The Chronicle: Issue 2012-37, September 11, 2012
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What's Going Through The Intersection of Insurance and Technology? |
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Can IT Be More Effective by Being More Social?
Telematics Uptick: Where Will Insurers Take Usage Based Insurance? |
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Business of Insurance
A Privacy Policy is Not Enough, says Ontario Privacy Commissioner
Ontario's Information and Privacy Commissioner, Dr. Ann Cavoukian, says it is not enough for organizations to have a privacy policy in place – they must take steps on an ongoing basis to make sure it is reflected in every aspect of their operations.
CSIO announces appointment of new Senior Architect and Analyst in Montreal office
The Centre for Study of Insurance Operations (CSIO) is pleased to announce the appointment of Hans Gantzkow to the position of Senior Architect and Analyst in the Montreal office.
Intact completes acquisition of JEVCO Insurance Company
Intact Financial Corporation today announced that it has completed its $530 million acquisition of The Westaim Corporation's (TSX: WED) wholly-owned subsidiary, JEVCO Insurance Company, a leading provider of specialty and niche insurance products for individuals and businesses in Canada.
OSFI to overhaul Canadian life insurance regulation
The Office of the Superintendent of Financial Institutions' (OSFI) newly-released Life Insurance Regulatory Framework provides life insurance companies and industry stakeholders with an overview of regulatory initiatives that OSFI will be focusing on over the period ending 2016.
ILS IGI licensing program now available in Saskatchewan
Canada's newest and most up-to-date Level 1 licensing program for insurance professionals is now available in Saskatchewan. ILScorp, a long-time provider of insurance and financial services education and training has announced that the ILS Introduction to General Insurance (ILS IGI) program has recently been accredited by the Insurance Councils of Saskatchewan.
The year's most unusual pet insurance claims
American pet insurer Veterinary Pet Insurance Co. (VPI) has collected a dozen of its most unusual pet insurance claims over the past year and is searching for the winner. Nominees for the 2012 Hambone Awards include curious canines, greedy pigs and joyriding cats.
Consumer Information
Alberta's Impaired Driving Legislation Changes
Drivers in Alberta are facing new impaired driving rules. As of September 1, drivers who record a blood alcohol concentration (BAC) between .05 and .08 will receive an immediate three-day license suspension and a three-day vehicle seizure. Penalties will increase with repeat offences.
Pooled Registered Pension Plans needed as retirement plan coverage declines
Important new statistics on retirement plan coverage were released today by OSFI's Office of the Chief Actuary. These figures show slippage of the proportion of Canadian workers covered by a Registered Pension Plan (RPP) over the past 10 years.
Putting Rain to Work: PEI Town Launches Rain Barrel Study
Water damage is a serious problem in PEI, so Insurance Bureau of Canada (IBC) is partnering with the Town of Stratford, Prince Edward Island with the launch of the first Atlantic Region study of the impact of collective rain barrel use.
Housing market slightly less affordable
Vancouver's real estate market continues to test the limits of affordability, says a new report by RBC Economics Research. The Housing Trends and Affordability Report says that while the situation in Vancouver is extreme, the housing market across the country became slightly less affordable for the second consecutive quarter.
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Celebrate the use of technology in the Canadian insurance industry! Do you know an of an insurance technology success story? Honour it: reward the implementation team; recognize a leader; thank a business or trading partner. Winners will be announced at the 11th Annual Insurance-Canada.ca Technology Conference. Best in class awards for:
For details visit www.insurance-canada.ca/icta/. Note: all finalists will be profiled in the February 2013 issue of Canadian Insurance Top Broker magazine. This issue will be distributed at the 2013 Insurance-Canada.ca Technology Conference. |
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Technology
OneShield: Data Conversion Should Be Treated as a Separate Strategic Initiative
Given the importance of successful data migration to core system replacements and consolidations, and other major projects, it should be treated as a distinct strategic initiative rather than merely a subordinate task.
SCM Insurance Services Launches New Company, Opta, in Response to Increased Demand for More Information Solutions
Toronto – SCM Insurance Services (SCM), the company behind some of the insurance and risk industry's most powerful information and valuation solutions, has announced today the launch of Opta Information Intelligence (Opta), a company that will be dedicated to helping Canada's insurance and corporate risk industries turn information into profitable business intelligence.
Social Media Sites Becoming a Risk for Brands
Social media provides opportunities for brands to connect with customers and prospects, but that openness and transparency often leaves companies vulnerable to critics. The top three social sites have the greatest potential to damage brand reputation.
Marketing and the Market Place
Answer the social media call!
Would you ignore a customer's email? Not return their phone call? Chances are, most professionals are going to respond promptly to questions or comments from customers. But does it change if a comment is left on a social media platform?
Claims
Zurich Canada launches The Public Sector Solution, a package of coverages tailored to help protect our communities.
Toronto, ON – September 5, 2012 – Zurich Canada today announced the launch of the Public Sector Solution responding to the insurance needs of all levels of government, educational institutions and healthcare facilities.
Appeals Court restores ruling by FSCO director's delegate
Ontario's Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act.
From Joe:
I participated in the Telematics conference in Chicago last week which we mentioned in our survey. The conference was well attended and the presentations covered a wide range of topics from hardware to capture the raw data, aggregators who capture the data and make it available to carriers, Department of Transport, lawyers discussing the privacy issue...
Following the early adopters – Progressive has 1 million policies using it, and pretty well everyone says they are doing 'something' in this field – the consensus seems to be that it will be mainstream in the next 5 years. It also comes as no surprise that how this will be adopted and how many version of standards we will have follows the trend in our industry.
I came away with the clear message that there is a groundswell of support building for this; the early adopters will be the ones who will get the best-rated drivers and will successfully monetize their efforts. Latecomers may be left with the large percentage of average (and smaller group of bad) drivers where the best they can do on the rating is status quo. On the claims side, there is some really exciting technology becoming available to determine the events and reasons for a crash.