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Insurance-Canada.ca - Where insurance and technology meet

FEBRUARY 21, 2017

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INSURANCE INDUSTRY NEWS

Insurers Under Pressure To Go Digital
Almost three-quarters of global insurers believe their sector has failed to show leadership in digital innovation, according to a new survey by Willis Towers Watson. Read more.

Insurance CEOs Embrace Disruption: PwC Survey
Insurance CEOs are among the readiest to embrace disruption, despite concerns over technological change, competition from new entrants, changing customer behaviour, and over-regulation. Read more.

Getting Risk Right: Underwriting and Location Intelligence
Modern location intelligence solutions are transforming the underwriting process. This whitepaper by Canadian Underwriter, sponsored by DMTI Spatial, is designed to explore the advantages and challenges of adopting a comprehensive approach to location intelligence in the modern underwriting environment. Read more.

Deloitte & Zurich Collaborate on Cyber Risk
Deloitte and Zurich North America (Zurich) are working together to provide services for their customers to help them better understand and protect themselves from cyber related risks. Initial offerings include risk mitigation options provided by Deloitte Risk and Financial Advisory Cyber Risk Services and risk transfer options provided by Zurich. Read more.

IBM Delivers Watson for Cyber Security
IBM Security has announced the availability of Watson for Cyber Security, the industry's first augmented intelligence technology designed to power cognitive security operations centers. Read more.

Chubb Expands Global Cyber Facility
Chubb's new suite of multiline cyber peril endorsements for the Global Cyber Facility helps risk managers address exposure gaps in their insurance portfolio and enables them to confidently respond to the concerns of their C-Suite and Board. Read more.

IT Spending Moderates as Transformation Shifts
Strategy Meets Action (SMA) has released a new research report which covers the state of the industry technology investments, the business drivers, and the ongoing plans for specific projects for P&C and L&A insurers. Read more.



“Disruption ⇒ New Realities,
New Opportunities”

What are your peers up to? What perspective would thought-leaders have on your business? How might InsurTech impact you, and will it be positive or negative?

Join your colleagues next week in Toronto to explore new ways to get ahead:

IBM

At the Technology Conference, Feb. 28:
• “InsurTech: Hype or Real?
Jeff To, Salesforce
• “#InsurTech & Blockchain: Navigating The Hype
Magda Ramada, Willis Towers Watson
• “Uncertainty & Location Intelligence
Jean-Sébastien Guy, Korem

IBM

At the Broker Forum Mar. 1:
• “Know Yourself And Your Customer
Sherif Gemayel, Sharp Insurance
• “Brokers + Insurers + Tech
Colin Simpson, IBAO;  Adam Hare, Insurance Jack;  Sean Duggan, HUB International

Register today to prepare for tomorrow.



APRIL Canada Reveals MGA Trends
APRIL Canada, the largest independent MGA in Canada, revealed exciting insights it obtained about the MGA market through an online survey carried out last month. Read more.

Trimont Financial To Acquire ‘Western’
Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company, has agreed to acquire Western Financial Group and Western Life Assurance from Desjardins Financial Corporation, a Desjardins Group subsidiary. Read more.

Northbridge Launches Water Damage Protection
Northbridge Insurance has launched a pilot project that offers customers savings on home insurance when they purchase an Alert Labs Home Solution package, consisting of a Flowie water sensor and a Floodie companion sensor. Water damage is the number-one reason homeowners make insurance claims, and many are preventable. Read more.

Beazley Launches Media Liability Coverages
Specialist insurer Beazley has unveiled plans to offer TV & film producers errors and omissions coverage, as well as media liability coverage for a broad range of media companies, expanding the product range available through the company's newly acquired Canadian operations. Read more.

The Co-operators Launches Insurance App
The Co-operators has launched a new mobile app to provide clients with a quick, easy and secure way to access and manage their insurance information. The free app is now available through iTunes and Google Play. Read more.

Consumer Willingness to Share Private Data
Insurers may be trying to implement the latest trends in smart technologies, but in order to do so successfully they should know the impact these tools will have. Emerging technologies such as robo advisors, chat bots, and artificial intelligence can change the traditional insurance model and have the potential to generate value in a variety of ways. Read more.

Brokers Association Appoints New CEO
The Insurance Brokers Association of Canada is pleased to announce the appointment of its new CEO, Mr. Peter Braid, a respected former Member of Parliament with an extensive track record of policy making, consensus-building and work in the insurance sector.
Read more.


NEXT WEEK: REGISTER NOW!

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

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


The Intersection: Insurance-Canada.ca Blog

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

Increasing Policyholder Retention through Telematics-Driven Claims
Auto insurance has one of the highest Net Promotor Scores of any industry, yet nearly all auto insurers struggle to engage with their policyholders in a positive and constructive way. Telematics can play a significant role in improving engagement and improving claims management. Read more.

One Step Towards Customized Pricing
By Jean-Sebastien Guy, Korem
Location has an impact on individuals' everyday activities. Choosing to take up residence far from work increases daily travel time and higher accident risk. Residing in a poorly lit neighbourhood increases the chances of break-ins. Living close to waterways entails flood associated risks.
These variables have been taken into account for years when establishing the amount of an insurance premium. But what about the precision with which we define the location of insured goods and surrounding risks? Wouldn't better precision have an impact on risk evaluation? Wouldn't it allow a finer understanding of the risk to underwrite? Read more.


WELCOMING OUR SPONSORS

Kanetix is a platinum sponsor for the 2017 Technology Conference and Broker Forum; COO Andrew Lo will discuss “What's Driving Your Customers” in these disruptive times and “Digital Consumer Acquisition” for brokers.

• A silver sponsor for our 2017 Technology Conference and Broker Forum, eSignLive will share experiences with e-applications and alongside Assumption Life, plus ‘e-signature FAQs’ for brokers.

• How does a large global claims company take on the challenges of disruption? Explore with Crawford Canada, silver sponsor of the Broker Forum.

• Need new – or more – staff? Time for a career move? InsuranceWorks is there for you, online (insuranceworks.ca) and at the Technology Conference and Broker Forum as a bronze sponsor.

Symcor, a bronze sponsor for our Technology Conference and Broker Forum, assists with business processing and customer communication services

• A supporter of the 2017 Technology Conference, iCon Alliance brings expertise in technology planning and support to discussions at the event.

AssureSign, a bronze sponsor and exhibitor at the Broker Forum, can help you to understand and realize the potential of electronic signatures.


From Doug

I tend to believe the news media – at least the more credible institutions – most of the time. The information I have doubts about tends to come from less reputable sources and is best treated as rumour.

There has always been “news” which crosses the line – call it propaganda if you will. But there are laws which come into play in some circumstances, and there is insurance to help assuage the pain if you have been wronged.

So where does “fake news” fit in? Is it propaganda by a new name, an attempt to sway the masses? (That's us, by the way.)

And with all the news in insurance and technology about innovation and disruption – where do these sit on the spectrum? How much is hype? Next week I will be getting a better assessment at our 2017 Technology Conference and Broker Forum in Toronto. Join me.

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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