The Chronicle: Issue 2012-26, June 26, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- How will Predictive Modelling Impact Insurance? Actuaries and Practitioners Speak!
According to some experts, predictive modeling, using increasingly sophisticated tools, is poised to alter how the industry rates and underwrites. There's some controversy among insurance practitioners as to whether predictive modelling will effect real change to traditional practices. Let us know what you think. - Should Insurance-Technology be an Academic Discipline?
Recruiting IT professionals for insurance companies can be challenging for a variety of reasons. A recent article suggested that alignment by insurers with colleges and universities offers some relief. We're wondering if an extension of this -- creating an academic discipline focusing on Insurance and Technology -- makes sense. Do you think this idea has any legs?
Distribution
Keal Technology works with iter8 Inc. and Unica Insurance to implement keal connect, an award winning solution for the independent broker.
June 19th, 2012: Keal Technology, a Canadian software application developer servicing Canadian insurance and financial brokerages is pleased to announce that their keal connect solution has won the 5th annual 2011 CSIO Annual Achievement Award which recognizes the most innovative use of CSIO Standards for the benefit of the independent broker distribution channel.
Applied Systems appoints Jeffrey D. Purdy senior vice president and general manager for Canada.
University Park, Ill. - June 19, 2012 - Insurance software company Applied Systems today announced that Jeffrey D. Purdy has been appointed senior vice president and general manager of Applied Systems Canada.An Ontario native and a Canadian insurance industry veteran, Purdy will be responsible for Applied Systems' Canadian operations..
HealthQuotes.ca Announces Availability of Instant Group Insurance Quotes.
Toronto ON 18 June 2012 - HealthQuotes.ca* is pleased to announce that they have added the Wawanesa Diversity employee benefits plans to their web site.
Novinsoft's New mobile Technology Available Now.
June 20, 2012, Port Perry ON -- Novinsoft's industry-standard illustration systems, needs analyses and sales concepts are now available as HTML5 web applications - optimized for touch screen mobile tablet and smartphone devices.
Keal Technology & SGI CANADA Partners in Delivering Broker Technology.
TORONTO, Ontario, Canada - June 22, 2012 - Keal and SGI CANADA have entered into a significant partnership by signing an agreement to install Keal's application in SGI CANADA's Broker Model Office. This agreement includes full technical and application support, to benefit brokers across the country.
Policy and Product Management
Risk Control Technologies' RC Inspection Goes Live with LIG Insurance.
(June 19, 2012 - Toronto) Risk Control Technologies Inc., the industry-leading provider of loss control software solutions for insurers, today announced that Fort Lee, New Jersey-based Leading Insurance Group Insurance Co. Ltd (US Branch) ("LIG") has gone into production with RC Inspection for its loss control operations. LIG is a US-based subsidiary of LIG Insurance Company, Ltd. based in Seoul, Korea which specializes in insuring main street Korean-American and Chinese-American business.
MajescoMastek's STG Billing Selected byy US Assure.
NEW YORK -- (June 19, 2012) -- MajescoMastek, the insurance industry's enterprise application specialists and the U.S. subsidiary of global technology solutions provider Mastek Limited, today announced that US Assure (formerly Zurich Insurance Services, Inc.), an insurance program administrator and service provider, has selected MajescoMastek's STG Billing solution, as well as the STG Agent Self Service Portal and STG Electronic Billing Payment and Presentment (EBPP) solutions.
Insurance-Canada.ca Survey: Applied Systems acquires Compu-Quote
Because of their combined presence in the broker distribution segment of the Canadian P&C industry, the acquisition of Compu-Quote by Applied Systems – see announcement – was especially interesting.
In a recent survey by Insurance-Canada. ca, you gave us your thoughts.
Read the report here.
Watch for more details and analysis in a future blog post in the Intersection.
Marketing and the Market Place
Economical launches refreshed brand at 140th annual general meeting.
WATERLOO, ON, June 15, 2012 - Today at its 140th annual general meeting, Economical Insurance® launched its refreshed brand with an uncomplicated, cleaner, friendlier logo (attached) and a new tagline: good to know™.
Product Announcements
Foresters introduces Easylife and a simplified approach to whole life.
(Toronto, ON, June 18, 2012) - Foresters™, an international life insurance provider committed to family well-being, has simplified access to permanent protection with Easylife, an affordable new participating whole life product with up to $100,000 coverage.
Great-West Life makes it easy for Quebec employers to set up their company's mandated voluntary retirement savings plan.
WINNIPEG, June 20, 2012 - Today, Great-West Life launched a new website focused on voluntary retirement savings plans (VRSPs), offering Quebec businesses an easy way to set up their company's VRSP once legislation has passed. VRSPs are expected to be available January 1, 2013.
Reference and Statistics
Towers Watson Survey Reveals Rising Commercial Insurance Prices for Fifth Consecutive Quarter.
NEW YORK, June 11, 2012 - Commercial insurance prices in aggregate increased by nearly 5% during the first quarter of 2012 - the fifth consecutive quarter that prices rose for all standard commercial lines. In addition, commercial insurers' loss ratios stabilized for most insurance lines and improved in lines with the largest price increases, according to the most recent Commercial Lines Insurance Pricing Survey (CLIPS) released by global professional services company Towers Watson.
Business of Insurance
Fairfax Announces Agreement with Brit Group to Acquire Brit Insurance Limited.
TORONTO, ONTARIO (June 18, 2012) -- Fairfax Financial Holdings Limited ("Fairfax") announces that its RiverStone runoff subsidiary has entered into an agreement with Brit Group to purchase all the outstanding shares of Brit Insurance Limited (BIL) of London, England, which wrote UK domestic, as well as some international, insurance and reinsurance before being placed into runoff earlier this year.
Insurance in the Community
Standard Life's new employee community engagement program.
MONTREAL, June 21, 2012 - Standard Life is proud to launch the first component of Together, in our community, its brand new employee community engagement program. The program is designed to encourage its employees' volunteering efforts and provide financial assistance to the charities they support.
Aviva Community Fund returns with a $1 million pledge. Want to make a difference in your community?
June 19, 2012 (Toronto, ON) - "The hard work was worth it," said Dave Nussbaumer of insurance brokerage Farrell Agencies, and lead organizer of the Yorkton (SK) Skateboard Park initiative. "We mobilized the students and entire community, proved that our project was worthwhile and ended up with $150,000 for a skateboard park in an area devastated by flooding."
Consumer Information
Intact Financial Corporation: Climate change to warm Canada with increased temperatures of up to 2°C by 2020 and 4°C by 2050.
TORONTO, June 11, 2012 - Intact Financial Corporation and the University of Waterloo, along with more than 80 experts from across the country, today released the Climate Change Adaptation Project report, which provides a roadmap for adaptation in Canada. It projects rising temperatures across the country and substantial fluctuations in precipitation levels, all of which will leave a range of sectors, cities and rural regions in Canada vulnerable.
CLHIA: Majority of Canadians ill prepared for long-term health care costs.
TORONTO, June 21, 2012 - Three quarters of Canadians (74 per cent) admit they have no financial plan to pay for long-term care if they needed it, according to a new poll by Leger Marketing on behalf of the Canadian Life and Health Insurance Association (CLHIA).
ICBC offers tips for Lower Mainland parents to help keep their graduates safe.
June 14, 2012 - As graduates are excitedly counting down their final days of high school, ICBC is asking parents to help the celebrations by making sure their teens plan ahead to get home safely. Every year, on average, 1,200 youth are injured and four are killed during the April, May and June grad season in the Lower Mainland.*
From Doug:
Last week a few more boxes of household items made their way to the Goodwill centre down the street. Something about company coming (two sets leading up to and on the weekend) that brings out the need to get things in shape. Other than me being in the doghouse because I have failed to address any of the clutter mountains in my office, things are improving – but then we are just shy of two years in our "new" condo.
Our two boys went to The School House in Toronto for eight years from age 4 to end of grade 6, including numerous summer camps. We had a good get-together with the couple who were the principals on Saturday – many memories.