Insurance-Canada.ca - Where insurance and technology meet

MAY 2, 2017

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INSURANCE INDUSTRY NEWS

Disruptive Technologies Present Opportunity for Risk Professionals
Understanding and managing rapidly advancing disruptive technology risks will increasingly require risk managers to play a leading role as their organizations address complex challenges and opportunities in this environment, according to a new report published jointly by Marsh and RIMS. Read more.

Spending on Property Risk Eclipses Cyber Risk
The Ponemon Institute's 2017 Cyber Risk Transfer Comparison Global Report, sponsored by Aon, has found that organizations now believe that their cyber assets are more valuable than plant, property and equipment assets – even though they are spending four times as much on insurance protecting the latter risks.
Read more.

2017 Strategic Priorities Report: Majesco
Majesco has published its second annual strategic priorities primary research report, addressing the question of whether we are acting upon our knowledge of the insurance industry and market trends or simply becoming educated observers. Read more.

42% of CEOs Have Begun Digital Business Transformation: Gartner Survey
An unsettled global political environment has not shifted CEOs' focus on profits and growth in 2017. Growth is the top business priority for 58 percent of CEOs, up from 42 percent in 2016, according to a Gartner survey of CEOs.
Read more.

Digitization in Top Global Carriers: White Paper
ACORD has announced the findings of its Insurance Digital Maturity Study, which examines the top 100 global insurance carriers, assesses their digital maturity and compares it to their performance. Read more.

Marketing Tech Decisions Getting Harder
The fluidity of the marketing technology space is making it harder than ever for marketers to choose between standalone best-of-breed tech providers and multi-solution suites. Read more.

Guidewire Congratulates Economical on ICTA Win
Guidewire Software is pleased to share that its customer, Economical Insurance, has been awarded the 2017 Insurance-Canada.ca Technology Award and People's Choice Award for launching Sonnet, a new direct brand with a simple user experience for buying insurance.
Read more.

Vertafore Acquires RiskMatch
Vertafore, the leader in modern insurance technology, has announced the acquisition of RiskMatch, a business intelligence and analytics company that provides industry-leading portfolio management and placement solutions to insurance brokers and carriers.
Read more.

IBAO Supports Electronic Proof of Insurance
The Insurance Brokers Association of Ontario is delighted that the 2017 Ontario Budget continues to make inroads in making insurance more affordable for consumers. Electronic distribution of documents will save time and money for consumers and insurance companies. Read more.

Cognitive Technology To Impact Revenue Models: IBM
A new IBM Institute of Business Value study explores how the insurance industry will look in the next eight to 10 years, highlighting the insurers need to take to be ready for the key technology waves of tomorrow, including cognitive computing. Read more.

Hippo Overhauls Design of Home Insurance
California homeowners are the first in the U.S. to gain access to the biggest change in home insurance in recent times, as Hippo Insurance launches its smarter home insurance product for the modern household, with a fundamental overhaul of policies and new cost savings. Read more.

Lawyers Mutual of N.C. Goes Live with ISI Enterprise
Insurance Systems Inc. is pleased to announce that Lawyers Mutual Liability Insurance Company of North Carolina has gone into production on the ISI Enterprise solution and will be using ISI's software solution for its core insurance operations. Read more.

OCTO Telematics Promotes Safer Driving With Distracted Driving Score
Octo Telematics has announced its Distracted Driving scoring and analysis feature is now available within its suite of telematics products for both in-vehicle and mobile solutions. Read more.

Canadians In The Dark About Managing Care, Finances Of Aging Parents
Canadian adults with a parent over 65 feel it's important to discuss elder caregiving and financial support, but nearly two-thirds admit they have not yet had that conversation – mainly because it makes them uncomfortable, a new CIBC poll has found.
Read more.

Economical Insurance Strengthens Executive Team
Economical Insurance has announced two significant additions to the executive team: Fabian Richenberger as Executive Vice-President of Commercial Insurance and Kelley Irwin as Senior Vice-President (SVP) and Chief Information Officer (CIO). Read more.

End Grad Night With A Safe Ride Home: SGI
Teen drivers are overrepresented in fatal collisions involving drugs and alcohol. With graduation season quickly approaching, SGI reminds students to make planning a safe ride home part of their celebrations.
Read more.

What's going through the Intersection
of insurance and technology?

Smart Canadian Insurers, Smart Homes, and Insurance 2.0
Canadian insurers' interest in smart home technology is rising. At one level, this is providing new, cool insurance programs. At a higher level, this is a prototype of “Insurance 2.0.”

Recent investments and partnerships are part and parcel of a much larger trend in the insurance industry: derisking – tools or techniques that allow us to avoid risk completely, or mitigate the insurable impact of the risk, which also allow insurers and customers to enjoy lower costs. Read more.

“Tales of Machine Learning,
Analytics at the Edge, and Deep Learning”

In this webinar on demand, Kelly Southall, Senior Analytics Solutions Architect & Data Scientist at SAS, will explore emerging areas of innovation within the insurance industry as a result of today's proliferation of data, affordable storage options and processing capabilities. Case studies will cover examples of:

Machine learning applications in P&C insurance via image recognition analytics;
Edge based analytics and the client experience;
Deep modeling and impacts on pricing.

Watch now.

From Doug

Taxes are filed at last; with the CRA adding new functions (e.g. auto-downloading T-slips), it gets easier each year.

A recent snapshot of insurance innovation noted more than 1,000 InsurTech companies. Each of them is taking risks; each may succeed or fail.

A news column highlighted the incongruity between the rapid changes occurring in society today, many driven by technology, and the risk avoidance philosophy of government.

Yet the cycle of change is more rapid now, even in government. For example, it is good to see them finally moving on digital pink liability slips – innovation, yes, but what has taken so long?

Insurance firms already face challenges trying to address new technologies – in terms of both using and insuring. Is government impeding progress (appropriately)?

In the bigger picture, how does government balance the drive for risky innovation with our societal need for the safety of a dependable social infrastructure?

Doug Grant, CIP
Partner
Insurance-Canada.ca

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