"Chronicle" weekly newsletter - Where insurance and technology meet

JANUARY 22, 2019

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InsurTech And The Shift To Digital Insurance 2.0,
Majesco is pleased to announce the release of a new thought leadership report, InsurTech: Energizing the Shift to Digital Insurance 2.0, which provides an inside look into how leaders from InsurTechs, insurers, MGAs and solution providers see the opportunities and challenges in moving insurance innovation forward, particularly around their investments and ability to partner with incumbent insurers. Read more.

Are We Walking Into A New Global Crisis?
Could the world be sleepwalking into a crisis? Global risks are intensifying but the collective will to tackle them appears to be lacking. Instead, divisions are hardening. Geopolitical and geo-economic tensions have risen among the world's major powers and now represent the most urgent global risks, according to the World Economic Forum's Global Risks Report 2019. Read more.

Cyber-Crime Could Cost Companies Trillions
Companies globally could incur USD $5.2 trillion in additional costs and lost revenue over the next five years due to cyber-attacks, as dependency on complex internet-enabled business models outpaces safeguards that protect critical assets, according to Securing the Digital Economy: Reinventing the Internet for Trust — a new report from Accenture that explores the complexities of the internet-related challenges facing businesses. Read more.

Cost Of Extreme Weather Hits CAD 1.9 Billion
Severe weather across Canada continues to highlight the financial costs of climate change to insurers and taxpayers. In 2018, insured damage for severe weather events across Canada reached CAD 1.9 billion, according to Catastrophe Indices and Quantification Inc. Ice storms, floods, windstorms and tornadoes, did damage to homes, vehicles and commercial properties across the country. Read more.

Six Themes To Consider From CES2019
4,500 exhibitors, 185,000 attendees, 2.75 million square feet of exhibit space, and hundreds of sessions. That's CES2019 in a nutshell. The range of technologies and products displayed each year is staggering, making it clear that innovation is in high gear around the world. Products range from the absurd to the pragmatic to the truly revolutionary and cover every area of human endeavor. But what are the biggest takeaways, and what do they mean for the insurance industry? Read more.

Success For Early Adopters Of Emerging Tech
In its latest report, Novarica analyzes the results of a study of more than 100 insurer CIOs and tracks deployment and pilot plans across a dozen technology areas classified as “emerging”: artificial intelligence, augmented and virtual reality, big data, blockchain, chatbots, drones, mobile, predictive analytics, robotic process automation, sensors and telematics, smart home automation, and wearables. Read more.

UBI Market To Reach USD 107 Billion by 2024
The North America usage-based insurance market is projected to hold a majority UBI industry share of over 35% by 2024 led by growth in the number of connected cars with inbuilt telematics solutions and the adoption of the cloud-based telematics solutions.
Selbyville, Delaware (Dec. 17, 2018) – The global usage-based insurance (UBI) market is expected to grow from its current value of USD 34 billion to more than USD 107 billion by 2024, according to a new research report by Global Market Insights, Inc. Read more.

“OK Google. Talk to iA Financial Group.”
iA Financial Group takes a major step in its shift to digital by introducing the iA Virtual Assistant, which allows clients to contact iA Financial Group not just in writing but verbally – a convenient and natural way of communicating – which helps people feel closer to and better supported by the company. Read more.

WEMIC Launches MCCG Online Quoting Solution
West Elgin Mutual Insurance Company unveils automobile and property insurance online quoting to better support its community and their agent distribution network through partnership with Mutual Concept Computer Group Inc. West Elgin's solution, Your Insurance Quote, successfully marries the concept of an easy-to-use consumer ‘quick quote’ with an agent ‘complete quote’ methodology to ensure accurate pricing and simplicity for consumer and agent. Read more.

Auto OEMs Expect Islands of Autonomy: KPMG
More than 8 in 10 respondents expect autonomous vehicles to be introduced in “islands of autonomy,” metropolitan markets with unique mixes of consumer living, working and travel patterns which will drive requirements for locally tailored delivery services, according to the 2019 KPMG Global Automotive Executive Survey. Read more.

1 in 4 Canadians Never Review Their Policies
More than half of all Canadians would consider switching insurance providers for a savings of CAD$ 150 or more, according to a new survey. With car insurance rates on the rise, this may be the incentive Canadians require to compare rates for potential savings. The survey also found that while most Canadians review their insurance policy every year, an astounding 27 per cent never review their policy, relying solely on their broker/agent. Read more.

Developing a New Flood Risk Standard: IC3
Flooding within urban centres is Canada's costliest and fastest-growing extreme weather challenge. Against the backdrop of unavoidable climate change and rising insurable claims, the need to limit this risk will only grow. new report from the Intact Centre on Climate Adaptation, University of Waterloo, highlights a range of solutions that can be deployed practically and cost-effectively within communities and households. Read more.

Virtual Employee Assistant Use To Surge By 2021
The use of virtual assistants (VAs) in the workplace is growing. By 2021, Gartner, Inc. predicts that 25 percent of digital workers will use a virtual employee assistant (VEA) on a daily basis, up from less than 2 percent in 2019. Read more.

Less Phone Use Translates To Lower Auto Claims
It might sound like common sense, but Progressive has new data showing that drivers who put their phones down are less likely to have a claim than those who drive with a mobile device in their hand. The new findings are based on 1.5 billion miles of driving data collected by Progressive's Snapshot Mobile app. Read more.


Quick Claim Payments Make Happier Customers
The Commonwell Mutual Insurance is now using technology from ClaimsPay (powered by ClearPay) to issue and track claim payments and related vendor payments via Interac e-transfers. This has contributed to a positive claims experience for claimants in that there is no handling of cheques, and funds are available immediately. Read more.

Subscription Billing Makes Premium Payments Easy
Our Subscription Billing Service allows Gore Mutual to boost GWP while strengthening our customer-centric approach to doing business. It also helps us further differentiate ourselves from competitors by offering insurance brokers modern methods to reach new customers online and grow their businesses by providing the seamless online sales experiences that consumers are now accustomed to. Read more.

Improving The Broker-Insurer Digital Connection
Economical Insurance is making it easier than ever for brokers to match customers with the right insurance coverage with the launch of Vyne, which leverages existing Guidewire PolicyCenter and BillingCenter platforms that were used to build Sonnet, Economical's award-winning digital-direct brand. Read more.

The Intersection: Blog

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

Insurance Technology: A Third Of A Century, And Only One Bump
When I started in the insurance industry, circa 1984, I had experience with marketing and technology. I quickly learned that each segment was considered critical, but the relationship between the two was not well understood.
Over the years, issues were addressed and resolved, only to find new expectations and challenges. Now, 35 years on, we still have to ask the question: How wide will technologies go, and do we need controls? Read more.

17th annual Technology Conference – “A New Insurance Order” – Feb. 26-27, 2019
“A New Insurance Order”
Feb. 26-27, 2019 — Beanfield Centre, Toronto

Our 17th annual Technology Conference features a wealth of thought leadership from across the spectrum of the insurance business.

Tues., Feb. 26 will highlight broker distribution, telematics & autonomous vehicles, and claims, including cyber risk.

Wed., Feb. 27 shifts focus to product innovation, marketing, emerging technology and the trifecta of customer communications, engagement & CX.

Hear from experts on key topics including:

Millennials and Technology: Re-shaping How We Deliver Broker Services
Sean Morrow, Co-Founder & CEO, RiskTech Insurance Service

CX & Customer Communications: The State Of Insurance
Jay Sarzen, Senior Analyst - P&C Insurance, Aite Group

Bringing Innovation to Claims
Jonathan Spinner, AVP - Claims Transformation & Strategy, Aviva Canada

Join your peers. Early-bird rates end next week!

Register now, or for complete details, visit

Thanks to our 2019 sponsors, including:
Slice Labs

Technology Awards

Discover the winners at ICTC2019!
Follow on Twitter: #ICTA2019

Join us at ICTC2019 on Tuesday, Feb. 26 for an awards ceremony and industry networking reception in celebration of the 2019 ICTA nominees, finalists and winners – both as judged by the jury and from the soon-to-be-launched People's Choice Award!

ICTC2019: “A New Insurance Order” — 17th annual Technology Conference — Feb. 26-27, 2019 — Beanfield Centre, Exhibition Place, Toronto

From Doug

The annual Technology Awards (‘ICTAs’) are judged on the basis of the value of technology which has been implemented. The criteria do not specify innovation as a judging factor.

What is innovation? We can look to the old standby, the dictionary definition: “a new method, idea, product, etc.”

At the level of a single organization, it could be technology which has been deployed and improves the business. To that organization it is new and “innovative.”

Zoom out one level, and there are innovations which are new to an industry (such as P&C insurance in Canada). At a higher level yet, it could be new to the industry world-wide.

For the ICTAs, most nominations are for business improvements based on technology, new to that firm. Some, though, at a component level or in their entirety, are brand-new to the industry – or even more broadly.

Check out the 2019 ICTA nominations as they are posted for the level of innovation each represents.

Industry innovation is great to see, and we laud it. Join us at ICTC2019 to discover the ICTA winners and mingle with finalists.

Doug Grant, CIP

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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