The Chronicle: Issue 2014-28, July 15, 2014

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What's Going Through The Intersection of Insurance and Technology? Targeting Niche Insurance Products Most discussions about marketing personal lines of insurance typically revolve around property and auto offerings. But how can insurers target niche products like boat, ATV, ski-doo, RV and pet insurance? Some executives believe that the revenue from pet insurance may not warrant a lot of attention. But this assumption may mask an opportunity. Is Insurance CRM Dead, or Does It Just Smell Funny? Customer Relationship Management (CRM) has had a chequered history in the insurance industry. There is significant value potential, but precious little that has been realized. The question is, can this change?

The Intersection an Insurance-Canada.ca Blog

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Business of Insurance

Swiss Re SONAR report investigates emerging risks for the insurance industry
Swiss Re has published “New emerging risk insights”; this publication is based on Swiss Re's SONAR process, a unique tool which uses Swiss Re's internal risk management expertise to observe and evaluate new and emerging risks. It also draws on other sources such as the Chief Risk Officer Forums' Emerging Risk Initiative.

SAP survey reveals insurers prioritize speed and agility for product innovation and enhanced customer experience
Insurers are seeking speed and agility throughout their infrastructure for innovative product development and an enhanced customer experience, reveals a survey by SAP SE. The survey of 200 insurance executives at the IASA Annual Conference held in June found a number of factors motivating insurers' innovation strategies.

Standard Life set to offer the Voluntary Retirement Savings Plan
Standard Life in Canada has announced that it has obtained all necessary approvals to offer Voluntary Retirement Savings Plans (VRSP) to Québec workers.

Claims

Munich Re: Comparatively few major natural catastrophe losses in first half-year
The statistics for natural catastrophes for the first half of 2014 have been marked by pleasingly low levels of global claims. Overall economic losses and insured losses to the end of June were considerably below the average for the past ten years. Thankfully, the number of deaths caused by natural catastrophes was also comparatively low. However, towards the end of the year the natural climate phenomenon El Niño may impact regions differently in terms of the number and intensity of weather extremes.

Distribution

Hub International acquires Manitoba-based Gibson's Insurance
Hub International Limited, a leading global insurance brokerage, has announced that it has acquired the shares of Gibson's Insurance Agency Ltd., a Manitoba-based insurance brokerage. Terms of the acquisition were not disclosed. Gibson's will become part of the Hub International Horizon operations.

Policy Management

Accenture introduces new release of Duck Creek policy software
Accenture has introduced a new release of Accenture Duck Creek Policy designed to help property and casualty insurers streamline policy administration processes, more clearly define workflows and get products to market more quickly.

Economical Insurance selects Guidewire system for policy administration
Economical Insurance, one of Canada's leading property and casualty insurance companies, has announced that it has selected PolicyCenter from Guidewire Software as its new policy administration system. Guidewire PartnerConnect™ Affiliate member, Deloitte Inc., has been selected to lead the implementation project, with Economical and Guidewire working in close partnership.

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