The Chronicle: Issue 2016-13, March 29, 2016
What's Going Through The Intersection of Insurance and Technology?
New Customers, New Insurance products, Same PAS?
Business of Insurance
Chubb global cyber practice launches service to help combat ransomware attacks
In response to a surge in Chubb's criminal-related cyber losses over the past five years, Chubb's Global Cyber Risk Practice has launched a service to assist policyholders with ransomware attacks. This is the first new offering from Chubb's Global Cyber Risk Practice, which was recently expanded by integrating the cyber insurance products and services of the legacy ACE and Chubb organizations following the acquisition of Chubb by ACE. Chubb's new cyber extortion solution can immediately connect impacted policyholders with cyber experts to help assess the scope of an attack.
Aon launches Canada's first total rewards delivery system for smaller organizations
Aon plc, the leading global provider of risk management and human resource consulting and outsourcing, has announced the release of Aon Choice, a first-of-its-kind total rewards delivery system that enables small- and medium-sized companies in Canada to compete with benefit packages offered at larger corporations.
Sun Life Financial to acquire remainder of CIMB Sun Life in Indonesia
Sun Life Financial Inc. has announced an agreement that will result in its 100% ownership of PT CIMB Sun Life through the purchase of an additional 51% of CSL from its long-term partner, CIMB Group. Sun Life Financial currently owns 49% of CSL as well as 100% of PT Sun Life Financial Indonesia; both are life insurance companies in Indonesia. Sun Life Financial intends to integrate CSL's business under the Sun Life brand with SLF Indonesia, which is a key step to comply with Indonesia's “single presence” policy.
Gartner: IoT adoption is driving the use of platform as a service
The widespread adoption of the Internet of Things is driving platform as a service (PaaS) utilization, according to Gartner, Inc. Gartner predicts that, by 2020, more than 50 percent of all new applications developed on PaaS will be IoT-centric, disrupting conventional architecture practices.
Aviva Canada & Ryerson DMZ partner to ensure the success of startups
Consumer-friendly digital innovation is the driving force behind Aviva Canada's new partnership with the DMZ at Ryerson, the leading university-based incubator for emerging tech startups. The partnership, which enhances Aviva's “digital first” strategy, will result in innovative exchanges with entrepreneurs to bring fresh ideas to insurance at a time of rapid change across the technology landscape. Working with the DMZ at Ryerson will help solidify Aviva's position at the forefront of industry disruption.
Aite Group report: IoT Platforms for Insurance
Though the insurance industry is at the very beginning of its IoT journey, pioneering insurers are already grappling with how to support a wide range of Internet of Things use cases, from connected homes, to connected manufacturing, to connected health and lives, and more. Enter the IoT platform, which promises to make it easier for insurers to run a large number of IoT projects.
Gartner: The economics of connections will fuel digital business
Business and IT leaders must structure their business and technology investments in a way that will capitalize on the new economic realities of a digital economy, according to Gartner, Inc. Gartner calls new economic models arising from digital business the "economics of connections." This idea builds upon Metcalfe's law, which was originally used to describe telecommunications networks and states that the value of an agent within a network increases exponentially as the number of connections increases.
EIS Group: Latest version of ClaimCore delivers integrated claims functionality for benefits insurance
EIS Group, a leading provider of core software systems to insurers, has announced that the latest version of the ClaimCore® software system supports multiple lines of group and voluntary benefits insurance and enables those insurers to improve claims accuracy and efficiency, streamline payment processing, improve compliance and enhance fraud detection. The ClaimCore solution has been designed to be deployed as a standalone core system or as a key component of the company's unified, yet modular EIS Core Insurance Suite™, providing benefits insurers with additional options for transforming their legacy core systems.
iA Financial Group acquires Groupe financier Moreau
iA Financial Group, through its subsidiary National Financial Insurance Agency (NFIA), announced today the signing of an agreement to acquire the operations of Groupe financier Moreau, a life insurance agency with around 130 representatives. This transaction comes as part of the growth strategy of NFIA, which supports an independent distribution network in retail insurance and wealth management. Groupe financier Moreau has offices in the greater Montreal area, located in the city's suburbs to the north (Laval) and south (Brossard).
Jobs and Careers
Allstate Canada appoints new President & CEO Ryan Michel
Effective January 11, 2016, Ryan Michel was appointed to the position of president and CEO of Allstate Insurance Company of Canada and subsidiary companies. Mr. Michel succeeds outgoing president and CEO John O'Donnell, who has taken on a new role as a senior vice president, with Allstate Insurance Corporation in the U.S. In his new role, Mr. Michel has reporting responsibility for the Allstate Corporation's entities in Canada, which include the Allstate Insurance Company of Canada, Pembridge Insurance Company, Pafco Insurance Company and Ivantage Insurance Brokers.