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 2016-22, May 31, 2016


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

The Future of Work, Platforms, and Insurance
The on-demand economy is driving new methods of work. New products and services that leverage digital tools are emerging rapidly. Much of the development – and use – of these tools occurs outside of traditional work arrangements. Until recently, this had little impact on insurance, but that is changing.

Since the 2008 financial crisis, Canadian employers large and small have been looking carefully at long-term employment commitments. Many have found that contract and temporary work arrangements provide greater flexibility than permanent positions. Earlier this year, CBC News reported that the number of Canadians in temporary work arrangements was growing nearly six times as fast as overall employment.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

AIG launches a new equity crowdfunding insurance product to protect investors
American International Group has launched a new product for the fast-growing global crowdfunding investment industry. This is the first new insurance product developed specifically to protect investors on equity crowdfunding platforms against issuer fraud.

Swiss Re SONAR report explores top emerging risks for re/insurance
Turmoil in emerging markets, increased localisation of internet networks within country borders and financial repression are some of the key risks identified in this year's SONAR report. The publication is based on the SONAR process, an innovative crowdsourcing tool drawing on Swiss Re's unique internal risk management expertise to pick up early signals of what lies beyond the horizon.

Markel International launches cyber risk insurance
Markel Canada, the specialist insurer, has launched a new cyber risk product designed to meet the increasing awareness of cyber threats and data security issues.

Deloitte University Press: Insuring the future of mobility
If people stop driving, what will auto insurers insure? The rise of ridesharing and autonomous cars means that the insurance industry should reconsider its time-honored business model.

Deloitte report: Canadian leaders unprepared for disruption
Canadian business leaders recognize that the structure of the workplace needs to be redesigned in order to address four powerful forces that are driving unstoppable change in business: demographic upheavals, the rise of digital technology, rapid innovation in business models and the evolving relationship between employers and employees. But less than half feel their organization is capable of addressing the challenges of organizational design.

Intact Insurance creates a new specialty solutions team
Intact Insurance has announced that it is creating a new national team that will be dedicated to growing its commercial lines specialty solutions business. This national approach will allow Intact to accelerate its plans to become the Canadian leader in specialty lines and surety.

Technology

Willis Towers Watson: Workforce culture, focus and training impact cyber-risk
Organizations experiencing data breaches are judged by their employees as lacking a learning culture and failing to put the customer at the center of business activity, according to a new analysis from leading global advisory, broking and solutions company Willis Towers Watson

Claims

Equitable Life introduces new real-time claims submission
Equitable Life of Canada has announced it is partnering with NexgenRx to provide plan members with a convenient new option for submitting paramedical and vision care claims in real-time, allowing vision care providers and paramedical practitioners to submit claims directly to Equitable Life from their office using theclaimsXchange® provider portal.

Verisk Insurance Solutions expands FireLine to Western Canada
Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, announced that its FireLine™ wildfire risk management service is expanding to include the Canadian provinces of Alberta and British Columbia. FireLine, which is well established in the western United States, enables property-specific assessment of wildfire risk that insurers use for underwriting, rating, and exposure management purposes. Verisk Insurance Solutions is a Verisk Analytics business.

Allen & Overy: Directors' Liability Report reveals rise in corporate investigations
Corporate investigations are on the rise, with more than one quarter (27%) of businesses saying they have experienced a claim or investigation involving a director of their company in the past year, up from one in five in 2014.

Policy Management

Aite Group report: Ridesharing drivers are safer than average drivers
Publicly available data on how ridesharing drivers truly fare versus average American drivers is limited. Even the U.S. insurance industry, which has responded well to ridesharing over the past 18 months, lacks insights into ridesharing drivers' risk profile. Using data provided by Zendrive, a driving analytics vendor, Aite Group reveals that ridesharing drivers, based on multiple attributes, drive more safely than average drivers.



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

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

You've gone digital. You're mobile-optimized. You've done everything possible to offer your web users accurate insurance quotes with the fewest number of clicks. Now, what's next for standing out and increasing your digital sales effectiveness?

At the 2016 Insurance-Canada.ca Executive Forum, Dr. Brian Cugelman of AlterSpark and Andrew Lo, COO, Kanetix Ltd., will introduce you to the science of digital psychology and share insights from an industry audit of psychological best practices used to sell insurance.

Register now to discover how insurance looks “outside-in” and engage with our sponsors, including:

  • HP Exstream, a platinum sponsor for ICEF2016, provides a multichannel customer communication management (CCM) solution. Make the most of every customer touch point by creating insightful, impactful, real-time customer communications.

Sponsors include:


HP Exstream



Distribution

Wealthsimple launches platform for advisors
Wealthsimple, Canada's leading online investment service, announced they have launched an automated platform for financial advisors to manage their clients' investment portfolios. Wealthsimple for Advisors is a new and digital way for Canadian advisors to maintain their clients' portfolios, while letting Wealthsimple help them with the investment management. The robo-advisor handles the entire signup, freeing up the advisor's time to provide holistic financial planning advice to their clients.

Jobs and Careers

Willis Towers Watson: U.S. employers say supporting employee well-being will be a primary strategy by 2018
Nearly two-thirds of U.S. employers say that by 2018, they will focus on developing a workplace culture that supports employee well-being as a primary strategy to boost health engagement, according to a new survey conducted by Willis Towers Watson about health and productivity strategies. This is a significant shift, as just one-third say it was a core strategy in 2015.

Consumer Information

The Co-operators: First-of-its-kind life insurance for those deemed difficult to insure
The Co-operators and Hunter McCorquodale have announced the launch of a first-of-its-kind life insurance product now available to many Canadians seeking substantial amounts of coverage, but who have been unable to obtain it due to their medical or lifestyle history.

Manulife Bank: Canadian homeowners struggling to pay bills as housing costs rise
Rising housing costs are making it difficult for homeowners to balance paying down their mortgage, saving for retirement and managing day-to-day expenses, a new Manulife Bank Canada survey shows.

CAA: What drivers need to know about auto insurance reforms
With the upcoming changes to auto insurance policies, CAA South Central Ontario is reminding drivers to ensure your coverage is right for you and your loved ones. If you purchase a new policy or renew on or after June 1, 2016, your auto insurance rates may be lowered and accident benefits will be reduced, but you will have the option to choose additional benefits as well as customize your coverage.

Frank Cowan Company brings free Ontario Traffic Manual training to municipalities
Frank Cowan Company, in partnership with Ontario Good Roads (OGRA) and the Association of Ontario Road Supervisors (AORS), will provide Ontario municipalities with the Book 6 free technical training on Ontario Traffic (OTM).

IBAO survey: Most Ontarians unaware of upcoming auto insurance changes
The Insurance Brokers Association of Ontario has released the results of its consumer survey on home and auto insurance, revealing consumer awareness levels on regulatory changes to auto insurance in Ontario as well as attitudes toward insurance in general.

Thomson, Rogers: Accident benefits changes impact all Ontarians
Starting June 1, 2016 there will be significant changes to accident benefits that will affect people who are injured in motor vehicle accidents. This affects every driver in Ontario as well as injured parties and their families.

British Columbia provides funding for flood mitigation in East Kootenay
As part of the public-safety funding announced in the 2016 provincial budget, the Province is committing funding toward a flood-mitigation project near Fairmont Hot Springs that will protect the important economic area from flood damage.

Mercer launches solution to address retiree benefits gap
The largest demographic in Canadian history is shifting into retirement. There are now more Canadians over 65 than under the age of 15. This cohort is bringing into focus the very real costs of benefits during retirement, including health, life and travel insurance. According to Mercer Canada's Post-Retirement Benefit Trends Poll, less than 30 per cent of employers offer post-retirement benefits to future retirees, down from more than 40 per cent 15 years ago.

IBC brings Be Smart. Be Safe. to Carassauga Festival
Does taking a quick look at your phone while driving count as distracted driving? How can you reduce the risk of water damage to your property in a flood? These and other important road and home safety questions were answered at Insurance Bureau of Canada's Be Smart. Be Safe. interactive display at the Carassauga Festival this weekend.




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