The Chronicle: Issue 2015-35, September 1, 2015
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What's Going Through The Intersection of Insurance and Technology?
Should IT Risks Be Part of Corporate Governance? |
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Technology
InEdge: The Top Analytics to Focus On for Improving Underwriting Operations Performance
Perhaps because of their crucial, front-line position, measuring the performance of front-office underwriting remains a matter of intense interest. What are the goals and are they being met? What are the most relevant performance metrics, and which can take back seat? Are team overstaffed, understaffed, or is staffing always keeping up with demand peaks? With these questions in mind, underwriting managers are always seeking to confirm the performance of the teams in their charge. But how do we approach the problem?
BlackRock to acquire FutureAdvisor
BlackRock, Inc. has entered into a definitive agreement to acquire FutureAdvisor, a leader in digital wealth management. FutureAdvisor will operate as a business within BlackRock Solutions (BRS), the firm's world-class investment and risk management platform. The unit will provide financial institutions with high quality, technology-enabled advice capabilities to improve their clients' investment experience.
IDC: Apple debuts in #2 spot as worldwide wearables market surges in 2Q15
In its first appearance in the wearables market, Apple finds itself within striking distance of the established market leader, Fitbit. According to the International Data Corporation Worldwide Quarterly Wearable Device Tracker, Apple shipped a total of 3.6 million units in the second quarter of 2015, just 0.8 million units behind Fitbit's 4.4 million units. Total shipment volume for the quarter came to 18.1 million units, up 223.2% from the 5.6 million units shipped in 2Q14.
Telematics
LexisNexis releases Annual Commercial Vehicle Telematics Study
More than half of small fleet managers are likely to stay with their current insurance carriers rather than switching if their insurer offers usage-based insurance (UBI) programs, according to the 2015 LexisNexis® Commercial Usage-Based Insurance Study. The annual study conducted by LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, also found that 25 percent of commercial fleet managers of all sizes would enroll in UBI, but current usage rates are only at six percent.
Business of Insurance
North Waterloo Farmers Mutual & Oxford Mutual approve merger to create Heartland Farm Mutual Insurance
North Waterloo Farmers Mutual Insurance Company and Oxford Mutual Insurance Company have announced that their mutual policyholders have voted overwhelmingly to approve the amalgamation of the two companies to create Heartland Farm Mutual Insurance Inc.. At separate meetings on August 27, well over the required two-thirds of the voting mutual policyholders of both companies indicated their support for the amalgamation, originally announced in March 2015.
LIMRA Secure Retirement Institute: Second Quarter 2015 Pension Buy-outs Set Sales Records
Sales of group pension buy-outs in the second quarter 2015 surpassed a record for second-quarter sales dating back to the early 1990s, according to a LIMRA Secure Retirement Institute sales survey. Pension buy-out sales tend to be seasonal, with most of the activity occurring in the fourth quarter. Sales increased more than 700 percent in the second quarter of 2015 compared to prior year, due in part to Kimberly-Clark's group annuity conversion effective June 1, 2015.
Ontario Chamber of Commerce: Sharing economy will drive economic growth if governments move quickly and boldly
In a new report produced in association with PwC Canada, entitled Harnessing the Power of the Sharing Economy, the Ontario Chamber of Commerce (OCC) has called upon governments to move quickly and boldly to ensure that Canada and Ontario realize the full potential of the sharing economy. The report calls for immediate action to be taken to fill any insurance gaps and ensure tax compliance. If adopted, the OCC's recommendations would make Ontario the first jurisdiction in the world to take a comprehensive approach to address the growth of the sharing economy.
CLHIA report: Life and health insurance industry experiences strong growth in 2014
The Canadian Life and Health Insurance Association has released the 2015 edition of Canadian Life and Health Insurance Facts. During 2014, the industry continued its trajectory of strong growth, despite the climate of prolonged low interest rates and slower growth of the Canadian economy.
Marketing
eMarketer: Personalization drives engagement, conversions
Higher response and engagement rates are the No. 1 reason to use personalized content, according to June 2015 polling from the CMO Council. It was the only benefit cited by more than half of senior marketers worldwide who responded to the survey. But many other benefits had solid followings backing them up. Just under half of respondents said personalized or enriched content made for more timely and relevant interactions.
Consumer Information
IBC: Insured damage from Alberta's August storm tops 100M CAD
Insurance Bureau of Canada reports that insured damage caused by heavy rain, strong winds and a hailstorm that hit southern Alberta on August 4 and 5 caused more than 100 million CAD in insured damage, according to preliminary figures from PCS Canada. This news comes just weeks after a July storm in Alberta and Saskatchewan was reported as causing more than 230 million CAD in insured damage.
Policy Management
Celent report: The New Age of Customer Communication in Insurance, A Business Case for Legacy Modernization
In the report The New Age of Customer Communication in Insurance: A Business Case for Legacy Modernization, Celent describes this “new age” and explains why insurers need to consider it when embarking on legacy modernization programs. The report is based on the results of legacy modernization surveys launched by Celent in 2010, 2013, and 2015.