The Chronicle: Issue 2013-23, June 11, 2013


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

Should Telematics/UBI Be Mandatory in Ontario? By Colin Wright
Telematics-enabled Usage-Based Insurance (UBI) should be mandatory in Ontario. The advent of the Internet, digital cellular networks, and global positioning systems over the last twenty-odd years has transformed the way we live. These innovations have been disruptive for countless industries and enabled the birth of many new ones. Used to deliver UBI, these technologies have the potential to disrupt auto insurance by revolutionizing ratemaking and making current practice seem like an artifact from an earlier time.

Is “Innovation” The Next “Awesome”?
Over the past few years, the term “awesome” seems to have lost some of its meaning as a result of overuse. We're wondering if “innovation” is heading in the same direction, at least as it relates to insurance and technology.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Travelers to acquire The Dominion of Canada General Insurance Company
The Travelers Companies, Inc. (NYSE: TRV) has agreed to acquire The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited (TSX: ELF). The Dominion and Travelers' Canadian operations will be integrated and the combined organization will remain headquartered in Toronto.

IBC: Rising cargo theft a multi-billion-dollar problem in Canada
Cargo theft is rising in Canada, costing Canadians more than $5 billion a year. Insurance Bureau of Canada and the Provincial Auto Theft Network are working to fight cargo crime with an annual training session focused on cargo theft prevention and investigation.

OSFI remarks at the 2013 P&C Insurance Invitational Forum by Superintendent Julie Dickson
“In my last P&C speech eight months ago, I said the industry report card was relatively good. These good grades were helped by strong underwriting income, the previous year's mild winter, and favorable impacts of Ontario automobile insurance reforms. Lately, though, some clouds have moved in.” Remarks by Superintendent Julie Dickson, Office of the Superintendent of Financial Institutions Canada, at the 2013 P&C Insurance Invitational Forum.

Technology

Information Builders: survey shows organizations failing to maximize information capital
At its 2013 Summit User Conference, Information Builders announced the results of a global research study analyzing effectiveness of information management capabilities conducted in partnership with IDG Research Services. The study found that companies are aware of the transformative power of using enterprise information management and analytics to align strategy and resources, but are failing to fully execute on its potential.

Gartner: Business Intelligence/Analytics is top area for CFO technology investment through 2014
Investment in business intelligence (BI) and analytics will address 15 of the top 19 business processes that CFOs have identified as requiring improved technology support, according to a study by Gartner and Financial Executives Research Foundation (FERF).

NSBI: Nova Scotia aligns with IBM over Services Centre
Nova Scotia's knowledge economy continues to grow. Last November, with the support of the province through Nova Scotia Business Inc. and a consortium of six universities and colleges, IBM Canada created its first-ever IBM Services Centre in Canada. NSBI, the province's economic development agency, worked with IBM Canada since 2009 to help ensure that the competitive opportunity was secured in Nova Scotia.

Telematics

SGI investigating groundbreaking rating technology for motorcycles
SGI is taking steps to become one of the first insurance companies in the world to use telematics technology for motorcycles. SGI has issued an Advance Contract Award Notice seeking a vendor to supply telematics technology for motorcycles for a planned pilot program. The Motorcycle Review Committee, a group of key stakeholders formed by SGI to help address rating issues affecting motorcycles, supports the pilot program unanimously.

IMS unveils new Connected Car technology with DriveSync Solution
Intelligent Mechatronic Systems has unveiled its next-generation IMS DriveSync solution,a fully converged Connected Car platform that combines the best of Telematics and Infotainment, with the fun of social networking – turning any vehicle into a connected car.

Policy Management

Risk Control Technologies: Synergy Coverage Solutions Selects RC Inspection
Risk Control Technologies Inc., the industry-leading provider of loss control software solutions for insurers, has announced that Synergy Coverage Solutions has selected the RC Inspection software solution to streamline its loss prevention and safety operations.

Consumer Information

Many dads don't know how much life insurance they own, reveals RBC Insurance poll
Most Canadian fathers have a plan in place if something were to happen to them, according to a recent RBC Insurance survey. With 70 per cent holding life insurance, dads are making financial decisions with family in mind, yet almost 40 per cent of them don't know how much the policy is worth or how much their families will need.

Distribution

Policy Works announces winner of the 4th annual Policy Works Ninja Award
Policy Works is pleased to announce that Janice Castell of Orr Insurance Brokers Inc. in Stratford, ON is the winner of the Fourth Annual Policy Works Ninja Award

In The Community

Peel Mutual to receive Fire Safety Award
Peel Mutual Insurance Company will receive a Fire Safety Award from the Fire Marshal's Public Fire Safety Council at a ceremony on June 12, 2013 in Toronto. The annual Fire Safety Awards recognize outstanding contributions to fire protection and prevention in Ontario.


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