The Chronicle: Issue 2016-27, July 5, 2016
What's Going Through The Intersection of Insurance and Technology?
Digital Divide: A Tale of Two Insurance Models
A Broker's Digital Journey: The e-Signature Step
Leading brokers have always challenged the norm. Mitchell & Whale Insurance Brokers decided to offer digital signatures to their customers. Learn about their implementation program and the reaction by staff and clients. Complimentary webinar sponsored by eSignLive, 11am E.T. on Thursday, July 21, 2016.
Business of Insurance
PwC releases 2016 ‘Big Decisions’ Global Data and Analytics Survey
PwC has released its 2016 Big Decisions Survey, focused on how enterprises around the world are limiting risk and leveraging data to make the Big Decisions that will give them a competitive edge.
Swiss Re sigma report: Insurance industry grew in 2015, but outlook is mixed
Global insurance premiums grew by 3.8% in real terms in 2015, amidst variations in regional growth rates, Swiss Re's latest sigma report says. The overall performance was steady, with a slight slowdown in the life sector, and on the non-life side, strong growth in the advanced markets of Asia and improvement in North America and Western Europe.
IBM executive report: Weather Insights for Insurance
This executive report identifies opportunities for insurance companies to use weather data as an important asset in both managing operational and financial risks, as well as improving customer relationships.
Aviva Canada completes acquisition of RBC General Insurance
Aviva Canada Inc. announces the completion of its acquisition of RBC General Insurance. This acquisition further strengthens Aviva's market position in Canada.
Strategy Meets Action report: Data and Analytics in P&C Insurance
Strategy Meets Action has released a new research report which addresses insurers' business and IT priorities and plans for leveraging data and assesses how business intelligence, advanced analytics, and big data are being applied for both strategic and operational advantage.
Celent report on insurer-startup partnerships: How to Maximize InsurTech Investments
Insurers are making unprecedented investments in startup technology firms. Incumbent firms and industry newcomers increasingly operate within new partnership arrangements that go beyond the traditional supplier-buyer relationship.
CCIR releases documents for public consultation
The Canadian Council of Insurance Regulators is publishing its Travel Health Insurance Products Issues Paper and its Natural Catastrophes and Personal Property Insurance Issues Paper for public consultation.
Accenture report: Biggest threats to digital business in 2016
Insider data theft and malware attacks top the list of the most significant concerns for enterprise security executives, a new report from Accenture and HfS Research reveals. And a budget shortage for hiring cybersecurity talent is hindering the ability of organizations to properly defend themselves against these attacks.
SNAP Premium Finance and Can-Sure deliver EZ-Pay policy payment solution
SNAP Premium Finance and Can-Sure Underwriting have announced the integration of SNAP's financing and payment platform with Can-Sure's broker quoting and management system. The new program, called Can-Sure EZ-Pay, will allow Can-Sure brokers to present the insured with a low monthly payment option with every quote and give them ability to conveniently make their payments by direct withdrawal or credit card.
Celent report on reinventing underwriting: New Ingredients for the Secret Sauce
Innovation is exploding across all aspects of underwriting and product management, and carriers whose systems are not already capable of handling new technologies and changes will be alarmingly disadvantaged.
NAPHIA to provide separate pet insurance data for U.S. and Canada
The North American Pet Health Insurance Association has released its 2016 State of the Industry Report, which tracks key benchmarks in the pet health insurance (PHI) industry. Unlike previous reports, this year's report breaks down the data for each country's (U.S. and Canadian) PHI industry and all dollar amounts are expressed in both country's currencies.
Intact Financial to insure Uber in Alberta
Following approval of a new ridesharing insurance policy by the Superintendent of Insurance of Alberta, Intact Financial Corporation will be providing this coverage to Uber, effective July 1, 2016. The insurance policy will provide protection to Albertans who use ridesharing platforms with coverage that is simple and seamless.
Aviva Canada expands personal coverage to Alberta ride-sharing drivers
Following the Alberta Government's announcement of a new ride-sharing insurance solution, Aviva is excited to expand its independent ride-sharing coverage product offering to Alberta drivers who carry paying passengers in their vehicles.
Aon to debut ride-sharing insurance in Alberta
Aon Risk Solutions, the global risk management business of Aon plc, has announced it is offering tailor-made personal line insurance policies that recognize ridesharing to the hundreds of Uber drivers requiring coverage in Alberta.
Square One: B.C. residents may no longer receive assistance for inland flood damage
Homeowners and renters in British Columbia may no longer receive Disaster Financial Assistance in cases where inland flood protection could have been purchased, as indicated in a bulletin released by Emergency Management B.C. on May 4, 2016.
It was a wonderful weekend for Canada Day celebrations in the Toronto area. I hope yours was happy and safe. Now we prepare for the big ‘150’ next year.
The big product news late concerned ride-sharing insurance in Alberta – with announcements from Intact, Aviva, Pembridge, AON, and possibly more. It does seem to take a long time to get the ducks lined up to be able to respond to an insurance need, but there is progress.
For digital and strategy, reports from PwC, Accenture, SMA, Celent and IBM each provide a perspective on different aspects of the digital insurance journey we are travelling; for his point of view about whether size matters on that trip, check out the Patrick's blog post on “The Digital Divide: A Tale of Two Insurance Models.”