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 2016-28, July 12, 2016


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

Customer Experience as an Ecosystem: New Opportunities, Old Bugbears
Customer experience (CX) is becoming critical as insurers and brokers look for ways to maintain and grow relationships. One aspect that is less understood is the relationship the client has with other providers. Getting a larger perspective on the ecosystem offers a broader landscape with which to work but can be challenging to operationalize.

In the UK, 73% of insurance purchases involve price-comparison websites, according to a recent report. But these sites do not have access to policy and service options from all insurers, and this may open a door to disruption.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Experian study: Organizations are not doing enough to prevent employee-caused security incidents
A new industry study reveals that while employee-related security risks are the number-one concern for security professionals, organizations are not taking adequate steps to prevent negligent employee behavior.

Slice Labs and Munich Re partner to deliver on-demand insurance products globally
Slice Labs Inc., an insurtech startup, has partnered with Munich Re, a global AM Best A+ rated insurance organization, to create a powerful market advantage as Slice prepares to launch its on-demand per-use insurance product.

Gen Re and TransRe form exclusive broker market underwriting relationship
General Reinsurance Corporation and Transatlantic Reinsurance Company have entered into an initial five-year agreement for TransRe to act as exclusive underwriting manager on behalf of Gen Re for U.S. and Canadian property and casualty treaty reinsurance business produced by brokers and intermediaries.

Gore Mutual unveils modernized brand, mutual membership system
Underpinning our commitment to mutual status is our modernized membership system, which adopts transparent and objective criteria to recognize policyholders who have demonstrated a longstanding commitment to Gore Mutual, and who are likely to be engaged in our governance.

Technology

BT and KPMG report on industrialisation of cybercrime
Only a fifth of IT decision makers in large multinational corporations are confident that their organisation is fully prepared against the threat of cyber-criminals. The vast majority of companies feel constrained by regulation, available resources and a dependence on third parties when responding to attacks, according to new research from BT and KPMG.

Distribution

Brokerlink acquires Cornerstone Insurance Brokers Ltd.
BrokerLink, one of Canada's largest property and casualty insurance brokerages, has announced the successful acquisition of Cornerstone Insurance Brokers Ltd. Four Ontario brokerage operations will integrate under the BrokerLink brand.

Policy Works selects FIRST Canada for payment solutions
Policy Works Inc. and FIRST Insurance Funding of Canada have announced a new partnership pioneering integrated payment solutions directly from the Policy Works platform.



“Turning Canadian Insurance Outside-In”: ICEF2016

Earlybird registration rates end for the Executive Forum end Friday, July 15!

The sharing economy is driving new business models and processes. It may also introduce risks that fall between the cracks in existing coverages. Learn about an innovative insurance response – Slice – which provides on-demand insurance for the on-demand economy.

Tim Attia, CEO of Slice, and Mike Fitzgerald, Senior Insurance Analyst at Celent, will explore the pitfalls and opportunities at the 2016 Insurance-Canada.ca Executive Forum.

Register now to discover how insurance looks “outside-in.” For ideas, suggestions and inspiration, strike up a conversation with one of our sponsors, such as:

  • SAP, a gold sponsor for ICEF2016, helps more than a thousand of the world's best-run insurance companies which are leveraging SAP products and services to help them improve performance and become more customer-centric.

ICEF2016 Sponsors include:


SAP



Claims

LexisNexis Risk Solutions study: Cross-industry fraud is widespread
The annual LexisNexis Fraud Mitigation Study reveals that cross-industry fraud is widespread and has substantial financial impact. The study of more than 800 fraud mitigation professionals confirms the significant effect of cross-industry fraud across financial services, insurance, health care, retail, communications and government.

Flood Risk Canada launches Floodzone.ca platform
Flood Risk Canada has announced the launch of www.floodzone.ca, a web-based platform allowing users to order flood zone determinations for their properties in Canada – for only $35 CAN per location – in only a few clicks.

IBC: Alberta wildfire named costliest insured disaster in Canadian history
Insurance Bureau of Canada reports that the May 2016 northern Alberta wildfire is by far the costliest insured natural disaster in Canadian history, with insured property damage totalling more than twice the amount of the previous costliest disaster on record.

Marketing

Watermark study reveals what insurers gain from a great customer experience
Stock performance analysis from Watermark Consulting finds that being good to policyholders really does pay dividends: insurance companies that deliver a great customer experience are rewarded over the long-term, by consumers and investors.

Consumer Information

Intact ridesharing policy greenlit in Ontario
The Financial Services Commission of Ontario has approved a commercial ridesharing insurance policy, effective July 7, 2016, which will provide protection to all drivers and passengers who participate in ridesharing with Uber in Ontario.

Kanetix survey: Canadian drivers are less polite than they think
According to a recent Kanetix.ca survey, 98% of Canadian drivers feel they are polite when it comes to driving, yet few are actually witnessing other motorists demonstrating those same manners behind the wheel.

From Doug

Late last week and through the weekend, I attended the annual conference of a heritage group – The United Empire Loyalists' Association of Canada. It is hosted by different branches across Canada each year, and the 2016 gathering was held in Summerside, Prince Edward Island.

We all thoroughly enjoy reuniting with old friends, sharing new research, learning about the area from speakers, and seeing local sites. A bus tour included Bedeque, Cavendish and Green Gables. The guide provided a local perspective, reinforcing just how unique each part of our country is.

Insurance stands out during catastrophe events like Fort McMurray; a little thought highlights how much insurance underpins even smaller occassions like this weekend's conference, at the personal and event levels.




Subscribe here or view past issues.