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MAY 23, 2017

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INSURANCE INDUSTRY NEWS

InsurTech & Claims CX: Can They Coexist?
Some InsurTech solutions are still conceptual and speculative, but make no mistake, the majority of these technologies will be adopted in time, and they will transform how insurance products are created, priced, sold, distributed and serviced. Insurance claims, along with the policyholders who incur those claims, are the most likely early beneficiaries, with auto insurance leading the way. Read more.

Digital, Analytics, IoT Are Driving Claims Evolution
Digital transformation is becoming increasingly important in insurance as insureds carry their digital expectations, set elsewhere, to the claims experience. In a new brief, research and advisory firm Novarica focuses on the impact of digital in insurance claims and provides insight for CIOs and their business partners on key elements of digital claims evolution. Read more.

Autonomous Vehicles Will Add Billions in New Auto Insurance Premiums By 2025
Insurance coverage for autonomous vehicles will bring billions in new premiums to the U.S. auto insurance industry over the next eight years, driven by risks related to cybersecurity, software and hardware and by the need for additional public infrastructure coverage, according to a new report from Accenture. Read more.

Global UBI Market Grew 32% In 2016
The global connected auto insurance market continued to grow rapidly in 2016, with 278 active programmes (versus 237 in 2015), according to PTOLEMUS Consulting Group's quarterly estimate of the UBI market evolution. North America represents the biggest market to date, with over 7.1 million active policies. Read more.

IBM Launches Blockchain Accelerator Program
IBM has announced the Blockchain Founder Accelerator to help enterprises and enterprise developers take blockchain networks into production faster. The accelerator is the first program available that provides expertise and support across the technology, legal and business considerations of establishing new blockchain networks. Read more.

FinTech Ecosystem Must Be A Priority
Strengthening the fintech ecosystem in the Toronto region must be an imperative for the country's financial services sector and governments in order to maintain and grow the region's international market position, according to a new report from the Toronto Financial Services Alliance, researched and written by Accenture and McMillan LLP. Read more.

Great-West Lifeco Subsidiary To Acquire Leading MGA
Great-West Lifeco Inc. has announced that its Canadian subsidiary, The Great-West Life Assurance Company, has entered into an agreement to acquire Financial Horizons Group, the leading participant in the independent Managing General Agency (MGA) sector of the Canadian market. Read more.

Rogers Insurance & Megson Fitzpatrick Partner
Rogers Insurance Ltd. is pleased to announce they have partnered with Megson FitzPatrick Inc. This partnership will begin with Rogers Insurance obtaining a minority shares purchase of Megson FitzPatrick. Read more.

Kings Mutual Launches Online Quoting Solution
Kings Mutual Insurance Company is pleased to announce they have launched their online quoting experience using Mutual Concept Computer Group's Online Quoting Solution. Read more.

Emerging Technologies For Core Systems: Celent
The definition of modern insurance systems is changing, and so is the business case for them. In a new report, Emerging Technologies for Core Systems: 2017 Edition, Celent examines the trends driving the change and how the insurance industry will benefit in the future. Read more.

Sharp Mobile wins IBAA Hackathon
Sharp Mobile Technology Ltd., an independent insurance technology company, won the inaugural IBAA Hackathon on May 9, beating out stiff competition, including Intact Insurance for their interactive broker chat. Read more.

Aviva, Tennis Canada Partner On Branded Insurance Experience
Aviva Canada Inc. is proud to provide both fans and players alike a new tennis-focused brand experience for home and auto insurance through an extended partnership with Tennis Canada. Read more.

2017 Canadian Auto Insurance Satisfaction Study
Customer satisfaction with auto insurance in Canada increases for the second consecutive year despite nationwide premium increases, according to J.D. Power's newly released 2017 Canadian Auto Insurance Satisfaction Study. Read more.

Will Autonomous Vehicles End The Collision Parts Business?
Original equipment manufacturers (OEMs) will see a substantial dent in their lucrative collision parts business – nearly halving revenue – as a result of self-driving cars, according to a new report from the KPMG U.S. Manufacturing Institute Automotive Center. Read more.

Progress In Protection For Air Passengers
The Canadian Automobile Association welcomes the introduction of legislation to enhance air passenger rights for Canadians, but warns a lot remains to be done to make sure the new system lives up to consumer expectations. Read more.


ICEF2017, 'Insurance: Connected' - Insurance-Canada.ca Executive Forum - Tuesday, August 29, 2017, at the Toronto Sheraton Centre


The Intersection: Insurance-Canada.ca Blog

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

23 Hours of InsurTech
Last week, we had a 23-hour opportunity to take stock in our readiness for the digital incarnation of insurance. As that time passed, we found some answers – and many more interesting questions. So we're planning to do it again with a larger team of experts.

Matteo Carbone, Founder and Director of the Connected Insurance Observatory, took time out from his incredibly busy schedule to visit with selected insurers, brokers, and suppliers in Toronto. Carbone was preparing for the his session at the 2017 Insurance-Canada.ca Executive Forum, and wanted to get a better understanding of the Canadian P&C Insurance ecosystem. Read more.


From Doug

“The Observer”

We hosted Matteo Carbone, Founder & Director of the Connected Insurance Observatory, for a couple of days last week as he explored the Canadian insurance scene.

The Observatory is a discussion group of members from the industry with a focus on sensor-provided data (hence “Connected Insurance”). Think telematics, smart homes, and wearable tech.

The Observatory first opened in Europe a year ago, and a second centre is now operating in North America. But use cases from around the world serve to make this a global affair.

The discussions with Matteo were fascinating – it is always a pleasure to engage with thought leaders. You too can participate in the conversation at the 2017 Insurance-Canada.ca Executive Forum on August 29; Matteo will provide the keynote presentation, “The Future of Insurance is InsurTech.”

I am looking forward to it.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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