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JUNE 12, 2018

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INSURANCE INDUSTRY NEWS

Man-Made Risks Outpacing Natural Disasters
Man-made risks including cyber-crime, interstate conflicts and market crashes are a bigger threat to economic output than natural disasters such as hurricanes, floods, earthquakes and volcanoes, putting an estimated USD 320 billion of global GDP at risk on average each year, according to Lloyd's, the world's specialist insurance and reinsurance market. Read more.

Cyber Insurance Premiums To See Most Growth
The most rapid growth of premiums by 2021 will be seen in cyber insurance products, according to a series of commercial global P&C insurance market reports from Aon Inpoint, Aon plc’s data, analytics, engagement and consulting team. Read more.

Omni-Channel Disaster: A Cautionary Tale
The case for omni-channel capabilities is compelling. Customers have many options for communicating, and the companies they can connect with anytime, anywhere, via any method, will increasingly be the winners. A recent personal experience highlighted both the potential and the pitfalls of an omni-channel experience. Read more.

Beazley, Xpertdoc Launch Digital Insurance Policy
Xpertdoc Technologies Inc. has announced that specialty insurer Beazley is using Xpertdoc's document generation platform combined with its unique Smart Form technology to support their recently launched Read more.

Travelers Launches Small Business Services
Travelers Canada has announced a new suite of services extending beyond insurance for small business customers. Human resources and legal assistance will now be offered at no extra cost to small businesses. Read more.

Economical, CSSI Announce Integration Project
Economical Insurance and Custom Software Solutions Inc. have announced a real-time data exchange project to integrate Economical’s Vyne™ offering with CSSI software, enabling accurate real-time quotes and faster new business submission and policy issuance for insurance brokers and their clients. Read more.

Applied Systems Partners With Economical
Applied Systems has announced a partnership with Economical Insurance to extend greater insurer-brokerage connectivity in support of its Vyne™ initiative, enabling Economical to provide brokerages with customer-centric products and pricing, faster service, and streamlined rating workflows. Read more.

SSQ Insurance Partners With BiogeniQ
SSQ Insurance is pleased to announce its partnership with BiogeniQ in a move to offer group insurance customers an innovative solution to treat depression. BiogeniQ is a company specializing in the field of pharmacogenomics that combines the science of genetics with pharmacology. Read more.

RSA Canada Launches TruceTO Initiative
In Toronto, the battle for space on the street among pedestrians, cyclists, motorists and drivers can be heated. Because, let's face it: we Canadians may be known for our polite ways, but that ends at street level in Toronto. Read more.

Annuity Carriers Prioritize PAS Modernization
Individual annuity carriers are facing pressures internally within the industry as competition mounts between competitors, and externally as NAIC, SEC, and individual state regulation announcements stand to instigate significant changes in the future. Read more.


ICEF2018 — “The Digital Future of Insurance: Is Risk Passé?” — August 28, 2018 — Insurance-Canada.ca Executive Forum


The Intersection: Insurance-Canada.ca Blog

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

Blockchain: Long Day's Journey Into Risk
Digital transformation is a hot topic these days. In many ways, the technology is a catalyst for different approaches to the business of insurance. To take advantage, insurers and suppliers will have to look at the existing relationships and commit to new terms of reference. Are we prepared? Read more.


“The Digital Future of Insurance: Is Risk Passé?”

Tuesday, August 28, 2018 — #ICXF2018

A perennial leader in JDPower's insurance customer satisfaction rankings, USAA is headquartered in San Antonio, Texas.

USAA's Director of Underwriting Research, Rob Galbraith, will describe “The Seven Deadly Sins of Insurance.”

Learn how these seven “sins” create unprecedented market threats – and opportunities – that will fundamentally and permanently alter the P&C insurance world as we know it.

Register today or see complete details.


From Doug

I spent the weekend at a heritage conference in Moose Jaw, SK, renewing friendships and making new ones – a welcome break. But back to AI ...

Insurance involves multiple computer systems: policy, quoting, claims, customer, accounting, billing, etc. Manual intervention is often required to enter data into these systems, or to move data from one to the other. Programs have been written to reduce the manual effort by applying rules to data transposition, but when a rule changes, the programs must be changed too. This software can perform tasks across applications just as human workers do. Hence comes the word “robot,” from a root signifying compulsory labor or a person who performs it.

These programs can be classed as Robotic Process Automation (RPA), software which is designed to reduce the burden of repetitive, simple tasks on employees.

If the programs could learn what to do when there is a change, without having to modify the program, then we could consider the process an AI-based robot. More about “learning” next week.

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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