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AUGUST 21, 2018

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INSURANCE INDUSTRY NEWS

Demystifying Artificial Intelligence: Aon
If we want to act on tthe transformational potential of artificial intelligence, we need to understand what it actually is, separate the technologies from the hype, and develop a practical understanding of what is required to implement AI powered solutions in the insurance sector.
Read more.

Shift To Data-Driven Strategy To Succeed
Majesco has released a new thought leadership report which details the opportunity for insurers to fully leverage the power of internal and external data to fuel innovations across the insurance value chain and shift to the new world of Digital Insurance 2.0.
Read more.

2018 H1 Global Economic Losses: Swiss Re
According to Swiss Re Institute's preliminary sigma estimates, global economic losses from natural catastrophes and man-made disasters in the first half of 2018 were USD 36 billion, well below the ten-year average of USD 125 billion and significantly lower than the losses reported for the same period a year earlier.
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Earnings Volatility Drives Reinsurance Buying
Due to pressure from investors, insurers are becoming less tolerant of missed earnings targets. They are moving to more sophisticated metrics such as return on equity and economic capital as a result, according to a comprehensive international survey of insurers by Willis Towers Watson.
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Four New Carriers Join CSIO Working Group
The Centre for Study of Insurance Operations is pleased to welcome AIG, Economical, Heartland Farm Mutual, and SGI Canada to its national working group to advance the implementation of commercial lines data standards, bringing the number of participating carriers to 11, plus broker representation through IBAC.
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Goose Travel Insurance Launches Across Canada
Goose Insurance has launched its mobile app, providing Canadians with instant access to travel medical insurance. This mobile-first, self-serve solution allows Canadians who travel out of country to purchase travel medical insurance in under 60 seconds, for as little as four dollars.
Read more.

Hub Launches Cannabis Insurance Services
Hub International, a leading global insurance brokerage, is pleased to announce the launch of its comprehensive cannabis insurance and risk services, an offering under its Agribusiness & Farm Specialty Practice, to provide risk protection and specialized solutions to medical and recreational cannabis producers, distributors and retailers.
Read more.

Hidden Risks In Your Insurance Documents
Insurers and agencies create, send and process large volumes of documents that can have missing or incorrect information. Many still rely on manual documents and processes, to the detriment of their customers and employees. But how much risk does poor document management create for the insurer?
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Reputation Risk Events Increasingly Costly
Reputation events, such as cyber attacks, have a direct impact on share price, according to the Reputation Risk in the Cyber Age report by Pentland Analytics and Aon, which found that the impact of reputation events on stock prices has doubled since the dawn of social media.
Read more.

Insurers Rapidly Adopting Drone Tech
Aerial imagery and drone technology are enabling adopters to amass and process greater quantities of data than ever before, which can be transmitted to analytics platforms in real time to yield insights. In a new brief, Novarica discusses current insurance use cases for drones, regulation impacting this technology, and drone solution providers.
Read more.

Blockchain To Transform Regulatory Reporting
The American Association of Insurance Services, the only national not-for-profit insurance advisory organization, has introduced the open Insurance Data Link, built on IBM Blockchain, to help automate insurance regulatory reporting.
Read more.

IBC Hails Sharing Economy Report
The Insurance Bureau of Canada welcomes the recommendations in the report filed in June by the Groupe de travail sur l'économie collaborative (Working Group on the Sharing Economy).
Read more.

Agent & Advisor Tools In Canada: Overview
The Canadian financial services market is in a state of constant flux, and distributors of financial products in this market are struggling to keep up. Aite Group's latest report summarizes the agent and advisor market in Canada and presents some of the available front-office, middle-office, back-office, and customer relationship management tools.
Read more.

IBAO Moves Broker Exams Online
The Insurance Brokers Association of Ontario, in collaboration with the Insurance Brokers Association of Canada, is transforming the exams for the Canadian Accredited Insurance Broker (CAIB) program to a fully digital experience. Following three successful pilot programs, the IBAO will launch online CAIB exams on December 5.
Read more.

Collision Reporting Center For Hampton, VA
Accident Support Services International Ltd. (ASSI), facilitators of Collision Reporting to the insurance industry, is pleased to announce the opening of its newest U.S. Collision Reporting Center (CRC) in partnership with the City of Hampton and the Hampton Police Department in September 2018.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

New Rewards from New Risks
Back in 2013, the Insurance-Canada staff and a select group from insurers, brokers, and suppliers held a series of study group meetings to help us all understand what would be the major trends over the next 10 years.
Looking back, one significant element did not rise to the top: fundamental changes to the insurance product. That has changed and will be reviewed at our 2018 Executive Forum, next Tuesday, Aug.28 in Toronto. Interested? Read on – and check out the ICEF2018 Presentation Topics.
Read more.


“Modern Data Platforms: Dealing with Disruption in the Era of Advanced Analytics and AI”

Wed., September 12, at 12pm Noon

In this webinar, X by 2 will share practical strategies and tactics for adapting traditional data platforms to cope with emerging new paradigms in the field of data and analytics. Focus will be given to the following areas:

1. Enterprise Architecture strategies that enable your data infrastructure to serve both traditional and more advanced algorithmic use-cases.

2. Patterns to bridge the Business-IT divide for efficient and timely delivery of strategic data capabilities.

Register today or learn more.


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

Tuesday, August 28, 2018

Is risk passé? In just six days, explore the dimensions of customer engagement to better manage the risks which your customers face and you are insuring.

From cyber security to collaboration, from insurance ‘sins’ to analytics, AI and blockchain, explore the new dimensions of that all-important triangle formed by your business, your customers, and your technology.

Don't miss it!

Register today or see complete details.


InsurTechTO 2018: Driving Advantage From InsurTech — Wednesday, November 7, 2018, at the Toronto Sheraton Centre — #InsurTechTO


From Doug

With each vacation or trip abroad, I find that the information age has taken another step. I am trying out an international roaming plan with new features, options and pricing – it is a struggle to understand what I have, how to change it, and how much it will cost. (I'll probably figure it out too late, when I get the bill.)

In the narrow realm of “insurance and technology,” I am a voracious reader. I enjoy the application of technology to address insurance business needs and opportunities, and I used to feel I was on top of the latest thought leadership.

But the variety of new technology, combined with the identified potential uses in insurance, leaves me somewhat overwhelmed.

As an insurance business, how do I pick and choose where best to invest? Or as an insurance consumer, how do I pick and choose my insurance – on demand, parametric, piecemeal, bundled ... ?

Perhaps the value of a trusted advisor is increasing, rather than diminishing. But will that advisor be a person, or a robot, or a combination of the two?

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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