The Chronicle: Issue 2016-12, March 22, 2016
What's Going Through The Intersection of Insurance and Technology?
Is Distribution a Second Thought In Insurance Innovation?
Business of Insurance
Accenture report: Compliance function pressured by growing demands, regulatory complexity and lagging IT architecture
The ability of financial institutions' compliance function to manage risk is being challenged by rising expectations for the function to play a stronger role in front-office processes, the increased volume and complexity of regulations, and a lagging data and technology architecture, according to a new compliance risk report from Accenture.
Willis Towers Watson: Commercial insurance prices nearly flat (again) during Q4
Commercial insurance prices continue to moderate, but have yet to sink into negative territory, as aggregate prices increased by less than 1% during the fourth quarter of 2015, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS). Leading global advisory, broking and solutions company Willis Towers Watson conducted the survey, which compared prices charged on policies underwritten during the fourth quarter of 2015 to those charged for the same coverage during the same quarter of 2014.
Majesco publishes new thought leadership report on Future Trends
Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new thought leadership paper, Future Trends: A Seismic Shift Underway. The new report assesses the fast paced world of multiple trends from technology to customer demographics, new channels, new competitors and more disrupting and changing the world we have known for decades.
ACORD survey: Insurance Digital Transformation Study
The insurance industry is facing unprecedented changes, driven in part by technology developments combined with new customer expectations. To get a Canada-specific view of technology needs and to determine the effectiveness of specific roadmaps in Canada, we are conducting a survey in partnership with ACORD in the US. The study is called the Insurance Digital Transformation Study, and we need your participation to be successful.
IronPro launches enhanced cyber & tech products
IronPro, Ironshore's financial and professional lines unit, is introducing a suite of enhanced Cyber and Technology E&O products customized for the Canadian marketplace. IronPro's Cyber and Tech products will also provide eligible Ironshore Highly Protected Information (HPI) policyholders with Cyber Monitoring and Alert Services (CMAS) during the policy period. IronPro has engaged the information security firm, BorderHawk, to offer CMAS services that detects potential threat indicators and extrapolates such knowledge into a proactive indication and warning process for IronPro Insureds.
IDC Financial Insights explores the rising demand for cyber insurance and the opportunities it creates
Increased digitization and interconnectivity have catapulted the risk of cyber threats as one of the top global perils of 2016 and beyond. To combat this risk, many companies will look to insurance as a critical risk management technique that complements improved cyber security measures. IDC Financial Insights outlines the tremendous opportunities for insurers to capitalize on this largely untapped market in a new report, Perspective: Cyber Insurance – Can Technology Help Insurers Overcome Their Skepticism?, and emphasizes some of the tools and models that can help insurers effectively penetrate the emerging market while balancing their risk portfolios.
Environics Analytics acquires the Boire Filler Group
Environics Analytics has announced that it has acquired the Boire Filler Group, a Toronto-based marketing company that specializes in predictive analytics, data management, business intelligence and customer-centric services. Under terms of the agreement, Boire Filler's offerings will be integrated into EA's products and services suite, providing clients of both companies an expanded range of data and analytics services, including data cleansing, integration, modelling and management.
Farmers Edge and The Weather Company leverage micro-weather data for predictive modeling
Farmers Edge, a global leader in precision agriculture and independent data management solutions, has announced a collaboration with The Weather Company, an IBM Business the world's largest private weather enterprise. Under the terms of the deal, Farmers Edge has integrated hyper-local forecasts from Weather's superior Forecasts on Demand (FoD) weather forecasting engine into its field-centric approach to predictive modeling. This enhancement of real-time meteorological data analytics is another step towards the digitization of agriculture, an industry in the midst of a radical transformation.
PwC report: Investment in FinTech is the future of Canadian banking
According to PwC's new report, Canadian Banks 2016: Embracing the FinTech Movement, Canadian banks are laser-focused on responding to the threats – and opportunities – posed to the banking industry, at the hands of a group of new companies building financial technology (FinTech) solutions. FinTech offerings range from competing financial services such as alternative lending, to additive solutions atop existing banking services, to enabling technologies for the banks themselves. Capitalizing on the latest mobile, cloud and digital technologies, Canada is now home to many FinTech firms who are trying to shake up and be accretive to the banking value chain.
Opta and AON partner to deliver unique Canadian flood model solutions
Opta Information Intelligence, Canada's largest property data aggregator and leader of innovative technology solutions, and Impact Forecasting, Aon Benfield's catastrophe model development centre of excellence, are pleased to announce their partnership to deliver Canadian flood model solutions to help insurers better underwrite and manage their riverine and off-flood plain exposures. The model is unique in its spatial scope, geographical resolution, and state-of-the-art hydrological innovation; it covers areas representing 98% of the Canadian population.
MMFI Saskatchewan joins MCCG client community with IBS implementation project
MMFI Saskatchewan has chosen 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 MMFI Saskatchewan with an industry leading enterprise solution and a technology path for the future. This will create further opportunities for MMFI Saskatchewan to promote their products and services to their agents, broker partners and their policyholders, on their path to becoming a ‘Digital Insurer.’
eMarketer: Mobile captures nearly half of Canada's digital ad spend
Mobile ad spending is still growing rapidly in Canada, according to eMarketer's latest estimates for paid media spending in the country. But growth rates are dropping fast, and will hit single digits by 2020.
Manulife study: Financial worries impact employee productivity
Manulife's Financial Wellness study reveals that almost half of working Canadians say they feel distracted at work because they are worrying about money. The study also shows that people with a higher level of financial wellness are less distracted at work. Financial wellness is the level of confidence people have about their overall finances (budgeting, retirement, investing, managing debt), and 45% of Canadians say they have a low level of financial wellness.
Jobs and Careers
Desjardins Group: Guy Cormier elected Chair of the Board, President & CEO
A special meeting was held in Lévis on Saturday, Mar. 19, to elect the next president of Desjardins Group. The 256 Desjardins officers from Quebec and Ontario that make up the organization's Electoral College elected Guy Cormier as Desjardins Group's new Chair of the Board, President and CEO. Mr. Cormier, currently Senior Vice President, Cooperative Network and Personal Services, takes over from Monique F. Leroux, who has led the organization since March 2008.
IBC: Protect yourself against cyber fraud and online identity theft
In recent years, identity theft has increased across Canada. Thieves are scanning the internet looking for personal information that will allow them to assume another person's identity. Using stolen information a criminal could use your name to secure a credit card, take out a mortgage, or even commit insurance fraud.
CAA: Seven easy tips for spring cleaning your car
The fluctuating temperatures of this past winter may have taken a toll on your car, but regular care for your vehicle maintains its longevity and improves its performance. CAA South Central Ontario's (CAA SCO) annual spring maintenance checklist will help keep your vehicle running smoothly this season.
GLOBE Advisors: Wood frame buildings cost six times as much to insure versus concrete buildings
A new study of the property insurance costs for wood frame and concrete mid-rise residential buildings conducted by GLOBE Advisors and released today by the Concrete Council of Canada reveals a substantial gap in the risks and insurance rates between the two building systems.