The Chronicle: Issue 2015-50, December 15, 2015


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

Unleashing a FinTech Hack: Who Are the Winners?
A few weeks ago, I attended my first hackathon. As a somewhat jaded grey head, I went in with a bag full of expectations. Some of these expectations were validated and others were corrected; more significantly, there were expectations that I didn't have that were exceeded. The hackathon – “Unleash Toronto: From Paper to Prototype” – was sponsored by Manulife, and held in Toronto's MaRS district.

Manulife is tightly focused on the holy grail of cross-marketing. The final objective of the hackathon was to address the question, “How might we help our customers re-imagine and redefine what it means to invest with Manulife, utilizing new business models, channels and technology?”

The Intersection: Insurance-Canada.ca Blog
The Intersection

an Insurance-Canada.ca Blog


Business of Insurance

Accenture: Insurers accelerate digital transformation strategies to improve customer experience, drive revenue
Insurers are accelerating their plans to become more digital, driven by increased adoption of Internet of Things (IoT) technologies, data and analytics tools and digital-first distribution models, according to an Accenture report based on a survey of more than 400 insurers globally. According to the report, titled “Reimagining insurance distribution: Insurers accelerate the shift to a radically different distribution model,” nearly half of insurers believe that connected devices will be a driver of revenue growth in the next three years. While much of the early adoption was in vehicle telematics, there has been a significant increase in other IoT related products over the past year.

Technology

Manulife hosts first public FinTech Hackathon in Toronto
Manulife hosted its first public hackathon on Dec. 1 and 2, a 48-hour event held at MaRS Discovery District in Toronto, involving employees and members of the local tech community, working together to develop innovative financial technology concepts. The event, called Unleash Toronto: From Paper to Prototype began with an initial brainstorming of 61 concepts by aspiring hackers competing for a cash prize and strategic sessions with Manulife's Lab of Forward Thinking (LOFT), a new innovation hub for Manulife. The team's core idea is to reward Manulife Bank customers for their positive financial habits.

Distribution

J.D. Power 2015 Large Commercial Insurance Study sees advice and reasonable pricing drive customer satisfaction with brokers
Arthur J. Gallagher & Co is the highest-performing broker in this year's J.D. Power 2015 Large Commercial Insurance Study, conducted in association with RIMS the risk management society™. According to the study, brokers that outperform their peers in overall satisfaction emphasize quality advice and guidance and reasonable fees. The study measures customer satisfaction with commercial insurance brokers based on eight attributes: quality of advice and guidance provided; reasonableness of fees; ease of the renewal process; effectiveness of risk control services; variety of program offerings; effectiveness of program review; billing and payment process; and claims process.

Majesco releases thought leadership report on distribution and digital
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new insights thought leadership report on distribution management, analyzing the key external and internal forces that are impacting insurance distribution. The report, A 2D Strategy: Distribution and Digital for High Performance, incorporates perspectives from C-level executives who participated in a Majesco roundtable on distribution management in late June.

Applied Systems announces Applied WebRater 2016
Applied Systems has announced the general availability of Applied WebRater 2016, the latest release of the leading online client self-service comparative quoting and lead generation tool in the Applied Rating Services brokerage suite, for the Canadian marketplace. Applied WebRater 2016 enables brokerages to provide clients and prospects simpler real-time, self-service auto and property insurance quotes via their preferred device type – whether a computer or mobile device.

Claims

InEdge: Improving auto repair processes with claims management analytics
Improving appraiser performance and body shop performance, and keeping a lid on parts and labor, are an important part of the job for a claim manager. Luckily, each of these areas can reap the benefits of a well-designed analytics system. One that displays relevant information via reports, dashboards and scorecards, with key information relating to appraisals, appraiser and body shop performance, parts and labor on prominent display.

SCM Health Solutions launches Enhanced iAssess
SCM Health Solutions, Canada's largest medical assessment and health services company, has announced the national release of the enhanced iAssess, one of the industry's most powerful medical assessment tools. Designed around rigorous process check points and a centralized file management system, the new iAssess technology platform significantly reduces risk for data loss, and improves access to information and overall file management for assessors and customers.

IBC: Cargo theft program launches in Western Canada
Insurance Bureau of Canada – along with law enforcement and provincial trucking associations in British Columbia, Alberta, Saskatchewan and Manitoba – has announced that the highly successful cargo theft reporting program currently operating in Eastern Canada is expanding to the four western provinces. According to the Canadian Trucking Alliance, the rapidly escalating crime of cargo theft costs Canadians billions each year and is a significant problem in transportation hubs in Western Canada, southern Ontario and Montreal.

Marketing

Gartner: Consumers in mature markets will use and own 3-4 devices by 2018
During the next five years, consumers will add more devices to their personal portfolio rather than consolidating it, according to Gartner, Inc. By 2018, a consumer in a mature market will use and own more than three personal devices. Gartner estimates that in 2016, the installed base of devices will total 7.8 billion units (including wearables, phones, tablets and PCs) and is on pace to reach 8.3 billion units in 2018.

eMarketer: Trends for 2016 and six predictions for what will happen
Next year will bring myriad digital advancements, from the rise of mobile messaging apps to mobile commerce finally gaining some mojo. Here are eMarketer's predictions for what will happen next year.

Consumer Information

IBC shares the top 10 maintenance tips for winterizing your home
Temperatures have started to drop across the province, a sure sign that winter is on its way, and Insurance Bureau of Canada (IBC) is working to help Canadians with some maintenance tips to protect their homes over the winter season.

messageLOUD service to eliminate distracted driving
Texting while driving is now the leading cause of death of our nation's teens. Yet, at any given hour across America, approximately 660,000 drivers are using smartphones while driving. Despite the fact that 45 states have made texting and emailing while driving illegal, it's clear people are actively using their phones. To combat this alarming statistic and the dangers of distracted driving, messageLOUD was designed with a singular focus on consumer safety by automatically reading texts and email out loud so people can put their phones down and drive safely.

IBC study estimates future costs of climate change
Canadian communities need to adapt to avoid the projected increasing costs due to climate change, according to a new study by Insurance Bureau of Canada (IBC). The Study of Economic Impacts of the Weather Effects of Climate Change, released today, estimates some of the future costs to the Halifax (NS) and Mississauga (ON) communities from specific severe weather events stemming from climate change. It points to the need to increase infrastructure investments now to reduce costs down the road.

Sun Life Financial: Ninety per cent of Canadians won't be spending more this holiday season
Nine in 10 Canadians will spend the same or less on the holidays than they did one year ago, according to the 2015 Sun Life Financial Annual Check-Up. Almost four in 10 plan to spend less and just one per cent said their spending will be substantially higher this year. The Annual Check-Up survey asked Canadians to compare the current state of their personal finances to that of last year.

IBC assists joint police forces in thwarting international car theft ring
After months of investigative work, police have announced the arrest of nearly 20 individuals allegedly associated with the theft of millions of dollars worth of high-end vehicles throughout the Greater Toronto Area. IBC investigators in Ontario, Montreal and Halifax, working with regional law enforcement agencies, RCMP and Canada Border Services Agency (CBSA), were able to identify the recovered stolen vehicles and their rightful owners. The stolen vehicles were bound for lucrative international markets in West Africa.

In The Community

The Co-operators pitches in to welcome Syrian refugees to Canada
The Co-operators has announced that it has committed funding, and is encouraging its employees to volunteer, as part of the nation-wide effort to welcome Syrian refugees to Canada. A special one-time grant program has been created through The Co-operators Foundation's Community Economic Development Fund to support organizations' initiatives aimed at preparing refugees for employability in Canada.

The Guarantee funds a new Starlight Fun Center
Thanks to the generous support of The Guarantee, Cambridge Memorial Hospital's Pediatrics department has received a new Fun Center designed by Starlight Children's Foundation Canada to help brighten the lives of seriously ill children and their families. This is The Guarantee's third year as a Starlight Fun Center sponsor. The Starlight Fun Center is a mobile media unit offering kids endless hours of entertainment therapy – from watching DVD movies on a flat-screen TV, to playing a wide variety of Nintendo Wii™ games.


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