The Chronicle: Issue 2015-21, May 26, 2015
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What's Going Through The Intersection of Insurance and Technology?
Technology in 2025: You Want to Insure WHAT?
The Internet of Things and Insurance Connectivity: A New Construct? |
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Business of Insurance
Swiss Re report highlights new and emerging risks to the re/insurance industry
De-globalisation and political conflict, large natural catastrophes, financial repression and the challenge posed by the Internet of Things are some of the risks identified in Swiss Re's new emerging risk insights report. The publication is based on the SONAR process, a crowdsourcing tool drawing on Swiss Re's internal risk management expertise to identify and evaluate new threats. Emerging risks are newly developing or changing risks which are difficult to quantify and whose potential business impact is not yet sufficiently taken into account.
PwC addresses excuses for not investing in cybersecurity
We all know cyber-attacks have had an increased presence in today's interconnected world, however cybersecurity isn't an issue faced strictly by large firms. PwC's recent survey of Canadian private companies found that 88% of firms agreed or strongly agreed that cybersecurity is an important issue for their organization. However, firms are more in the dark about what they need to do, where their vulnerabilities lie and what to do about them.
Insurance Institute releases research report on cyber risks
The Insurance Institute of Canada released a new research report today that establishes a solid framework to help Canadian property and casualty insurance organizations discuss their own and their clients' resilience against cyber risk. Cyber Risks: Implications for the Insurance Industry in Canada uniquely assesses cyber risk from the perspective of Canada's P&C insurance industry. It is the first in a series of Emerging Issues Research Reports by the Institute that will examine other emerging risks facing the Canadian P&C insurance industry.
Unica announces the addition of the Builders Connection to its suite of Connection products
Unica Insurance is proud to announce the addition of the Builders Connection™ to its suite of Connection™ products, a product designed to address the unique coverage needs of Canadian construction firms, and offering both Course of Construction and Wrap-Up Liability insurance. Under its new Connection banner "Your Business. Your Needs. Your Way™", Unica conveys its message that each risk is assessed on its own merit and coverage is customized to meet clients' unique needs.
Technology
IBM and Deloitte team to deliver next-generation risk intelligence
Deloitte and IBM have announced the latest step in their longstanding strategic alliance, creating a transformative series of risk management and regulatory compliance solutions. Significant changes have occurred in the risk landscape in recent years, increasing the regulatory compliance demands placed on financial services organisations and driving the need for enhanced risk management approaches. Firms are facing regulatory, shareholder and public pressure to further enhance governance systems, while increasing transparency, competitiveness and profitability. As a result, financial services firms and regulators alike are revising their expectations how risk is identified and mitigated. At the same time, there have been significant technological advances in big data, analytics, and cognitive computing, which can generate much deeper insights, faster than ever before. However, organizations have not yet been able to effectively apply all of these capabilities into one solution.
Telematics
CGI and Baseline Telematics join forces to deliver cost-effective telematics to insurers worldwide
CGI has announced that it has joined forces with Baseline Telematics, a provider of usage-based insurance (UBI) solutions, to integrate Baseline's end-to-end UBI platform with CGI's industry-leading Ratabase rating engine.
Baseline Telematics' UBI platform helps insurers quickly bring to market usage-based products for their customers, such as pay-as-you-drive auto insurance programs. A smartphone app or a small device plugged into a policyholder's car provides real-time information on location, mileage, speed, sudden acceleration, braking, etc. to insurers, enabling them to rate and invoice insurance policies on a variable monthly basis, depending on usage and driving safety.
Claims
Xchanging launches Xcelsia Claims
Xchanging plc, the business technology and services provider, is delighted to announce the London market launch of a new global TPA adjusting service – Xcelsia Claims. A global platform offering global coverage, Xcelsia Claims partners with established TPAs in local territories to combine regional expertise with London market claims handling experience. The service will partner with further established TPAs in new territories over the coming months, combining on the ground expertise with Xchanging's London market experience and suite of claims management products. The first of these partnerships is with ProFormance Group Insurance Solutions, a local market leading TPA with an in-depth knowledge of the Canadian Insurance Market.
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“Emerging Threats and Opportunities”: 2015 Executive Forum ICEF2015: Monday, August 31, 2015, at the Sheraton Centre Toronto Hotel Keynote Presentation: “Disruption, Consumers & Technology” The insurance industry is ripe for disruption. Whether it's overly complex products, or inefficient distribution, the industry has lagged behind others in serving customers. Technology is the single biggest enabler in our industry; and it must be embraced. Who in the industry may be disrupted? How could the disruption occur? What critical role will technology play? See more presentation outlines or the forum overview. Register now. |
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Distribution
Keal: A.A. Munro makes transition to Keal's Platform
A.A. Munro Insurance, one of the largest independent insurance brokerages in Atlantic Canada, with over 20 locations across Nova Scotia, is making the switch to Keal's Platform to grow their brokerage with a unique client-driven philosophy. A.A. Munro offers a specialized, local one-stop insurance experience with the promise of delivering quality service and strong interpersonal relationships to their consumers. The A.A. Munro team's dedication to personal growth and development enables them to offer the most relevant insurance products available to best fit their client's needs and to deliver in the manner their client chooses. Keal's continuing ability to respond to their Broker-Partners' specific needs, makes this a perfect partnership. Their goal is to provide them with the proper tools to enable their brokerage to flex and grow with the industry's changes.
Brovada partners with Silvervine on BrovadaOne download capabilities
Brovada Technologies, Industry leader in Connecting the Insurance World, announces today a strategic partnership with Silvervine, a leading provider of real-time, insurance policy administration software. This partnership provides a much-needed alternative for automated download capabilities – a marketplace which was previously limited. This partnership will empower Silvervine MGAs/Wholesalers, Carriers and their Agents with choice.
Policy Management
Aon: Impact Forecasting flood risk model offers insurers insight
Impact Forecasting, Aon Benfield's catastrophe model development team, has developed a fully probabilistic flood model for Canada to help insurers and reinsurers better underwrite and manage their riverine and off-flood plain exposures. The model is licensable and can be rolled out onto insurers' desktops for easy access. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.
Consumer Information
The Co-operators launches flood insurance in Alberta
Co-operators General Insurance Company has launched ground-breaking new insurance coverage that protects homeowners in Alberta against damage caused by overland flooding. The new coverage, which is available throughout the province, is an inclusive and flexible solution designed to protect homes against the most common causes of water damage – flooding caused by an overflow from a body of water, sewer/water backup and accumulation of surface water caused by heavy rain.
The Co-operators study assesses cities' flooding preparedness
A newly released study assesses the level of preparedness of 15 major Canadian cities to limit flood damage. Commissioned by The Co-operators and written by Dr. Blair Feltmate from the Faculty of Environment at the University of Waterloo, the report aims to motivate cities to increase efforts to build resilience against flooding, and to provide a benchmark against which their progress can be measured.
ICBC warns drivers over summer cyclist injuries
As we near Bike to Work Week (May 25-31), ICBC is urging drivers to watch out for bicycles as crashes involving cyclists peak in summer when ridership increases. Distracted driving and failing to yield the right-of-way are the top contributing factors for drivers involved in crashes with cyclists in B.C.
Pets and Animals
Petsecure pays it forward, one vet bill at a time
Petsecure recently kicked off its pay it forward campaign by paying portions of vet bills at veterinary clinics in Edmonton, Winnipeg and Calgary. When pet owners at the four clinics went to pick up their animals they were delighted to find out part of or their entire vet bill had been covered. The campaign will continue across Canada through the rest of the year.
Jobs and Careers
eMarketer: are wearables the next employee accessory?
There's been plenty of chatter about what consumers want from wearables and what they'll use them for, such as mobile payments and health and fitness tracking. Based on recent research, wearable devices are also set to change the business world; enterprises view wearable devices as a huge data source.