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JANUARY 9, 2018

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INSURANCE INDUSTRY NEWS

2017 Records Highest Insured Losses Ever
The hurricane trio of Harvey, Irma and Maria will cost the insurance industry a record amount in 2017: the final yearly insurance bill for natural catastrophes is higher than ever before. Read more.

Preliminary sigma Estimates For 2017
Preliminary sigma estimates for insured global losses resulting from natural and man-made disasters in 2017 are well above the ten-year average, reaching the third highest levels since sigma records began in 1970. Read more.

InsurTech: Where's the Beef? SMA Blog
The InsurTech movement is enjoying enormous success in terms of new startups, venture capital, partnerships, and pilot projects. But it is fair at this stage to ask, Where's the Beef? Read more.

Top 10 Insurance Trends For 2018
Many insurance firms are entering 2018 with a sense of urgency, and as they place significant bets on tech innovation, a growing number of insurers will merge into the fast lane of digital transformation. Read more.

If It's Not Mobile, Don't Bother
If it's not possible to use a mobile device to manage a relationship with an insurer, most millennials would just as soon move on. Read more.

Half of Canadians Would Share Data For Savings
Canadian consumers feel positive about the connected world and data sharing, but they have concerns around security and privacy in sharing information electronically with insurers, according to a recent survey by Kanetix.ca. Read more.

Wawanesa Launches Personal Cyber Protection
The Wawanesa Mutual Insurance Company has launched a new portfolio of innovative cyber protection insurance products for Canadian homeowners and home-based businesses. Read more.

iA Launches New Critical Illness Product
iA Financial Group has announced the launch of a critical illness insurance product designed for a younger clientele with a quick application process and affordable rates. Read more.

Trov, Waymo Partner On Ride-Hailing Insurance
Trov, the leading on-demand insurance technology company, has partnered with Alphabet's self-driving technology unit. Trov will power trip insurance customized for passengers of Waymo's soon-to-be-launched commercial ride-hailing service. Read more.

SSQ Financial Group Revamps Brand Image
SSQ Financial Group, the sixth largest life insurer in Canada, is starting the year off with a new brand identity and positioning. The company will now be known as SSQ Insurance. Read more.

FIRST, AEGIS Announce Strategic Alliance
FIRST Insurance Funding of Canada has announced a strategic alliance with AEGIS London to provide innovative premium payment solutions for AEGIS London coverholders and policyholders. Read more.

RGAx To Acquire LOGiQ3 Group
RGAx, a subsidiary of Reinsurance Group of America, Incorporated has announced that it has agreed to acquire LOGiQ3 Inc. – a group of companies that provides technology, consulting, and outsourcing solutions to the North American life insurance and reinsurance industry. Read more.

Totten Acquires Shares Of EasyInsure
Totten Insurance Group Inc., a leading national insurance managing general agency, has acquired the shares of Belyer Insurance Limited operating as EasyInsure. Read more.

McDougall Acquires Worden Insurance & Financial
Ross McDougall, CEO of McDougall Insurance and Financial, is pleased to announce that McDougall has merged with Worden Insurance & Financial Services, effective immediately. Read more.

Car Buyers Value Safety, Connectivity Features
Although most car buyers don't seek out advanced safety and connectivity features in new cars, they are pleased when they discover the benefits of having and using them in their vehicles. Read more.

Most Canadians Unprepared For Winter Emergency
This winter is expected to be colder than the last, but RSA Canada has found that more than 55 per cent of Canadians are not prepared in any way for a winter emergency such as a major blizzard or extreme cold weather. Read more.

2018 ICTA NOMINATIONS

SSQ Improves Accuracy, CX For Auto Quotes
With the help of Guidewire Software products and technology in collaboration with V-NEO, SSQ has implemented a fully-integrated online car quoting system that is one of the fastest and most accurate in the industry. Read more.

LGM Goes Digital For Dealership Sales
The LGM HUB is an information software system that supports the sale and administration of finance and insurance products for leading automotive OEMs and dealerships across Canada. Read more.

Kanetix Enhances Quoting With Visual Mapping
Kanetix Insuramap is now implemented as an interactive web tool used by more than 30,000 Canadians each year to visualize and compare different insurance rates by location. Read more.

ASSI Takes On Claim Settlement Times
The CROMS collision reporting tool has been enhanced with new features to prevent and detect insurance fraud, reduce delays and costs for claims, and improve customer service to insureds. Read more.


The Intersection: Insurance-Canada.ca Blog

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

2018: An Insurance Functional Divide?
As InsurTech matures, there are increased pressures to join the digital transformation movement. First movers are setting the course for this, but not all will be in a position to adapt quickly. Will this result in fundamentally different types of insurance providers?
Read more.

Technology Addiction: A Fatal Distraction
By Stephen Applebaum
You are more likely to be reading this on a mobile device than on a computer. A June 2017 survey revealed 77% of Americans own a smartphone and 85% of U.S. adults get their news on a mobile device at least sometimes.
Read more.

Risk, Technology, Engagement
The business of insurance is changing dramatically. We have identified three interconnected pressure points – Risk, Technology, and Engagement – that now define critical factors in the new era of insurance.
Read more.


Insurance-Canada.ca Technology Conference
Feb. 27 & 28, 2018 — Beanfield Centre, Toronto

Changes occurring in the mobility sector could have profound implications for insurance. Explore:

Autos and Insurance, with Catherine Kargas, VP, MARCON
Autonomous Vehicle Insurance, with Gwenn Bézard, Co-Founder, Aite Group
Telematics Data in Claims, with Cletus Nunes, Director, Octo
Mobility Panel, with moderator Ryan Stein, Director, IBC

Register now or see more details.

2018 Insurance-Canada.ca Technology Conference - “Insurance Vectors: Risk, Technology, Engagement” - Feb. 27-28, 2018 - Beanfield Centre, Exhibition Place, Toronto


From Doug

We are increasingly digital, at home and at work.

The Insurance-Canada.ca Technology Awards (ICTAs) recognize uses of technology which are delivering insurance business value today. The jurors are now busy selecting the finalists.

For your interest, we are publishing many of the nominations in brief – the first four are in the left column. In February, you too can be a jurist, with the launch of the People's Choice Awards.

Preparing for tomorrow? Which trending topics will you address in 2018? Better data? Customer self-service? CX and client engagement? Security? Finer measurement?

These will be among the topics at the Insurance-Canada.ca Technology Conference, a good place to review major trends with your peers.

The Insurance-Canada.ca team wishes you a happy new year and all the best in 2018.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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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