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Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 17, 2017

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INSURANCE INDUSTRY NEWS

Product Innovation Extends Reach Of Insurance
The latest Swiss Re sigma study, “Commercial Insurance: Innovation To Expand The Scope Of Insurability,” is about the innovative risk transfer solutions available to cover the ever-evolving range of exposures that companies face. Read more.

What's Driving The Insurance Telematics Market?
Recent announcements by auto makers, insurance carriers and others about new products, programs and partnerships all focused on the connected car (and driver) are being driven by a wide range of opportunities perceived by each of these participants to represent significant monetization. Read more.

Desjardins Program Is Making Better Drivers
A recent survey of Ajusto users confirms that, since Desjardins launched the program in 2013, it has helped improve the way people drive. Read more.

Blockchain In Insurance: Timetric Insight Report
Timetric's new Insight Report, Blockchain in Insurance, analyses how this potentially revolutionary technology is affecting the global insurance industry now, and how it could shape the industry in the future. Read more.

The Digital Customer Service Dichotomy
Customer service is rapidly shifting to self-service, digital, and mobile, with the next wave including chatbots, AI and machine learning. But before we rush headlong into these new functions, it might be beneficial to take a look at the reality of technology-based customer interactions today. Read more.

IT Priorities Evolving Faster Than Budgets
Overall average IT spending levels and patterns for next year are basically consistent with prior years, but insurer CIO pressures and priorities are evolving, according to research and advisory firm Novarica. Read more.

Lemonade Launches Public Insurance API
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, has launched its public API, allowing anyone to seamlessly offer Lemonade policies through their apps or websites. Read more.

Octo Acquires Towers Watson's UBI Assets
Octo Telematics has announced that it will acquire the usage-based insurance assets of Willis Towers Watson, including its market-leading DriveAbility® solution, along with key personnel such as industry pioneer Geoff Werner, who has led the development and growth of DriveAbility throughout its lifecycle. Read more.

Symbility, NSRM Create New UK Pricing Database
Symbility Solutions has announced the formation of a new relationship with NSR Management Ltd. which will see Symbility's UK customers gain access to an enhanced, comprehensive and continuously updated pricing database focused on the UK property insurance repair industry. Read more.

Enhanced Commercial Property Insurance
Trisura is pairing its recently revised Commercial General Liability Policy with an enhanced Comprehensive Commercial Property Policy, available now. Read more.

Accenture Launches SmartVideo Templates
Accenture has launched a suite of personalized, SmartVideo templates integrated with the Accenture Life Insurance & Annuity Platform (ALIP). The new templates will help carriers offer tailored video messages more quickly while reducing the overall cost of their client communications and servicing. Read more.

SGI Launches New Farm Business Unit
SGI CANADA's newly launched Farm Business Unit is equipped with the farming knowledge and insurance know-how to protect agricultural producers with bigger, more expensive operations and sophisticated needs. Read more.

eDocs Satisfaction Survey Results: CSIO
The Centre for Study of Insurance Operations is pleased to share the results from the survey they recently conducted with members, How Satisfied Are You with eDocs? Read more.

In-Car Technology Increasingly Distracting
Modern vehicle infotainment systems take drivers' eyes and attention off the road and hands off the wheel for potentially dangerous periods of time, according to new research from the AAA Foundation for Traffic Safety. Read more.

The Most Expensive Cities for Auto Insurance
A lot of variables go into determining car insurance premiums. So how much does where you live affect the outcome? Kanetix.ca's InsuraMap charts out how premiums can vary depending on where you live, even when all else is equal. Read more.

On The Road To Fully Self-Driving
Waymo's first-of-its-kind Safety Report provides an overview of Waymo's processes for the safe testing and deployment of self-driving vehicle technology and the work Waymo is doing to make it safe and easy to use. Read more.

Keys To Gain Value From Information
In the current information-driven society and increasingly digitalized world, Gartner, Inc. says that sentiments are shifting from the economics of tangible assets to the economics of information – “infonomics” – and other intangible assets. Read more.

Road Safety Concerns Drivers & Pedestrians
The vast majority of both drivers and pedestrians are concerned about driving safety, especially at night and in wet weather, a new ICBC survey reveals. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Automobile Insurance in the Autonomous Vehicle Age
There is a lot of high-volume speculation on the impact of autonomous vehicles on the auto insurance world. And for good reason. In Canada and the US, automobile insurance represents 50% of premiums.
While some insurers are sitting on the fence, some auto manufacturers and leading underwriters are driving new approaches to mobility and insurance. Read more.


InsurTechTO - Monday, November 6, 2017

November 6, 2017 – Westin Harbour Castle

Can't wait until November for InsurTechTO? Register for a free preview webinar tomorrow!

InsurTechTO: Canadian Perspectives, Eh?
Wednesday, Oct. 18, 12:00pm (Noon) ET

Then join us Nov. 6 in Toronto to learn what InsurTech will mean for you. The day will include:

  • A pitch competition featuring six InsurTech start-ups!
  • Insurance In The Post Digital World
  • Transformation Of The Modern Broker
  • Panel: Creating A Culture Of Innovation
  • Lessons Learned From Leading Insurers
  • Exhibits, Talks, and more!

Find complete details and register for the main event at www.insurance-canada.ca/itto.

InsurTechTO - Monday, November 6, 2017 - The Premier Event Showcasing the InsurTech Community in Toronto


From Doug

Everywhere you turn, InsurTech is the centre of attention in our industry today.

With that focus, I have been trying to better understand exactly what the term "InsurTech" means. We borrowed a description "InsurTech uses technology innovations to squeeze out savings and efficiency from the current insurance industry model."

But is InsurTech the technology? or a technology provider? or the insurance provider using technology as described above.

I am inclined to go with the latter: the more an insurance provider is digital and being innovative, the more of an InsurTech they are.

What do you think? I would love to hear from you.

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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