The Chronicle: Issue 2016-03, January 19, 2016
What's Going Through The Intersection of Insurance and Technology?
Where will Standardization Fit in a Flexible Product World?
Business of Insurance
Intact launches commercial drone insurance for small and medium-sized businesses
As part of its ongoing commitment to product innovation, Intact Insurance has launched drone insurance for its commercial lines customers. This Unmanned Air Vehicle (UAV) coverage is a leading insurance product in the market that caters specifically to small and medium-sized businesses that currently use or plan to use drones to complement their business operations.
Majesco releases research report on 2016 Strategic Priorities
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new research report, 2016 Strategic Priorities: Impactful Pace of Change.
Accenture report: Businesses' use of personal data at risk
A new report from Accenture warns that businesses' use of personal data from consumers is at risk and recommends key strategies and principles to properly protect consumer data, build trust and simultaneously grow their businesses
2016 ICTA Nominees
2016 ICTA Nomination: Desjardins develops the Ajusto smartphone app
Canada's leader with usage based insurance (UBI), Desjardins General Insurance Group (DGIG) took another major step forward by launching its Ajusto smartphone app. The first UBI app in North America, it was developed by DGIG's Ajusto Innovation Department in conjunction with Cambridge Mobile Telematics, using innovative mobile sensing technology and sophisticated data analytics. The user-friendly app replaces and updates the previous Ajusto program, which required a plug-in telematics device. The app dramatically improves the customer experience by providing real time feedback and a more complete and balanced evaluation of driving behaviors to determine the customer's insurance discount (up to 25%). The app can sense when the smartphone owner is driving and automatically turns on, and can even determine whether the owner is a passenger in the vehicle or on public transit. The app also minimizes phone battery use and has many fun aspects such as allowing customers to compare results with friends.
2016 ICTA Nomination: Cornerstone turns content into a marketing advantage
Cornerstone Insurance Brokers Inc. (CSIB) leverage Zywave's Broker Briefcase, a sales, marketing and broker education platform, to move the conversation with clients and prospects from price to value. By leveraging the extensive knowledge repository of over 3500+ resource documents, CSIB has accelerated growth by 17% & have seen a 295% return on investment in the first 10 months. Written for both broker and insurance consumer audiences, this solution includes automated marketing campaigns allowing CSIB to stay top-of-mind with clients and prospects alike with timely and relevant information that is tailored to the recipient.
2016 ICTA Nomination: Promutuel successfully tackles the training for a new core system
As part of Promutuel Insurance's core system transformation and implementation of Guidewire PolicyCenter®, the company had to find a creative way to train underwriters, managers, and captive agents across a distributed organization in remote regions in a timely and cost effective manner. Promutuel and V-NEO created a new change management strategy and built an innovative e-learning platform, CAMPUS, to address the challenge of training its employees on PolicyCenter. The new 3-phased training approach, which consists of a gaming concept, e-learning modules, and online exercises, has enabled Promutuel Insurance to reduce staff training costs, reduce the learning curve and establish training best practices for new employees, and maximize the usage of an online training platform among all internal users.
Early-Bird Ending for Technology Conference & Broker Forum
Earlybird registration ends this Friday, Jan 22. Take advantage of lower fees to learn more about new technologies in insurance, managing to the new opportunities and overcoming the challenges.
At the Technology Conference (ICTC2016) on February 29:
“What's Next in Policy Administration Technology?”
At the Broker Forum (ICBF2016) on March 1:
Debate: “Will Analytics Save the Broker Channel?”
Don't miss this opportunity to meet with our sponsors all in one place:
InEdge: Insurance analytics provide accessibility and reliability to claim metrics
Information-savvy claim managers need self-service capabilities when working with analytics. They expect to operate autonomously from the rest of the organization and they don't want to rely on third parties every time they need to gather and view information. They also expect the information they drill into to be up-to-date, accurate, and reliable. To meet the desire to operate autonomously, the data needed to review operations should be readily available in a dedicated environment that claim managers can treat as their own. They should have an analytical "sand-box" that is conceived exclusively for auto claims management purposes.
IBM study: Consumers still want cars but not necessarily to own
Consumers expect to use cars differently – showing particular interest in self-enabling vehicles – though they don't necessarily want to own one in the traditional sense, according to the results of IBM's automotive consumer study. This presents opportunities for automakers to apply analytics and cognitive capabilities to develop new vehicle options.
Celent report: Bigger Data – A Look At How Far Insurers Have Come
In 2013, Celent published a report titled Perceptions and Misconceptions of Big Data in Insurance, which evaluated the industry's appetite and state of investment in Big Data. In this report, Celent revisits the adoption model to capture the progress the industry has made – this report provides results of a 2015 survey about insurers' appetite and state of investment in Big Data and compares them with a similar survey conducted in 2013.
IBAO to launch auto reform awareness campaign
The Insurance Brokers Association of Ontario is set to launch a multi-faceted awareness campaign on Ontario Auto Reform. New changes effective June 1, 2016 are part of a continuum of reforms by the Government of Ontario to combat widespread fraud and abuse of the system. The campaign will include broker education, consumer brochures and videos, and a social media campaign.
Intact Insurance obtains CSIO certification for commercial lines eDocs
The Centre for Study of Insurance Operations (CSIO) is pleased to announce that Intact Insurance Company has obtained CSIO Certification for Commercial Lines eDocs. CSIO Certification is available to member companies and vendors. eDocs for personal lines has been available for certification since September 2013, with the recent additions of eDocs for commercial lines and eDelivery as the second and third business activities available for certification.
IBC supports Crime Stoppers Month to help fight insurance crime
With January being Crime Stoppers Month, Insurance Bureau of Canada is encouraging Canadians to be vigilant against insurance fraud. Whether opportunistic or premediated, insurance fraud is a significant issue in Canada resulting in higher premiums for consumers and delay of services for the people in real need. IBC has long advocated for legislative changes and for the courts to take these crimes more seriously through harsher penalties in order to create deterrents, and we have seen results, including Bill 15 passed last year by the Ontario government, which amended various statutes to help reduce insurance fraud, regulate towing and storage services, and protect consumers.