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January 17, 2017

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INSURANCE INDUSTRY NEWS

Businesses Wary Of Unpredictable Business Environment
Companies increasingly worry about the unpredictable business environment, citing business interruption losses, market volatility, cyber risks, and natural catastrophes. These are the key findings of the 6th annual Allianz Risk Barometer. Read more.

Organizations Overconfident On Cyber Risks
One in three cyber attacks results in an actual security breach, equivalent to three effective attacks per month for the average Canadian company, according to a new security survey from Accenture. Read more.

Adoption of Analytics, Mobile, SaaS Growing
More insurers are adopting new technology, with one in four insurers implementing or considering analytics, SaaS, or mobile in 2017, according to the 4th annual emerging technology report by research and advisory firm Novarica. Read more.

Consumers Welcome Financial Robo-Advice
Seven in 10 consumers around the world would welcome robo-advisory services for banking, insurance and retirement planning, according to a new report by Accenture. But many still want human interaction for more complex needs, creating a user-experience challenge for firms as they look to integrate robot and human services. Read more.

Berkshire Hathaway Enters Marine Market
Berkshire Hathaway Specialty Insurance has announced that it is introducing Inland and Ocean Marine Insurance in Canada. Read more.

Co-operators acquires Denny's Insurance
Co-operators General Insurance Company has announced that its wholly-owned subsidiary has purchased Denny's Insurance, located in Acton, Ontario. The brokerage's portfolio includes personal and commercial insurance policies. Read more.



Early-Bird Rates End This Friday, Jan. 20th
2017 Technology Conference & Broker Forum

Join your peers at ICTC2017 for:

At ICBF2017, discover:

Register today.



CMW and Capri Insurance Services Join Forces
CMW Insurance Services Ltd. and Capri Insurance Services Ltd. have announced that they have merged, effective January 1, 2017. The new company will be one of the largest insurance brokerages and risk management firms in Western Canada.
Read more.

Yarmouth Implements MCCG Insurance Solution
Yarmouth Mutual Insurance Company has effectively launched the Insurance Business Solution as their enterprise insurance-back-office solution, in partnership with Mutual Concept Computer Group. The IBS® product provides Yarmouth with enhanced technology across a suite of integrated modules (policy, claims and accounting). Read more.

Trends in U.S. Marketing & Advertising Spend
In the U.S. life insurance industry, the number of distribution channels has increased, and with that comes new marketing and advertising channels, forcing carriers to split their marketing dollars across more categories. Read more.

IBAO Elects New President For 2017
The Insurance Brokers Association of Ontario (IBAO) is proud to announce that Traci Boland has been elected as its 2017 President. Read more.

Top Five Insurance Frauds of 2016
Fraud comes in all shapes and forms, from deliberately staged accidents to bogus auto theft claims. Manitoba Public Insurance relies on various methods to catch these fraudsters, ranging from good old-fashioned investigative skills to acting on tips from the general public. Read more.

CLHIA Commitment On Genetic Test Data
The Canadian life and health insurance industry has pledged that insurers will not request or use genetic testing information for new life insurance applications except for roughly 15% of policies with the highest value coverage. Read more.

Take Steps To Prevent Ice Dams: SGI CANADA
With temperatures rising after the recent snowfall, SGI CANADA recommends homeowners clear snow from roofs before it melts in order to avoid ice dams.
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?

Who Can Do InsurTech? Who Should?
The term “InsurTech” is a bit ambiguous, describing a wide scope of activities. According to Investopedia, InsurTech “refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.” In simple terms, it is a version of process improvement. The difference is that InsurTech takes away manual or semi-automated activities and redefine the process map with technology. Read more.


2017 ICTA NOMINATIONS

Surex Direct Leverages Digital Strategy For Growth
Surex Direct is Canada's fastest-growing online insurance brokerage. Receive up to 10 offers in 5 minutes. Review and verify your offers with your personal broker, sign and purchase your policy online through e-signature, and have instant proof of insurance. Read more.

TD Insurance Reduces Auto Quote Time With Photos
With the redesigned, mobile-friendly Auto Quoter, smartphone customers can use a picture of their driver's license to prefill up to 17 fields in the quote request form. This leads to an improved customer experience while increasing accuracy. TD gains a competitive edge through innovation by being the first insurer to introduce this capability on the mobile web! Read more.

Go Insurance Supplements Auto Dealership Services
The business of insurance is changing, with consumers demanding anytime, anywhere access to information and service. Embarking on a digital transformation partnership with Applied Systems, Go Insurance has aligned their business strategy to today's customer service expectations by providing instantaneous omni-channel service throughout the policy lifecycle, enabling Go Insurance to deliver greater value to the end insured and generate profitable growth. Read more.


WELCOMING OUR SPONSORS

• A gold sponsor at ICTC2017, Korem will discuss the potential of location intelligence in underwriting and claims.

• For both our Technology Conference and our Broker Forum, Northbridge Insurance is a supporter; their staff will take advantage of, and contribute to, the thought leadership at the event.

Canadian Underwriter is the media sponsor for ICTC2017; watch for reporting of major topics presented there.

• Looking beyond the hype to getting value from data and analytics, Hortonworks is a silver sponsor for our 2017 Technology Conference.


From Doug

With the annual Insurance-Canada.ca Technology Awards, we spotlight those in Canadian insurance who are using technology to their advantage.

The 2017 ICTA finalists will be announced in early February, and the winners recognized at the reception Feb 28, between the Technology Conference and Broker Forum.

Join us for one event, or all three – let's learn and celebrate together.

Register today, then ride the red carpet with me from Oscar Night on Feb. 26 to Feb 28 & Mar 1.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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