2024 ICTA Winners & Nominees - Insurance-Canada.ca - Where Insurance & Technology Meet

✭ Insurance Business category:

Northbridge Insurance

Broker Connectivity: A Competitive Edge

Our largest Northbridge digital investment – Broker Connectivity – went live in October 2022 and transforms how we do commercial business. Broker Connectivity creates greater ease of doing business for brokers and supports our goal of small business market leadership at Northbridge. In partnership with Applied Systems Canada, Northbridge was the first insurer to enable real-time quoting built on data standards for Contractors, Retail, and Business Professional Services. The solution builds a direct integration with broker management systems, allowing brokers to quickly, accurately, and efficiently exchange submission and quote data for small business. By combining business, process, and technology through Broker Connectivity, we can deliver a commercial connectivity ecosystem to provide an exceptional broker and customer experience.

Technology by Applied Systems Canada.

✭ Technology Provider category:

ProNavigator

Finding That Elusive Reference Information

ProNavigator, the 'Google for Insurance', is an award-winning knowledge management platform that has transformed the insurance industry. The platform combines a powerful insurance-focused search, organization controls and a suite of knowledge management capabilities to address critical information management challenges. For operations leaders, ProNavigator significantly cuts average handling time and boosts staff productivity. By removing information bottlenecks, staff can quickly find details to service customers. Thousands of insurance professionals use the platform daily to reduce their time spent searching for information, saving them thousands of wasted hours each year.

✭ Insurance Business category (a tie):

TD Insurance

Digitally Transforming a Mandatory Insurance Process

TD Insurance, in partnership with Symcor, has conceptualized, built, and launched Policy Assist Central in August 2023 to digitize the delivery of insurance industry-regulated communications (specifically letters to 3rd party financial institutions, & auto finance companies), reduce costs associated with printing & postage, help streamline insurance policy processes, and contribute to reducing the insurance industry's environmental footprint. By delivering these 'Additional Interest' letters electronically, TD Insurance cost to deliver these letters to 3rd parties is less than half of the cost to print & mail them. To boost adoption, Policy Assist Central is available for all Canadian insurance companies to use, and recipient lenders are able to use the service completely free of charge.

Technology by Symcor.

Fuse Insurance

Digitally Transforming Commercial Broker Workflow

Fuse is an independent commercial brokerage combines data-driven partnerships with proprietary software integrations, transforming their broker daily workflow and bringing efficiency to the client journey. Digitization is their founding principal and driving force. By automating several steps in the brokerage workflow, their brokers can dedicate more time to building meaningful client relationships and revenue generating activities. These digital operations completely transform the overall experience for brokers, insurers, partners, and clients.

✭ Technology Provider category:

Quotey

Improving The Commercial Quoting Process

Quotey is Canada’s first digital insurance marketplace for commercial and farm insurance, connecting brokers to their insurance partners (insurers & MGAs) for hundreds of products. It transforms the capabilities of brokers: enabling them to obtain multiple commercial quotes in seconds rather than days or weeks, while also allowing them to instantly compare at the finest level of detail to support a process of selling on value rather than price. Quotey is a Canadian SaaS solution, licensed to 90+ brokerages across Canada.

Resilience Cyber Solutions

Managing Cyber Risk

To succeed in today’s digital economy, every organization must be cyber resilient. That means balancing cyber risk tolerance with risk mitigation and risk transfer, so organizations can assess, measure and manage cyber risk in an integrated and cost-efficient way. The Resilience Solution empowers risk professionals, cybersecurity, and financial leaders to drive continuous improvement by connecting advanced cyber risk visibility and actionable cybersecurity practices with accountable cyber insurance. This innovative packaged solution enables risk managers to manage cyber risk all in one place. The Resilience Solution delivers five integrated benefits: a financially proven AI platform for cybersecurity visibility, a quantified action plan, a responsive insurance policy, a human-in-the-loop partnership to augment the client’s team, and extensive cyber advocacy resources.

Wisedocs

Adding Value by Summarizing Medical Records

Wisedocs’ Artificial Intelligence (AI) Medical Record Summary Platform, launched in June 2023, has implemented our state-of-the-art machine learning capabilities to enable customers who process medical records to immediately generate a summary in their medical documents. Designed with the insurance industry in mind, our platform builds off our existing medical record review software to further support stakeholders within the insurance ecosystem to conduct fast and inexpensive reviews. With this innovative technology, customers can quickly summarize thousands of pages of medical records while gaining intelligent insights across documents by leveraging our generative artificial intelligence. Insurance companies, legal firms, third-party medical evaluators and clinical staff can leverage Wisedocs’ summary platform to gain concise medical summaries, extract key clinical information, and build meaningful and fully customizable medical summaries. Through the Wisedocs platform, users will have access to various features to further address and customize the medical records for review. Key features of this release include an interactive timeline view, summary templates, keyword and date filtering, and an interactive summary annotator. These features further allow customers to quickly review the medical record and gain insights into the claimant's medical history as it pertains to their claim.

Accident Support Services International Ltd.

Improving Function at Auto Collision Reporting Centres

Accident Support Services International Ltd. has taken their award-winning software, CROMS (Collision Reporting & Occurrence Management System), and given it an upgrade, specifically for Alberta users. CROMS Version 3.0 for Alberta is an easy-to-use application that gives Collision Reporting Centre Program (CRCP) member insurers the ability to view their customer service report packages, allowing for adjusters to make informed decisions providing an overall enhanced client experience. CROMS Version 3.0 for Alberta includes many enhancements but the most notable are a total loss notification, amendment notification, user management module, photograph application, client retention custom messaging, and a new self-assisted kiosk application.

B4E Insurtech

An Adaptable All-Purpose Insurance Core System

B4E Insurtech set out to revolutionize the insurance industry by offering adaptable, cost-effective, and user-friendly solutions that drive innovation, efficiency, and inclusivity, while also addressing the persistent challenges in the insurance sector, including market competition, regulatory complexities, and the need for rapid adaptation to changing market dynamics. Deployable by reinsurers, insurers, MGAs, and intermediaries. The firm is committed to bridging the insurance gap for the world's underserved and underinsured population, making insurance accessible and affordable for those who need it most.

Brickeye

Using IoT to Reduce Construction Risks

Brickeye is a leading construction IoT and data analytics technology company that helps insureds (owners/developers, general contractors) and brokers de-risk building projects in preconstruction through technology-enabled water mitigation plans before going to markets to place Builders Risk and Wrap Up Liability policies. The deployment of Brickeye’s job site IoT platform enables real-time alerts and automated loss controls that mitigate water damage during construction, reducing insurance costs and protecting project margins for insureds, while maintaining healthy loss ratios for insurers.

CloudAdvisors

Managing Employee Benefit Plans

CloudAdvisors provides an automated and personalized benefits plan evaluation to instantly reveal how an employee benefits plan stacks up and can improve. From analytics and design, to exclusive access our platform provides a range of customization options that can help you meet your business goals and stand out from the competition. We partner with advisory firms, brokers, agents, MGAs, consultants, and multi-national enterprise brokerages to improve value-add retention, up-sell, cross-sell, prospecting and lead generation. Learn how you can license, customize and take your business to the next level.

Grenville Mutual Insurance Company

Digitally Transforming The Claims System

Grenville Mutual successfully implemented the Cognition+ Claims solution, which provides significant value to their Claims operations, especially noted during the Derecho event of May 2022. Cognition+ Claims solution digitally transforms property and casualty claims management process for improved efficiency, data sharing and transparency to deliver frictionless settlement for simple and complex claims resolution. The best-in-class workflows through task and document management, relationship governance, and guided work plans assist at every step in the claims process. HCAI integration, email inbox task generation and automated reinsurance were a bonus.

Technology by Cognition+.

Guidewire

The Cloud Platform Advantage

As Property and Casualty insurers look to digital innovation to better meet increased customer expectations, Guidewire delivers the most complete cloud platform that insurers trust to power core system modernization and digital transformation. The platform is flexible enough for innovation and speed, but sturdy enough to support P&C insurers’ biggest and most complex books of business. Guidewire Cloud Platform (GWCP) allows customers to easily create personalized digital journeys for customers, agents, employees and supply chain partners and accelerates innovation to deliver new insurance products or enter new markets. As a true system of insight, GWCP embeds data, analytics, and AI into core processes so that insurance professionals can make smarter, more informed decisions, faster than ever before. Insurers can future-proof their technology with secure updates, API-driven orchestration of data processes and systems, and developer-friendly services. They can take comfort in knowing that Guidewire provides the secure, stable, and scalable infrastructure to maintain all these systems and applications so they can focus on innovation.

HTM Insurance

Extending Broker Connectivity Function

Cognition+’s Agent Access and Broker Connectivity deliver high-value solutions for Canadian Mutuals by allowing their policy administration system to permit Brokers and Agents to transact business entirely within their Broker Management System (BMS), or provide direct access for Agents who do not currently use a BMS. Cognition+ leverages an extensive library of APIs to improve connectivity, streamline processes, eliminate duplicate entry, and enable more responsive and effective service delivery to policyholders.

Technology by Cognition+.

Trufla Technology

Extracting ‘Gold’ From Data

DataHub by Trufla is an innovative AI-driven platform designed to revolutionize data analysis and management in the insurance industry. Since its strategic deployment within the target market, DataHub has empowered insurance practitioners with unparalleled insights, driving actionable business intelligence and enhancing revenue growth. The platform’s core features – including the Broker KPI Dashboard, Retention AI X-Ray, and Coverage X-Ray – provide real-time analytics, predictive capabilities for policy renewals, and comprehensive risk assessments, all through a user-friendly interface. The business impact of DataHub has been profound: service times have seen a reduction by an average of 21%, allowing for more efficient customer service and streamlined policy management. These enhancements have not only led to increased accuracy in risk assessment and mitigation but have also resulted in improved customer retention rates. Early adopters of DataHub report up to a 3% improvement in retention for policies identified as at-risk, underscoring the platform’s effectiveness in preemptive customer retention strategies. DataHub’s contribution to the insurance sector exemplifies how AI and data analytics can be synergized to create a powerful tool for strategic growth.

The 2024 ICTA Nominees

Nominees:

Technology Providers: