Insurance-Canada.ca "Chronicle" weekly newsletter
Insurance-Canada.ca - Where insurance and technology meet

NOVEMBER 29, 2016

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INSURANCE INDUSTRY NEWS

InsurTech is Coming. Will It Impact Your Business?
Will InsurTech startups, a new generation of clients, and other technological advances be a threat to the market, or will they give insurance companies the tools to thrive? Read more.

InsurTech: Market Drivers and Forecast
Technavio analysts forecast the global InsurTech market to grow at a CAGR of more than 10% during the next five years, according to a research study which covers the present scenario and growth prospects of the global InsurTech market for 2016-2020. Read more.

Deep Learning, Autonomy Will Deliver A Trillion-Dollar Autonomous Mobility Services Market
Deep learning is driving significant change for the automotive and transportation industry, and a new KPMG report projects that by 2030, the new mobility services market will be worth greater than one trillion USD globally. Read more.

Automated Vehicles Coming to Ontario Roads
Ontario is supporting innovation in the transportation sector by launching the first automated vehicle (AV) pilot program in Canada, led by The University of Waterloo, the Erwin Hymer Group and BlackBerry QNX.
Read more.

Blockchain Offers Insurers Disruption, Opportunity
In its latest executive brief, Novarica predicts that blockchain technology – which in one year's time has become the enterprise equivalent of a household name – will have a significant long-term impact on insurers across the board. Read more.

Global UBI Market to Reach $123bn by 2022
The global usage-based insurance market is expected to exceed one hundred billion USD by 2022, growing at a CAGR of 36.4% from 2016 to 2022, according to a new report published by Allied Market Research.
Read more.

Sustained Insurance Sector Growth In 2017
The global economy is expected to grow moderately over the next two years, supporting continued growth in insurance premium volumes, Swiss Re's publication Global insurance review and outlook for 2017/18 shows.
Read more.

Belairdirect Offering Home, Auto Coverage in B.C.
belairdirect, Canada's most innovative online insurance company, protecting cars and homes since 1955, is now officially coast to coast with the launch auto and property insurance services in British Columbia. Read more.

T.E. Wealth launches ProsperiGuide
T.E. Wealth, a subsidiary of iA Financial Group, has announced the launch of ProsperiGuide, a high-value, user-friendly online financial education platform that complements products and services already offered for employees in the workplace. Read more.

First-In-Canada Streamlined Longevity Agreement
Canadian Bank Note Company and The Canada Life Assurance Company have announced an agreement that strengthens the ability of Canadian Bank Note's pension plan's risk management strategy – the first streamlined longevity agreement in Canada.
Read more.

Cyber Risk Awareness Rising Among SMEs
The risks posed by cyber crime are a fast-growing concern for small and medium-sized enterprises, according to Zurich Insurance Group's fourth annual global SME survey. Read more.

Policy Works, FIRST Insurance Funding Release Integrated Point-of-Sale Payment Solution
Policy Works Inc. and FIRST Insurance Funding of Canada have announced the release of an integrated payment solution that allows brokers to provide FIRST Canada payment options directly from the Policy Works platform. Read more.

CAA Now Offering Real-Time Auto & Property Insurance Upload: Willis Towers Watson
CAA Insurance will now offer real-time upload of auto and property insurance from all major Canadian broker management systems, Willis Towers Watson has announced. Read more.

Aviva Rewards Drivers Of Vehicles With Enhanced Safety Features
It's another industry first as Aviva Canada announces an auto insurance discount for drivers of vehicles that have Automatic Emergency Braking (AEB). The discount will be available to all Aviva-insured drivers and will be applied to their policy automatically upon purchase or renewal. Read more.

Aviva Announces Cross-Border Insurance Solution
Aviva Canada is excited to announce the advantages of its market-leading solution for Canadian domiciled companies that have physical assets, exposures or plated vehicles within the U.S. and require admitted paper. Read more.

Sun Life Underwriting & Product Changes
Sun Life Financial has announced significant individual insurance underwriting changes and enhanced life insurance products in Canada to make it easier and more convenient to access insurance. Read more.

The Economic Risk Of A Major Earthquake
A new report by the Conference Board of Canada makes clear that the macroeconomic and financial impacts of a large earthquake in Canada would be devastating.
Read more.

Millennial Knowledge of Mortgage Risks Low
A recent survey among Ontario millennials raises concerns about how prepared those with mortgages are to deal with the likelihood of rising interest rates, and how ready first-time homebuyers are for the realities of having a mortgage. Read more.

Pre-Retirees Emphasize Legacy Over Wealth
Many Americans aged 51 to 69 have a unique outlook on financial management and insurance, putting more focus on legacy building than on wealth accumulation, according to a new white paper from Chubb.
Read more.

Impaired Driving: $6K For A First Conviction
On the eve of the 33rd annual Operation Red Nose campaign, CAA-Quebec reminds drivers that a first conviction for impaired driving can lead to a minimum of $6,000 in costs, in addition to the far more dramatic possible impacts on human lives. Read more.

IBC Assists In Recovery Of 60 Stolen Vehicles
Insurance Bureau of Canada is proud to have participated in Project Cyclone, a successful joint auto theft investigation involving multiple police services – including York Regional Police, Peel Regional Police, the Toronto Police Service and, and the Canada Border Services Agency – which led to the arrest of 24 individuals, the seizure of guns, drugs and cash, and the recovery of 60 stolen vehicles. Read more.


Insurance-Canada.ca Tech Awards


The Intersection: Insurance-Canada.ca Blog

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

On Brokers, InsurTech Experience, and Friday Afternoons
Disruptive forces are pushing into the business of insurance in a big way. In many of the pronouncements from the usurpers and commentators, brokers are pictured as dull artifacts from a long-past time. Some brokers are emulating the digital pioneers. But is the reality of customer experience a bit more nuanced?
Read more.


ICTAs - the annual Insurance-Canada.ca Technology Awards

The annual ICTAs offer a chance for organizations in the Canadian property & casualty insurance industry to highlight their successes and leadership in the use of technology to enhance their business.

Act quickly — nominations close Friday, Dec. 2.

Nominate today, and put an ICTA feather in your digital cap!

Plus, mark your calendar now for a look ahead. Explore how disruption in insurance is creating new realities – and with them, and new opportunities:

Join your insurance company peers, and some brokers, at the 2017 Insurance-Canada.ca Technology Conference, Tuesday, Feb 28.

ICTC2017: 15th annual Insurance-Canada.ca Technology Conference - Tuesday, Feb. 28, 2017

Join your broker peers, and many insurers, at the 2017 Insurance-Canada.ca Broker Forum, Wednesday, March 1.

ICBF2017: 2nd annual Insurance-Canada.ca Broker Forum - Wednesday, March 1, 2017

Learn from thought leaders; understand better the potential of evolving technologies; network with your peers; plan your future.



From Doug

In 2013, the first annual Insurance-Canada.ca Executive Forum highlighted what was then the brand-new topic of autonomous vehicles. In spite of some early opinions that self-driving cars would never happen, a great deal has transpired, and the developments continue today.

It is great to see Ontario actively pursuing opportunities in the SDC space with U. of Waterloo, Erwin Hymer Group and BlackBerry QNX initiatives now beginning.

Any guesses when the first licensed production (non-test) SDC car or truck will hit the public roads in Canada?

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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