The Chronicle: Issue 2015-38, September 22, 2015
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What's Going Through The Intersection of Insurance and Technology?
The New Work Paradigm: Stairway to Heaven or Race to the Bottom? |
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Business of Insurance
EY: Robust cybersecurity at risk as CFOs say they don't know enough about IT issues
Seventy-one percent of Chief Financial Officers (CFOs) have had increased involvement in the IT agenda in the last three years. But 44% cite insufficient understanding of IT issues as a barrier to collaboration with CIOs, according to EY's global survey, Partnering for Performance, Part 3: The CFO and the CIO. CFOs' access to all financial data means they can identify signs of a breach. They're also well-positioned to help identify assets the attackers are trying to obtain, such as intellectual property (IP), financial data or other information about the company that could be used to damage it. CFOs should ask themselves, “What are we trying to protect?” and “What are the impacts of a breach?”
Swiss Re sigma study: Underinsurance in property is a growing global challenge
Underinsurance of property risks is a global challenge, says Swiss Re's latest sigma study, Underinsurance Of Property Risks: Closing The Gap. Much of the underinsurance is due to global natural catastrophe risk, which has risen steadily over the past 40 years. The sigma research also reveals significant property underinsurance for perils other than natural disasters, and that many high-growth markets are underinsured relative to the size of their economies. Here, while a rapidly growing middle class has been accumulating wealth, insurance buying still lags. The global property protection gap against natural catastrophe risk has widened steadily over the past 40 years, even though claims payments have increased significantly in that time. With economic development and ongoing urbanisation, particularly in emerging regions, the value of global property at risk has outpaced the purchase of insurance.
iA Financial Group launches EquiBuild flexible universal life insurance product
Industrial Alliance Insurance and Financial Services Inc. (Industrial Alliance or iA Financial Group) is happy to announce the launch of EquiBuild, a flexible universal life insurance product for clients seeking long-term growth of their wealth. EquiBuild offers multiple guarantees, strong guaranteed surrender values, a generous annual bonus and many interesting investment options with a very competitive management expense ratio.
Zurich announces it does not intend to make an offer for RSA
Zurich Insurance Group (Zurich) announced it was evaluating a potential offer for RSA Insurance Group plc (RSA). Zurich today announces that discussions with RSA have now been terminated, and that Zurich does not intend to make an offer to acquire the entire issued and to-be-issued ordinary share capital of RSA.
Sun Life Financial to acquire U.S. employee benefits business of Assurant
Sun Life Financial Inc. has announced an agreement with Assurant, Inc. to acquire Assurant's Employee Benefits business. The transaction will create the sixth largest group benefits business in the U.S., with the combined business having one of the broadest product portfolios in the industry. The transaction will add significant new capabilities to the Sun Life U.S. Group Benefits business, including a strong Dental business with the second largest proprietary provider network in the U.S. The transaction also includes a successful Group Life and Disability business, and adds strong Voluntary products and capabilities, Vision products and unique client technology.
iA Financial Group acquires FIN-XO Securities
Industrial Alliance Insurance and Financial Services Inc. is pleased to announce the signing of an agreement to acquire FIN-XO Securities. This transaction is consistent with iA Financial Group's strategy to grow its wealth management business. Following the transaction, FIN-XO will be merged with Industrial Alliance Securities Inc. (iAS). The transaction is expected to close on October 1, 2015, subject to regulatory approval.
Technology
Magna and Argus collaborate on cyber security solution
Magna International Inc. and Argus Cyber Security Ltd. have announced that they are partnering to deliver a robust solution to the automotive industry that addresses vehicle security concerns related to cyber attacks in the rapidly growing car connectivity market. The Argus technology is a ready-to-embed, cyber security solution for automobiles and aftermarket connectivity platforms. The solution protects a vehicle's critical on-board systems from being hacked and can be seamlessly integrated into any vehicle product line with no changes required to the vehicle's architecture. The technology is applicable to any connected vehicle, anywhere in the world.
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Insurance-Canada.ca Technology Awards: The People Choose Again for 2016, each ICTA nomination's descriptive summary and statement of benefits will be published online and referenced in the Chronicle newsletter. The People's Choice ICTA (or “PICTA”) is a natural extension of the main competition. The jurors will have their say, and the people will have theirs. Vote for your choice of the “best” or most innovative use of technology in insurance based on the published summaries. The 2015 PICTA winner, as selected by popular vote earlier this year:
The two runners up:
To be in the running for the PICTAs, you have submit an ICTA nomination. Don't delay; start today. The deadline for nominations is Friday, November 27, 2015. |
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Marketing
Towers Watson: Commercial insurance prices rise 1% as increases continue to moderate
Commercial insurance prices increased in aggregate at a modest pace (1%) during the second quarter of 2015, continuing a trend of ever smaller increases, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) conducted by global professional services company Towers Watson. This survey compared prices charged on policies underwritten during the second quarter of 2015 to those charged for the same coverage during the same quarter of 2014.
Policy Management
CAA Insurance Company selects Guidewire digital products to enhance customer experience
CAA Insurance Company (Ontario), a provider of auto and property insurance to clients in Ontario and the Maritimes, and Guidewire Software, Inc., a provider of software products to Property & Casualty insurers, have announced that CAA Insurance has selected Guidewire Quote and Buy Portal™ and Guidewire Account Management Portal for Policyholders™ to enhance its users' digital experience. CAA Insurance selected Quote and Buy Portal and Account Management Portal for Policyholders to modernize its current system and enhance the online experience of its members. The company is planning to implement the portals across its personal lines of business in the provinces where it operates.
Distribution
Great-West Life's new HelloLife program helps Canadians navigate the transition into retirement
Great-West Life, London Life and Canada Life are introducing HelloLife™, a holistic retirement income program to support advisors in helping their clients step into retirement with confidence. To fully understand what Canadians were looking for from a retirement income program, the company conducted extensive consumer research over the past two years with people who were up to five years away from retirement, as well as those who had recently retired. This helped shape the development of the HelloLife program.
Consumer Information
Kanetix ranks the 10 most expensive and most affordable areas for car insurance in Toronto
Drivers living in certain areas of North York pay 48% more for car insurance than drivers living in downtown's Christie neighbourhood, according to new data from Kanetix.ca, Canada's premier online insurance, mortgages and credit card comparison company. The two represent the most expensive and cheapest areas to insure a car in Toronto respectively. Kanetix.ca ran quotes for all the postal codes in Toronto to determine the top 10 most expensive and top 10 cheapest neighbourhoods for car insurance in the city. The results show just how much rates can vary within one municipality, and serve as a reminder of how important it is for drivers to regularly compare auto insurance rates to ensure they're getting the best deal.
Allstate Benefits expands into Canada to help Canadians with critical illness solutions
No one ever expects to face a major illness. But according to the Canadian Cancer Society, nearly 197,000 new cases of cancer will occur in Canada this year. An estimated 70,000 Canadian citizens will have a heart attack. One in 10 Canadians already has kidney disease. The statistics bring to light the importance of families being prepared so they can have better choices when it comes to their care. Allstate Benefits, ranked the No. 1 voluntary benefits provider in the United States, wants to help find solutions for Canadian employers and citizens. Allstate Benefits is expanding its business into Canada and offering critical illness products and services that employers can offer their employees.
IBC: Stiff sentencing for Brampton ‘staged collison ring’ sends a strong message
A five-year jail sentence was handed to Constable Carlton Watson, a 23-year veteran of the Peel Regional Police force, for defrauding insurance companies. The Superior Court in Brampton convicted Constable Watson of multiple counts of fraud and other charges in connection with nine insurance claims dating back to 2010. Insurance Bureau of Canada (IBC) applauds the court for sending a clear message with this stiff sentence.
TIRF launches Wildlife Roadsharing Resource Centre to help prevent vehicle collisions with wildlife
Vehicle collisions with animals on and near roadways often result in death and serious injuries for road users and wildlife alike. Between 2001 and 2010, 296 people were killed due to vehicle collisions with animals in Canada and the financial costs associated with these collisions are estimated to be CAD 200M annually. The Traffic Injury Research Foundation, in partnership with State Farm Canada, has taken steps to increase knowledge and awareness about this important road safety issue by creating the Wildlife Roadsharing Resource Centre (WRRC). This web-based resource is easily accessible to both the public and researchers.