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JULY 26, 2016

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INSURANCE INDUSTRY NEWS

Disaster Exposures Increasing For Mid-Sized Firms
A new survey of senior executives by Assurex Global finds many mid-sized firms may lack adequate insurance, risk management and support to prepare for and recover from large-scale natural disasters. Read more.

Internet of Things buildout continues
The IoT is a rich data source for industries in Canada. The ability to use sensor data to trigger events in supply chains and other operations has added a new capability for real-time decision-making, as explored in a new eMarketer report. Read more.

4 in 5 Businesses Lack Cyber Risk Strategy
Despite acute awareness of the millions of dollars in annual costs, and the business risks posed by external internet threats, security leaders highlight the lack of staff expertise and technology as a key reason that these attacks are unchecked, according to results from a new Ponemon Institute study sponsored by BrandProtect. Read more.

PwC's Global State of Information Security® Survey
As threats continue to mount, understanding and managing cybersecurity risks have become top of mind for leaders in business and government. Organisations are responding by adopting innovative technologies like cloud-enabled cybersecurity, Big Data analytics and advanced authentication. Read more.

Lower Return Expectations: A.M. Best Survey
Approximately three-fourths of insurers surveyed have lowered their target return-on-equity expectations to 10% or lower – a reflection of highly competitive market conditions remaining and the slow-growth economy. Read more.

Majesco Whitepaper: Business Testing Best Practices
Majesco's new whitepaper, Putting Insurance Testing to the Test, outlines an insurance-specific formula for transforming an insurer's quality assurance process in ways that are designed to deliver innovation, agility and speed to market. Read more.

Adapting to the New Insurtech World: Celent report
Some of the largest global insurers are making concerted efforts to align strategy and innovation, but many companies are struggling. This report explores in more detail how the lack of alignment between strategy and operations is one of the factors hindering innovation. Read more.

Digital Channels for Distributors Means Agent Portals
In a new report, Novarica examines distributors' average usage rates of different channels for different purposes, across different classes of business, in order to help insurers optimize their digital strategy. Read more.

Aon releases 2016 Global Catastrophe Recap
Impact Forecasting, Aon Benfield's catastrophe model development team, has launched its Global Catastrophe Recap: First Half of 2016 report, which evaluates the impact of the natural disaster events that occurred worldwide in the first six months of the year. Read more.

June storms cost millions in insured damage: IBC
The storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than CAD 34 million in insured damage, according to CatIQ estimates. Read more.

Garmin joins Manulife Vitality program in Canada
Manulife and Garmin International Inc., a unit of Garmin Ltd., have announced that Garmin International is joining the Manulife Vitality program in Canada as a rewards provider. The Manulife Vitality program rewards members for making healthy choices, being active and is scheduled to be launched later this year. Read more.

BHSI Expands Executive & Professional Lines for Financial Institutions
Berkshire Hathaway Specialty Insurance has announced that it is introducing four new executive & professional lines products for financial institutions and named Andrew Knight as National Director of Financial Institutions, Executive & Professional Lines, in Canada. Read more.

Preparation is Key for Snowbird Travel Season
The Canadian Snowbird Association (CSA) is warning that even small, unexpected medical issues can lead to tens of thousands of dollars in medical bills. Read more.

Crawford Donates to Victims of Fort McMurray Wildfires
Crawford & Company® is to present the Canadian Red Cross with more than CAD 100,000 to help the citizens of Northern Alberta with essential needs. Read more.


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


The Intersection: Insurance-Canada.ca Blog

What's going through the Intersection
of insurance and technology?

Operationalized Customer Experience: On the Horizon?
The last two decades have not been kind to insurers, from a continuing soft market and falling interest rates to regulations and judicial rulings that increase costs or limit revenues. Insurance marketers have sought strategies that could increase competitive advantage and improve profitability. One such strategy is “Customer Experience.”
Read more.


“Turning Insurance Outside-In”: ICEF2016
4th annual Executive Forum, Aug. 30

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:

IBM

IBM is a gold sponsor for the 2016 Executive Forum. IBM Insurance helps clients meet the demands of today's insurance business; from enhanced customer service to greater efficiency in the back office and improved risk management, there's a smarter solution for you.



From Doug

On Saturday, Nancy and I enjoyed the wedding of a niece on her side. It turned out that an uncle of the groom was a former colleague of mine, and we had once shared two bareboat sailboat charters in the Greek isles – small world! The wedding was in Old Montreal, where the architectural heritage is wonderful, and with the transformed port area, it's all very vibrant.

Returning home, we stopped at the National Gallery of Canada in Ottawa for the special exhibit on Élisabeth Louise Vigée Le Brun, the portraitist to Marie Antoinette.

We hope the updated look of the Chronicle will be easier and more enjoyable to read. We welcome your comments.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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