The Chronicle: Issue 2012-15, April 10, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Occupy On-line Distribution; Mobile for the 99%
As a result of new technologies – especially on-line/mobile technologies – lines between channels for insurers are blurring, but to some extent this works to the advantage of smaller insurers and independent distributors. - Is Big Data Bigger Than IT Can Handle?
Is 'Management of Big Data' an inherent contradiction? Perhaps not completely, but recent evidence suggests that it may be beyond many organizations to undertake on their own.
Distribution
SGI CANADA and Kanetix partner on online quoting and binding service in Saskatchewan.
Apr. 2, 2012 - Saskatchewan vehicle owners can now obtain quotes and purchase extension auto insurance online, thanks to a partnership between SGI CANADA and Kanetix. The auto insurance eQuote service is the first of its kind offered in Saskatchewan and employs the online quoting technology expertise of Kanetix Ltd. Consumers can now receive quotes for extension auto insurance and purchase this insurance online, at their convenience.
Technology
InEdge proposes the 4 Critical Steps for Aligning a Business Intelligence Program for P&C Insurers.
P&C Insurers understand the advantages that Business Intelligence (BI) offers. But when a BI program begins to fall short of current needs or expectations, it is perhaps less obvious what actions are most appropriate to correct the situation. By the same token, how can we ensure an investment in BI continues to deliver on its full potential?
Novarica Publishes Second Annual Quick IT Benchmarks Reports for US Insurers.
April 3, 2012 (BOSTON) - A benchmarking study of insurer IT operations shows little direct correlation between insurers' complexity or technology-enabled capabilities and their spending levels. The study, published by research and advisory firm Novarica was based on survey responses from more than 75 US insurer CIOs.
Product Announcements
Economical first in Canada to offer affordable, proactive service and coverage to help small and medium-sized Canadian businesses stay in business after a privacy breach.
WATERLOO, ON, April 3, 2012 - In today's high-tech workplace, Canadian businesses are facing ever-increasing risks and costs of privacy breaches that can expose sensitive customer information. The risks are everywhere - arising both from inside and outside of Canadian businesses.
ACE Canada® Launches Two New Combined Products for Pollution and Casualty Insurance.
TORONTO, April 2, 2012 - ACE Canada, the Canadian-based operating division of the ACE Group, today announced the launch of ACE PaCSM and ACE ECO PaC SM, two new products that offer specialized coverage. The ACE PaC product combines general liability and pollution liability into a single policy form, and can be offered with primary commercial automobile and follow form umbrella coverage for a wide cross section of industries and classes of business with environme
Marketing and the Market Place
Frank Cowan Company Launches New Risk Management Website.
April 2, 2012 - PRINCETON, ON - Frank Cowan Company is pleased to announce the launch of a new risk management website called the Risk Management Centre of Excellence. The Risk Management Centre of Excellence is an invaluable resource for municipalities as they try to prevent incidents before they occur. By identifying risks early, municipalities are able to take corrective action, mitigate loss and save money.
Policy and Product Management
IBAO - Time is Now for the Ontario Government to Ban Credit Scoring to Protect Consumers.
April 4, 2012 - (Toronto, Ontario), The Insurance Brokers Association of Ontario (IBAO) released new findings today and is urging Ontario Members of Provincial Parliament (MPP) to ban the use of credit scoring on personal property insurance. Currently, a growing number of insurers are using a person's credit score to measure their insured risk. This has led to an increase in insurance premiums or a denial of insurance outright to many Ontario citizens.
Business of Insurance
OSFI Plan and Priorities for 2012 - 2015.
As the core document for OSFI's annual planning cycle, the OSFI Plan and Priorities for 2012-2015 describes our priorities for the planning period and outlines key challenges and risks. Our main areas of focus are described below.
Gartner Survey Shows Customer Retention Is Top Priority for North American Property and Casualty Insurers in 2012.
STAMFORD, Conn., April 2, 2012 - As North American property and casualty (P&C) insurers deal with shifting business priorities and IT investments, a survey by Gartner, Inc. showed that 94 percent of North American P&C insurers indicated that business and IT are aligned within their organizations. However, only 61 percent indicated that business knew the value of IT in driving revenue and business value.
Intact Investment Management Modernizes and Enhances System Through Expanded Relationship with Eagle.
BOSTON, April 3, 2012 - Eagle Investment Systems LLC, a leading provider of financial services technology and a subsidiary of BNY Mellon, today announced that Intact Investment Management has implemented Eagle's investment accounting solution. This announcement builds on the existing collaboration which began in 2007 with the adoption of Eagle's data management and performance measurement solutions which are hosted by Eagle ACCESS(SM).
Claims
Swiss Re's sigma on natural catastrophes and man-made disasters in 2011.
Zurich, 28 March 2012 - Swiss Re's latest sigma study reveals unprecedented economic losses of USD 370 billion from natural catastrophes and man-made disasters in 2011. Despite immense insured losses of USD 116 billion (a 142% increase over the previous year) arising from record earthquake and flood losses, the insurance industry weathered the year well and played a key role in risk management and post-disaster recovery financing.
PwC report - Cybercrime a growing threat to the financial services sector.
London, 27 Mar 2012 -- Cybercrime has risen up the ranks over the last year to become the second most commonly reported economic crime affecting companies in the financial services (FS) sector after asset misappropriation (which remains the traditional and most popular way of defrauding an organisation), according to the latest findings from PwC's global economic crime survey.
Guidewire selected by Zurich for UK claims system -New system to be implemented by Capgemini.
PARIS & SAN MATEO, Calif.-- Zurich is today announcing the selection of Guidewire Software® , as the provider of a new claims handling platform for its UK General Insurance division. The software will be implemented into Zurich's UK Claims operation by Capgemini Financial Services UK, the subsidiary of one of the world's foremost providers of consulting, technology and outsourcing services.
Social Business
eMarketer: Tablet Users Demand Faster Load Times.
APRIL 2, 2012 - Consumers are acquiring tablets in droves - eMarketer estimates that the number of tablet users in the US alone will climb to 89.5 million in 2014, from 54.8 million this year. And many of these users have high expectations for what the web experience should be like on their new devices.
Consumer Information
The Co-operators - Spring Clean Up: Five Tips to Protect your Home.
GUELPH, ON, April 3, 2012 - Spring is here and it is time for one of Canadians' annual rituals: the spring cleanup. While raking the leaves and tidying the basement, take the time to perform some maintenance. There are plenty of things you can do to protect not only your home but also your possessions and the well-being of your family.
from Doug:
The Easter break was a nice respite from the long haul since the new year. One son whom we had seen once since Christmas visited. In turn we visited my Dad and my wife's Mother on Sunday. For the first time this year we had the bikes out and went riding twice - interesting to see what has changed since lat Fall. Not terribly exciting, but what was needed. Now into the new week, I feel somewhat more able to look forward, and less hurrying to catch up. May the feeling last a while.