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

MAY 16, 2017

Connect with us:  Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter

INSURANCE INDUSTRY NEWS

Global Resilience Index Probes Business Vulnerabilities
The 2017 FM Global Resilience Index offers new insights into three of the most pressing risks to global business performance in the 21st century: cyber attack, natural hazards, and supply chain failure. Read more.

Artificial Intelligence In The InsurTech Space
Insurance is entering a time of increasing connectivity, automation and competition, driven by exceptional technological advances and a major shift in customer expectations. As organizations scrambled to stake their claims in the tech revolution, investment into ventures with Artificial Intelligence as a core function reached new highs in 2016. Read more.

EIS Group To Deliver A.I. Services To Insurers
The EIS Digital Experience Platform has integrated with Microsoft Bot Framework to deliver intelligent assistant and other A.I. services to insurers that augment the skills of customer service agents and enhance direct-to-consumer interactions to improve the quality, speed and cost-effectiveness of customer engagement. Read more.

A.I., Machine Learning Gaining Traction in Insurance
Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has released a new research report which takes a fresh look at the broad field of artificial intelligence, focusing on the business value and use cases, current insurer strategies and plans (for P&C and L&A), and the tech firms with AI solutions that are relevant for insurance (both InsurTech and MatureTech firms). Read more.

A.I. May Turn Skilled Practices Into Utilities
CIOs have a major role to play in preparing businesses for the impact that artificial intelligence will have on strategy and human employment, according to Gartner, Inc. Gartner predicts that smart machines and robots may replace highly trained professionals in tasks within medicine, law and IT by 2022. Read more.

Aligning IT To The Machine World: Celent
Robots and artificial intelligence (AI) in insurance combine the use of algorithms and machine learning to automatize interactions and processes. This can be applied in various insurance domains including customer service and advisory. Read more.

Insurity and One Inc. Partner to Simplify Payment
Insurity, Inc. and cloud-based payment processing software provider One, Inc. have announced a partnership to offer the One Inc. payment processing suite of products as a fully-integrated option with Insurity's solution portfolio. Read more.

Invisor Launches TermLife With Teachers Life
For Canadians looking to purchase insurance online, comparing policies and prices can become difficult and time-consuming. To simplify the process, Invisor has launched Invisor TermLife Insurance, a fully digital insurance buying experience – the first of its kind for a Canadian robo-advisor. Read more.

Northbridge Expands Into Surety Bonds
Northbridge Financial Corporation is expanding its product line to include surety bonds. Starting June 1, 2017, businesses across Canada will have access to an extensive selection of contract and commercial bonding solutions. Read more.

McFarlan Rowlands To Acquire Callister Musico
London, Ontario-based McFarlan Rowlands Insurance Brokers has announced that they will acquire Callister Musico Insurance Group Inc. of Sarnia. The Callister Musico office will become McFarlan Rowlands' 15th branch in Ontario, allowing McFarlan Rowlands to enhance their portfolio and strengthen their presence in the current marketplace. Read more.

Life Insurance Applications: A Better Way
Like the rest of the insurance industry, life insurers are racing to innovate to improve the customer experience. While they lag behind the health and property and casualty verticals in innovation and customer engagement, there are inroads being made – but there's room for a lot more improvement. Read more.

Dunham Insurance Selects Applied To Go Digital
Applied Systems has announced that Dunham Insurance Ltd. has selected Applied Epic, Applied Rating Services and Applied WebRater to drive growth across all lines of business. Advanced cloud-based software from Applied will enable Dunham Insurance to drive digital transformation across its business, increasing connectivity between brokerage staff, insurers and its insureds. Read more.

Volvo To Build Android Into Connected Cars
Volvo Cars has announced a close partnership with Google to develop the next generation of its award-winning in-car infotainment and connectivity solution based on Android, offering access to a wide array of apps and services. It will launch on new Volvo models within two years. Read more.

Steps to Protect Against Ransomware Attacks
In light of recent cyber attacks focused on global organizations through ransomware, EY is urging organizations worldwide to take immediate action and engage effective response measures to mitigate the effect of these attacks and help protect themselves against future attacks. Read more.

J.D. Power 2017 U.S. Insurance Shopping Study
Amid a second straight year of stagnant auto insurance shopping activity and modest rate increases, auto insurance companies have grown increasingly reliant on great customer service, personalized advice and strong agents to win over their customers, according to the J.D. Power 2017 U.S. Insurance Shopping Study. Read more.

Seven Questions To Better Understand Flood Insurance
The flooding that has hit several Quebec regions in the past weeks has raised a number of questions about available insurance coverage for flood victims. Insurance Bureau of Canada provides some answers. Read more.

OCC Endorses Major Auto Rate Changes
The Ontario Chamber of Commerce is calling on the provincial government to put an end to its “costly, onerous, and restrictive” auto rate filing system after a unanimous vote by local delegates at the OCC's AGM. Read more.

Travel Insurance Tips for Canadian Seniors
As we age, we have more time to travel, but a variety of factors affect our travel plans and experience. Health and age seem to be the main drivers for where we go and how long we stay because they are the main factors determining travel insurance. Read more.

Pedestrian Claimant Crosses The Line
A Toronto man has been charged by police in connection with allegedly submitting forged documents to support an injury claim against Aviva Canada. In order to protect the cost of insurance premiums for honest customers, Aviva is committed to taking action against anyone attempting to fraudulently pursue claims. Read more.

Co-operators Tops Customer Satisfaction Ranking
The Co-operators has been awarded the 2017 J.D. Power Canada awards for Canadian Auto Insurance Customer Satisfaction in the three regions where it qualifies – the Atlantic, Ontario and Alberta. This is the second consecutive year that The Co-operators has received all three awards. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Borders and the Flow of Intelligence
Just after the last US presidential election, I posted a blog on the possible impact of US immigration policies on the tech industry in Toronto. Six months on, we're finding that Toronto and Canada may be getting some advantage. And there are important reasons beyond just “President Donald Trump.” Read more.


“Insurance: Connected”
2017 Insurance-Canada.ca Executive Forum
Tuesday, August 29, in Toronto

For today's emerging consumer, make insurance simple. Insure the things they want, when they want, from the device they are using in the moment. Simply.

Mark Dowds, co-founder and Chief Strategy Officer at Trov, as a serial entrepreneur and a thought leader will address “Enabling On-Demand Insurance.”

Learn more or register now.

Mark your calendar for Tuesday, August 29!

ICEF2017: 'Insurance: Connected' - 5th annual Executive Forum - August 29, 2017


“Tales of Machine Learning,
Analytics at the Edge, and Deep Learning”

In this webinar on demand, Kelly Southall, Senior Analytics Solutions Architect & Data Scientist at SAS, will explore emerging areas of innovation within the insurance industry as a result of today's proliferation of data, affordable storage options and processing capabilities. Case studies will cover examples of:

  • Machine learning applications in P&C insurance via image recognition analytics;
  • Edge based analytics and the client experience;
  • Deep modeling and impacts on pricing.

Watch now.

SAS



From Doug

Baseball and Insurance

For a casual Blue Jays fan, this spring was frustrating, with injuries all too frequent and ever-mounting losses. Yet amid this despair we suddenly see unexpected performances, new leaders ... a competitive, winning team.

From the rapid-fire evolution of digitization, innovation, and disruption comes the rise of InsurTech. New outsiders appear poised to rule the business. Yet numerous traditional firms – insurers and brokers alike – saw the writing on the wall long ago and began the charge for change.

InsurTechs are but one more force with cutting-edge technologies. InsurTech, meet MatureTech; new entrants, meet experience. The competition is keen. Who is winning today?

Who will play in baseball's World Series – who will win? And what of the ongoing tournament that is Canadian insurance? We shall see; for now, enjoy the season.

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.

Please contact kathryn.bertsch@insurance-canada.ca if you have any questions or would like to recommend an item for inclusion.

Click here to unsubscribe or to update your subscription preferences.

insurance-canada.ca

Connect with us: Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter