The Chronicle: Issue 2011-36, September 6, 2011
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Claims 3.0: The Future of P&C Claims
Recent research by Strategy Meets Action on property and casualty claims paints an interesting picture of insurer plans for the next three years. The transformation that will take place over this time period will move insurers to a more sophisticated level that SMA calls Claims 2.0. - Customer Service Bar Raised: Social Media Increases Information Flow In Disasters
Social media are showing their value in helping respond to disasters, and some insurers are taking note. Writing on Forbes direct marketing network, Don Ball provides personal insight in his experiences with the Washington earthquake and Hurricane Irene.
Social Business
eMarketer: Consumers Demand Personalized Messaging Across All Verticals.
Brands of all stripes are working toward delivering personalized messages to their target audiences. Despite their best efforts, however, consumers say certain industries are not meeting their needs. Service providers, such as cable and utility companies, and regulated companies, such as insurance and finance brands, appear to be behind the curve in terms of delivering personalized digital experiences.
Gartner Says the Market for Social CRM Is on Pace to Surpass $1Billion in Revenue by Year-End 2012.
STAMFORD, Conn., August 30, 2011 - The worldwide social customer relationship management (CRM) market is forecast to reach over $1 billion in revenue by year-end 2012, up from approximately $625 million in 2010, according to Gartner, Inc. Worldwide social CRM is projected to total $820 million in 2011.
Distribution
Western Financial Group Announces Acquisition of Leading Gilbert Plains and Rosetown Brokerages.
High River, Alberta - August 31, 2011 - Western Financial Group announced today that it has recently acquired the following insurance agencies - David Duncan Insurance Agency in Gilbert Plains, Manitoba, and Leith & Glassford Agency Ltd. in Rosetown, Saskatchewan. Both Gilbert Plains and Rosetown agencies will now be operated as Western Financial Group offices in these communities.
Eastbridge's mid-year 2011 survey: Voluntary industry Confidence Index dips.
AVON, CONNECTICUT, USA (August 25, 2011) - The overall Confidence Index dipped to 98.4 after reaching a high of 102.1 at the end of 2010. "The results of the survey are interesting," says Gil Lowerre, president of Eastbridge. "In the survey, more participants reported that 2011 sales had thus far exceeded their expectations, making the negative predictions difficult to understand."
Policy and Product Management
Sapiens RapidSure Policy Administration and Reinsurance Solutions to Replace Legacy Environment selected by Tokio Marine Management.
Cary, North Carolina - August 31, 2011 - Sapiens International Corporation N.V. , a global provider of innovative insurance software solutions and a member of the Formula Group, announced today that Tokio Marine Management, Inc. has selected Sapiens' RapidSure Policy Administration and Reinsurance solutions to enhance its legacy environment and enable rapid time to market. The implementation is currently underway and on track for production readiness in Q4 2011.
Exigen: As Irene Hits, Narragansett Bay Insurance Proves Value of Built-in Disaster Recovery in its SaaS Policy Administration System.
Narragansett Bay Insurance Company (NBIC), a provider of homeowners insurance in coastal states on the Eastern seaboard and Exigen Insurance Solutions®, a leading provider of insurance core systems delivered through an aligned-outcome business model, today announced that NBIC's recent installation of Exigen's policy administration and billing solutions as software-as-a-service prevented the Rhode Island insurer from suffering any service interruptions to agents and policyholders at the height of Hurricane Irene.
eBusiness and Technology
Celent: An SOA Evolution, Insurance Edition.
August 24, 2011 - Is SOA fit for the next decade? With the rise of new companies dealing with massive scale and performance issues, SOAP and WS-* are being challenged as the leading methods of integrating IT systems. Are SOAP and WS-* good enough? What problems highlight the weaknesses of these standards, now widely adopted among insurers? What are the alternatives?
MphasiS to Acquire Wyde.
BANGALORE, INDIA--(Aug 1, 2011) - MphasiS, a leading IT services company, today announced it has entered into a definitive agreement to acquire Wyde Corporation, an international software vendor and creator of Wynsure -- an industry leading Insurance Policy Administration Solution. This investment is the second acquisition by MphasiS in the Insurance industry vertical, after acquiring AIGSS (AIG Software Systems), the AIG captive center in India in 2009. Under the terms of the agreement,
Business of Insurance
FSCO: Auto Insurance Rates for the Second Quarter of 2011.
The Government passed regulations to enact auto insurance reforms effective September 1, 2010. These reforms are designed to reduce excess assessment costs in the auto insurance system and ensure more accident benefit dollars go to treating people injured in auto accidents. Ontario drivers now have more choice when it comes to their auto insurance coverage.
Our People
InsuranceWorks.ca - Buy Three, Get One Free.
The people have spoken! On a recent survey, employers have suggested that they prefer free job postings as a promotion for their recruitment needs. InsuranceWorks.ca, Canada's Leading Insurance Job Site, has heard you loud and clear and is offering a Buy 3 Job Postings, Get 1 Free Sale from now until September 30, 2011.
Insurance in the Community
Foresters, KaBOOM! & Volunteers Encourage Quality Family Time by Building New Playground for Montreal Children.
Montreal, QC, August 20, 2011 - Children in Montreal received a brand new playground today thanks to the effort of more than 200 volunteers from ForestersTM, a life insurance provider committed to the well-being of families, Edward Murphy School, the English Montreal School Board and non-profit KaBOOM! The new playground will serve 4,500 children and their families in the Montreal community for years to come.
Consumer Information
BCAA: Today's "tools for school" can cost thousands and be prime targets for theft.
September 01, 2011 - (Burnaby, B.C.): Many things change when kids leave home for college or university - including a family's insurance needs. In addition to the traditional books and clothing, today's college-bound student is likely to be transporting a treasure chest of electronics. At this time of year, the British Columbia Automobile Association (BCAA) reminds parents to review their home insurance policy to ensure students' belongings are adequately covered for loss or damage while they're away from home.
CLHIA: Only one in four can easily locate their vital documents.
TORONTO, Aug. 31, 2011 - In an emergency, could you access all of your vital documents and records easily and quickly? If your answer is no, you are not alone. According to a recent poll, only 26 per cent of Canadians think their personal and financial information would be easy to access. The poll, conducted by Leger Marketing on behalf of the Canadian Life and Health Insurance Association (CLHIA), showed that nearly half of Canadians consider their vital documents as "somewhat accessible" and 20 per cent of Canadians admit that their documentation would be difficult to find.
ICBC reveals top 10 acts of courtesy shared by B.C. drivers.
August 17, 2011 - More than 6,700 B.C. drivers have already shared their personal stories of driver courtesy for a chance to win a 2012 Fiat 500 as part of ICBC's new campaign, which aims to bring courtesy back to B.C. roads. A recent Ipsos Reid survey conducted on behalf of ICBC revealed that half of those surveyed said that drivers in their community are less courteous on the road than they were five years ago.
I.I.I.: Historic USA Carolina Hurricane In 1989 Ushered In New Era of Catastrophic Storms.
NEW YORK, August 23, 2011 - While the path of Hurricane Irene is uncertain this week, one possible target is the Carolinas, which incurred historic damage from Hurricane Hugo in 1989. Insurance companies paid nearly $4.2 billion (more than $6.7 billion in 2010 dollars) in claims for property damage caused by the storm, making it the most costly catastrophe in the history of insurance at the time, according to the Insurance Information Institute (I.I.I.).
IBC: Hurricane Irene: What homeowners can do to prepare.
HALIFAX, Aug. 26, 2011 - As Hurricane Irene threatens Atlantic Canada, Insurance Bureau of Canada (IBC) urges consumers to stay safe and offers tips on how to protect themselves and their property. First and foremost, people should make sure that they and their families are safe, and that they have a 72 hour emergency safety kit at the ready,
from Doug:
The CNE air show this weekend signifies for me the end of real summer and the beginning of the Fall period with back to school, intensified work challenges and cooler days. Although we did not make it to the CNE, our condo looks south towards the lake, at the eastern end of the show's air corridor. We sense the show more than see it - the small formation of World War II planes, the whapping of a chopper, the scream of a turning jet. Dad flew in WWII; he has always enjoyed air shows. Talked with him Sunday as I often do. Sept 4, their wedding anniversary, Dad's first in 68 years without Mom. He was coping well. This coming Sunday, 9/11, will be a bigger challenge for many - our hearts are with them. Smack dab in the middle of all this is our anniversary - I had better not forget.