The Chronicle: Issue 2014-36, September 9, 2014


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

Pragmatic Telematics: Reality Trumps Theory in Chicago
I detected a noticeable change in tone at the Insurance Telematics USA conference held in Chicago last week. In prior years, much of the discussion was prognosis and guesstimation. This year, the majority of presentations and conversations dealt with real-world issues relating to development, implementation, promotion, and utilization of telematics-based usage-based insurance (UBI). I think this portends a solid future for UBI in Canada as well at the US.

Can You Say ‘No’ to Driverless Cars?
In July, I attended the 2014 Automated Vehicles Symposium in San Francisco. Over the last three years, attendance at the event has grown significantly. This important increase in attendance mirrors the tremendous rise of interest in the subject of driverless technology as well as the rapid pace of technological advancement necessary to bring driverless vehicles to the consumer in coming years.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Telematics

Towers Watson: U.S. drivers are increasingly comfortable with usage-based auto insurance
Automobile drivers across the U.S. are becoming increasingly comfortable with usage-based auto insurance (UBI) programs, which allow auto insurers to monitor policyholders' driving habits with a telematics device in exchange for potential insurance premium savings. The number of consumers who have or had a UBI policy in the past 17 months nearly doubled between February 2013 and July 2014.

Technology

InEdge: Key characteristics to look for in an insurance pricing analytics solution
A pricing Analytics solution can be used to mitigate the risk inherent in pricing insurance products. This article outlines three important characteristics of a pricing Analytics solution that, if considered from the outset and integrated into its fabric, will help any insurer steer it towards success in setting optimal prices.

Marketing

Ipsos Reid study: eCommerce making sharp gains in personal and household goods categories
Consumers in Canada are spending more time on the Internet than ever before – especially to shop. According to the latest research from the Ipsos Reid, more than eight in ten (82%) Canadian Internet users have made a purchase online in the past year.

Business of Insurance

Manulife to acquire the Canadian operations of Standard Life plc
Manulife Financial Corporation has announced that The Manufacturers Life Insurance Company and Standard Life Oversea Holdings Limited, a subsidiary of Standard Life plc, have entered into an agreement under which MLI will acquire the Canadian-based operations of Standard Life plc, subject to certain adjustments.

Great-West Life announces acquisition of PlanDirect Insurance Services Inc.
The Great-West Life Assurance Company has announced that it has acquired PlanDirect Insurance Services Inc. (PDAssure), a service provider that markets and administers individual health insurance for Canadians.

Fairfax Financial to acquire Pethealth Inc.
Fairfax Financial Holdings Limited and Pethealth Inc. have announced that they have entered into an arrangement agreement under which Fairfax will acquire all of the outstanding common shares of Pethealth. In addition, under the terms of the transaction, Fairfax will acquire all of the outstanding preferred shares of Pethealth, plus any dividends accrued but unpaid up to, but excluding, the day of closing.

Policy Management

EIS Group announces new version of EIS Suite for group and voluntary insurance benefits
EIS Group, formerly Exigen Insurance Solutions, Inc., a provider of core systems to insurers, is pleased to announce the immediate availability of version 6.1 of the EIS Suite™ for Group and Voluntary Benefits.

Distribution

APEXA: Official brand launch
LOGiQ3, expert provider of life insurance and reinsurance consulting, outsourcing and training services, officially announces the name and brand of its subsidiary corporation: APEXA Corp., the solution for higher standardization, connectivity and confidence in contracting and compliance for the Canadian life insurance industry.

Marsh Canada acquires Kocisko Insurance Brokers Inc.
Marsh Canada, a subsidiary of Marsh, a global leader in insurance broking and risk management, has announced the acquisition of Kocisko Insurance Brokers Inc., a full-service commercial insurance brokerage based in Montreal, Quebec.

Two Ontario brokerages to join BrokerLink
Neziol Insurance Group and Ottawa Valley Insurance have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. Terms of the transactions were not disclosed.

Consumer Information

IBC: Burlington flooding insured damages estimated at $90 million
Insurance Bureau of Canada reports that the preliminary estimate for insured damage caused by heavy rains and flooding in the Burlington, Ontario area in early August was just over $90 million, according to Property Claim Services.

Jobs and Careers

Insurance Institute celebrates its first new-track FCIP grads
The Insurance Institute of Canada congratulates the first new-track graduates of its Fellow Chartered Insurance Professional (FCIP) designation program. These graduates are the first to earn an FCIP designation through the program's new track, launched four years ago.

In The Community

Economical Insurance helps fund volunteer training for Spinal Cord Injury Ontario
Economical Insurance, one of Canada's leading home, auto and business insurance providers, and its broker partner, McDougall Insurance Brokers, have made a donation to Spinal Cord Injury Ontario's Peer Support Program. The funds will go towards training volunteers to connect people living with spinal cord injuries and their families to fully-trained peers who can share their experience and knowledge.

Aviva Community Fund launches sixth annual competition on September 22
Aviva Canada, one of the country's leading providers of home, automobile, recreational vehicle, group and business insurance, is proud to announce that the sixth annual Aviva Community Fund competition will kick off September 22.

Economical Insurance funds prostate cancer Wake Up Call breakfast to raise awareness
One in eight Canadian men will be diagnosed with prostate cancer during their lifetime, including an estimated 23,600 this year alone. Economical Insurance is proud to fund the annual Wake Up Call Breakfast events in Moncton, Saint John, Halifax and Cape Breton - raising money for research, education and survivorship initiatives through Prostate Cancer Canada.


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