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AUGUST 29, 2017

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INSURANCE INDUSTRY NEWS

Collabs Mandatory As IoT Transforms Insurance
The definition of collaboration is working with someone to produce or create something – but that does not convey the looming and enormous demand for collaboration that will be required for success in implementing the Insurance Internet of Things.
Read more.

2017 RIMS Cyber Survey
Rsk professionals continued to show confidence in stand-alone cyber insurance policies as the number of practitioners who purchased the coverage increased moderately in 2017, according to the RIMS Cyber Survey.
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Insurer Data Mastery For The Digital Age
The digital age has ushered in dramatic changes in the types and volumes of data available as well as the tools and techniques to extract insight and real business value from that data, according to a new thought leadership report by Majesco.
Read more.

CSIO Welcomes Kumaran Systems
The Centre for Study of Insurance Operations is pleased to announce a new software provider member, Kumaran Systems – a global IT services company specializing in legacy application migrations, enterprise management solutions and insurance agency portal management.
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Gartner Hype Cycle For The Digital Workplace
Digital business execution is requiring more frequent and complex decision-making, continuous problem-solving and rapid pattern recognition, all of which require workforce digital dexterity.
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Most Consumers Don't Trust Autonomous Vehicles
Consumer trust is essential for mass adoption of autonomous vehicle technology, but a Gartner survey has found that 55 percent of respondents will not consider riding in a fully autonomous vehicle, while 71 percent might consider riding in a partially autonomous vehicle.
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Safe Driving Tech Helps Drivers Avoid Trouble
Lane departure warning, a technology designed to address an often-fatal type of crash, is preventing crashes on U.S. roads, new research from IIHS shows.
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Square One: Disclose Short-Term Rentals
Square One advises you to speak with your home insurance provider before participating in a home-sharing program or renting out a room. If you don't, neither you nor your guest may be covered.
Read more.

Quebec Wind Damage Is Covered: IBC
Insurance Bureau of Canada wishes to inform policyholders in Quebec that property damage caused by high winds and tornadoes is covered under most home and auto insurance policies.
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Global Information Security Spend Rises
Worldwide spending on information security products and services will reach $86.4 billion in 2017, an increase of 7 percent over 2016, with spending expected to grow to $93 billion in 2018, according to the latest forecast from Gartner.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

Who Wins the Risk Game: Humans or Machines?
Digital insurance and InsurTechs are keys to the ‘new’ approaches, which will support customer centricity and improve the insurance product and its distribution. But is this a revolutionary shift, driven by technology, or the next generation of insurance professionals driving improved processes and products? Read more.


InsurTechTO - Monday, November 6, 2017
November 6, 2017 – Westin Harbour Castle

Insurance is abuzz over InsurTech, which promises to increase the pace of the industry, if not disrupt it more profoundly.

Explore the Toronto scene on November 5 at a brand-new event, featuring:

  • Lessons learned from leading insurers;
  • Broker 2.0: Transformation of the modern broker;
  • CEOs: Creating a culture of innovation;
  • Pitch competition for InsurTech startups;
  • Disrupting stakeholder relationships.

Early-bird savings until Sept. 22!

Details and registration at www.insurance-canada.ca/itto



From Doug

Harvey has visited Texas; the magnitude was anticipated, but the devastation is terrible. The casualties seem remarkably few.

The Gulf has been there before. City planning has sought to reduce potential losses through infrastructure, minimum code standards, and more.

Harvey dumped more than 24 inches of rain in one day (Toronto's average: 31 inches per year). It is impossible to avoid loss in the face of nature at its most violent.

But what might the impact have been if there had been no loss prevention? Conversely, if today's best practices in resiliency and mitigation had been implemented earlier, how much would the impact have been lessened?

We must keep moving ahead in our communities.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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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