The 2021 ICTA Nominees
The 2021 ICTA nominees are being added below in alphabetical order over the course of March and April.
The executive summary of each nomination is posted below, with a link to a lengthier description. The summary was provided as part of the nomination.
Check back in May for the launch of the People's Choice Award!
2021 ICTA Nominees
The team at Ai Insurance Organization Inc. developed a tailored BMS/CRM solution. API capabilities interact with several external applications. Our integration with PowerBroker provides EDI uploads and downloads. The QuickBooks API provides a stand-alone account system with real-time profit-loss, balance sheet, AR, AP and budget actuals. Express quoting solutions with our premium financing partners are fully integrated into the CRM as well and provide a one-step process for our producers at point-of-sale, including automated broker disclosures as required by regulation.
In 2020 we invested in Act-On, a true marketing automation and communication platform. Our CRM syncs with Act-On to allow our marketing team to produce tailored communications, utilizing client data for onboarding, cross-selling and renewal processes. When a lead comes into the CRM from an external landing page, it automatically signals Act-On to send out a ‘thank you for submitting your request’ email, along with links to current blog articles that may be of interest.
Once a lead converts to a customer, Act-On sends the customer a welcome series of five emails over the course of two weeks for onboarding, cross selling, and testimonial purposes. Our results from 2020 show that our automated system contributed to an increased close ratio by 340%, an increase in GWP of 41% and our ROI from advertising increased by 82% from the previous year.
Insurance made easy – these are words we live by at APRIL Canada because our goal is to ease the lives of our brokers. In 2020, we managed to introduce in record time and thanks to an internal team of dedicated individuals, APRIL ON, our online quoting platform, which has been adopted by over 1.700 brokers in Canada and growing. Brokers are now able to quote risks in record time thanks to intuitive questionnaires, generating live premium estimates as information is filled. Thanks to APRIL ON, the quality of our broker service has drastically increased.
The success of APRIL ON can be traced back to its original mission: combining the best of people and technology to offer a remarkable insurance experience. APRIL ON is a great example of technology, having been shaped by cross-functional teamwork and user insights to make customer experience smoother. This structuring project is the main component of our company roadmap for the coming years, making best-in-class broker experience our main focus area.
Aviva Canada has deployed a real-time integration with AutoTRADER for total loss vehicle valuation. This initiative is a win-win for customers and Aviva. We have seen an increase in customer satisfaction and in the overall experience for customers dealing with total loss auto claims. In addition to the shorter claim lifecycle, the real-time integration means adjusters are able to provide customers with the recommended settlement value for their total loss vehicle quickly, with supporting comparable AutoTRADER sale listings, thereby reducing the number of phone calls between adjusters and customers. For Aviva, the initiative has resulted in greater efficiency and productivity. Adjusters save time on appraisal, and are able to settle claims more quickly, thereby reducing storage and rental costs.
- Technology by TRADER Corporation.
Charles Taylor Canada
In late 2019, Charles Taylor Canada launched a unique and comprehensive Pollution Loss Database of insurance losses related to oil field incidents in Western Canada over a ten-year period. By providing in-depth analytics of sector loss patterns and risk trends, the database enables our adjusters to combine their own industry experience with historical market data; improving their ability to estimate accurate loss reserves. It also provides decision makers amongst insurers, brokers and oil and gas companies with quantifiable insights into environmental risk analysis; improving risk management and pricing of risks. The database is accessible through user-friendly digital dashboards offering interactive data utilization tools, delivering at-a-glance summaries of key facts. Data includes year of spill, region, cause, type of loss contaminant, age of line, average inflation-adjusted gross quantum, number of claims and more.
In May 2020, Coalition launched its offering in Canada, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. In addition to Incident Response, Coalition offers a full range of free cyber security tools and services to support customers throughout the entire lifecycle of their risk exposure — before, during, and after an incident.
As a result of its real-time threat intelligence, automated security alerts, and pre-breach security services, Coalition has handled 45 percent of reported events without filing a claim and avoiding any expense to the insured. Coalition’s Incident Response and Claims teams have also recovered 84 percent of all funds lost by policyholders in social engineering events.
Duuo is a Canadian, on-demand insurance distributor, providing customizable short-term insurance policies for events, tenants, gig workers and more. In collaboration with Slice, an insurance cloud service provider, they have worked to create Canada’s first end-to-end automated claims filing system in P&C insurance. Through this new system, clients can file, receive their loss evaluation and settlement offer, and issue payment all within one session, depending on the extent of the claim.
Filing claims is a tiresome task for clients. Many customers complain that filing a claim can be too complicated, difficult to understand, and/or that the entire process of making a claim and receiving the settlement takes too long. Manually processed claims are also subjected to human error and biases. The automated claims settlement feature simplifies the process of filing a claim, reduces the chance of human error, unconscious bias, and allows our clients to receive their settlement in a matter of seconds.
This remarkable feat is made possible by the settlement feature’s machine-learning models working in tandem with natural language processing and optical character recognition. The system’s algorithm has been trained by Duuo and Slice’s team and programmed by Slice to understand how to classify losses, depreciation values, policy terms as well as how the everyday person will word their claim. The algorithm is always learning and improving itself to provide the most accurate settlement offer to our clients. In 2021, it’s clear that world is moving towards increased automation, and Duuo recognizes that it’s time for insurance providers to start doing the same.
- Technology by Slice Labs.
Finaeo is an insurtech that has built a next-generation digital ecosystem for the life/health insurance industry. Finaeo’s digital marketplace connects insurance advisors, carriers and clients to streamline policy fulfillment and revolutionize insurance distribution. The platform centralizes policy information and insurance applications across multiple carriers, helping advisors streamline their workflow and provide their clients with an end-to-end digital experience. Finaeo is built on a foundation of intelligent technology, empowering brokers and carriers to automate client onboarding, policy paperwork and compliance management for a truly integrated prospect-to-policy experience.
Fuse Insurance is a digital commercial insurance brokerage working to provide more efficient ways to complete the quoting, submission intake and pre-underwriting processes. Recognizing the lack of innovation in the Canadian commercial insurance space, Fuse Insurance developed a proprietary quote system that improves the daily workflow of commercial brokers. This application process is designed to dramatically decrease the time it takes to turn a new lead into a marketable submission. By asking customers the right questions, we are able to automate the process, improve data accuracy, and put time back into broker’s hands as a result.
Lepelco has transformed into a digital brokerage that provides a paperless experience through integrated workflows that deliver an exceptional customer experience in personal and commercial lines. Applied’s Digital Brokerage software enables the brokerage to deliver digital experiences to insureds throughout the policy lifecycle, from foundational management technology, mobile apps, insurer connectivity, and commercial lines automation. The partnership has created higher-value business transactions.
- Technology by Applied Systems Canada.
The LowestRates.ca home and auto insurance quoters were designed to eliminate notorious pain points in the quoting process for consumers. To get an accurate home insurance quote, for instance, consumers are typically required to look up detailed information about their home that they do not have immediate access to, such as the replacement cost (something many confused with the purchase price of the property). If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate. Our quoters not only quickly find you an insurance quote — they also compare the market for you, allowing you to quickly and easily find the lowest rate from Canada’s top home and auto insurance providers.
Nu Digital Experience (NUDE) Solutions is a Canada-based, software-as-a-service business. At the core, Nude has developed a fully-functioning, digital broker management system. This means brokers and their clients can quote, bind, issue, change, cancel, and renew insurance policies in real-time, from any internet-connected device. The platform also allows brokers to house all their traditional business in the platform. Nude Solutions is cloud hosted and driven by carrier application program interfaces (API). The platform’s ability to connect to carrier APIs allows brokers and clients to get quotes for carrier insurance products.
Beyond being a digital BMS, Nude Solutions offers future-forward capabilities that are unheard of in the Canadian insurance industry. These features include a built-in payment processor, email and chat functions, API connections to business-level marketing and accounting platforms, and underwriting capabilities where brokers can pre-screen clients before binding insurance. We’re creating a movement, and the technology to back it, where the insurance industry can continue, survive and thrive in our evolving digital world.
Relay is a state-of-the-art SaaS platform equipping brokers, wholesalers, and their capacity providers with the leading white-labelled electronic placement solution in both P&C insurance and facultative reinsurance.
Relay speeds up placements by 50% or more, improves client proposal success rates, and automatically organizes submissions to free up brokers’ time to capture more business.
The platform uniquely supports complex, high-ticket layered placements in addition to simpler, high volume quotes.
Workplace Safety & Insurance Board (WSIB)
The noise-induced hearing loss online claim form provides a new digital channel to submit claims, attach necessary supporting documents and provide us with claim information up front, improving the adjudication process. It successfully takes a fresh approach to agile development and delivery, helping to drive a culture of innovation and pushing boundaries in our use of technology to deliver efficient digital solutions for people with claims, health care providers and WSIB employees.
- Technology by Guidewire Software.
Zensurance leverages data analytics and technological advancements in process automation to deliver curated custom business insurance policies to Canadian entrepreneurs. With over 50 insurance partners, Zensurance has serviced over 150,000 small businesses and sold 10,000 policies across numerous industries. It is the most advanced business insurance platform operating across nine Canadian provinces.