The Chronicle: Issue 2015-37, September 15, 2015
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What's Going Through The Intersection of Insurance and Technology?
Counting on the Future: More Than All Our Fingers and Toes
Will Emerging Technologies and Innovation Transform the Insurance Customer Experience? |
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Technology
MARCON: Is this the insurance industry's Kodak moment? by Catherine Kargas
In 1981, Kodak research accurately predicted the replacement of the company's established film-based business by digital photography within about a decade. The good news was that Kodak had time to plan and diversify. The problem was that it did not. Today, the insurance industry is blessed with some strong strategists who will rise to the challenge and prepare their respective organizations for the significant changes that will certainly occur in the near future. But while no one has access to a crystal ball, insurers should be forecasting significant change in auto insurance within the next five to ten years.
Telematics
IMS IoT platform delivers the Connected Life
Intelligent Mechatronic Systems is showcasing the DriveSync platform's ability to deliver a suite of connected life services, from in-market connected car services to forward-looking home and lifestyle capabilities. With over 170 patents and patents pending, IMS' DriveSync platform enables all facets of the Connected Life. To illustrate how the DriveSync platform delivers on the promise of the Connected Life, IMS demonstrated these capabilities at the 2015 Insurance Telematics USA conference in Chicago, September 2-3, 2015.
Business of Insurance
Majesco survey: U.S. insurers aware of the digital imperative, but capabilities in early stages
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has announced the results of a customer survey on the current state of digital strategies. The report reveals that developing digitally-enabled capabilities is a high priority, but most companies have not yet achieved meaningful levels of digital maturity.
IFC and Uber enter cooperative agreement to develop tailored insurance products for the Canadian marketplace
Intact Financial Corporation has announced that it has entered into a cooperative agreement to develop tailored insurance products with the popular ridesharing service Uber. The intention is to offer and market these products under IFC's two largest brands – Intact Insurance and belairdirect, Canada's digitally driven insurer. IFC is working closely with insurance regulators and different levels of government in provinces where the ridesharing service currently exists.
Manulife and Standard Chartered form 15-year pension distribution partnership
Manulife and Standard Chartered are pleased to announce that they have entered into a 15-year distribution partnership providing Manulife the exclusive right to offer its Mandatory Provident Fund ("MPF") product to Standard Chartered's customers in Hong Kong. As part of the arrangement, Manulife will acquire Standard Chartered's existing MPF and Occupational Retirement Schemes Ordinance ("ORSO") businesses, and the related investment management entity.
Policy Management
Majesco and Deloitte enable insurers' business transformations
Majesco, a global provider of software, consulting and services for insurance business transformation, and Deloitte Consulting LLP are extending their existing relationship. This combination will help property and casualty (P&C), life and annuity (L&A), and Group insurers implement Majesco's modern core solutions to realize system consolidations, improved flexibility, quicker response to market and regulatory changes, and increased speed-to-market for new products, among other potential benefits.
InEdge shares the top 5 underwriting operations questions P&C insurers should be asking
In their ongoing efforts to set and follow growth objectives with the ultimate aim of improving revenues, underwriting managers and executives desire more visibility into their teams and greater clarity on underwriter performance. But when it comes to getting the answers they need, they can sometimes feel they are still being left in the dark. Safe to say, if they can get answers to the following five questions, they will be on the right track to furthering their understanding of underwriter sales performance.
Aon brings innovative marine modelling to market for Jan. 1 reinsurance renewals
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has invested in an innovative catastrophe model to help marine and energy insurers more accurately assess their cargo risks. Catastrophe models are commonplace in the non-marine sector but the marine and energy insurance industry has often found it difficult to accurately manage exposures due to the non-static nature of the risks. To date, existing models have offered no differentiation by commodity type, cargo volume or storage configuration.
Ecclesiastical Insurance goes into production with ISI Enterprise
Insurance Systems Inc., a leading provider of enterprise solutions for the property and casualty insurance industry, is pleased to announce that Ecclesiastical Insurance Canada has successfully deployed ISI Enterprise as their policy management system. With Regional offices across the country, Ecclesiastical is a specialist provider of insurance solutions and services, and is the insurer of choice for Canada's places of worship, independent schools, charities, and care facilities.
EIS Group: New version of BillingCore delivers modal billing functionality for personal, commercial and benefits insurance
EIS Group, a provider of core software systems to insurers, has announced that the latest version of BillingCore™, a key component of the EIS Suite™, includes functionality to support modal billing across personal, commercial and benefits lines of insurance business. Across supported lines of business, the modal billing functionality allows EIS Group insurance company clients to adjust premium billing to fit specifications for any payroll type or frequency preferred by an employer, business or individual.
Celent report: Are mainframe-based core insurance systems on the road to oblivion?
In the report Mainframe-Based Core Insurance Systems: On the Road to Oblivion?, Celent analysts discuss the history of technology in the insurance industry and the changes needed for the future. Using a creative metaphor, the authors note the parallels to the changes in the design and construction of automobiles. The report focuses on both the power provided by the mainframe and how these environments are not well positioned for the future.
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Look Ahead. Mark Your Calendars. Hear from some of the best and brightest in the industry over the course of a full day focused on technology in insurance, today and tomorrow:
Preparations are underway. At this time,
We hope to see you there. |
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Claims
Crawford & Company launches Crawford iQ
Crawford & Company (Canada) Inc. has strengthened its ability to provide its employees and clients with the most advanced set of Information and Communication Technology (ICT) tools in the industry with the launch of Crawford iQ™. Our integrated, flexible and user-friendly systems and ICT tools provide our clients with easily accessible, accurate and simplistic data management solutions. Delivered in four easy offerings, Crawford iQ™ provides the intelligence that powers The Crawford Solution™, the most comprehensive, integrated solution for all corporate, broker, insurer and re-insurer claims administration.
Aviva Canada shares three cases of the company's commitment to fighting fraud
The Greater Toronto Area continues to be the epicentre of insurance fraud, which contributes to higher insurance premiums for Ontarians. Aviva Canada Inc., one of the country's leading providers of home, auto, recreational vehicle, group and business insurance, shares three separate cases of the company's commitment to fighting fraud in the GTA.
Jobs and Careers
The CIP Society introduces the 2015 National Leadership Award Honouree
The CIP Society is pleased to announce this year's National Leadership Award honouree, Bryan Bedford, B.Sc., FCIP, CRM, of Peel Mutual Insurance Company in Brampton, ON, who was selected in the Emerging Leader category. The Leadership Awards were created in 2009 to give prominence to the outstanding achievements of industry leaders who demonstrate a passion for lifelong learning and dedication to their employer, profession and community.
Distribution
Archway Insurance acquires swanfinancial in Oxford, NS
Archway Insurance, one of Atlantic Canada's largest independently-owned insurance brokerages, is pleased to announce the purchase of swanfinancial's general insurance business effective October 1, 2015.
CSIO launches mobile map illustrating broker adoption of mobile-optimized websites
The Centre for Study of Insurance Operations (CSIO) is pleased to share the results of its research into the implementation of mobile-optimized websites among CSIO member brokerages across Canada. The results have been summarized in an interactive map that illustrates the mobile adoption rates for each province. According to a recent Nielsen study, 40% of the total time customers spend viewing insurance content is on mobile devices. But CSIO has determined that only 38% of brokerages across Canada have a mobile-optimized website.
Northbridge Insurance obtains CSIO certification for Commercial Lines eDocs
The Centre for Study of Insurance Operations is pleased to announce Northbridge Insurance® as the first insurer to obtain CSIO Certification for Commercial Lines eDocs. CSIO data exchange standards are company neutral and help solve data compatibility issues, facilitate more efficient and seamless integration of information and improve implementation of technology solutions. CSIO Certification is available to member companies and vendors. eDocs for personal lines has been available for certification since September 2013, with the recent additions of eDocs for commercial lines and eDelivery as the second and third business activities available for certification.
Consumer Information
RCCAQ: Quebec brokers sound the alarm over UberX service
Following the announcement of a cooperation agreement between Intact Financial Corporation and Uber, brokers are warning UberX users that they are still not covered despite the new agreement. As the official voice of over 4,400 insurance brokers, the Regroupement des cabinets de courtage d'assurance du Québec is issuing a consumer warning stemming from concerns that the agreement between Intact Financial Corporation and Uber may lead UberX drivers to believe that insurance coverage is in place to protect them. That is far from being the case given the legislative vacuum surrounding Uber's services. As a result, the RCCAQ must sound the alarm.
Front Row Insurance Brokers is first to offer online camera insurance policies for photographers
Front Row Insurance Brokers Inc. is excited to announce the launch of their new online camera insurance program. This unique offering allows photographers the chance to get quick quotes and process policy documents in less than five minutes, 24/7, 365 days a year – the insurance equivalent of “point & shoot.”