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Insurance-Canada.ca - Where insurance and technology meet

MAY 8, 2018

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INSURANCE INDUSTRY NEWS

Guy Carpenter's New Cyber Risk Modeling Platform
Guy Carpenter & Company is pleased to announce its two-year strategic relationship with CyberCube Analytics has produced the industry's first cyber risk modeling platform with an inside-out view of cyber risk exposure. Read more.

Applied IVANS Exchange Launches
Applied Systems announces the launch of Applied IVANS Exchange, which offers brokerages greater download connectivity, enabling brokers to gain access to the latest policy information throughout servicing and underwriting. Read more.

What's Hot in P&C Core Systems Purchasing
Strategy Meets Action has released a new research report which analyzes P&C insurers' core systems buying decisions with the aim of illuminating insurers' new priorities for their core environments and bigger changes still to come in the core systems marketplace. Read more.

Aviva Launches Group Critical Illness insurance
As a complement to its commercial business, Aviva Canada has launched Aviva Group Critical Illness insurance, a group plan for employers, associations or unions that provides financial protection for their employees, plan members and their spouses. Read more.

Westminster Mutual Unveils Online Quoting
Westminster Mutual Insurance Company has launched automobile and property online quoting to its brokers, agents and consumers through a partnership with Mutual Concept Computer Group Inc. Read more.

Brokercore Integrates CSIO eDelivery Solution
Brokercore Inc. will integrate CSIO's My Proof of Insurance eDelivery solution into its broker management system, enabling brokers to send customers digital policy documents for personal and commercial lines, including proof of auto insurance (eSlips), without leaving the BMS. Read more.

SGI Partners With Nuera Insurance
SGI CANADA and Western Canadian-based online brokerage Nuera Insurance have entered into a partnership agreement to offer SGI CANADA's personal lines products in Alberta, B.C., Manitoba and Ontario. Read more.

Northbridge, DAS Partner On Legal Exposure
DAS Canada is proud to announce a new partnership with Northbridge Insurance, designed to protect Northbridge Insurance's Onyx customers from legal expense exposures. Read more.

Bay Insurance Joins Archway Insurance
Archway Insurance, one of Atlantic Canada's largest insurance brokerages, is pleased to announce that Bay Insurance & Financial has joined forces with the rapidly expanding brokerage. Read more.

Navacord Acquires Book of Business
Navacord Inc., a leading Canadian Insurance brokerage, is pleased to announce it has acquired Mario Zganjer's book of business. Mario will be joining Navacord's GTA based partner, Jones DesLauriers Insurance Management, effective May 1, 2018. Read more.

Hub Acquires Shares Of dElta Group
Hub International Limited, a leading global insurance brokerage, has acquired the shares of Les Avantages Sociaux Delta Inc., operating as The dElta Group. Read more.

Hub Acquires Carlton Insurance Brokers
Hub International Ltd. is pleased to announce it has acquired the shares of Alberta-based Carlton Insurance Brokers Inc. Read more.

EIS Group Delivers Dental Claims Management
EIS Group is pleased to announce that the latest version of the ClaimCore® claims management solution supports claims for dental insurance and enables benefits insurers to reduce costs through improved accuracy, efficiency, and auto-adjudication, and to support growth through enhanced self-service. Read more.

IBC Launches Flood Risk Campaign
Insurance Bureau of Canada has kicked-off a new interactive consumer "Flood Factor" education campaign that will take place this spring and summer in British Columbia, Alberta and Ontario. Read more.

Ont. Auto Rates — What's Happening?
The Financial Services Commission of Ontario reports that in the first quarter of 2018, approved Ontario auto insurance rates increased on average 2.23 per cent. Read more.

Storm Surge Damage Cover Launches In BC, NS
The Co-operators has become the first and only insurer in Canada to offer storm surge coverage. A new addition to its Comprehensive Water product will protect homeowners in British Columbia and Nova Scotia from waves caused by storms and hurricanes which present a significant flood risk. Read more.

National Effort To Build Wildfire Resilience
Get 'FireSmart'! Starting on May 5, municipalities from coast to coast to coast will join a national effort to reduce wildfire risk to local homes and environments in anticipation of this year's wildfire season. Read more.


The Intersection: Insurance-Canada.ca Blog

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

2020 for Self Driving Cars: The Future of Automobiles and Regulations
In 2013, when Catherine Kargas, VP at MARCON, presented at some of Insurance-Canada.ca's events on self-driving or autonomous vehicles, attendees were interested, but there was no ‘impact’ to feature, as the vehicles wouldn't be allowed on the road for some time.

Fast-forward to today, and we have test autonomous vehicles traveling on highways. The count will grow. Can we handle this? Read more.


Last Call: Webinar, May 10, 12:30 pm (ET)

“Leveraging Machine Learning For Digital Marketing Success”

Kanetix Ltd. and Google share their lessons learned for harnessing machine learning to improve your digital marketing.

Register now or learn more.


“AI: The Foundation of Next-Gen Insurance”

Half-day seminar (morning), Wed., May 30

AI can help increase precision in marketing, underwriting, risk mitigation, service, claims, and more. Hear from Benjamin Von Euw, Enterprise Architect at Industrial Alliance, about early implementations and their impact. Plus too about drones and AI; medical diagnostics and Machine Learning; and more.

Register today or see complete details.


From Doug

Finally, my definition of InsurTech. It is not the technology, but it must be digital. Nor is it the insurance apps. Rather, InsurTech is the organization which is building and/or deploying digital technology.

It is doing so to remove a point of friction (cost or time), or to create a new product or service addressing a new need or opportunity.

Also, the business uses agile, iterative, learn-fast techniques. The business could be a startup or incumbent. It could be an insurer, broker, or service provider; or an IT provider to them.

Now, my AI conundrum. There is a set of tools – technologies – in this space, and while Artificial Intelligence seems to be the generic term bandied about, others tend to come in the same breath: machine learning, deep learning, (deep) analytics, natural language processing, robotics, and more.

Is each of these separate from the others? (In that case, I can readily understand how AI could be used in each of the other technologies to improve them.)

Or is AI an umbrella over them all?

Have you come across a simple summary or chart which explains the relationships?

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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