The Chronicle: Issue 2012-27, July 3, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
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Do Rules of The Internet Apply to Social Media?
Back in the early to mid 1990s, just after Al Gore invented the commercial Internet, we developed 3 rules that we found useful in explaining some of the characteristics of this new media to insurance professionals and executives. We wondered how these fared in translation to Social Media. Here are the rules and some links to the current environment. We'd like to know what you think.
Rule #1 – No One Owns It/No One Controls It. When the Internet was transitioning to the commercial space, a number of companies believed that with first mover status, they could 'own' a particular space. Some governments have tried, and continue to try to legislate controls over the use of social media. Some technology suppliers created applications that became overnight de facto standards. In spite of some results, open technologies continue to be open business environments which morph quickly to subvert controls.
Distribution
GCNA chooses Brovada's NexCenter.
Toronto, ON - June 19th , 2012 - The Guarantee Company of North America has chosen Brovada's NexCenter Technology to provide a real-time Single-Sign-On and Inquiry solution for its "Personal Insurance" broker partners. The solution will allow streamlined access to policy, billing, and claims information and also give brokers the ability to download policy-related documentation for both the Guarantee GOLD® and Guarantee Superior products.
LOGiQ3 THiNK Blog: What Mobile Device do Life Insurance Professionals Use?
Jun 22, 2012 - We don't need studies and whitepapers to tell us that mobile device usage is on the rise and it is just a matter of time that mobile device usage will exceed that of traditional desktop usage. It is anticipated that in 2014, Internet usage through mobile devices will exceed that of desktop Internet usage (Source: Microsoft Tag). Just look around you, be it at the coffee shop, waiting in line at the cashier, on the public transit, etc., mobile device usage is surrounding us everywhere.
Sun Life: Financial advisors more optimistic about U.S. capital markets than Canada in the year ahead.
TORONTO, June 26, 2012 - Canada's financial advisors are more optimistic about the performance of U.S. markets compared to any other major global equity market, including Canada, over the next 12 months according to the Sun Life Advisor Sentiment Index released today by Sun Life Global Investments. The survey, conducted by Ipsos Reid between April 23 to May 4, 2012, measures Canada's financial advisors' sentiments on capital markets and key economic factors.
IBM Study Report: Powerful Interaction Points: Saying Goodbye to the Channel.
When thinking about how to connect with consumers, insurers - and consultants - often talk about the "channel strategy," but this terminology is indicative of the problem. A "channel" infers a one-way communication from insurer to customer, and today's customers don't think that way. If insurers are serious about getting closer to their customers, they should forego conventional "channel" strategy development and instead focus on quality interactions.
comScore Releases 2012 U.S. Online Auto Insurance Shopping Report.
RESTON, VA, June 21, 2012 - comScore, Inc., a leader in measuring the digital world, today released its 2012 Online Auto Insurance Shopping Report, which provides a detailed analysis of overall industry trends in 2011 and the attitudes and intentions of consumers shopping for auto insurance online. In addition, the study reports on the volume of online quote requests and highlights customer preferences on purchasing channels and key factors driving the decision-making process for shoppers.
Technology
Accenture Technology Vision 2012: What it means for Insurance.
Accenture's annual Technology Vision report provides a perspective on the future of technology beyond the current conversations about the cloud, mobility, and Big Data. This year's report?Technology Vision 2012?outlines the trends that forward-thinking CIOs will use to position their organizations to help drive growth, rather than focusing on cost-cutting and efficiency improvements.
IBM Launches New Class of Analytics Software To Improve Decision Making.
Armonk, N.Y. - 20 Jun 2012: IBM today announced new predictive analytics software that automatically correlates and analyzes big data to help clients embed hyper-intelligence into every business decision. In addition to generating insights on internal data in a matter of seconds, the software measures the impact of social networking channels and factors this information into organizational decision making.
Deloitte: A critical asset which is underutilized: DATA.
As an industry that has always relied on the targeted collection, scientific analysis and predictive value of data, the insurance industry should be left-lane and leading on the information superhighway, using that data to drive value across the organization. Deloitte experience suggests however, that insurance companies rarely leverage the full extent of their collected data to drive value in other organizational areas. Too often, key data remains siloed in different functions and business lines, largely inaccessible and unutilized.
Reference and Statistics
Swiss Re sigma study on world insurance in 2011 shows non-life insurance premiums continued to grow in 2011 despite an overall decline in premiums.
Zurich, 27 June 2012 - Swiss Re's latest sigma study reveals that global overall premiums declined 0.8% in real terms in 2011.1 While non-life premiums expanded 1.9% on solid economic growth in emerging markets and selective rate increases in some advanced markets, global life insurance premiums fell 2.7%. Capital and solvency remained solid despite extraordinarily costly natural catastrophe events and historically low interest rates that lowered insurers' overall profitability.
Social Business
eMarketer: Execs in Canada Recognize Social Media's Impact.
JUNE 27, 2012 - According to a Queen's University School of Business study conducted in April by Environics Research Group, 35% of business executives in Canada reported already heavily using social media because it provided a good opportunity for their company. Another 39% felt that social media was something that their business needed to use, whether they wanted to or not. Only 24% doubted its impact on business altogether.
Business of Insurance
Manulife, one of the world's leading life insurance companies, is now in Cambodia.
PHNOM PENH, Cambodia, June 28, 2012 - Manulife Financial today announced the official opening of its head office in Phnom Penh, Cambodia. Presided over by H.E. Dr. AUN Porn Moniroth, Minister attached to Prime Minister and Secretary of State of The Ministry of Economy and Finance, the historic event took place at Raffles Hotel Le Royal where Manulife partners, government officials, a number of guests and local media representatives joined in the celebration.
Claims
CDRG: Inspi(RED) Innovation Services Through Mobile Cloud Application.
Canada, June 28th, 2012 - cdrg and Synchroteam, an established vendor of enterprise mobility workforce service management software headquartered in France, announces that the customized mobile cloud application has been rolled out for CDRG and it's members in North America.
FirstOnSite continues to expand in Western Canada.
(TORONTO, Ontario, June 21, 2012) - FirstOnSite Restoration, Canada's largest independent disaster restoration company, today announced the opening of a new branch in Cranbrook, BC. In addition to providing disaster restoration services, the new location will also offer construction and renovation services to businesses and residents of Cranbrook and the surrounding area.
Consumer Information
IBC offers tips to Canadians for a safe summer.
TORONTO, June 27, 2012 - As the temperatures rise and vacations beckon, Insurance Bureau of Canada reminds Canadians to stay safe this holiday weekend and all summer with a few easy-to-follow tips.
TIRF Poll: More knowledge of modern vehicle safety features can benefit Canadians.
OTTAWA, June 27, 2012 - Results from a new public opinion poll by the Traffic Injury Research Foundation (TIRF) show that a majority of Canadian drivers can benefit from more knowledge about the many vehicle safety features rapidly becoming standard on new vehicles across the automotive industry. The poll, conducted over the course of November 2011 to January 2012, explored a range of issues including familiarity with different safety features, perceptions about their use, and the effects of these features on driving.
Allstate's new online quote tool offers an easy way to quickly get a quote in Alberta.
CALGARY - June 21, 2012 - Over 18,000 new cars were sold in Alberta in 2011.[i]Since the model of a car affects a driver's insurance rate, car insurance is an important factor to consider and budget for when buying a car or truck. Whether purchasing new or used, Allstate Insurance Company of Canada recommends Albertan car shoppers use its new online quote tool to easily assess the cost of a vehicle's insurance and quickly compare it for each vehicle they are considering.
TD Insurance takes the nation's pulse with the 2nd Annual State of Insurance Report.
TORONTO, June 27, 2012 - The majority of Canadians say they consider insurance an essential part of their financial health, but with an uncertain economic forecast on their minds, many cost-conscious consumers are putting their coverage on the chopping block. According to the TD Insurance State of Insurance Report - an annual report commissioned by TD Insurance to understand Canadians' habits, attitudes and knowledge about insurance - 42% of Canadians are less likely to purchase a new policy or buy enough insurance due to the economic environment.
From Doug:
Canada Day is behind us for another year, but a Happy 4th to those of you south of the border.
I needed a long weekend to let me take a breath and get caught up on a few things and also to pack my kit bag for a longer two-week break. We are headed to Calgary to catch the centennial (our first visit to the Stampede) and to visit friends and relatives in southern Alberta and southeastern BC.
We did manage a visit to parents – we all enjoyed it. I spent Canada Day at Fort York here in Toronto. Fort York has a significant role in the War of 1812 commemorations, and those of us into Canadian heritage are enjoying the attention that our history is attracting.