The Chronicle: Issue 2013-24, June 18, 2013


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

Big Data and Core Systems: Is Co-existence Possible?
Big Data is making the news in all sorts of ways. It is being used by actuaries and underwriters to fine-tune selection and become more precise in pricing. It allows claims examiners to detect fraud patterns and lower costs. Marketers can predict patterns of consumer behaviour from Big Data to tailor campaigns to increase sales. Does this mean Big Data projects should take prominence over other initiatives?

Technology and the Aging Driver: A Father's Day Tale
Ellen looked over at her dad in the driver's seat of the car. He was smiling as he watched road in front of him, checked the mirrors and monitored the dashboard gauges. He had not looked this happy since he had his license taken away after being diagnosed with early dementia. When they arrived at his retirement home, the attendant opened the door and welcomed him. He turned to Ellen and said, “Be careful getting home. I'll see you soon.”
— Science fiction? An insurer's worst nightmare? Perhaps not.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Events, Surveys and Webinars


Telematics

Auto insurance to an aging Canadian population, by Catherine Kargas
As a society, we are ill-prepared for a trend that is staring us in the face: our aging population. And yet, this demographic certainty will increasingly have profound implications for Canadians in a large number of areas, including automobile insurance.

Business of Insurance

Towers Watson survey: the rise of social media, big data and other megatrends
Towers Watson, in cooperation with the International Insurance Society (IIS), recently conducted a survey of more than 500 insurance experts to learn which megatrends are of most concern to insurers, and how prepared they are to address their potential impact over the next two years and then over the next five years.

RIAC: Lack of receivables insurance prompts creation of national association
99% of Canadian employer companies lack receivables insurance, but this under-insured state of affairs is set to change with the creation of a new member-driven organization called the Receivables Insurance Association of Canada.

NBSI: Leading Insurance Firm Announces Growth Plans in Nova Scotia
Marsh has announced plans to expand its Captive Solutions Group operations in Halifax, Nova Scotia, to implement and rollout its new global initiatives and training to its offices around the world.

Consumer Information

FSCO warns CC&B Group Inc. and Serafattin Solak are connected to auto insurance scam
The Financial Services Commission of Ontario is warning consumers that CC&B Group Inc. and Serafattin Solak are not licensed to do insurance business in Ontario and are connected to a fake auto insurance scam.

Claims

AudaExplore integrates AutoWatch Collision repair tracking with AutoFocus body shop management system
AudaExplore, a leading provider of automotive claims, underwriting and information solutions, has announced that its AutoWatch collision repair tracking software has been integrated with the company's AutoFocus body shop management system. The integration is designed to help busy repair facilities enhance communication with vehicle owners and insurers, improve customer service and save time by eliminating redundant entries.

LIMRA study reveals high satisfaction rates by life insurance claimants
A new LIMRA study shows that 95 percent of life insurance beneficiaries are “satisfied” overall with their claims experience, yet there is greater opportunity when they are “extremely satisfied.”

Policy Management

Foresters in production with MajescoMastek solutions
Life insurance provider Foresters has successfully deployed and is now in production with MajescoMastek's Elixir North America Policy Administration System and New Business & Underwriting solution.

Distribution

Sharp Insurance debuts free mySHARP app and web portal
Sharp Insurance is proud to announce the release of mySHARP, a new app for clients available for free from the Apple, Android, BlackBerry and Windows app stores. The mySHARP app provides Sharp Insurance clients with unprecedented and immediate access to their insurance policies on their mobile devices. Sharp's clients will also have the option of signing into their mySHARP account through a portal on the Sharp Insurance website.

Great-West Life enhances online experience for group retirement services plan members
With retirement savings increasingly top of mind for many Canadians, the need for convenient access to clear, concise information is more important than ever. In response, Great-West Life has redesigned the public-facing sign-in pages on GRS Access, the company's secure, transactional website, to enhance the online experience for all users.

In The Community

Cowan Foundation details charity donations in 2012 community investment report
The Directors of the board of The Cowan Foundation are pleased to report the company's 2012 charitable donations toward Canadian communities and causes. Donations from The Cowan Foundation benefited approximately 100 charitable organizations across the country, including the Heart & Stroke Foundation of Canada and the Children's Aid Society.


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