The Chronicle: Issue 2013-21, May 28, 2013

What's Going Through The Intersection of Insurance and Technology?

Telematics/UBI and Driverless Vehicles: Is there a Battle Royale forming?
There is an interesting debate involving a couple of possibly competing trends: one is the use of Telematics to support Usage-Based Insurance; the other is the emergence of Driverless Vehicles. We think that some of the discussions might be muddling some issues – and, regardless of the outcome, we think there are some clear winners already. We'd love to know what you think about all this.

Is The Media the Message for Successful Brokers?
What differentiates a broker/agent who successfully uses social media for marketing from one who does not? Is it the right media – or something else? We'd like to compare a few examples and then make a suggestion. We'd like your thoughts. But what does success look like, anyway?

The Intersection: Insurance-Canada.ca Blog
The Intersection
an Insurance-Canada.ca Blog

Events, Surveys and Webinars

Social Business

Celent: Social Media at ACORD LOMA was really a social discussion
For the first time at ACORD LOMA one of the sessions was a discussion, a workshop on a topic that required the audience to participate. The session, “Social Media in Business: Friend, Foe, or Who Cares,” was moderated by Mike Fitzgerald of Celent and in the end was well attended and well received.

Technology

InEdge outlines Four Steps to Improving Alignment of P&C Business Intelligence Initiatives
Recognizing the challenges facing P&C insurers undertaking a new Business Intelligence initiative, insurance BI consultancy InEdge has proposed four key metrics for determining whether a project is correctly aligned and will deliver ROI.

SAS Whitepaper: Plugging Premium Leakage
Recent studies have shown that insurers lose approximately 10 percent of their total revenue to premium leakage and underwriting fraud. Underwriting fraud affects most lines of business, especially commercial auto insurance, workers' compensation and property insurance. This paper covers the different types of underwriting fraud and how insurance companies are implementing technology and analytics to combat this growing issue.

Gartner identifies five actions for enterprise architects to harness the disruption of consumerization
The age of a locked-down IT system is disappearing rapidly, with total control of technology by IT fading away as more of the workforce chooses to use their own devices and applications for business purposes. This disruptive trend presents some great opportunities for enterprise architects.

Business of Insurance

Insurance websites perform better in policy servicing than policy shopping, reports J.D. Power & Associates
Automotive insurance customers indicate that using insurance company websites to service an existing policy is generally easier than using them to shop for a policy, according to the newly released J.D. Power & Associates 2013 Insurance Website Evaluation Study.

Travelers Canada launches IndustryEdge products for mid-sized companies
Travelers Insurance Company of Canada has announced the launch of industry-focused insurance solutions under the brand IndustryEdge. This product grouping offers Canadian business owners a suite of products with tailored underwriting, risk control and claims services.

Marketing

Celent: Big Data in Wealth Management and the search for customer insight
Big Data tools and technologies can help wealth management firms analyze the massive amounts of data they process, consume, and produce on a daily basis. Many firms are now using Big Data to gain new insights into their customers and prospects, discover investment opportunities, assist with risk/compliance, and provide competitive differentiation. In this report, Celent discusses some of the technologies and strategies available to help firms gain new insights by aggregating and analyzing data from internal and external sources.

Kanetix chooses The Brand Factory for rebranding
Toronto-based advertising and digital agency The Brand Factory was named AOR for online financial services comparison site Kanetix who recently kicked off their new look campaign and website.

Manulife Financial: it's never too late to start saving for retirement
Manulife Financial has launched a new national retirement solutions advertising campaign aimed at encouraging the thousands of Canadians, aged 50-59, who are without adequate retirement savings, to feel more comfortable about getting a late start to planning.

Consumer Information

IBAO: Drive Safe and Sober, urges broker association
The Insurance Brokers Association of Ontario is urging students to practice safe and sober driving. With the summer season nearing, students will be celebrating their end of school year with BBQs, parties and proms and IBAO would like to remind them of the simple measures they can take to avoid unnecessary tragedy.

Claims

Symbility Solutions signs parternship with Sensopia
Symbility Solutions Inc., provider of cloud-based and smartphone/tablet-enabled claims technology using the most comprehensive data for the property and casualty insurance industry, is pleased to announce that it has signed an agreement with Sensopia, a software publisher focused on Reality Capture, to use its software development kit to accelerate and enhance the capabilities of Symbility Mobile Claims.

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