The Chronicle: Issue 2015-02, January 13, 2015
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What's Going Through The Intersection of Insurance and Technology?
Have Pity on the ICTA Jury
The Future of Insurance: Virtual Assistants |
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13th Annual Insurance-Canada.ca Technology Conference Welcome and thank-you to our 2015 conference sponsors:
IBM as a Platinum Sponsor. |
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Telematics
InsureMy launches Canada's first Time-Based Insurance (TBI) product in Alberta and Ontario
InsureMy Ltd., a Calgary-based insurance brokerage, today announced the launch of Canada's first time-based insurance (TBI) product, designed to save commercial drivers and fleet managers money and time. As the only Canadian provider of TBI, InsureMy is making substantial insurance savings a reality by marrying traditional insurance products with innovative telematics technology offered by Intelligent Mechatronic Systems (IMS). Fleet operators and managers can now receive insurance premium refunds based on actual vehicle usage.
ICTA nomination: CAA Insurance reaps early benefits of telematics
CAA Insurance is working with Quindell Solutions as the provider of the technology and outsource services to support an ambitious program involving in-car technology, network services for data transfer, data capture, analytics and product development, and online portal for telematics users. The application of vehicle telematics, applied to automobile insurance, vehicle relationship management and connected car solutions for CAA Insurance customers, is marketed under the brand name CAA Connect™.
Technology
ICTA nomination: RSA constructs a Java web component to reduce costs, improve service
RSA has addressed two major internet challenges by developing a Java technology component to their web platform. The eBusiness team started to invest in Java technology in mid-2013, and it was up and running by the beginning of 2014. Firstly, a front-end framework allows for responsive design so that one web solution is created for all screen sizes. Secondly, RSA's Enterprise Service Bus (ESB) has a component in the application architecture to abstract the front end and back end application layers. This facilitates the integration of legacy systems, 3rd party sources & applications, reducing the work effort for changes moving forward.
Gartner: Weak mobile customer service is harming customer engagement
Weak mobile customer service is harming customer engagement, according to Gartner, Inc. No rallying principle in the enterprise matters more than the creation of superior customer engagement and IT leaders will need to innovate in engaging customers on all channels and have the metrics to choose the right projects. Gartner has made a number of further predictions about mobile customer service.
Webinar: The Internet of (Physical) Things and Insurance
Businesses and consumers are taking to smart, connected objects. At the recent Consumer Electronics show in Las Vegas, there was one superstar present: The Internet of Things (IoT). Why the interest? The IoT holds the promise to make our personal and professional lives easier. But what does the IoT mean for insurance? For two years, the Insurance 2025 Study Group has been talking about the implications of connected physical objects on insurance – and the implications are big! For the first time, you are invited to sit in on our next meeting.
Celent report: Property/Casualty Insurance CIO Pressures and Practices 2015, North American Edition
What are property/casualty insurer CIOs planning for 2015? What business priorities are they reacting to, what initiatives will they be funding, and how are they investing in digital and innovation? This report provides the answers.
Distribution
ICTA nomination: Cornerstone Insurance applies technology to measure customer engagement
Keal Engage was deployed by CSIB on April 16, 2014. This solution brings Navicom's proprietary customer measurement system, enVisageCEM, into an automated workflow in Keal's broker management system (BMS). Through this solution, CSIB is measuring ongoing client engagement in an automated manner. A renewal (or other) transaction in the BMS automatically triggers an emailed survey to be sent in real-time to the client, gathering customer feedback on key areas.
ICTA nomination: Sharp Insurance deploys app and portal to serve customers better
Insurance brokerages across Canada are behind other industries in terms of technological advancements in client service's online tools. The main purpose of the iMobileBroker app and the BrokerScape portal is to give clients accessibility to their insurance details, anywhere and at any time. Most clients call into brokerages for pink cards or payments dates, or to submit a claim. Clients are able to do all of these transaction and more from their mobile phones or computers. The impact on brokerages is substantial. The call volume is lightened, allowing brokers to focus on the bottom line: Selling insurance and acquiring new business.
Accenture report: Independent insurance agents not immune to digital disruption
Changing consumer behaviors, new technologies and the evolving competitive landscape may disrupt independent agents' traditional strengths in customer service and risk management, according to a new report by Accenture. The report is based on a survey of more than 1,100 U.S. independent property & casualty insurance agents, who were asked to rate the relative importance of a wide range of issues, from growth strategies and value drivers to operational competencies.
Cowan Insurance Group acquires The Williamson Group
Cowan Insurance Group, a pre-eminent insurance brokerage and consulting operation in Canada, has announced that it has acquired The Williamson Group, a client-focused financial services company focused on providing employer sponsored benefits, pensions, and disability management programs, as well as individual financial services. Terms of the acquisition were not disclosed.
The Co-operators acquires Bill Hartley Insurance Services
Co-operators General Insurance Company has announced that its wholly-owned subsidiary has purchased Bill Hartley Insurance Services Ltd. in Victoria, British Columbia. The brokerage's portfolio includes home, auto, farm and commercial insurance policies.
IBAO elects new president
The Insurance Brokers Association of Ontario (IBAO) is proud to announce that Mr. Michael Brattman has been elected as IBAO's 72nd President. Michael was officially inducted at the recent IBAO Convention held at the Ottawa Convention Centre in Ottawa, ON, and formally assumed his role as President on January 1, 2015.
Policy Management
InEdge: Addressing the Top Inefficiencies in Ratemaking
Distilled to its minimum, ratemaking involves just three basic activities: segmenting the Book of Business, setting rate assumptions, and simulating the proposed rating environment. Variations on this basic form of the activity are repeated, day in and out, by actuaries and data analysts, with the results gone over with a fine toothed comb. Obviously, anything that improves the efficiency of ratemaking or any of its associated activities would be a great boon to all involved. But first you have to identify the problems. The place to start looking is with the actuarial staff. This is where limitations, restrictions and inefficiencies in ratemaking are first felt.
Business of Insurance
Manulife enhances critical illness insurance with improved features and rates
Manulife Insurance has announced product enhancements and some price improvements to its Lifecheque critical illness insurance. These enhancements reflect Manulife's focus on providing attractive health insurance products to Canadians and its adoption of the 2013 Canadian Life and Health Insurance Association (CLHIA) benchmark definitions for applicable critical illnesses.
Allianz and Co-operators merger creates one of the largest providers in Canadian travel insurance
Allianz Worldwide Partners and The Co-operators have announced the completion of the merger of their respective Canadian travel insurance companies. The merger of Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, first announced in September, has created one of the largest travel insurance providers in the country, operating as Allianz Global Assistance.
Munich Re: Review of 2014 natural catastrophes
The absence of very severe catastrophes and a quiet hurricane season in the North Atlantic meant that losses from natural catastrophes in 2014 were much lower. Roughly 7,700 people lost their lives in natural catastrophes, and the most expensive event in terms of overall loss was Cyclone Hudhud in India.
CNA expands specialty lines business to serve Canada
CNA has announced that its Specialty Lines business, which has market-leading positions in professional and management liability, financial and other specialized property and casualty insurance products and services, will begin offering specialty products in Canada effective January 1, 2015.
Marketing
eMarketer: Majority of Canadians will use smartphones in 2015
Smartphone usage reached the halfway mark for Canada's general population in 2014, and penetration will continue to expand year after year. Nearly 56% of people in the country will use a smartphone regularly this year. Though growth is slowing, eMarketer forecasts that by 2018, this group will represent nearly two-thirds of the country's total population.