The Chronicle: Issue 2013-09, March 5, 2013
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What's Going Through The Intersection of Insurance and Technology? | ||||
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Analytics Goes Operational From Quoting to Claims
Brokers/Agents Increase Social Usage, But Don't Measure Results |
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Technology
Thunderhead.com whitepaper: “Creating Stickiness in the Insurance Industry”
All businesses aim to foster loyalty in customers, but for insurers the problem is sharper. Winning new customers is more expensive for insurers than for many other industries, and the benefits of loyalty are greater. This has been exacerbated by customers shopping around to find the best deal in the downturn. Insurers need to make their product more “sticky,” to use a term invented by Malcolm Gladwell. This whitepaper discusses how proper targeted customer communications can help create the stickiness.
Delivering multichannel customer communications without replacing legacy systems, by Steve Francis, President and General Manager, North America, GMC Software Technology
There has been a great deal of industry information about repurposing outputs from antiquated legacy applications in an effort to deliver modern customer communications management (CCM) over the years. However, there is too often little understanding of how best to approach it.
Information Builders simplifies Big Data Analytics with new technology solutions
Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, today announced that it is helping its customers harness the potential of big data through advanced analytics capabilities. As organizations continue to grapple with larger sets of structured and unstructured data, the company's solutions provide the necessary tools for obtaining real-time insights from this information, regardless of its size, form, or source.
Telematics
IMS: The Biggest Threat to the Auto Insurance Market? Failure to Continuously Innovate.
In recent years the auto insurance industry has made some great gains in innovation, especially with the use of telematics devices in vehicles to introduce usage-based insurance (UBI) programs. But those responsible for some of the innovations see the failure to continuously innovate as a major threat to success.
SAS report on Telematics: How Big Data Is Transforming the Auto Insurance Industry
The auto insurance industry is facing an unprecedented number of challenges brought on by heavy price competition and increased claims costs. In response, insurers across the globe are either considering, or have already implemented, telematics solutions. And while telematics can offer valuable benefits to insurers, it also presents many challenges.
Industrial Alliance earns Celent Model Insurer Award with Mobiliz program
On February 27 in Boston, Industrial Alliance Auto and Home Insurance was proud to be the recipient of a Celent Model Insurer Award for its Mobiliz program, a community initiative aimed at improving driving behaviours and countering the wave of speeding motorists between the ages of 16 to 24 years old.
Consumer Information
OPP: Is your vehicle insured or are you a victim of fraud?
Every vehicle owner is seeking lower auto insurance premiums and scammers know this. To kick off March as Fraud Prevention Month, members of the Ontario Provincial Police (OPP) Anti-Rackets Branch remind you, “if it sounds too good to be true, it likely is.”
Desjardins and Express Scripts introduce new integrated active pharmacy benefit management service
Desjardins Insurance and Express Scripts Canada today announced that they have jointly developed a new service for the Canadian market that creates a new group benefits offering by integrating Desjardins' group benefit services with Express Scripts Canada's active pharmacy benefit management (PBM) service and home delivery of maintenance prescription medications from Express Scripts Canada Pharmacy locations across the country.
Policy Management
MCCG congratulates ICTA finalist Farm Mutual
MCCG announces their appreciation to ‘the Farm Mutual Insurance Companies’ for being a finalist in the Insurance-Canada.ca Technology Award. Recognition of these accomplishments will promote continued adoption of technology, which allows the community to do business efficiently while maintaining their number one priority of improving service to their policyholders.
Frank Cowan Company implements Synergize underwriting solution
Microdea, a software company headquartered in Richmond Hill, Ont., has implemented its Synergize Electronic Document Management and Workflow Solution in the underwriting department at Frank Cowan Company.
Business of Insurance
IBC: Insurance industry meets with Ontario NDP to outline plan to reduce auto insurance rates
Insurance CEOs are meeting tomorrow with NDP Leader Andrea Horwath to secure support for the industry's plan to reduce auto insurance rates in Ontario. "We are happy that we finally have the opportunity to talk about our plan to reduce auto insurance costs," said Ralph Palumbo, Vice-President, Ontario, Insurance Bureau of Canada. "We know high premiums are a real problem and we need to work together on a real solution."
Cowan Insurance Group named one of Canada's best-managed companies
Cowan Insurance Group, a preeminent Canadian owned and operated insurance brokerage and consulting organization, has won a 2012 Canada's Best Managed Companies (Best Managed) award. Established in 1993, the Canada's Best Managed Companies is a national awards program, recognizing Canadian companies that have implemented world-class business practices and created value in innovative ways.
Claims
ISB-U seminar: Experts Smoke Out Fraudulent Claims, April 11, 2013
You are invited to a one-day ISB-U Education Series seminar, “How to Reduce Insurance Fraud,” on April 11, in Milton, ON. ISB-U Education Series is a series of regularly scheduled training sessions designed to provide professionals with the knowledge and tools they need in conducting claim investigations.
Accident Support Services opens two new Halton Collision Reporting Centres
The Halton Regional Police Service and Accident Support Services International (ASSI), facilitators of Collision Reporting to the insurance industry, are pleased to announce the opening of two Collision Reporting Centres in Halton on March 1, 2013.
FirstOnSite Restoration recognized as one of Canada's best-managed companies
FirstOnSite Restoration, Canada's largest independent disaster restoration company, today announces it has been recognized as one of Canada's Best Managed Companies for 2012. This annual award recognizes Canadian companies that have implemented world-class business practices and created value in innovative ways.
Human Resources and Jobs
IBAO leads training initiative for iClarify services in Ontario
As the next step in the evolution of the partnership with iClarify, IBAO is pleased to announce that they will develop and deploy educational training for brokers across Ontario. Education will focus on iClarify's unique methodology, how the service can effectively be used to successfully reduce time and costs along with lengthy, subjective questions typically unknown by the homeowner while increasing credibility and profit.
Distribution
North Waterloo Farmers Mutual launches inquiry and new business upload services with Brovada NexCenter
North Waterloo Farmers Mutual Insurance Company has launched inquiry and new business upload services to their brokers via Brovada NexCenter. The functionality allows North Waterloo's brokers to process inquiries and new business applications in real-time directly from their broker management system (BMS). The functionality currently supports both automobile and habitational lines of business.
MacDonald Chisholm Trask completes purchase of Homburg Insurance Company
Homburg International Group and Macdonald Chisholm Trask Insurance are pleased to announce that MacDonald Chisholm has purchased Homburg Insurance Company Limited through the acquisition of all the outstanding shares from Homburg International Limited. The transaction closed on March 1, 2013.