The Chronicle: Issue 2016-25, June 21, 2016

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

Do We Go Outside to Bring InsurTech In?
A recent report documents the geometric increase in organizations and funding dedicated to innovation and disruption in insurance. While the result is a vibrant and robust ecosystem for insurers to navigate, the authors add an important caveat about the actual reach of the efforts, and suggest a trip outside might be in order.

Published in May by Celent, InsurTech Has Arrived: A Primer is the first in a series on digital innovation in insurance. Its purpose is to describe the emerging ecosystem and to provide definitions, which will be important as the basis for the forthcoming reports. But the current report contains important insights on its own.

The Intersection: Blog
The Intersection

an Blog

Business of Insurance

KPMG survey: Empowered For The Future: Insurance Reinvented
Transformation is difficult, disruptive and time-consuming. And most of the time, transformation initiatives fail to achieve their objectives.

Swiss Re report: The Road To Flood Resilience In Canada
A severe flooding event in Canada could trigger billions in losses, with less than half of the amount covered by insurance. This leaves many families without the necessary funds to rebuild their lives if disaster strikes.

Sun Life Financial launches digital assessment for workplace mental health risks
Mental health issues have become a leading driver for disability claims in Canada. Sun Life Financial's Workplace Mental Health Risk Assessment and Consulting Services will help employers identify mental health risks and foster healthier workplaces.

Industry giants endorse LEAGUE in $25M Series A
LEAGUE, a new digital health insurance platform, announced it has raised financing from a team of powerhouse investors including OMERS Ventures, Infinite Potential Technologies, Real Ventures, BDC IT Venture Fund, RBC, Manulife and Power Financial Corporation.


Aviva Canada to launch Pitch Day in Toronto
Aviva Canada announces another industry first by bringing Aviva Ventures to Canada. Aviva Ventures is investing in high-potential digital startups around the globe, and Aviva will host their first-ever Pitch Day event in Toronto on October 11.

Top Quote infographic on Going Digital: The Future of Insurance
The insurance industry has been slow to embrace the world of digital. Recent research reveals that companies who embrace digital adoption see a five times greater impact on growth than those who “resist going digital.”

IBM: Ponemon Institute study reveals rising data breach costs
IBM Security has announced the results of a global study analyzing the financial impact of data breaches to a company's bottom line, which found that the average cost of a data breach for companies surveyed has grown to CAD 4 million.


Willis Towers Watson: Canadians prepared to pay for retirement security
Most Canadians would be willing to pay more in order to receive a more generous retirement benefit, according to a survey by Willis Towers Watson. Nearly two-thirds would be willing to pay more in order to receive a pension that was guaranteed for life.

eMarketer: Social media engagement is top digital marketing activity in Canada
Social engagement is the number-one digital marketing activity in Canada, followed by website development activities, according to research by Ignite Digital.


CAA Insurance expands strategic relationships in the broker market
CAA Insurance Company has appointed 17 well-known and experienced brokerage firms across Ontario to provide customers with more choice.

Celent report on Microinsurance: An Invitation for Innovation
Insurers use a mix of distribution channels according to the type of product, service, and customer segment preferences. These range from websites, apps, and branches to agents, banks, and retailers. How effective are these when it comes to selling microinsurance? wins apartment federation award for new mobile platform has been awarded by the Canadian Federation of Apartment Associations for its newly launched mobile platform, which allows Canadians to purchase tenant insurance via their smartphone.

PwC: Wealth management lags in adoption of digital technology
PwC's global report, Sink or Swim: Why Wealth Management Can't Afford to Miss the Digital Wave, reveals that while high-net-worth individuals increasingly use online and mobile services to conduct banking and portfolio management, just one quarter of wealth managers offer digital channels beyond email.

Consumer Information

Canadian Coalition on Distracted Driving undertakes National Action Plan
The newly-created Canadian Coalition on Distracted Driving – an initiative of the Traffic Injury Research Foundation (TIRF), Drop It And Drive and The Co-operators – has begun work on creating a National Action Plan to combat distracted driving.

FSCO: Auto insurance reforms require informed decisions
A recent survey by the Financial Services Commission of Ontario reveals that drivers may not know as much about their auto insurance as they believe they do. Only 10 per cent are very knowledgeable about the elements in a standard auto insurance policy.

SGI implements new fee and safety incentive for new motorcyclists
SGI is implementing the next phase of the Motorcycle Graduated Driver Licensing (MGDL) program, which exposes new motorcycle riders to increasing levels of risk as they move through three stages before graduating to a full and unrestricted motorcycle licence.

SGI: New legislation to improve SK auto injury coverage
Newly introduced coverage amendments to The Automobile Accident Insurance Act will improve Saskatchewan's auto injury programs to better meet the needs of people who are injured in vehicle collisions.

In The Community

Aviva Canada announces the eighth annual Aviva Community Fund
The Aviva Community Fund is back for the eighth year in a row to create positive change in communities across Canada. The competition officially opens on September 19; voting begins October 11.

From Doug

Yesterday, the summer solstice coincided with a full moon – a double feature. Summer has officially arrived, with turbulent weather marking the change of seasons, and much of our news coverage reflects approaching storms. The evolution of insurance coverage and the intense focus on improving risk management are changing the shape of insurance. In addition, the challenges and opportunities created by new technology have contributed significantly to the push for innovation. Patrick's latest post at the Intersection – “Do We Go Outside to Bring InsurTech In?” – illustrates how the insurance industry is proactively involved in the next step forward. Exciting times!

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