Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 6, 2016

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INSURANCE INDUSTRY NEWS

Agent-Carrier Connectivity & InsurTech Pressure
A new research report from Strategy Meets Action covers the business drivers, current state, future plans and projects, challenges, and investments that personal lines insurers are making regarding agent-carrier connectivity. Read more.

Insurers Must Grasp “ABCs of InsureTech”
InsureTech is the buzzword of the moment, with billions of dollars of investment flowing into start-ups focusing on the sector. In response, Novarica has introduced its “ABCs of InsureTech” framework to help incumbent insurers get a better grasp of the space. Read more.

Fitch Changes P&C Sector Outlook to Negative
Fitch Ratings has changed the fundamental sector outlook for the U.S. property/casualty insurance sector to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in 2017 due to more competitive market conditions
Read more.

The Best Advice: Robo Advisors Vs. Agents
Disruption of the agency model seems to be a foregone conclusion, judging by the amount of recent investment in InsurTech startups focused on transforming the distribution model. However, consumers use agents for very good reasons. Read more.

Internet of Things Plans and Priorities
The IoT could change every part of the insurance value chain, but also delivers large volumes of data that need to be integrated into and processed by core systems. In a new report, Celent looks into what P&C core systems vendors are doing to make this happen. Read more.

Implications of ‘Pay As You Use’ Insurance
What if insurance pricing changed so that the frequency of use by an individual user drove pricing? A new report from Celent – the second in a series – details a scenario-planning model which helps insurers extract clarity from confusion. Read more.

Verisk Analytics Acquires MarketStance
Verisk Analytics, Inc., has announced the acquisition of MarketStance, a leading provider of market intelligence data and analytics to the property/casualty insurance market. MarketStance will become part of ISO, a Verisk Analytics business and a leading source of information about property/casualty insurance risk. Read more.

Burns Demeyere Joins McFarlan Rowlands
London-based McFarlan Rowlands Insurance Brokers has announced that Burns Demeyere & Associates (BDA) of Tillsonburg will join McFarlan Rowlands as of January 1, 2017. Read more.

ClearPay Simplifies Payments for Power Broker Users with the Power of BrovadaOne
ClearPay has announced that insurance brokerages running Power Broker can issue electronic payments and automatically send remittance information to their valued insurance carriers. This integration with Power Broker is provided through BrovadaOne, a Willis Towers Watson product offering. Read more.

Collisions Rising Across English Canada
Collisions continue to increase in a number of provinces across Canada, with the national collision frequency rate rising despite improvements in Alberta and New Brunswick, the latest Allstate Insurance Company of Canada Safe Driving Study reveals. Read more.

Collisions Decrease Across Quebec
Quebec drivers may be becoming safer drivers, as the fourth annual Allstate Insurance Company of Canada Quebec Safe Driving Study reveals that the communities it serves saw an overall decrease in collisions since the previous period. Read more.

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

Digital Then and Now: Why It Will Work This Time
In 1995, there was a lot of noise about the Internet revolutionizing insurance, which would result in savvy players becoming future winners. While there was some impact, it looks like the real revolution was waiting for the “InsurTech phase.” What happened, what is making the difference, and how do you get more information?
Read more.

Thanks to those who submitted ICTA nominations, and good luck to all this year's participants!

Watch for the details of each nomination to be published through the end of January, 2017.
The announcement of the finalists and the Peoples' Choice contenders will follow.

The awards will be presented at the annual Insurance-Canada.ca Technology Conference on Tuesday, February 28.

Join your colleagues at ICTC2017 to discover how disruption is creating new realities and new opportunities. Learn more about progress and trends in the digital transformation of insurance at our annual Broker Forum on Wednesday, March 1.

From Doug

We live in a hectic world, and the progress of the 2017 ICTA program illustrates that neatly. The nomination deadline was this past Friday.

End of day Tuesday: No submissions.

Wednesday: Success! The first two arrive.

Thursday: No progress; nothing new.

Noon-hour Friday: Two more by lunch time – finally we have a winner, two runners-up, and one to spare.

In the afternoon, at last, the gates opened; all told, more than a dozen entrants have taken the field.

Now the ICTA judging begins.

Thanks to all who submitted nominations. But if they came in just a tad earlier next year, it would help keep my stress level down and my hair attached.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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