The Chronicle: Issue 2014-25, June 24, 2014
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What's Going Through The Intersection of Insurance and Technology?
7 Principles For a New Construct in Broker Connectivity
What's a Nice Insurer Like You Doing with a Sensor Like That? |
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Business of Insurance
Intact Financial launches nationwide effort to weather-harden cities with University of Waterloo
Intact Financial Corporation and the University of Waterloo have announced a national initiative involving the implementation of 20 climate change adaptation projects designed to reduce the physical, financial and social impacts of extreme weather events. Projects will also focus on efforts to limit coastal erosion in proximity to major cities.
IBC: A fresh start for Ontario auto insurance, with leadership and cooperation
Insurance Bureau of Canada is calling for true leadership to help lower auto insurance premiums because Ontarians deserve a better auto insurance system – one that is free of fraud and that rewards safe driving.
The Co-operators launches insurance solution for co-operatives
The Co-operators has announced, at the annual general meeting of Co-operatives and Mutuals Canada, the launch of Co-op Guard™, a first-of-its-kind insurance and financial services solution designed specifically to meet the unique needs of Canadian co-operatives.
Ironshore Canada enters commercial property market to cover sector-specific risks
Ironshore Canada has announced its entry into the Commercial Property Market with capacity that enhances its existing suite of specialty products available in the Canadian region. Ironshore Canada has licensed approvals to provide property coverage products to select, specialty sectors in every Canadian province, except Quebec. Commercial Property insurance products are now available for General Commercial Property, Energy Property, and Builder's Risk Property, with capacity limits based on each respective client's coverage needs.
Accenture unveils Finance Transformation Solution for banks and insurance companies
Accenture has unveiled the Accenture Finance Transformation Solution, a proven platform designed to help banks and insurance companies transform their finance operations. Developed on the SAP HANA® platform, the Accenture Finance Transformation Solution supports efficient implementation of financial reporting capabilities and enables the creation of a consistent data model for accounting and consolidation of financial results. By providing pre-configured technical solutions for re-use, the solution reduces the number of days required for configuration and integration by 20 to 30 percent.
Economical Insurance: Amendments to Insurance Companies Act enacted in budget
Economical Mutual Insurance Company has announced that Bill C-31, the 2014 budget implementation bill, recently received Royal Assent enacting, among other things, amendments to the Insurance Companies Act (Canada) (ICA) to broaden the Governor in Council's regulation-making authority under the act. These powers support the eventual implementation of the regulations that will allow federally regulated mutual property and casualty (P&C) insurance companies that choose to do so to demutualize.
Technology
SMA: Property/Casualty insurers expand analytics into new business areas
A new SMA report covers insurers' business and IT strategic priorities and operational plans to leverage the exploding sources of data, and investigates how business intelligence and advanced analytics are being applied to innovate and transform the business.
Claims
Accenture introduces upgraded release of Duck Creek claims software for P&C insurance companies
Accenture has launched the newest release of Accenture Duck Creek Claims designed to help property and casualty insurers process claims more quickly and efficiently and improve customer satisfaction. Accenture Duck Creek Claims creates a new level of efficiency for claim adjusters through an improved user experience and faster reaction times.
Consumer Information
Aviva Canada warns Canadians about unlicensed sellers of insurance
Aviva Canada, one of the country's leading providers of home, auto, recreational vehicle, group and business insurance, is warning Canadians about the risks of insurance deals that seem too good to be true. Aviva is releasing details of a recent insurance scam where an unlicensed seller of insurance took cash from an innocent victim to set up an auto insurance policy. The perpetrator did not secure coverage and kept the money, leaving the victim out thousands of dollars and driving without coverage.
CAA offers flood safety tips and precautions for drivers and homeowners
Severe thunderstorms, torrential downpours and flash floods are becoming more common in Ontario. CAA Insurance Company is reminding Canadians that water damage caused by sudden, heavy rains can be avoided. Follow these tips to prepare your home and protect your car.
RBC Insurance: Canadians are tired of drivers talking on the phone while behind the wheel
With the summer vacation season almost here, traffic will increase and so will driving annoyances and unsafe practices. According to a recent RBC Insurance survey, nearly all licensed Canadians have strong pet peeves while driving. Drivers who use their cell phone while driving top the list, followed closely by tailgating, and then by not indicating lane changes or turns.