The Chronicle: Issue 2016-11, March 15, 2016

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

Will Technology Bring a New Insurance Model?
In the early days of my insurance career, an older, wiser colleague told me that the insurance business model was elegant in its simplicity. It's “money in and money out and you take your profit from the float.” Things have changed. A number of analysts are IMG_0001suggesting that technologies are driving fundamental alterations to the insurance business model.

The recently released Capgemini World Insurance Report 2016 provides a global perspective and some interesting scenarios based on input from 15,000 individuals. The report has two major sections, the first focusing on Gen Y & Customer Experience. The second models connected technologies threatening the insurance business model and is the subject of this post.

The Intersection: Blog
The Intersection

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Technology's 2016 Technology Awards celebrate diverse group of innovators
The 2016 Technology Award (ICTA) winners demonstrate that there are many roads to innovation in the Canadian insurance environment. But at the same time, the expert ICTA jury agreed with the popular vote on the overall winner.

Policy Management

EIS Group: Why the ultimate 360 insurance experience eludes even top insurers
In a recent SMA study, more than 80% of insurers said that they were making strategic investments in customer engagement and experience. Yet, only 8% of them are able to present a single view of their customers across all channels. This presentation explores the impact of that gap on both insurance companies and policyholders, and explains the 7 essentials needed to overcome those challenges.

McKillop Mutual Insurance Company joins MCCG Client Community with IBS implementation project
McKillop Mutual Insurance Company has elected to partner with MCCG by selecting the Insurance Business Solution (IBS) for their enterprise back-office solution and joining the MCCG Client Community. The IBS product will provide McKillop with enhanced technology to service their policy holders, agents and brokers, while delivering efficiencies to their internal operations. It will also provide McKillop with a path towards the 'Digital Customer Experience'. McKillop's commitment to long term planning and their policyholder, broker and agent relationships aligns with the principles established at MCCG. Experience'. McKillop's commitment to long term planning and their policyholder, broker and agent relationships aligns with the principles established at MCCG.

Yarmouth Mutual Insurance Company selects MCCG's Insurance Business Solution
Yarmouth Mutual Insurance Company has partnered with Mutual Concept Computer Group Inc. to implement their Insurance Business Solution (IBS) thus joining the MCCG Client Community.


CANATICS and IBC join war against organized insurance crime
CANATICS, the latest tool in the fight against auto insurance fraud, is pleased to announce it is collaborating with Insurance Bureau of Canada (IBC) to improve the industry's ability to identify and investigate criminal fraud rings. Auto insurance fraud took centre stage this past weekend when a CTV News W5 under-cover investigative report highlighted a fraudulent scheme taking place in a medical clinic and involving a paralegal, right in the Greater Toronto Area. CANATICS is doing its part through collaboration, adaptation and growth. It uses state-of-the-art data analytics tools to identify suspicious claims and facilitate further investigations by individual insurance companies.

Business of Insurance

Fineos white paper on the future of work and benefits
FINEOS has served the Life, Accident and Health insurance sector for many years, and we are seeing the greatest shift in our customer's business landscape in over 20 years. In this paper, David Smith explores the changes coming in the nature of work, driven by digitalization, shifting economic relationships, and the empowerment of the individual.


eMarketer: IoT devices to become common financial transaction methods
Internet of Things (IoT) devices are garnering the attention of many marketers and consumers. While they may have different purposes, a December 2015 survey found that these devices may become common financial transaction methods, particularly wearables.

iA Financial Group launches new communications program for members of group retirement plans
iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) is proud to announce the launch of Roadmap - Your future starts today™, its group retirement plan promotion and retirement planning engagement program.

Consumer Information

Aviva Canada investigation leads to charges against Toronto legal and healthcare professionals
Fraud charges have now been laid following an investigation into alleged fraudulent auto insurance injury claims made via Toronto legal and health professionals. An Aviva Canada customer who stepped forward after allegedly facing pressure to lie about accident injuries prompted the investigation. Aviva Canada subsequently provided Toronto Police Service with video and other supporting evidence that led to the charges.

Bedrocan and CFAMM launch innovative insurance concierge service
Bedrocan Canada Inc. (Bedrocan Canada) is today launching a personalized insurance claim concierge service in collaboration with Canadians for Fair Access to Medical Marijuana (CFAMM). Jonathan Zaid, the Executive Director of CFAMM and the first Canadian to have his medical cannabis covered by a group insurance plan, will work with a group of Bedrocan clients to identify individuals who may be able to attain coverage under their pre-existing insurance plans.

RBC Insurance travel checklist: What Canadians never leave home without
Canadians look forward to their annual vacations, many returning to the same destinations year after year, while others plan for exciting new adventures. Regardless of the type of trip planned, there are some common items travellers always remember to bring with them on vacation. According to a recent RBC Insurance survey, the top item travellers would never leave home without is their passport (75 per cent), followed by electronics (53 per cent) and their medication (49 per cent). Alarmingly, more than half of travellers (55 per cent) would leave home without their travel insurance.

IBC: Top 10 things to do around the house as daylight saving time begins
As daylight saving time begins, Insurance Bureau of Canada is reminding Canadians of things to do around the house in the lead up to spring. Take a few extra minutes to check these important items off your home maintenance to-do list.

Kanetix releases Home Insurance Savings Guide; do Canadians have enough?
Is your home properly insured? While millions of Canadians carry a home policy that protects their contents and liability, their existing coverage may leave them wanting once it's time to make a damage claim.

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