The Chronicle: Issue 2016-21, May 24, 2016

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

InsurTech: Going Hard or Hardly Going?
To avoid being “disrupted,” and – potentially – to improve the balance sheet, some insurers are driving experimentation of Insurance Technology. However, some initiatives are geography-specific and, from a global industry perspective, the commitment is underfunded. Is this just the nature of today's innovation paradigm, or are we treating InsurTech as a lower priority?

By all accounts, telematics has been very successful in Italy. By the end of 2015, 16% of all insured cars in Italy were using telematics. This compares with single digits most everywhere else. In addition, insurers are introducing gamification and rewards mechanisms to increase penetration and engagement in Italy. Will this be replicable? At this point, it seems that the rest of world has a ways to go.

The Intersection: Blog
The Intersection

an Blog


HSB Cyber Study: Hacking incidents widespread for businesses
Nine in ten businesses experienced at least one hacking incident in the past year, according to a new survey of business risk managers released by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re.

Technavio: Top four emerging trends impacting the insurance IT spending market in the U.S.
Technavio's latest report on the Insurance IT spending market in the US provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Topping the list is increased adoption of big data and analytics.

J.D. Power study: Insurance websites lag behind customer expectations
Insurer websites are not keeping up with customer expectations, with just over half saying they “definitely will” return to the site for their servicing needs, according to the newly released J.D. Power 2016 Insurance Digital Evaluation Study.SM

Uber begins testing self-driving car in Pittsburgh
If you're driving around Pittsburgh in the coming weeks you might see a strange sight: a car that looks like it should be driven by a superhero. But this is no movie prop – it's a test car from Uber's Advanced Technologies Center (ATC) in Pittsburgh. The car, a hybrid Ford Fusion, will be collecting mapping data as well as testing its self-driving capabilities.

Security First Insurance enhances mobile experience with IBM MobileFirst
IBM has announced that Security First Insurance, a leading Florida-based homeowners insurance company, has deployed the IBM MobileFirst platform to enhance their mobile experience. Since deploying the app, Security First Insurance has seen a 195 percent increase in average monthly new users and a 140 percent increase in online payments.

Softchoice study: A slow shift to public cloud for organizations
Transitioning to public cloud is a slow-moving process for most businesses, according to a new study by Softchoice, a leading North American IT solutions and managed services provider, which found that while progress is at hand, most organizations are still experimenting with or have limited use of public cloud, and less than 14 percent consider public cloud to be an internal corporate standard.

Guy Carpenter to develop cyber aggregation model
Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, has announced the formation of a strategic alliance with Symantec Corporation, a global leader in cybersecurity, to create a cyber aggregation model. The model will include a comprehensive catalogue of cyber scenarios from which insurers can derive frequency and severity distributions to measure the potential financial impact of loss.

Business of Insurance

Moody's: Driverless cars could have significant credit impact across range of sectors
Driverless cars could have significant credit implications across a wide range of companies and sectors as the technology becomes more advanced and widespread in the coming years, according to a Moody's Investors Service report.

Consumer Information

Economical Insurance to acquire largest pet insurer in Canada
Economical Mutual Insurance Company, one of Canada's leading property and casualty insurance companies, has announced its intention to acquire Desjardins Group's pet insurance business, Western Financial Insurance Company (WFIC) and its flagship brand Petsecure.

B.C. premier calls for national fire strategy
Climate change is leading to more wildfires and the country needs a national forest firefighting strategy, says B.C. Premier Christy Clark. While the country has been transfixed by the raging fires around Fort McMurray in northern Alberta, British Columbia's interior is experiencing similar fire conditions this spring that have received far less attention.

ICLR releases ‘build back better’ guidelines for Fort McMurray
The Institute for Catastrophic Loss Reduction has identified best practices for the design and construction of homes to reduce the risk of loss and damage from several natural hazards, including wildfire. These elements, part of ICLR's ‘Insurers Rebuild Better Homes’ program, are actively encouraged when insurance companies respond to a total loss, and should be considered with a partial loss event.

IBC: Canada needs to be better prepared for natural disasters
At an Economic Club of Canada event last week, Don Forgeron, President and CEO of Insurance Bureau of Canada, outlined the significant costs of climate change to Canadians, provided a private-sector perspective on lessons learned from past and ongoing natural disasters and discussed how the insurance industry and governments can collaborate to increase their financial and physical preparedness to protect Canadians.

Shop Insurance Canada: Uber and commercial auto insurance rules in Ontario
The rise of ride-sharing services has shone a spotlight on commercial auto insurance coverage. Uber drivers currently operate without insurance in most cases, because they use the personal policies while operating as a paid ride-share operative. Shop Insurance Canada the laws are clear on commercial car insurance, and Uber drivers are breaking the law.

AlarmForce: Most Canadians believe home security increases property value
More than two-thirds of Canadians find that home security systems add value to their homes according to a newly released AlarmForce Industries Spring Home Security Poll. The national poll also found that while most respondents find value in home security systems, close to nine in 10 of respondents feel very safe in their own neighbourhoods. Nearly one-quarter of Canadians do not rely on home security at all.

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