB) is the most document-intensive, requiring vast amounts of information on an array of forms to be shared among various parties, such as legal representation and Independent Medical Examination (IME) companies, often over the course of multiple years.

Technology

John Hancock's LOFT to use blockchain to enhance the client experience
John Hancock's Lab of Forward Thinking (LOFT) has announced a collaboration with ConsenSys and BlockApps in the LOFT's first Ethereum blockchain proof of concept. The LOFT will apply blockchain technologies to enhance the on-boarding of new wealth management clients in order to enhance one of the critical drivers of customer satisfaction.

GroupHEALTH selects Xpertdoc to improve client experience, increase efficiencies
Xpertdoc Technologies Inc. has announced their partnership with GroupHEALTH Benefit Solutions® to implement Xpertdoc's Smart Forms technology, which will provide a streamlined, automated enrollment process for the employee members of their group benefit plan clients.

GMC Software white paper: a strategic approach for selecting a Customer Communications Management platform
GMC Software has released a white paper evaluating best practices for enterprises when selecting a Customer Communications Management (CCM) solution. The paper reveals that although the need to engage with customers is a top priority for enterprises, many organizations lack the proper tools needed to effectively evaluate and track the experiences of their customers.



ICEF2016: “Turning Canadian Insurance Outside-In”

“Today, we are seeing a new breed of informed consumers who have greater access to information and alternatives in other services. These consumers have been defeated in the past, lacking tools to access information and alternatives. InsTech tools are emerging to help bridge the gap.”
– Patrick Vice, “Celent Innovation and Insight Day: Pride and Optimistic Uncertainty,” the Intersection blog

Join insurance executives and leaders to learn how the insurance industry looks “Outside-In” and prepare for tomorrow. Mark your calendar for August 30, 2016.

Details and registration.

ICEF2016 Insurance-Canada.ca Executive Forum, Tuesday, August 30, 2016



Distribution

EquiSoft enhances WealthElements suite with new client portal
EquiSoft, a leader in the design and development of digital business solutions for the wealth, insurance and publishing industries, has announced the addition of a Client Portal Module to its WealthElements™ suite of tools designed to help financial advisors create industry-leading wealth management plans and proposals for their clients and prospects.

Kanetix and ClientDesk partner to help the insurance industry engage with customers digitally
Kanetix Ltd. has partnered with ClientDesk Inc. to offer a new insurance solution to insurance providers, intermediaries and their customers – a mobile self-service technology for policyholders that allows insurance providers to connect with their clients via a mobile app.

Consumer Information

IBC: Alberta wildfire information and advice
As hundreds of residents are being evacuated from their homes in parts of northern and central Alberta, with others on notice for possible evacuation, Insurance Bureau of Canada is reaching out with tips and advice for those who are affected.

Kanetix.ca: Half of Canadians would go green on next car purchase
Canadians feel it's increasingly easy to be green – at least on the road. A recent survey by Kanetix.ca found 48.7 per cent of Canadians would consider an electric or hybrid car when they make their next car purchase.

ICBC's road improvement projects reduce severe crashes, property damage
ICBC's partnership in road improvement projects has led to a reduction both in severe crashes and in property damage claims after an improvement is completed, according to a recent evaluation report.

IBC: Ontario's March storm tops $25 million in insured damage
Insurance Bureau of Canada reports that the cost of insured damage caused by the March 23-26 ice storm that swept through Southern Ontario is estimated at more than $25 million, according to the preliminary estimates provided by Catastrophe Indices and Quantification Inc.

Manulife first to underwrite HIV-positive Canadians
Manulife has announced that it will now accept life insurance applications from persons who have tested positive for HIV (Human Immunodeficiency Virus). Manulife is the first insurer in Canada to do so.

Pethealth acquires Canadian pet insurance business Pets Plus Us
Pethealth Inc. is proud to announce the acquisition of Pets Plus Us from Royal & Sun Alliance Insurance Company of Canada. The Pets Plus Us business will join the ranks of Pethealth's offerings in the Canadian pet insurance market, 24PetWatch and Ontario SPCA Pet Insurance Programs.




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