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INSURANCE INDUSTRY NEWS
P&C Claims To Change Radically Over Next Decade
Property/casualty claims will transform more over the next decade than any other area of the insurance business. Many may see that as a provocative statement, but it is already a complex and sophisticated part of the business, with high levels of expertise, extensive partner networks, and major usage of technology. No one can predict exactly what claims will look like in ten years, but here is a view on what is likely to change significantly.
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Billing Central To Insurers’ Service Strategies
Insurers are taking a renewed look at billing capabilities and their impact on the customer experience. A new report from research and advisory firm Novarica provides an overview of the available stand-alone billing systems for property/casualty insurers, including profiles of each of 15 vendor solutions.
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PAS Vendors’ External 3rd-Party Data Integration
Property & casualty insurance carriers are being asked to provide customized, personalized experiences for policyholders. To achieve this, carriers increasingly rely on third-party data and on a policy administration system that can integrate it. Aite Group’s newest report evaluates the overall competitive position of each PAS vendor, focusing on vendor stability, client strength, product features, and client services.
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Ontarians See Claims Fraud As Pervasive
Ontarians, who pay among the highest auto insurance rates in the country, are supportive of initiatives to fight insurance fraud and, according to the second annual Aviva Fraud Report,
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Optimum General Selects Guidewire Platform
Optimum General Inc., Canadian property and casualty (P&C) insurers providing their products exclusively through the broker distribution network, and Guidewire Software Inc., provider of the industry platform P&C insurers rely upon, are pleased to announce that all Optimum General Inc. companies have selected Guidewire InsurancePlatform™ Core products to assist with the operations of their residential lines of business.
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Applied Systems Launches Applied Rating Services 2019
Applied Systems® is pleased to announce Applied Rating Services 2019, the latest release of Canada's leading rating services. Applied Rating Services 2019 enables brokerages to increase compliance and operational efficiency through enhanced security capabilities and automated rating across more lines of business and coverages.
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Andrew Agencies Acquires Wawota Agencies
Andrew Agencies and Darren and Kathy Olson, owners of Wawota Agencies, are pleased to announce that effective December 1st, Andrew Agencies Ltd. has purchased Wawota Agencies (2000) Ltd., located in Wawota, Saskatchewan.
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Arthur J. Gallagher & Co. Acquires Accompass Inc.
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Toronto-based Accompass Inc. Terms of the transaction were not disclosed.
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BrokerLink Acquires Burrows Insurance Group
BrokerLink is expanding its footprint in Southern Ontario with the latest addition of Burrows Insurance Group, Inc., into its family.
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Desjardins: Has Water Damaged Your Home?
Winter has arrived, and freezing temperatures can wreak havoc on your home, causing frozen pipes and ice damming. A new survey by Desjardins reveals one quarter of Canadians have experienced water damage to their home, but only half know what's covered by their insurance policy.
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More Options For A Safe Ride Home: SGI
The Government of Saskatchewan has approved regulations that will open the door for rideshare companies to begin operating in the province, as long as they follow requirements set out by the municipality in which they operate. Regulations will take effect on December 14, 2018.
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Consumers Buying From Companies That Take A Stand On Issues They Care About: Accenture
Nearly two-thirds of consumers globally prefer to buy goods and services from companies that stand for a shared purpose that reflects their personal values and beliefs – and they are ditching those that don't, according to Accenture's latest annual Strategy Global Consumer Pulse Research, The Rise of the Purpose-led Brand.
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IBM Harnesses AI To Rethink Modern Workforce
As artificial intelligence promises to transform both the future of work and the human resources function, IBM has announced IBM Talent & Transformation, a new business to help companies and their employees flourish in the era of AI and automation. IBM Talent & Transformation provides robust AI skills training and helps companies drive the transformation necessary to use AI to empower employees, transform workflows, eliminate bias and build a modern workforce.
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Vitality Incentives Boost Physical Activity
New global research released by Vitality reveals that financial incentives combined with wearables encourage people to significantly increase their physical activity. With the John Hancock Vitality program, customers have the option to earn rewards and potential premium savings through physical activity, better nutrition, mindfulness and preventative screenings.
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Finance Depts. Expect To Deploy AI By 2020
A majority of finance departments expect to deploy one of several top emerging technologies by 2020, according to a worldwide survey of more than 400 organizations by Gartner. The technologies organizations expect to deploy over this time frame are AI or machine learning, mobile support for financial processes, robotic process automation (RPA), and integration of external data.
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