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APRIL 17, 2018

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INSURANCE INDUSTRY NEWS

Top Tech Mega-Trends & Insurance Implications
New technologies are inundating the world with real-time data and a change-pace so accelerated that it is difficult to make predictions. SMA's new Emerging Tech Landscape research report provides a big-picture view of the key developments in the tech world. Read more.

Chubb Launches Proprietary Cyber Risk Index
Chubb has launched the Chubb Cyber Index, a new interactive platform that showcases years' worth of Chubb's proprietary commercial cyber claims data, designed to highlight a range of cyber threats. Read more.

Delivering Next-Gen CX To The Applicant
What is behind the low adoption rates in life insurance for capabilities such as end-to-end electronic application, end-to-end eSignature, straight-through policy issuance, and eDelivery of policy? What can be done to drive higher adoption? Read more.

Canadians Want Digital Access To Documents
Insurance Bureau of Canada has released the results of a survey that shows consumers want tech-enabled insurance products and services, highlighting the need for regulators to permit greater innovation in regulation overseeing the insurance industry. Read more.

Majesco Highlights Knowing-Doing Gap
Majesco's new thought leadership report provides a strategic lens into the insurance industry's awareness of and responses to the rapidly emerging digital age gaps that are driving the shift to Digital Insurance 2.0 business models. Read more.

2017 Global Disaster Losses Were Highest Ever
Total global economic losses from 2017 disasters were USD 337 billion, almost double the losses in 2016 and 2nd highest on record, the latest Swiss Re sigma study reveals. Global insured losses from catastrophe events, were USD 144 billion, the highest ever recorded in a single year. Read more.

Probabilistic Model For Extreme Liability Events
Catastrophe modeling firm AIR Worldwide has announced that it is collaborating with RenaissanceRe, a global provider of reinsurance and insurance, as part of a joint effort to enhance the industry's modeling of long-tail casualty risk. Read more.

Marsh Launches Marsh Digital Labs
Marsh announces the launch of Marsh Digital Labs, an incubator focused on experimenting in emerging technologies and developing innovative products, new business models, and strategic engagements with clients, carriers, and InsurTech companies. Read more.

Gore Amalgamates Brokers Under Insurance Store
Gore Mutual Insurance Company has announced the creation of a new subsidiary company called Insurance Store Inc. to independently operate its owned distribution and test new ways of providing modern customer experiences both online and in-store. Read more.

Value In Rethinking Spending, IT Management
In a new Enabling Innovation brief, research and advisory firm Novarica explores insights and best practices for insurers from its Silicon Valley Innovation Tour in the first quarter of 2018. Read more.

Subdued Markets, Lively M&A: 1st View Report
Willis Re, the reinsurance division of Willis Towers Watson, has issued its latest 1st View renewals report. Read more.

Sharing Economy Potential Still Unrealised
The sharing of assets and services creates new opportunities but also new risks, described in a new Lloyd's report analysing risk perceptions in the booming industry. Read more.

Knight Archer Launches Online Auto Rating
Knight Archer Insurance is pleased to announce the launch of Saskatchewan's first online auto quoting service. The new capability is included in the company's consumer-facing quoting platform – ArrowQuote™. This launch marks an industry-first in providing Saskatchewan consumers the ability to compare auto extension policy options from multiple insurance providers. Read more.

WTW Expands Cybersecurity Services With IBM
Willis Towers Watson is expanding its global advisory services aimed at addressing risk related to cybersecurity and will begin integrating IBM Security's suite of services to help clients assess, protect and recover from cybersecurity threats. Read more.

Crawford Launches AccessibilityNow.com
Crawford Technologies, a provider of innovative document solutions, has launched AccessibilityNow.com, a new e-commerce site that makes it possible to quickly and cost-effectively convert PDFs into accessible documents. AccessibilityNow Read more.

Symbility, HOVER Reduce Claims Adjusting Cost
Symbility Solutions Inc. and HOVER, a platform that offers an interactive 3D model of any property, are collaborating to enable claims adjusters to quickly generate roof or exterior property plans that facilitate creating estimates and adjusting a claim for policyholders. Read more.

Equisoft Joins Forces With Kronos Technologies
Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, is pleased to announce the acquisition of Kronos Technologies, a frontrunner in the development of web and mobile applications for the investment and insurance sectors. Read more.

iA To Acquire ABEX Brokerage Services
iA Financial Group has announced the acquisition of ABEX Brokerage Services Inc. and its subsidiary ABEX National Brokerage. ABEX is a managing general agency supporting independent insurance advisors in Western Canada. Read more.

IBAO Opens New Startup Brokerage Category
The Insurance Brokers Association of Ontario is making changes to invite newly created Startup Brokerages to join their membership in order to better reflect the current range of brokerages in the province. Read more.

Social Media Critical For Life Agents, Advisors
Life insurance customers are engaging online and through social media platforms as a way to evaluate financial products and financial professionals, according to a new study by LIMRA and Life Happens. Read more.

Aviva Adds Earthquake Coverage To B.C.Policies
Aviva Canada introduces a new level of earthquake coverage embedded in all British Columbia (BC) homeowner and tenant insurance policies. The standard offering will be at no additional cost to new customers or current Aviva customers upon renewal. Read more.

Nearly Half of Tenants Without Insurance
Approximately 4.5 million households in Canada are rented by tenants, and a recent Kanetix.ca survey suggests that nearly half (48.5%) of Canadian tenants don't have a tenant insurance policy to call their own. Read more.

Unexpected Issues After Purchasing A Property
House hunters may be overlooking critical items to consider before making an offer. The second edition of the Allstate Insurance Safe Homeowners Study shows homebuyers and homeowners could avoid costly surprises if they are better informed. Read more.

Peace Hills Extends DAS Partnership On LEI
Peace Hills Insurance has extended its partnership with DAS Canada to offer Legal Expense Insurance to Homeowner, Condo, and Tenant policyholders in six provinces and territories. Read more.


“AI: The Foundation of Next-Gen Insurance” — May 30, 2018 — Technology In Action Series by Insurance-Canada.ca


The Intersection: Insurance-Canada.ca Blog

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

Getting Dancing Lessons from InsurTech in Québec
Québec City – the oldest city in North America – is organizing itself to become a leader in digital transformation, with the insurance sector as a leading industry segment. By all accounts, there are individuals and organizations determined to hit the goal with new constructs.

The activities remind me of a quote from Kurt Vonnegut: “Unexpected travel suggestions are dancing lessons from God.”

I was invited to attend InsurTechQC in Québec City again this year. The content was excellent, and there seems to be significant progress with AI, Blockchain, and other technologies. And these are finding insurers who are keen to improve their competitive position by using InsurTech. Read more.


Webinar available on-demand:
Explore and Innovate with Data Science, Machine Learning and Artificial Intelligence

Explore and Innovate with Data Science, Machine Learning and Artificial Intelligence – Insurance-Canada.ca “Technology In Action” series

Rob Fursey, IBM Canada Watson AI, and special guest Hashmat Rohian, The Co-operators, explore how to shake up the insurance industry and succeed at speed with data science. See more.



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From Doug

Whether or not it is directly and exclusively to blame for the late winter storm, climate change is real, and by all accounts humanity is a contributor. It is wonderful to see a rising sense of awareness and willingness to actively mediate. But we still face the prospect of Nova Scotia becoming our third island province ...

I was recently surveyed about my thoughts on the Sidewalk smart city program proposed for Toronto's waterfront. I am quite in favour, but I have some concerns about data – privacy, security, ownership, etc. – especially in light of recent scandals and issues around the sharing or theft of personal information.

The majority of the items in this newsletter have some technology component. Being at the intersection of insurance and technology, we are biased that way in our selection, but it is indicative nonetheless.

Now if only we could have a warm spring at last, with a long, colourful bloom of flowers; somehow, I don't think technology will help me there.

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.

Please contact [email protected] if you would like to recommend an item for inclusion.

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