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

DECEMBER 20, 2016

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INSURANCE INDUSTRY NEWS

Canadian P&C Stable Outlook Supported By Stable Demand, Underwriting Discipline
The outlook for the Canadian property and casualty industry is stable, driven by good demand, strong underwriting discipline, and solid balance sheets, but these trends will be offset by persistently low investment yields and potential volatility from catastrophes, suggests a report from Moody's Investors Service. Read more.

Private Cyber Insurance Can Manage Most Risks
Cyber vulnerability is a growing source of significant risk for both the public and private sectors that has prompted a market for insurance products capable of managing the overwhelming majority of cyber-attacks firms might face, according to a new policy study from the R Street Institute. Read more.

Chubb COPE Transforms Cyber Underwriting
Chubb is pleased to introduce Cyber COPE, a new model for underwriting cyber insurance that is intended to simplify and improve the assessment of both cyber and privacy risks Read more.

Shifting Distribution Requirements Challenge Agency-Carrier Connectivity Status Quo
Strategy Meets Action (SMA) has released a new research report which covers the business drivers, current state, future plans and projects, challenges, and investments that agents and brokers are making regarding agent-carrier connectivity. Read more.

Total Disaster Losses Rise In 2016
Total economic losses from natural and man-made disasters in 2016 were significantly higher than in 2015 as a result of large natural catastrophes, such as earthquakes and floods, according to preliminary sigma estimates. Read more.

Enterprise Blockchain Revenue Set To Soar
According to a new report from Tractica, annual revenue for enterprise applications of blockchain will increase from USD 2.5bn worldwide in 2016 to USD 19.9bn by 2025. The market intelligence firm's analysis indicates that this market will be composed of 29 key use cases that will touch at least 19 different industry sectors.
Read more.

North American Claims System Vendors
Celent has released a new report which presents Celent's 2016 survey and evaluation of core claims systems offered to North America property & casualty insurers. Twenty-eight vendors offering 30 systems are presented in the profiles in this report. Read more.

North America Portal Solutions Vendor Spectrum
Agent portals are a relatively mature technology. Most carriers provide some sort of portal functionality to their agents, and many developed their agent portals in-house on modern standard horizontal technologies. But this trend is changing. Read more.

Foresters Launches Non-Par Whole Life Products
Foresters Financial has launched three new non-participating whole life products for Canadians as part of an ambitious new strategy to significantly grow Foresters' product portfolio in Canada over the next decade. Read more.

Sun Life Launches Healthcare Rating Network
Sun Life Financial is amplifying its commitment to bring innovative digital capabilities to Canadians with the launch of the industry's first national healthcare provider ratings network, available in English and French through the my Sun Life mobile app. Read more.

Izenda Analytics Integrated With ISI Solution
Izenda has announced an integration partnership with Insurance Systems Inc. which allows ISI to deliver real-time self-service analytics to users of their fully integrated browser-based policy administration solution, ISI Enterprise. Read more.

Wyde Announces Latest Release of Wynsure
Wyde has announced the latest release of Wyde's end-to-end, multi-line insurance administration platform geared towards providing best-in-class capabilities to support group & individual insurance markets.
Read more.

U.S. Advances Connected Vehicle Technology
Citing an enormous potential to reduce crashes on U.S. roadways, the U.S. Department of Transportation has issued a proposed rule that would advance the deployment of connected vehicle technologies throughout the U.S. light vehicle fleet. Read more.

Fairfax Financial To Acquire Allied World
Fairfax Financial Holdings and Allied World Assurance Company Holdings are pleased to announce that they have entered into a merger agreement pursuant to which Fairfax will acquire all of the outstanding registered ordinary shares of Allied World. Read more.

Crawford Acquires Majority Interest in WeGoLook
Crawford & Company has announced the acquisition of a majority interest in WeGoLook, an online and mobile collaborative economy platform. This strategic investment in WeGoLook will enable Crawford to revolutionize, automate and expedite the claim handling process by utilizing a large mobile workforce for automotive and property inspections. Read more.

The First Digital Insurance For Wine
Alfred / Celliers Intelligents, The Wine Experts and Industrial Alliance are pleased to announce the launch of Alfred Secure, the world's first digital insurance product specifically designed for wine coverage. Read more.


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


The Intersection: Insurance-Canada.ca Blog

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

2016: Digital Directions and Distractions
In the late days of 2015, we projected that 2016 would have one overarching driver for insurers and brokers: digital transformation. All things being equal, I think we hit a chord that resonated. However, there was a parallel trend that made the acoustics a little strange.

In 2015, there were early indications of a digital revolution. By the end of the year, the momentum had built, and we suggested that data and analytics, running on smart machines, would be the catalysts for momentum. Read more.


15th Annual Insurance-Canada.ca Technology Conference

It was the insurance consumer who set us on our present course – an odyssey of digital transformation.

An innovation mindset is crucial as InsurTech develops and disruption increases on all sides.

Take out some insurance of your own to maximize your competitive potential: give your team the gift of thought leadership and analysis of industry trends and opportunities.

Mark your calendars for February 28 and March 1. Register now for the 2017 Insurance-Canada.ca Technology Conference and Broker Forum

Early-bird rates apply until January 20. Use registration code ‘CRN25B’ to save an extra $25.



From Doug

The year's end provides most of us with a welcome respite. We are taking a break too, and the next issue of the Chronicle newsletter will come your way on Tuesday, January 10, 2017.

Most who read this have a job, family, and friends. Take some time to think about those who have less; reach out to them in some way. Share.

We at Insurance-Canada.ca wish you all the best, including some quality time with those closest to you, as we enter 2017. Merry Christmas and happy holidays – enjoy the festive season and have a wonderful new year.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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