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JULY 31, 2018

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INSURANCE INDUSTRY NEWS

Framework For Autonomous Vehicle Insurance
The Travelers Institute has released a white paper which presents Travelers’ assessment of the existing auto insurance structure, both personal and commercial, in the context of resolving claims and providing fair compensation to accident victims as vehicles become more autonomous.
Read more.

XL Catlin, Slice Launch On-Demand Cyber Solution
Slice Labs Inc. has announced that XL Catlin is creating the world's first on-demand cyber insurance solution for U.S. small and medium-sized business, built on the Slice Insurance Cloud Services™ (ICS) platform. XL Catlin is the third large insurer to use ICS since Slice launched the platform in January of 2018.
Read more.

Guess Who's Really Disrupting Insurance
“Transformation” is this year's umbrella theme for the annual SMA Summit. SMA analyzed reports, analyst statements, articles and public presentations to gain insight into (and best practices from) the innovation and transformation journeys of the largest insurers. A new research brief reviews the findings.
Read more.

Economical Adopts IBM Cloud To Drive Innovation
Economical Insurance, one of Canada's leading property and casualty insurance companies, has adopted IBM Cloud to assist in streamlining its business processes, creating new efficiencies and accelerating the delivery of new digital experiences for brokers and customers.
Read more.

TechCanary Incorporates in Canada
TechCanary, a provider of a cloud-based, analytics-driven insurance solution built natively on the Salesforce platform, has incorporated in Canada as TechCanary Insurance Software of Canada ULC and has established a Canadian headquarters.
Read more.

iA App Now Covers Group Savings, Retirement
iA Financial Group has reached an important phase in its shift to digital by integrating group savings and retirement plans in its mobile app, iA Mobile. Plan members can now track the growth of their retirement savings, investment returns, and progress to their retirement goals via the iA mobile app – anywhere and anytime.
Read more.

Number Of UBI Customers Soaring: PTOLEMUS
Initially a niche product in the auto insurance market, UBI has become mainstream. PTOLEMUS's annual Usage-Based Insurance overview illustrates how UBI has grown to cover all customer segments using countless value propositions and multiple device categories.
Read more.

RCMP Warns Drivers, Passengers To Buckle Up
The RCMP has issued a warning on the deadly consequences of not wearing seatbelts. In the last 5 years, of the fatal collisions that the RCMP has responded to, approximately one third of all of the people killed were not wearing seatbelts. Many of these collisions would not have been fatal had seatbelts been worn.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

Is InsurTech Going To Work?
Periodically, I get the question: “Is this InsurTech thing really going to help at work?”
Rather than winging it, I looked up two InsurTech experts to get a perspective of 2018 in motion. The two had very different scales to measure progress and, as expected, each analyst took a different approach. But at the end of the day, they helped me understand that this damned stuff really works! Read more.


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

Tuesday, August 28, 2018#ICXF2018

USAA is a perennial leader in JDPower's insurance customer satisfaction rankings. USAA's Director of Underwriting Research, Rob Galbraith, will describe “The Seven Deadly Sins of Insurance” at ICEF2018.

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

Register today or see complete details.


From Doug

Guns and mental health are two significant risks vis-à-vis the recent Toronto shooting.

Most individuals responsible for guns probably manage them very well. Governments have used various measures to manage the societal risk, restricting gun ownership, licencing, usage, storage, education, etc.

We typically don't think of mental health in the same way. Perhaps we should increase the focus, as mental health conditions pose a risk. It is good to see general progress in awareness, diagnosis, and treatment.

In both cases, there is a cost to reducing the risk, and a benefit too. The former can be calculated all too quickly – the latter not so readily. Hence, reducing risk management programs is an easy political opportunity.

Improving management of sports injuries will come into focus during a session at our 2018 Executive Forum, “The Digital Future of Insurance: Is Risk Passé? Expert presenters will undoubtedly touch on climate change as well.

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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