The Chronicle: Issue 2012-31, July 31, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Social Media for the Slow Social Learner
I see you there, sitting in your office, reading that magazine article entitled something like "Use Social Media or Die". I know what you're thinking: "Maybe I can retire before I need to face this." I was just like you. Then I read a report that made sense to me, and now I'm putting a plan in place that makes sense, too. How did I do it? Read on. And let me know how you make out. - Broker Connectivity Turns 45! The Summer-of-Love Children Still Strive.
In the summer of 1967, hippies made the Haight district in San Francisco ground zero for the development of revolutionary ideas and behaviour. About 45 minutes down route 101, at the Stanford Research Institute (SRI), a group of researchers, were developing other cutting edge ideas for actions to preserve the independent agent and broker system. The SRI report set in motion a number of initiatives which continue today under the banner of 'Broker Connectivity'. Our question is, over the 45 years since the inception of this activity, what have we accomplished, and what have we learned?
Technology
IBM Analytics: Fast becoming THE competitive battleground for insurers.
The insurance industry is in the midst of an analytics revolution. In fact, analytics are fast becoming THE competitive battleground for insurers. However, life and annuity insurers in Canada are not yet visible on the front lines.
Distribution
Hub Financial launches revolutionary sales tool powered by WealthServ© SalesDrive.
July 27, 2012 - Life insurance advisors focus hard on finding new clients, but may as a result miss opportunity that exists in their current in-force block of business.
Western Financial Group Announces Acquisition of Sidney Marine Insurance Brokerage.
HIGH RIVER, AB, July 23, 2012 - Western Financial Group (Western) is proud to announce the July 1st acquisition of BC Yacht Insurance Brokers Inc. (BC Yacht), Sidney's only specialized marine insurance brokerage.
Business of Insurance
Chartis Insurance Company of Canada rated 'A' by S&P.
Jul 26, 2012 - Standard & Poor's has assigned its long-term 'A' counterparty credit and financial strength ratings to Chartis Insurance Company of Canada, a core subsidiary of the Chartis group, ultimately owned by AIG. S&P also noted that the outlook is stable.
Co-Operators General Second Quarter 2012 Results are out.
GUELPH, ON, July 26, 2012 - Co-operators General Insurance Company (Co-operators General) today released consolidated financial results for the three months ended June 30, 2012.
Celent says to Insurers "leverage your data".
"Data mastery" has been one of the Top 3 insurance priorities for the past several years, yet most insurers still struggle with how best to use their own information to achieve their business goals, research firm Celent says.
Claims
Minor Injury Treatment Protocol consulting contract awarded to Dr. Pierre Côté.
Dr. Pierre Côté has won the consulting contract to develop the Minor Injury Protocol, the Financial Services Commission of Ontario (FSCO) announced.
Consumer Information
Kanetix.ca - Compare and save $$$ on Auto Insurance.
TORONTO, July 25, 2012 - Almost 20,000 Canadians who compared car insurance rates at Kanetix.ca between January and March 2012, would now be able to get a lower rate of at least $50, and an average of $450, if they returned to comparison shop their auto insurance.
BC, Alberta drivers have the worst habits.
Looking for Canada's most distracted and aggressive drivers? Head west. According to a new poll from Angus Reid, drivers in British Columbia and Alberta appear to display the most bad driving habits including cutting into a lane without signaling and tailgating.
Pensioners in Debt!
Many Canadians are finding themselves in the red while living out their golden years. A new CIBC poll conducted by Harris/Decima found that nearly 60 percent of retired Canadians hold some form of debt though it's often less than working Canadians.
Are you Prepared for Summer Storms?
Summer thunderstorms have been ripping through nearly all parts of Canada in recent weeks. Ontario hydro provider Hydro One is reminding Canadians across the country the importance of being prepared in case of an extended emergency if severe weather strikes.
Stopped by the Police - What do I do Now?
We live in a wonderful country where violence is still something relatively rare. If we are stopped by the police we tend not to worry and dig out our driver's license and vehicle registration wherever it might be in the vehicle.
BC's new metal theft law in effect.
Canada's first provincial metal theft law and regulations came into effect in British Columbia on July 23.
IBC will explain relationship of auto insurance, premiums.
Jul 27, 2012 - The Insurance Bureau of Canada (IBC) has launched a new campaign to help consumers understand their auto insurance policies and start a discussion on reforms.
Honours and Awards
OneShield scores a 94 in Novarica's ACE Rankings for Dragon Policy and receives a 2012 RAVE Award.
Westborough, MA - February 16, 2012 - OneShield, Inc., a provider of flexible, enterprise-class and content-rich policy and billing core systems for property/casualty insurers, is pleased to announce that it has earned a Novarica Average Customer Experience (ACE) Ranking™ of 94.
Reference and Statistics
Risk Calculator.
Risk managers have significantly lower risk tolerance than their CEOs and CFOs. In fact, they are the most risk-averse professionals within organizations, according to an IBM study on risk tolerance.
From Joe:
Increasingly over the past months two topics have been in the Insurance headlines a lot, Big Data (more on this later) and Telematics – and both topics are connected. I must admit that I've always been (and still am) a gadget/technology freak which I suppose was the reason for getting into the technology business about a hundred years ago and from there somehow sliding into the Insurance field, so Telematics gets my adrenalin flowing thinking of the possibilities of new toys.
It seems the Telematics snowball has been pushed to the top of the hill and is almost ready to begin the downward journey which to me looks like it could be an avalanche. Although there is little mainstream Telematics based auto insurance available in Canada, every insurer is 'doing Telematics' and the technology players are deeply involved. Ford partners with State Farm in the US, Progressive is of course at the front of the race, Sprint is in the game, and Google has now licensed 2 driverless cars! It looks like there is a big paradigm shift coming in how auto insurance will be underwritten but are we ready for it and what are the ramifications?
I would like to get your opinions on the Telematics subject, and we at Insurance Canada are asking you to participate in a short survey on the topic. Give us your opinion on where things are – is it still a dream, or is it the next wave?