The Chronicle: Issue 2015-18, May 5, 2015


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

Insurance Connectivity: Life in a Parallel Universe
I went to an interesting meeting a week ago which made me think that there is a parallel universe alongside the one that I've been living in for the past three decades. The meeting I attended was CLIEDIS's annual seminar, and the mood was was upbeat for the insurers. The move from passive standards setting to active implementation coordination and support is giving its insurer members hope that a critical mass is on the horizon. There is a lot to do, but confidence is relatively high. What interests me in all this is that there seems to be little appetite to share experiences across the industry sectors. Perhaps the differences outweigh the similarities – or the industry sectors have an interest in remaining discrete. Is there value in comparing notes across the Life and P&C divide?

Too Much Going On? Too Expensive? This Could Be the New Normal
When we ask our IT colleagues how they are, the most frequent response is “Too Busy.” When we ask our finance colleagues how things are going, a common reply is that “IT projects are costing a lot.” These aren't necessarily new revelations, but we're wondering if these symptoms indicate bigger changes coming. US consumers consider most insurers a solid “OK” when it comes to the business experience. But every marketer knows that, in the consumer experience world, “OK” is not okay, “Good” is table stakes, and “Excellent” is becoming the benchmark. And digital technologies are critical components of the consumer experience for virtually all segments.

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

IBM and Swiss Re Corporate Solutions join forces to offer cyber risk protection
Swiss Re Corporate Solutions has joined forces with IBM Security to provide advanced cyber risk protection products and services to companies worldwide. The IBM–Swiss Re Corporate Solutions agreement helps businesses defend themselves against increasingly sophisticated cyber attacks. The agreement combines IBM's outstanding knowledge of information technology security with Swiss Re Corporate Solutions' leading-edge underwriting. IBM will assess clients' external and internal vulnerabilities to cyber attacks, giving them options for implementing risk mitigation proposals. IBM and Swiss Re Corporate Solutions are also exploring innovative services to further enhance clients' protection against cyber threats.

Distribution

Manulife to make buying term insurance faster and simpler with Quick Issue Term
Manulife has announced the launch of Manulife Quick Issue Term, a new term insurance product for Canadians looking for quick, simple term insurance protection with no medical tests. Turnaround time has been reduced by automating the application and underwriting processes, and Manulife Quick Issue Term also eliminates the standard medical tests required for most insurance products.

Claims

Symbility Health signs contract with INTERFAS
Symbility Health Inc., a division of Symbility Solutions Inc.®, a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, is pleased to announce that it has signed a contract with INTERFAS Inc., a major Quebec-based company specializing in group insurance plans. INTERFAS will deploy Symbility Health's technology which encompasses an adjudication and claims payment platform, a mobile application that will enable INTERFAS' staff to access claims information and pay Health Care Spending Accounts and Cost Plus Plans.

Business of Insurance

J.D. Power report: Canadian auto insurance customer satisfaction declines
While auto insurers have been able to improve customer satisfaction with price, they continue to miss the mark in interactions around claims and other service experiences, resulting in a decline in overall satisfaction for a third consecutive year, according to the newly released J.D. Power 2015 Canadian Auto Insurance Satisfaction Study. The study, now in its eighth year, measures customer satisfaction with their primary auto insurer in Canada. Satisfaction is measured across five factors (in order of importance): non-claim interaction; price; policy offerings; billing and payment; and claims. Insurers are ranked in four regions: Alberta, Atlantic, Ontario and Quebec. Overall customer satisfaction with their auto insurance experience declines nationally in 2014, despite an improvement in price satisfaction. Customer satisfaction declines significantly in the other four factors in 2015.

CAA Insurance forms strategic partnership with BrokerTeam
CAA Insurance Company (Ontario) has entered into a strategic partnership with BrokerTeam Insurance Group to deliver unique and trusted insurance coverage. This partnership is a first for both CAA Insurance and BrokerTeam. As of May 1, 2015, BrokerTeam will be the only brokerage firm in Ontario to offer its clients valuable expertise and the following integrated CAA Insurance products and services; Home & Auto Insurance, Travel Insurance, as well as a CAA membership. As part of this one-of-a-kind alliance, CAA's usage-based insurance program will also be available to its brokers and customers.

Telematics

IBM partners with PSA Peugeot Citroën on connected car services
PSA Peugeot Citroën and IBM have announced a partnership to help various industries within the Internet of Things economy to analyze data to deliver new services from connected vehicles. This entirely new ecosystem of connected services allows PSA, the European leader with the largest number of connected cars on the road, to develop new business opportunities for a variety of industries, including automotive distribution, smarter cities, and retail. For example, drivers and car passengers can benefit from new information improving the safety and the comfort of their mobility, while Smarter Cities can develop an advanced communication service that warns of roadwork, new traffic patterns or congestion right in the car.

Consumer Information

RBC Insurance: Canadians need to prepare for extreme weather events
Although extreme weather is on the rise, Canadians are still optimistic about their ability to deal with the impacts of these events, according to the RBC Canadian Water Attitudes Study. Yet, while Canadians say they feel prepared, many are not planning to take preventative measures to protect their homes from extreme weather this year.

IBC shares top 10 tips for Emergency Preparedness Week
As Emergency Preparedness Week begins across the country, Insurance Bureau of Canada (IBC) wants everyone to be aware and be prepared. "Thinking of and preparing for a worst-case scenario will give you peace of mind, and if something does happen, you can react quickly to keep your loved ones safe," says Ralph Palumbo, Vice-President, Ontario, IBC. "Weather events that used to happen once every 40 years can now be expected to occur every six. That's why it so important to be prepared for the worst. IBC is encouraging Ontarians to take some time this week to make sure they have everything they need to protect themselves, their families and their property from the impacts of severe weather."


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