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MAY 15, 2018

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INSURANCE INDUSTRY NEWS

CEO Priorities Shift To Embrace Digital
As simple growth becomes harder to achieve, CEOs are concentrating on changing and upgrading the structure of their companies, including a deeper understanding of digital business, according to a survey of senior executives by Gartner, Inc. Read more.

The Impact Of AI On The Future Of Insurance
Insurance is on the verge of a seismic shift driven by new technologies such as artificial intelligence. Improvements to the customer experience and to product functionality will emerge across all lines of insurance with increasing frequency over the next decade. Read more.

AI Creates Jobs, Yet Talent Crisis Remains: EY
Business leaders are optimistic about the impact of artificial intelligence on job creation, according to a new poll by EY conducted at the EmTech Digital Conference. Read more.

AI Business Value To Hit One Trillion This Year
Global business value derived from artificial intelligence is projected to total USD 1.2 trillion in 2018, an increase of 70 percent from 2017, according to Gartner. Read more.

Majesco Launches Digital1st Insurance
Majesco has announced the release of Majesco Digital1st Insurance, a ground-breaking digital and microservices based solution set designed to enable the next era of new business models, new products and customer engagement in the digital age, allowing insurers to embrace innovation and growth. Read more.

New Data, Analytics Hold Promise For Insurers
Three frontrunners lead US property & casualty insurers' priorities for data and advanced analytics: customer experience; claims management; and telematics data for pricing, customer selection and product design. Read more.

Desjardins Deploys EIS Commercial Lines Suite
EIS Group has announced Desjardins General Insurance Group has successfully deployed EIS Suite™ core insurance solution for policy administration, billing and customer management as the new technology backbone for its commercial lines business across multiple provinces. Read more.

Current Blockchain Deployments Scarce
Only 1 percent of CIOs indicated any kind of blockchain adoption within their organizations, and only 8 percent of CIOs were in short-term planning or active experimentation with blockchain, according to Gartner's 2018 CIO Survey. Read more.

Profiles In The Customer Experience
Recent personal experiences with a car dealer, a mobile phone company, and an insurance company highlighted how experiences have changed and how different they can be. Read more.

CSSI, Aviva Announce Rating Integration Project
Custom Software Solutions Inc. is pleased to announce an integration project with Aviva Canada for real-time direct rating between CSSI's IntelliQuote and Aviva's Rating APIs to enable an effective and faster quote journey for personal lines Read more.

Satisfaction With Auto Insurers Declines
Customer satisfaction with Canadian auto insurance companies has declined during the past year, mainly due to rising consumer expectations and a lack of proper communication on rate action, according to the J.D. Power 2018 Canadian Auto Insurance Satisfaction Study. Read more.

CSSI Integrates CSIO eDelivery solution
Custom Software Solutions Inc. has announced it will integrate CSIO's My Proof of Insurance eDelivery solution with The Broker's Workstation (TBW), The Underwriter's Workstation (TUW) and Intelliquote (IQ) products. Read more.

MCCG Partners With Alfresco
Mutual Concept Computer Group Inc. has entered into a partnership with Alfresco Software Company for the purpose of leveraging the Alfresco Business Platform within MCCG's next-generation web insurance solutions. Read more.

CBN Announces Sale Of SWG To Three Holdings
Canadian Broker Network has announced it has sold South Western Insurance Group Ltd. to Three Holdings Inc. Existing staff remain under the leadership of President John Barclay. Read more.

Symbility Solutions To Sell Health Division
Symbility Solutions, a global software company focused on modernizing the insurance industry, has announced it has completed a definitive agreement to sell its Symbility Health Division business to TELUS Health. Read more.

SGI Car Seat Grant Now Available
SGI and the Saskatchewan Prevention Institute have partnered on a new Car Seat Grant program for non-profit groups and law enforcement agencies to purchase car seats for people who struggle to afford one or don't know they legally need one. Read more.

Distraction-Related Accidents Rise Dramatically
Despite a significant increase in penalties and fines, Aviva Canada continues to see a trend of increased claims linked to distracted driving, continuing the trend from 2016 to 2018. Read more.


“AI: The Foundation of Next-Gen Insurance” — May 30, 2018 — Technology In Action Series by Insurance-Canada.ca


The Intersection: Insurance-Canada.ca Blog

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

AI & “Insurance 2030”: It’s Already Underway!
According to McKinsey's Insurance 2030 report into the insurance impact of AI, there are four related technology trends set to reshape the industry: proliferating connectivity, robotics, data ecosystems, and cognitive technology. In combination, these trends have dramatic impacts. How long will this take to seriously change the business of insurance? Read more.


“AI: The Foundation of Next-Gen Insurance”

Half-day seminar, Wed., May 30, 8am

AI & related technologies will lead to big changes: enhanced customer experiences, new product categories, streamlined processes, and lower costs. In a look forward at The Impact Of AI On The Future Of Insurance, Nick Milinkovich, Leader - Ingenuity Canada, McKinsey will discuss how carriers are attacking their biggest roadblocks and stepping up the pace of innovation to deploy AI at scale.

Register today or see complete details.


From Doug

Musings of a man who has just been asked whether a calculator is an example of AI:

A calculator lacks decision-making ability, so you cannot consider it artificial intelligence. (No)

Arithmetic and mathematical operations are executed by processing which is performed by a silicon chip. (Yes)

Until fairly recently in history, no one would ever have considered an object or machine capable of performing maths! (Yes)

A calculator is just a tool for performing arithmetic; it is not equipped with algorithms which could be said to ‘think’ or ‘learn’ like a living thing. (No)

Does it matter?

In the 1950s, John McCarthy and Marvin Minsky – the fathers of the field – considered a program or machine to exhibit artificial intelligence if it could perform a task which, carried out by a human, would require the application of intelligence to perform.

Today, AI systems typically demonstrate at least some of the behaviors associated with human intelligence: perception, motion, reasoning, learning, problem-solving, planning, knowledge representation, and – to a lesser extent – social intelligence and creativity.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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