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 2016-18, May 3, 2016


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

On People, Platforms, and Predictable Disruption
A recent report from Accenture provides an interesting synopsis of trends in the insurance and technology world, including some extremely important insights on the role that intelligence (real, not artificial) will have to play in order for insurers to stay viable and actively manage what Accenture calls “predictable disruption.”

This year’s edition of Accenture’s annual Technology Vision for Insurance – titled People First: The Primacy of People in the Age of Digital Insurance – is based on a survey of 445 senior insurance executives in 15 countries. The short summary of the results is that “90 percent of carriers anticipate that the pace of technology change will increase rapidly or at an unprecedented rate over the next three years.” But the real meat is Accenture's interpretation of the needed response to technology-driven disruption.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Accenture: Successful digital transformation will put people first
While the next wave of digital technologies will transform the very nature of insurance organizations, those that succeed will do so by dramatically transforming their workforces and cultures to operate in a digital world, according to a new report from Accenture.

Willis Towers Watson survey: Global healthcare benefit costs trending higher
The cost of employee health-care benefits around the globe is trending higher, driven largely by the higher cost of hospital and inpatient services, medical technology, and the overuse of services, according to a survey of medical insurers by Willis Towers Watson, a leading global advisory, broking and solutions company.

Aon launches next-generation capital modelling platform
Aon Benfield has launched a new version of ReMetrica, its next-generation platform for risk and capital modelling

Munich Re: HSB BI&I introduces TechAdvantage coverage for invisible risks
The Boiler Inspection and Insurance Company of Canada has announced the introduction of TechAdvantage, the first equipment breakdown insurance product covering undetectable physical damage to microelectronics.

FSCO: First-quarter auto insurance rates
reviews filings from insurers for all rate changes in auto insurance. This is a summary of the results of rates approved or ordered in the first quarter of 2016.

Technology

Gartner: Worldwide IoT security spending on the rise
Worldwide spending on Internet of Things (IoT) security will reach CAD 348M this year, a 23.7 percent increase from 2015 spending, according to Gartner, Inc. By 2018, spending on IoT security is expected to reach CAD 547M.

msg global announces Innovation Lab in Toronto
msg global solutions, a Swiss-based provider of integrated technology and services to the global financial services industry, has established a presence in Canada with the opening of the company's first Innovation Lab in Toronto. The Lab will allow companies to prototype, design, and test innovations, including but not limited to IoT, in an environment that offers collaboration, funding mechanisms, and business and technical consulting.

Celent report: IT Spending in Insurance: A Global Perspective
In the report IT Spending in Insurance: A Global Perspective, 2016, Celent analyzes IT spending trends across North America, Europe, Asia-Pacific, and Latin America.

Telematics

IMS partners with Allianz Deutschland on BonusDrive UBI offering
Intelligent Mechatronic Systems, a leading connected car and usage-based insurance solution provider, is pleased to announce that Allianz Deutschland, one of Germany's leading auto insurers, has deployed DriveSync 5 for their mobile UBI offering, BonusDrive.



“Turning Canadian Insurance Outside-In”: 2016 Executive Forum

Tuesday, August 30, 2016, at the Sheraton Centre Toronto Hotel

Leading analysts and practitioners agree: to meet customer expectations over the next decade, we need to turn insurance “outside-in.”

Get in on the discussion at the 2016 Insurance-Canada.ca Executive Forum, and take the opportunity to engage with our sponsors:

  • MCCG, a bronze sponsor for ICEF2016, will be in attendance to discuss technology-related trends that present opportunities and challenges for their member companies.

Sponsors include:


MCCG



Distribution

Infusion partners with Gore Mutual on commercial insurance eCommerce platform
Infusion is proud to announce our partnership with Gore Mutual Insurance Company, developing the industry's first commercial insurance ecommerce platform in Canada. uBiz is a cloud-based ecommerce solution that enables brokers to seamlessly connect with small business clients and provide them with a unique online experience for purchasing insurance products.

Applied Systems white paper: Multichannel Engagement
Equipped with smart phones and online capabilities that provide instant access to information, consumers have developed new expectations for how they will interact with businesses. Increasingly, they demand immediate service via the Web or mobile and use social media to share their satisfaction or dissatisfaction with a company. Given consumers' new power to control their relationships with businesses, the time for brokerages to make this shift is now.

CSIO introduces new eSignatures savings calculator
The Centre for Study of Insurance Operations is pleased to announce the release of its new eSignatures Savings Calculator tool, which supports members in determining the return on investment (ROI) of adopting an eSignatures solution. The calculator estimates the monthly and yearly cost savings members can expect to realize through paperless workflow.

Claims

Guidewire and FICO team up to fight insurance claims fraud
Guidewire Software, Inc., a provider of software products to Property/Casualty insurers, has announced a strategic relationship with FICO, a leading analytics company. Guidewire and FICO will work together to help insurers identify and prevent personal auto claims fraud in the U.S. and Canada.

Marketing

eMarketer: Most internet users do their banking online
More than two-thirds of internet users in Canada use online banking at least once a week, according to January 2016 research. Just one-fifth as many say they go into a branch.

Consumer Information

Aviva Canada and ICLR create free emergency preparedness mobile app
Aviva Canada is pleased to announce another industry first with the launch of the Plan & Protect mobile app in partnership with the Institute for Catastrophic Loss Reduction, a world-class centre for disaster prevention research and communications.

IBC: Newfoundland and Labrador launch Provincial Auto Theft Network
The fight against auto insurance fraud has taken a huge step forward with the launch of the Provincial Auto Theft Network (PATNET) program in Newfoundland and Labrador. Insurance fraud is a serious problem that wastes resources and costs billions each year.

ICBC speakers reach out to youth to prevent crashes this grad season
With the graduation and prom party season in full swing, ICBC's road safety speakers are touring B.C. high schools to share their personal, heart-wrenching stories with students and remind them of the tragic and life-changing consequences of taking risks while driving.

Accenture: Drivers would pay extra for in-car technologies
Drivers would pay more for a new car in order to get the in-car technology that they want, according to a new survey conducted by Accenture




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