The Chronicle: Issue 2012-21, May 22, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- A Millennial's View On Her First ACORD Conference
I started the conference off by listening in on a panel discussion about Agent Council for Technology (ACT). I found it a perfect way to start off because it introduced everyone into what ACT really is and how companies have incorporated it. I think that ACT serves as the catalyst to generating ideas to progress the insurance industry. It connects vendors, carriers and agents so that they can discuss what the industry is doing right and what things they are behind the ball in. - Forget Forests, Give Up On Gas, Dump Diamonds: Here's The Real Natural Resource
If there's one consistent message coming from this week's ACORD/LOMA Insurance Systems Forum, it might be this: "Put your head in the cloud, and dig deep for data." Keynote speaker, Vivek Kundra, former CIO of the US Government and soon to be EVP Developing Markets, Salesforce.com, discussed the challenges he faced and the opportunities he exploited while at the White House. Significant among these were the containment of data centres and opening of massive amounts of information in the Open Government initiative.
Distribution
Aviva Canada introduces Compu-Quote's Pre-fill solution to brokers in Ontario, Alberta and Atlantic Canada.
May 15, 2012 - (Toronto, ON) Aviva Canada Inc., one of the country's leading providers of home, automobile, recreational vehicle, group and business insurance, is pleased to announce a sponsorship with technology provider Compu-Quote Inc. Under the sponsorship, Compu-Quote Inc. will provide an automated "Pre-fill" solution to over 600 brokerages that are currently using their comparative rating system.
Brovada NexExchange and Grenville launch property new business upload.
Toronto, ON - May 14, 2012 - Grenville Mutual Insurance Company is pleased to release a real-time, property, new business upload service to its brokers. Built by Brovada Technologies, the solution adds to their existing in-production inquiry and automobile new business upload functionality.
Western Financial Group announces acquisition of major Victoria insurance brokerage.
HIGH RIVER, AB, May 17, 2012 - Western Financial Group ("Western") is proud to announce the acquisition today of Hodges & Company Insurance Services Ltd., a highly experienced full service insurance broker specializing in the commercial insurance marketplace. Hodges & Company is headquartered in Victoria, British Columbia, and is Western's first acquisition in the fast-growing B.C. capital.
Business of Insurance
Celent - A Scenario: The End of Auto Insurance.
May 8, 2012 - A new report, A Scenario: The End of Auto Insurance: What Happens When There Are (Almost) No Accidents, describes a provocative but plausible scenario in which federal and local government in the US encourage the use of three currently available technologies (telematics, collision avoidance, automated traffic law enforcement) and one emerging technology (robot cars). The net effect is to substantially reduce traffic accidents and insured automobile losses. Consequently, property/casualty insurers see a major reduction in their auto insurance premiums revenue.
The Co-operators acquires G&F Financial Group general insurance business.
BURNABY, BC, May 11, 2012 - G&F Financial Group announced today an agreement to sell its general insurance assets and Autoplan appointment to The Co-operators, a leading Canadian-owned multi-product insurance company. G&F will continue providing life, disability, critical illness, and credit insurance to members through its G&F Insurance Services subsidiary. The deal is subject to regulatory approvals and is expected to close June 30, 2012.
Union of Canada Life Insurance policies to be transferred to The Union Life Mutual Assurance Company.
TORONTO, May 17, 2012 - Assuris announced today that The Union Life Mutual Assurance Company (UL Mutual) has agreed to assume responsibility for all the policies of Union of Canada Life Insurance, which was ordered into liquidation February 2, 2012.
Policy and Product Management
ICBC announces public consultation and engagement.
May 14, 2012 - ICBC is launching a province-wide consultation and engagement process to give British Columbians the opportunity to provide input on potential changes to the way ICBC sets premiums for Basic insurance coverage. As part of the engagement process, ICBC will consult with customers and stakeholders on various options that move towards a pricing system that focuses more on the driver and their driving record, rather than the current vehicle-based rating system which focuses on the claims history of the vehicle.
IBM Analytics used by new car insurance company to help gain over 65,000 customers in first year.
LONDON, U.K. - 16 May 2012: IBM today announced that insurethebox, a new car insurance company, is using an IBM analytics appliance to analyse drivers? habits and set insurance premiums based on how safe its customers drive. The car insurance start-up credits the IBM technology as key to its unique business model and strong growth over the past year.
Clarification
Clarification Re LIFEGUIDE
In last week's, May 15th "Chronicle issue 2012-20" a note was included relating to life insurance software under the mark "Life Guide". Use of the said mark was not authorized by CompuOffice Software Inc. who are the owners and registrants of the Registered Trademark LIFEGUIDE in Canada. Use of the trademark, LIFEGUIDE, in association with computer software programs related to life insurance; and the user guide manuals for such computer software programs in Canada other than in association with CompuOffice Software Inc.'s LifeGuide Professional Software, is not permitted unless prior written consent is granted by CompuOffice Software Inc., at its own discretion. We regret any confusion that may have occurred.
Technology
CGI IT services agreement with RSA Canada renewed for 6 years.
Toronto, Ontario, May 16, 2012 - CGI Group Inc., a leading provider of information technology and business processing services and RSA Canada, one of Canada's leading home, auto and business insurers, has renewed a 6-years agreement worth $80 million for IT infrastructure services.
Claims
IBM Analytics - Santam Saves $2.4 Million in Fraudulent Claims.
Johannesburg, South Africa - 09 May 2012: IBM today announced that Santam, South Africa's leading short term insurance company, has saved $2.4 million on fraudulent claims in the first four months of using IBM business analytics software. The analytics software has enhanced Santam's fraud detection capabilities and also enabled faster payouts for legitimate claims.
Consumer Information
IBC's water safety tips for fun and sun.
HALIFAX, May 15, 2012 - Summer long holiday weekends and warm days are here and Insurance Bureau of Canada (IBC) is offering tips to help Canadians to stay safe while enjoying water activities. According to Canadian Red Cross, on average, more than 500 people drown every year in Canada. This significant number of water-related fatalities reinforces the need for water safety education.
Manulife Bank - Wanted for a Successful Retirement: A Debt-Freedom Plan.
WATERLOO, ON, May 14, 2012 - Nearly nine in 10 Canadian homeowners (87%) indicate that "being debt-free" is very important to their definition of a successful retirement according to a recent debt and retirement survey conducted by Manulife Bank of Canada. This is second only to "having good health" (94%) and slightly higher than "having sufficient income to maintain my current lifestyle" (85%).
Allstate Canada urges parents to help educate teens about dangers of driving while under the influence of drugs.
TORONTO - May 15, 2012 - A recent Canadian study published in the British Medical Journal finds that teens who drive within three hours of smoking marijuana are twice as likely to be in a car collision.[i] Allstate Insurance Company of Canada and MADD Canada are concerned about all forms of impaired driving and are asking parents to speak to their young drivers about this dangerous behaviour.
CAA: Your long weekend travel guide.
THORNHILL, ON, May 16, 2012 - The May long weekend is here and for many that means road trips to the family cottage or nearby campgrounds. Before you head out for the well-deserved break, keep in mind the following safety tips to help get you where you are going.
IBC offers Top 10 tips for Canada Road Safety Week.
VANCOUVER, May 14, 2012 - Insurance Bureau of Canada (IBC) is offering tips for motorists during Canada Road Safety Week to increase their personal road safety habits. The goal of Canada Road Safety Week aligns with Canada's Road Safety Strategy 2015, to make Canada's roads the safest in the world.
SGI: Operation Overdrive back as part of Canada Road Safety Week.
May 14, 2012 - The second Operation Overdrive traffic safety blitz, focusing on impaired driving, will be part of Canada Road Safety Week, from May 14 - 21. This week-long initiative is an annual collaboration by Canadian police services to aggressively enforce traffic safety laws.
from Doug:
Last summer the weather was unbelievable - warm, few really chilly mornings - for early morning bike rides. When Fall arrived, I moved my exercise into the gym, down five floors in the condo. I finally broke my indoor routine this weekend, and moved outdoors, pedalling once over each of my three main routes. The first blush impact was how delightfully green everything is; followed closely by all the birds singing. Amazing what there is when you look for it, even here in the heart of the big city.