The Chronicle: Issue 2013-01, January 8, 2013


What's Going Through The Intersection of Insurance and Technology?

2013: Analytics, Engagement, Telematics, Disruption
We took out our crystal ball again to look at major trends for insurance technology in Canada for the coming year, and we found a collection of changes along with a disruptive technology or two. As with 2012, we found a theme which seems be an umbrella over the others. It is similar to the megatrend we identified for 2012, with a twist.

Accountability Review: 2012 Trend Predictions
Back in the dark and early days of 2012, we spotted four trends and one megatrend that we saw impacting the Insurance-Technology activity for the year. As the year closes, we want to give ourselves marks for accuracy. We will tell you honestly what we think and would like to invite you to leave your own comments.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Technology

“Get Smarter”: IBM white paper details data analytics in the Canadian life insurance industry
This white paper brings together findings from the SMA study conducted in the first half of 2012 with insights for Canadian Life insurance companies and IBM's own global experience with insurers, focusing on the shift that is underway from business intelligence to more sophisticated analytics. It highlights new initiatives in approaches such as predictive analytics and explores the expansion of analytics from the traditional risk-centric parts of the business to the customer, finance and operations areas.

Gartner reveals top IT predictions for 2013 and beyond
Gartner, Inc. has revealed its top industry predictions for IT organizations and users for 2013 and beyond. Analysts said that social networking, mobile communications, the cloud and information are pressuring enterprises worldwide to make fundamental changes in business processes and that industry decision-makers should use Gartner's predictions to understand and respond to this Nexus of Forces.

Forrester: global tech market to grow slightly this year, rebound in 2014
In its latest global tech market forecast released today, Forrester is forecasting 5.4% growth (local currencies) in global tech spending in 2013 — but, notes analyst Andrew Bartels, the year will be better than it looks from the headline. Aside from Europe, which will grow minimally in 2013 as it continues to rebound from its recession, other geographies will grow: the United States by 7.5% and Asia Pacific by 4%. In Latin America and Eastern Europe, the Middle East, and Africa, tech buying will increase by 9% over the next two years.

Applied Systems receives two technology patents
Applied Systems announced today that the U.S. Patent and Trademark Office awarded the company two patents for technology in Applied Systems Epic, the insurance industry's fastest growing agency and brokerage management system. The patented technologies provide enhanced data protection and intuitive data presentation capabilities in Epic.

Gartner: Worldwide IT spending to reach $3.7 trillion this year
Worldwide IT spending is projected to total $3.7 trillion in 2013, a 4.2 percent increase from 2012 spending of $3.6 trillion, according to the latest forecast by Gartner, Inc. The 2013 outlook for IT spending growth in U.S. dollars has been revised upward from 3.8 percent in the 3Q12 forecast.

Policy Management

CAA deploys Guidewire InsuranceSuite
CAA Insurance (Ontario) and Guidewire Software, Inc., a provider of flexible core system software to Property/Casualty insurers, today announced that CAA Insurance has successfully implemented Guidewire InsuranceSuite™ as its new platform for rating, underwriting and policy administration, claims management, and billing.

Distribution

Zurich Canada launches mobile app for commercial coverage and risk management info
The Zurich Canada app brings value and insights to brokers and customers wherever they are, said Patrick Lundy, Zurich Canada CEO. It guides the user through the process of determining appetite, finding the right coverages and learning about risk mitigation quickly and easily.

Business of Insurance

Guy Carpenter: Renewals Bring Stable Reinsurance Pricing
Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and member of Marsh & McLennan Companies (NYSE: MMC), reports that the reinsurance sector enters 2013 equipped with ample dedicated capital and stable pricing. In its 2013 global renewal report, The Route to Profitable Growth, Guy Carpenter finds that the January 1, 2013 renewals took place against a stable backdrop, with only loss-affected lines and select regions experiencing price volatility. The market was supported by a combination of factors including lower than normal catastrophe losses during the first nine months of 2012, new reinsurance capacity and record-high levels of capital.

Economical reports Third Quarter financial results for 2012
Economical Insurance, one of Canada's leading property and casualty insurance companies, today announced consolidated financial results for the three months and nine months ended September 30, 2012.

USA weather extremes chief among 2012 losses
The USA accounted for a higher proportion of global natural catastrophe losses than usual in 2012, due to a series of severe weather-related catastrophes. Last year, natural catastrophes caused US$ 160bn in overall losses and US$ 65bn in insured losses worldwide. Some 67% of overall losses and 90% of insured losses were attributable to the USA – the respective averages are 32% and 57%. The year's highest insured loss was caused by Hurricane Sandy, with an estimated amount of around US$ 25bn.

Manulife Financial completes acquisition of Benesure
Manulife Financial today announced that it has completed its previously announced acquisition of Benesure Canada Inc., Canada's leading third party administrator and distributor of life and disability insurance solutions to the mortgage broker marketplace.

Consumer Information

HealthQuotes.ca announces online addition of Blue Vision Global health plan
HealthQuotes.ca Inc. is pleased to announce the addition of the Blue Vision Global health plan from Ontario Blue Cross to their web site. Blue Vision is a hybrid insurance product that offers a wide variety of coverage to Ontario residents. Ontarians can now get instant Blue Vision Global health insurance quotes online, at their convenience.

BCAA ranks highest in customer satisfaction among home insurance providers in Western Canada
BCAA Insurance has been awarded the highest satisfaction ranking among home insurance providers in Western Canada by renowned consumer research group, J.D. Power and Associates. Widely recognized for its customer satisfaction research, J.D. Power and Associates, an independent and trusted market researcher, conducted its annual study that measures home insurance policyholder experiences with their primary insurers. Five factors were considered: customer service, price/premium, policy offerings, billing/payment and claims.


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