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 2016-20, May 17, 2016


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

Customer Experience Focus: Worth the While?
Insurers are realizing that improving customer experience (CX) can bolster the bottom line. The good news is that digital tools align well to accomplish this. The bad news is that real changes are not sustainable without fundamental transformation at the technology and business levels.

As any broker, agent, or marketing executive will tell you, business acquisition alone doesn't drive profitability; retention does. And retention depends on service. In the digital domain, this means a function, easy-to-use website. And here's the rub: on-line quoting, rating, issuance represents a small portion of the technology footprint in most insurance companies. Other functions – servicing, underwriting, re-insurance, reporting, billing/accounting, claims, distribution – take up the balance. For a large number of insurers, much of the functionality still runs on legacy systems.

The theme for the 4th annual Insurance-Canada Executive Forum is “Turning Insurance Outside-In.” We are preparing an agenda which will include information from practitioners, analysts, and suppliers who are focused on understanding, and leveraging, customer experience as a strategic tool.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

A.M. Best: Alberta wildfires may be costliest catastrophe ever for Canadian P&C industry
An enormous raging wildfire near the Northern Canadian city of Fort McMurray, Alberta has damaged or destroyed more than 1,600 homes and structures and is threatening 19,000 more. According to a new A.M. Best briefing, the operational impact of this event on the insurance industry will be vast, and associated businesses such as disaster restoration companies may be expected to assist in mitigating damages where possible.

PwC: Valuable global market for commercial applications of drone technology valued
According to a new study by PwC on the commercial applications of drone technology, the emerging global market for business services using drones is valued at more than USD 127 billion. With drones poised to have an impact on business operations of companies in a broad range of industry sectors, PwC has also established in Poland a global centre of excellence that uses drones and data analytics to help clients solve their business challenges.

InsureMy launches #DriveToThrive safety initiative on social media
InsureMy Ltd., a Calgary-based, full-service insurance brokerage firm, has announced the launch of their #DriveToThrive social media campaign, a safety initiative focused on preventing teens from driving under the influence of drugs and alcohol, designed to coincide with the 2016 graduation season.

Technology

IBM: Watson to tackle cyber-crime
IBM Security has announced Watson for Cyber Security, a new cloud-based version of the company's cognitive technology trained on the language of security. To further scale the system, IBM plans to collaborate with eight universities to expand the collection of security data.

Accenture and IPsoft launch Accenture Amelia practice
Accenture and IPsoft have announced the creation of an Accenture Amelia practice, designed to accelerate client adoption of artificial intelligence to improve business outcomes and create new growth opportunities for their businesses. Accenture will utilize IPsoft's Amelia platform to develop go-to-market strategies, solutions and consulting service offerings around deployments of virtual agent technology for clients across several industries with initial focus on banking, insurance and travel.

HealthQuotes.ca announces responsive, mobile-friendly website
HealthQuotes.ca, a leading provider of Canadian health insurance and travel insurance, is proud to announce their web site has been revamped to use a “responsive” design that works well on all devices, including mobile.

Policy Management

Hippo Analytics selects Oceanwide's Bridge for policy administration
Oceanwide, an Insurity company and developer of industry-leading, configurable, SaaS-based insurance software, has announced that Hippo Analytics Inc., an MGA located in Mountain View, CA, has selected Oceanwide's Bridge to support its entry into the homeowners insurance market as the company launches a new insurance offering designed to appeal to millennial homeowners and renters.

EIS Group enhances on-demand EIS University with new courseware, learning plans
EIS Group, a leading provider of insurance core systems, has announced advancements in its always-on training platform, EIS University, and the availability of new courseware. The recent enhancements increase the velocity of training and help partners and customers develop roles-based expertise in EIS software regardless of time zone.

Westminster Mutual goes live in the cloud with technology partners MCCG and iVedha
On December 5, 2015, Westminster Mutual Insurance Company implemented a cloud-based solution for their complete business operations. Westminster has successfully ‘cutover’ with the assistance of their technology partners in this project, MCCG and iVedha.

Claims

Aon catastrophe report: Worst April natural disaster losses in five years
Aon Benfield's Impact Forecasting has launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during April 2016.

ClaimsPro and Opta Analytics deliver CAT services in support of Fort McMurray wildfires
ClaimsPro, Canada's largest adjusting and claims management company, has teamed up with Opta, SCM Insurance Services' analytic arm, to offer clients specialized Catastrophic (CAT) Exposure Services following the recent events in Fort McMurray.

Consumer Information

British Columbia ups the ante on distracted driving
Significantly higher fines, more penalty points, and earlier interventions for repeat offenders – including driving prohibitions – will reinvigorate British Columbia's push to eliminate distracted driving.

McMaster Optimal Aging Portal and Retired Teachers of Ontario partner to promote informed healthy aging
The McMaster Optimal Aging Portal and the Retired Teachers of Ontario are pleased to announce a new partnership that will promote healthy aging and help inform seniors' health concerns across the province.




Subscribe here or view past issues.