"Chronicle" weekly newsletter - Where insurance and technology meet

DECEMBER 13, 2016

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The Biggest Changes for Insurers in 2017
Novarica's latest executive brief details how some insurers see the demand for different product types, the impact of predictive analytics, and the threat of digital competition and cyber-security as areas where real change is likely in 2017, plus the steps they are taking to prepare. Read more.

Innovation in Insurance: The Coming of Age
Strategy Meets Action has just released its fifth annual research report on innovation in insurance, tracking ongoing industry progress, highlighting the increasing pace of adoption, and identifying specific actions insurers are taking to respond. Read more.

Report Analyses Cyber Risk & Insurance
The leading international think tank of the insurance industry, The Geneva Association, has published a new report, Ten Key Questions on Cyber Risk and Cyber Risk Insurance. Read more.

Profitability, Expertise Drive Customer Satisfaction
According to the J.D. Power 2016 Large Commercial Insurance Study, the key variables driving overall commercial insurance customer satisfaction are insurer profitability and broker expertise. Read more.

Artificial Intelligence in Insurance: Use Cases
Celent has released a new report which discusses real and potential use cases for leveraging artificial intelligence technology in the insurance industry.
Read more.

Insurance Trends: Technology Everywhere
Asking why insurance “is so far behind in technology” implies that the industry languishes in the dark ages while others are challenging the outer reaches of space. I have always felt that if you considered the complexities of insurance products, the comparison was not entirely fair or valid. Read more.

Evolving Technology, New Threats in 2017
Trend Micro Incorporated has released its annual security prediction report, which indicates the upcoming year will include an increased breadth and depth of attacks, with malicious threat actors differentiating their tactics to capitalize on the changing technology landscape. Read more.

NZ Earthquake's Billion-Dollar Economic Cost
Impact Forecasting, Aon Benfield's catastrophe model development team, has launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2016.
Read more.

Equisoft, Sun Life Launch Illustrations Application
EquiSoft has announced that it has partnered with Sun Life Assurance Company of Canada to launch Sun Life Illustrations across Sun Life's advisor network.
Read more.

Small Businesses Significantly Underserved
Majesco has published a new thought leadership report which exposes significant gaps in performance between insurers and the other major suppliers small-medium businesses rely on to run their businesses. Read more.

Northbridge Insurance Launches RideCo Policy
Northbridge Insurance is proud to announce that it will provide drivers of one of Canada's fastest-growing ridesharing companies, RideCo, with an insurance solution that's tailored to their needs. Read more.

Liberty Mutual Acquires Ironshore Inc. from Fosun
Liberty Mutual Insurance has announced it has signed a definitive agreement to acquire Ironshore Inc., a premier global specialty lines company, from Fosun International Limited. Read more.

Industrial Alliance to Acquire HollisWealth
Industrial Alliance and The Bank of Nova Scotia have announced an agreement for Industrial Alliance to acquire HollisWealth, a leading Canadian financial network, from Scotiabank.
Read more.

Archway To Purchase Alliance Assurance
Archway Insurance will purchase Alliance Assurance, effective December 31, 2016. Alliance is one of the largest brokerages in New Brunswick. Read more.

belairdirect Launches Home Quick Quote Tool
In an ongoing effort to simplify home insurance, belairdirect has launched an innovative home quick quote tool aimed at reducing the amount of time customers spend obtaining a home insurance quote. Read more.

RBC Helps Canadians Manage Healthcare Needs
To help Canadians with their healthcare challenges, RBC Insurance has partnered with Medical Confidence to directly offer our clients tailored support to help them get back on their feet as soon as possible. Read more.

ICBC Fights Insurance Fraud With New Alert Tool
ICBC is boosting its efforts to fight fraud following the first results from a new high-tech tool which will help identify and target fraudulent claims early in the claims process. Fraud analytics technology uses data, algorithms and statistical methods to help spot cases where the facts don't seem to add up to an honest claim. Read more.

Sun Life Digital Sales Journey Earns Top Score
Sun Life Assurance Company of Canada has announced it earned the highest overall score in the November 2016 Canadian Life Insurance Digital Sales Functionality Benchmark from Forrester. Read more.

The Most Frequently Stolen Vehicles of 2016
Insurance Bureau of Canada has published its annual national list of the Top 10 Most Frequently Stolen Vehicles. With auto theft up for second consecutive year, Ford trucks and high-priced SUVs feature prominently once again. Read more.

The Intersection: Blog

What's going through the Intersection
of insurance and technology?

Emerging Tech in Canadian Insurance
Emerging technologies seem to be taking the world by storm. The Internet of Things, drones, autonomous vehicles, wearables, and a range of other new technologies are in the news and poised to transform various industries as well as our daily lives.
Canadian insurers are investigating opportunities and developing strategies for new technologies, with an eye to ramping up over the next few years. However, those who are taking a wait-and-see approach would do well to consider some active participation as the pace is quick. Read more.

Cyber Risk and Commerce: Communication Across Multiple Constituencies Required
We increasingly rely on digital for all matters of commerce. Whether we are buying tangible items or dealing exclusively in services, we expect risk-managed transfers of money, credit, communications, and control systems. And we rely on cyber insurance to indemnify gaps. But will we have standards & regulations in place to meet future business requirements? Read more.

15th Annual Technology Conference

“Disruption ⇒ New Realities, New Opportunities”

Innovation. Digital Transformation. Customer Experience. InsurTech. All leading – potentially – to disruption.

In insurance, it is a new operating style for what many considered a moribund industry.

Will you be a disruptor or one of the disrupted?

Learn from InsurTech leaders, Canadian case studies, analysts, many of your peers, and more at the annual Technology Conference, February 28 in Toronto. Mark your calendar now.

Have a look at the confirmed topics & speakers.

Register today for lowest rates. Use registration code ‘CRN25A’ to save $25.

From Doug

The 2017 ICTA nominations describe the use of technology across a broad spectrum. If there is a general theme, it would be digital transformation geared toward the customer experience. That same trend applies across both my business and personal life – I feel certain much of our readership is experiencing the same.

I look forward to sharing the details of the nominated organizations with you in the new year and to the celebration of the winners at ICTC2017 on February 28.

Doug Grant, CIP

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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