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MAY 30, 2017

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INSURANCE INDUSTRY NEWS

Cyber Insurance Market Watch Survey
When it comes to cyber insurance, clients are becoming more familiar with the risks, take-up rates are increasing steadily, and prices continue to stabilize, according to The Council of Insurance Agents & Brokers' Spring 2017 Cyber Insurance Market Watch Survey. Read more.

Winners In The Growing InsurTech Space
A new report from consulting firm Oliver Wyman and InsurTech investor Policen Direkt analyses InsurTech business models worldwide and pinpoints winners and losers. The report is the first systematic in-depth analysis of the InsurTech landscape globally, which provides a forward-looking perspective on the industry impact. Read more.

InsurTech Gains Traction In Commercial Lines
Recently, there has been a surge of interest, activity, and investment in new InsurTech ventures that address P&C commercial lines. When added to the commercial lines InsurTechs that have been quietly growing over the past couple of years, the result is around 400 startups worldwide that are relevant for commercial. Read more.

Half Of Global Enterprises Lack Digital Transformation Strategy
Disruption will continue to ramp up over the next three years as the deployment of new digital technologies continues to play out, but half of all global enterprises lack a formal digital transformation survey, according to the results of a survey conducted by 451 Research for CenturyLink's Enterprise Digital Transformation Study. Read more.

Telematics: A Claims Adjuster's New BFF
Many insurers see telematics only as a new way to rate auto insurance coverages, perhaps even replacing traditional rating criteria. Other insurers only see telematics as a new way to underwrite auto policies, replacing traditional criteria with usage-based facts. But what most insurers do not yet see is that telematics can be a way to give claims adjusters a customer service tool that improves claims financial outcomes. Read more.

iA Financial Group Accelerates Application Process
iA Financial Group is pleased to announce that it is simplifying the application process for its individual insurance products. Representatives will be able to confirm acceptance for almost half of their clients instantly at the point of sale for all life, critical illness and disability insurance products offered by the company. Read more.

Co-operators Enters Joint Venture With Medavie Blue Cross
Co-operators Life Insurance Company and Medavie Blue Cross have entered into a group benefits joint venture under which Medavie Blue Cross will administer existing and future group benefits policies for Quebec-based plan sponsors of The Co-operators. Read more.

CSIO Launches Upgraded eDocs Availability Chart
The Centre for Study of Insurance Operations is pleased to announce significant enhancements to its eDocs Availability Chart, a reference tool that shows which types of documents insurance companies send as eDocs for personal lines, commercial lines and farm policies. Read more.

IDC Worldsource Selects Bluesun WealthServ
Bluesun, an insurance distribution technology provider that specializes in the life insurance and investments verticals, has announced IDC Worldsource Insurance Network Inc. as its newest client. IDC has licensed Bluesun's WealthServ platform to manage their Insurance and Segregated Fund lines of business. Read more.

AIR Worldwide Releases Cyber Risk Application
Catastrophe modeling firm AIR Worldwide is pleased to announce the release of ARC (Analytics of Risk from Cyber), a comprehensive cyber risk modeling application for the insurance and reinsurance markets. Read more.

Allstate Safe Homeowners Study
While keeping up with the latest decor trends may be every homeowner's dream, a new survey by Leger, conducted on behalf of Allstate Insurance Company of Canada, indicates that home maintenance tasks should perhaps be top of mind. Read more.

Expenses Spell Trouble For Many Homeowners
While more than three quarters of Canadians have made debt freedom a top priority, mortgage debt increased last year, and more than half of Canadian mortgage holders lack the financial flexibility to quickly adjust to unexpected costs, a new Manulife Bank of Canada survey reveals. Read more.

Safety Tips For Cyclists And Drivers
Crashes involving cyclists peak during the summer, and with Bike to Work Week this week (May 29 - June 4), the Insurance Corporation of British Columbia is urging drivers and cyclists to take extra care on the road and observe these safety tips. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Could Claims Challenge Existing InsurTech Priorities?
While the majority of InsurTech activity leans towards marketing, underwriting, sales, and product service, there is growing interest in streamlining and improving claims reporting and adjusting. Could this mean that Claims disruption is on the horizon?
Read more.


“Insurance: Connected”
2017 Insurance-Canada.ca Executive Forum
Tuesday, August 29, in Toronto

Consumer expectations are rising. The insurance industry must move to a connection orientation to meet consumers' emotional and financial needs.

Pursue “Opportunities in the Happiness Halo” with Celent CEO Craig Weber as he applies the principles of behavioral science to customer experience.

Register today for early-bird savings.

ICEF2017: 'Insurance: Connected' - 5th annual Executive Forum - August 29, 2017



Did you miss our 2017 Technology Conference? Get video access, watch sessions on-demand!


From Doug

After decades of modifying processes to suit computing restrictions, insurance recently and suddenly faced more urgency for a “digital transformation” of major parts of the business.

Then came “innovation,” the promise of new technologies married to enhanced insurance products, using new agile practices to shorten the implementation.

The threat of “disruption” by those who looked at insurance with new eyes has triggered some major developments by outsiders and incumbents alike.

Now “InsurTech” reimagines everything: process, product, and the customer experience.

Patrick's blog brings me the Canadian insurance context. Those same thoughts provide shape to the events we organize. Fun times. Would you have it any other way?

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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