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MARCH 27, 2018

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INSURANCE INDUSTRY NEWS

Insurance Opportunities & Risks: KPMG Report
KPMG's 5th annual Canadian insurance industry opportunities & risks report uncovers a number of interesting findings and trends, with input from insurance professionals across the country. Read more.

Investment In Insurtech Surged In 2017
Global investment in the insurance technology industry surged in 2017, with Europe emerging as a new insurtech hub outside the U.S., according to new research from Accenture. Read more.

IBM Launches Platform To Accelerate AI
As companies look to embrace Artificial Intelligence to gain competitive advantage and increase productivity, IBM has unveiled a new data science and machine learning platform and an elite consulting team to help them accelerate their AI journeys. Read more.

Allianz Artificial Intelligence Report
Chatbots, autonomous vehicles, and connected machines in digital factories foreshadow the future. Widespread implementation of AI applications will brings many advantages for businesses, from increased efficiencies to better customer experiences. Read more.

U.S. Carriers Unprepared To Leverage IoT
LexisNexis Risk Solutions has released findings from the first comprehensive research study to examine the insurance industry's perspective on collecting, analyzing and using data created by the Internet of Things. Read more.

Personal Lines: 2018 Top Projects
For personal lines, just sustaining the business is no longer an option. A new SMA report reveals 95 percent of personal lines insurers now consider themselves to be growing or transforming; never before have these numbers been so high. Read more.

Applied Systems, CSIO Expand Partnership
Applied Systems has announced its expanded partnership with the Centre for Study of Insurance Operations to integrate CSIO's My Proof of Insurance eDelivery solution with Applied Epic® and Applied TAM® in future product releases. Read more.

Logiciels Deltek Integrates CSIO eDelivery
The Centre for Study of Insurance Operations is pleased to announce that Logiciels Deltek Inc. is the first broker management system provider to integrate CSIO's My Proof of Insurance eDelivery solution. Read more.

Cloud Computing Use Has Tripled, Still Growing
The number of insurers using Cloud computing has tripled in the last three years, and insurers are seeing significant benefits in speed, flexibility, and capacity, according to new research from Novarica on the impact of cloud technology on the industry. Read more.

Connected Cars & The Rise of Data Exchanges
Aite Group's latest report, Connected-Car Insurance: The Rise of Data Exchanges, explores auto insurers around the world and their quest to accelerate the penetration of telematics insurance. Read more.

Feb. Storms Caused Millions In Insured Damage
Insurance Bureau of Canada reports that a significant winter storm and flood event, which affected parts of Ontario and Quebec, resulted in more than CAD 57 million in insured damage, according to CatIQ. Read more.

2018 Broker Insurance Tech Awards
Recognizing that it is increasingly difficult for brokers to identify the right BMS vendor to suit their unique needs, Aviva Canada, with CSIO and broker associations across Canada, has hosted the first annual Broker Insurance Tech Awards. Read more.

It's Fraud Prevention Month: MPI
March is Fraud Prevention Month in Canada and Manitoba Public Insurance, in support of this initiative, has released three frauds which were recently discovered thanks to solid investigative efforts. Read more.

Belairdirect Donates To Breakfast Club Of Canada
belairdirect is proud to announce a new partnership with Breakfast Club of Canada and a donation of CAD 1.5 million over the next three years. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Telematics and UBI: A Phoenix-Like Autonomous Rise
From the early days of Telematics and Usage-Based Insurance until recently, drivers have been less than enthusiastic (privacy concerns, etc). But this is changing – future estimates suggest 25% to 70% of policies will be based on telematics within 5 years. But what else will emerge? Read more.


Insurance-Canada.ca “Technology In Action” Series

Data Science, Machine Learning and AI

As CX becomes more critical, AI and machine learning are opening the door for innovation.

Hear from IBM with guest The Co-operators on Monday, April 9, at 1pm ET. Details.
 

AI: The Foundation of Next-Gen Insurance

A majority of insurance executives believe artificial intelligence will allow the industry to leverage data for improved insights into its customers. A half-day seminar, morning of Wednesday, May 30. Details.



From Doug

Although not directly an insurance issue, the death of a woman hit by a car driving in autonomous mode has ramifications which echo into the realm of insurance rather quickly.

In the face of the huge promise of autonomous vehicles, this accident will be analyzed by safety boards and likely also by the courts, all of which could determine fault. With fault lies responsibility and therein the potential insurance exposure. This incident could well influence the scope of future insurance opportunity in auto insurance.

Two key technologies in autonomous vehicles are sensors and AI. But sensors are key for IoT, which insurance views as a huge opportunity for risk management and customer engagement. In both those areas, and many more, AI will "assist".

Are there insurance lessons in that unfortunate death that go well beyond autonomous vehicles?

Join us for the first events in our Technology in Action series (links above), both featuring AI, on April 9 and May 30.

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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