The Chronicle: Issue 2016-09, March 1, 2016
What's Going Through The Intersection of Insurance and Technology?
The Transformation Manifesto
Benchmark: Entering the Cloud – Risk Versus Reward
Spending on cloud computing infrastructure and platforms is still growing, but insurance companies are lagging behind other businesses in terms of their adoption rate. However, there is good reason for that: Insurance companies, by nature, must be highly risk-averse.
CGI: New insider threat advisory services address cybersecurity
CGI has announced an important new offering – delivering strategic advisory and implementation services to help global government and commercial clients address cybersecurity threats that come from trusted insiders, such as current employees, contractors or business partners. CGI's program enables global organizations to become more proactive in their approach to mitigating insider risks by focusing first on cultural and behavioral change so organizations and employees alike view seemingly normal, everyday actions of employees through an insider threat "lens." The program helps organizations analyze and correlate disparate data sources to uncover potential risks and threats.
Vertafore acquires Keal Technology
Vertafore, the leader in modern insurance technology, today announced the acquisition of Keal Technology, a leading provider of broker and commercial management systems in Canada. The move extends Vertafore's customer base into Canada, further creating an international footprint for the largest software provider in the insurance industry.
CSIO welcomes new member Usborne & Hibbert Mutual Fire Insurance Company
The Centre for Study of Insurance Operations (CSIO) is pleased to announce the addition of Usborne & Hibbert Mutual Fire Insurance Company to its membership. Usborne & Hibbert, founded in 1876, is also a member of the Canadian Association of Mutual Insurance Companies (CAMIC). With membership, Usborne & Hibbert can implement CSIO data standards, industry forms, CSIOnet and Advisory Services, extending the reach of leading-edge technology solutions to its business partners and customers alike.
CSIO launches scorecard tool for brokerage technology adoption
The Centre for Study of Insurance Operations (CSIO) is pleased to announce its new Technology Scorecard tool, providing brokerages with a snapshot view of their technology adoption in comparison to the provincial average, encouraging further tech adoption for a stronger competitive position.
2016 Technology Conference & Broker Forum
Insurance-Canada.ca extends our thanks to the speakers and sponsors who helped create a vibrant topical program, illuminating how the same technologies and tools which offer operational and strategic advantages can also introduce unexpected challenges.
Managing the double-edged sword of technology is a key success factor for insurers as new disruptions force companies to redefine their strategies, priorities and fundamental business model. But those same technologies can pave the way to success:
Brokers are competing strenuously. They understand all too well the need to out-market and outsell the competition, to offer competitive products and to excel at customer service. While brokers are continuously enhancing their positions, the competition is more aggressive than ever. Each of the major functional areas has new best practices, but marketing is now a key focus.
Examples of the valuable information provided by speakers and sponsors:
IBC: Ontario budget takes aim at auto insurance fraud
As Fraud Prevention Month is set to kick off, Ontario Minister of Finance Charles Sousa announced today that the government's budget includes a plan to establish a “serious fraud office” with a special focus on auto insurance fraud.
Square One: Most Canadians wrongfully believe home insurance protects against flood damage
A recent survey of 1,500 Canadians, conducted by Square One, has found that 65% incorrectly believe that flood protection is included in home insurance policies. This misconception was most widely held in Manitoba and least widely held in Saskatchewan. Canada is the only developed country in the world where flood insurance has not been generally available.
Gore Mutual launches new flood protection coverage
Gore Mutual Insurance Company is announcing an expansion of its water damage coverage with a new combined overland water and sewer backup product called WaterEscape Plus. The coverage is available as an endorsement to all eligible Ontario personal property insurance policies that have sewer backup protection in place effective March 1, 2016. Eligible customers account for 80% of Gore Mutual's existing personal property policies, and all of these customers will receive the enhanced coverage right away. The company is working on further solutions, with a goal of providing affordable coverage to 95% of its Ontario and British Columbia customers.
IBC President outlines costs of climate change for Canadians
The annual economic costs of disasters around the globe have increased five-fold since the 1980s. At an Economic Club of Canada event, Don Forgeron, President and CEO of Insurance Bureau of Canada, outlined the significant costs of climate change to Canadian taxpayers, governments and businesses, calling for a collaborative national flood program. Building a country resilient to flooding requires a multi-pronged approach, and aging infrastructure needs to be upgraded to enable it to withstand the increased precipitation.
The Co-operators and Home Fire Sprinkler Coalition partner to advocate for fire safety
The Co-operators and The Home Fire Sprinkler Coalition have announced a formal partnership to advocate for and promote the installation of home fire sprinklers in new construction of homes in Canada. You may have seen fire sprinklers in a hotel room or a restaurant, but HFSC states that the need for them in the home is key to reducing the fire problem in Canada. In fact, eight out of ten fire-related deaths occur in the home.