The Chronicle: Issue 2012-23, June 5, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Will Pay-As-You-Drive Ever Get Traction in Canada?
We have been posting on the use of telematics and Pay-As-You-Drive (PAYD) or Usage Base Insurance (UBI) schemes for some time. It seems clear that these plans are gaining traction with insurance providers and insurance customers in the UK, Europe, and the US, but not in Canada yet. Why is that? We'd like your thoughts. - IBM's Watson Puts P&C CEOs In 'Jeopardy'
A good friend of Insurance-Canada.Ca recently took IBM's Watson Technology to Munich Re's annual CEO roundtable. Could this be the entree point for more sophisticated use of analytics by P&C insurers through natural language queries?
Claims
Gowlings: The New-Look Law Firm.
The economic landscape for Canadian property and casualty insurers has changed dramatically over the past 20 years. The industry has experienced unprecedented consolidation and increased competitive pressures. The Top 10 property and casualty insurers in Canada controlled almost 60% of the market share in 2010.
Attend the webinar "XClaim: Bringing Innovation and Value to Insurance Claims Litigation" on Wed. June 13, 2012 at noon.
Symbility Signs Contract with SSQ General Insurance.
TORONTO, ONTARIO - (May 31, 2012) Symbility Solutions Inc.®, a wholly-owned subsidiary of Automated Benefits Corp.®, provider of accurate and easy-to-use claims processing and estimating software for the property and casualty insurance industry, is pleased to announce that SSQ General Insurance Company Inc., a subsidiary of SSQ Financial Group, a leading insurance company providing products and services to over a million customers across Canada, has signed a five-year agreement to integrate Symbility into its operations.
IBC Vice President Ralph Palumbo, Comments About Ontario Auto Claims.
May 28, 2012 – Toronto - I am here to deliver a simple message on behalf of our member companies - auto insurance rates in Ontario are TOO HIGH. We know you hear this from your constituents and while we can't deal with individual issues today, I do want to say that a key service of IBC is helping consumers navigate through the insurance system through our Consumer Information Centre. We have provided the contact information with our presentation today.
Distribution
CSIO recognizes members for innovative use of its standards.
The Centre for Study of Insurance Operations (CSIO) held its Annual General Meeting at One King West Hotel in Toronto on May 29, 2012. During the event, Catherine Smola, CSIO President, presented the 2011 CSIO Annual Achievement Award which recognizes a member for the most innovative use of CSIO Standards for the benefit of the broker distribution channel. The nominations are judged by the CSIO Board of Directors.
Ontario Brokers Support SCM Risk Management Services (RMS) recent iClarify Announcement.
May 29, 2012 - Toronto, Ontario. Today, the Insurance Brokers Association of Ontario (IBAO) is supporting the SCM Risk Management Services' (RMS) recent announcement that effective immediately, a number of insurance companies will now be accepting iClarify residential property replacement cost value for quoting and underwriting purposes.
Product Announcements
Frank Cowan Company Introduces Insurance for Elder Care Professionals and Organizations.
CAMBRIDGE, ON May 31, 2012 - Frank Cowan Company, a leader in Canadian municipal, healthcare, education and community service insurance solutions, is pleased to reveal a new insurance program called Elder Care. The Elder Care program is designed specifically for organizations and staff providing care and services to mature individuals located in nursing homes, retirement homes and long-term care facilities, for example.
Policy and Product Management
RMS Announces Wide Carrier Acceptance of iClarify Replacement Cost.
May 28, 2012 - Toronto - SCM Risk Management Services (RMS) is pleased to announce that, effective immediately, the following companies are accepting the iClarify residential property replacement cost value for quoting and underwriting purposes:
Capgemini: Differentiating For Competitive Advantage in the Business of Risk.
While property and casualty insurance is by definition the business of risk, in recent years the industry has faced unprecedented market issues. Between stiffer competition, rising costs, reduced investment income, fleeting customer loyalty, and slowing premium growth, insurers are challenged to protect profitability and grow premiums. In this environment, insurers need to respond quickly to changing business conditions to achieve a competitive edge.
Sapiens Selected by RiverStone Resources LLC to Implement Reinsurance Solution.
New Jersey - May 29, 2012 - Sapiens International Corporation, a global provider of innovative insurance software solutions, was selected by The RiverStone Group to implement Sapiens Reinsurance, a comprehensive reinsurance business solution designed to support the optimization of RiverStone's entire range of reinsurance contracts worldwide. RiverStone is the preeminent manager of runoff' insurance portfolios, including very old long-tail claims and reinsurance contracts that required Sapiens' specialized system solutions.
Marketing and the Market Place
J.D. Power and Associates Reports: More Than 55 Percent of Auto Insurance Online Shoppers Are Less Likely to Shop an Insurer after a Disappointing Website Experience.
WESTLAKE VILLAGE, Calif.: 24 May 2012 -- As more than one-third (34%)1 of auto insurance shoppers prefer to buy their policy online, the experience shoppers have on an insurance company's website impacts their likelihood to shop and recommend the insurer, according to the J.D. Power and Associates 2012 Insurance Website Evaluation StudySM released today.
Business of Insurance
PwC Global CEO Study: Sustaining Competitive Relevance - Insurance Industry Summary.
Commitments to doing more business globally are accelerating in 2012 despite economic, regulatory and other uncertainties. CEOs see the fundamentals for future growth still squarely in place.
Sun Life Financial signs an agreement to form a life insurance joint venture with PVI Holdings (PVI).
TORONTO, Ontario, and Hanoi, Vietnam, May 31, 2012 - PVI Holdings and Sun Life Assurance Company of Canada, a wholly-owned subsidiary of Sun Life Financial Inc., signed an agreement today to form a joint venture life insurance company, PVI Sun Life Insurance Company Limited (PVI Sun Life). The new company is in line with PVI's development strategy, and further expands Sun Life Financial's footprint in Asia.
Consumer Information
Kanetix.ca car insurance comparison service now available through the Co-operators.
TORONTO, May 31, 2012 - Car insurance quotes from The Co-operators are now available to Ontario drivers online through Kanetix.ca's car insurance quote comparison service. The addition of The Co-operators, and its competitively priced auto insurance offering, makes an already robust comparison service even stronger.
RSA: Prepare for wildfire season.
May 25, 2012 - In 2011, we were reminded once again of the catastrophic impact of wild fires. In May, fires in Slave Lake, Alberta caused more than $700 million in damage - the second most costly weather-related insured loss in Canadian history.
Aviva: Looking forward to your vacation? Thieves are too.
May 31, 2012 (Toronto, ON) - As spring turns into summer, more and more Canadians start taking advantage of the warmer weather by spending a greater amount of time outdoors. Aviva Canada Inc., one of the country's leading providers of home, auto, leisure and business insurance, is reminding all Canadians to take precautions when away from the home as thieves take advantage of summer too.
Allstate Canada launches new program with Smart Home Monitoring from Rogers.
TORONTO, May 29, 2012 - Allstate Insurance Company of Canada is excited to announce a new program for customers who have installed Smart Home Monitoring from Rogers. The two companies are teaming up in an exclusive collaboration to provide more value to their customers and to help homeowners feel confident that their property and family are protected when they're away from home.
RBC: Who's Contributing to Your Nest Egg? Canadians Take Responsibility When It Comes to Retirement Planning.
TORONTO, May 9, 2012 - When it comes to ensuring their financial security in retirement, Canadians overall believe that they are primarily responsible (59 per cent), with the rest of this duty falling to the government (19 per cent), their employer (10 per cent), another family member (eight per cent) and their financial advisor (five per cent), according to the latest RBC Canadian Consumer Outlook .
PCI Debunks Common Hurricane Season Safety Myths.
May 14, 2012 - CHICAGO - Home, auto and business insurers are working to educate policyholders in hurricane-prone areas about some of the more common myths surrounding hurricane season safety. Today, PCI continues its efforts to raise awareness what home and business owners can take to prepare for hurricane season.
From Doug:
My Mother-in-law celebrated the 65th anniversary of her university graduation on Friday by attending a luncheon with college classmates at the Royal Ontario Museum. She came here by limo and I took her by subway to the ROM - it poured rain in Toronto on Friday - and then picked her up after lunch to drive her home to Guelph. The weather, construction and Friday mid-afternoon traffic connived to make it a long drive. For me, though, the bonus was being able to have dinner and a good visit with Dad, before returning home. Next time I think I will try a different transportation approach, and pray for good weather.