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SEPTEMBER 11, 2018

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INSURANCE INDUSTRY NEWS

Who Takes the Lead on Cyber?
A majority of executives around the world feel they face a “specialist-generalist” dilemma as to whom leads on cyber resilience due to its critical nature across the company, but also the recognition that specialization is necessary, according to a global survey sponsored by Willis Towers Watson. Read more.

Aon launches New Silent Cyber Solution
Aon plc is continuing its investment in cyber with the launch of its silent cyber solution to protect insurance carriers from silent cyber exposures through reinsurance with the goal of mitigating the risk of the silent exposure in a carrier's portfolio. Read more.

Profitability Gaps In Major Non-Life Markets
Most major non-life insurance markets worldwide are in a phase of below-average profitability. The latest sigma report from the Swiss Re Institute reveals that insurers in major western markets need to improve underwriting margins if they are to deliver desired return on equity in the future. Read more.

Digital Multi-Channel Distribution Mastery
In the changing and competitive insurance marketplace of Digital Insurance 2.0, re-thinking and improving distribution is critical to insurers' growth, according to a new thought leadership report released jointly by Majesco and Denim®. Read more.

Vertafore, Pathway Launch New Integration
The robust Pathway automated insurance platform will now be available to the Canadian insurance brokers who use the Keal Broker Management System, SIG, thanks to the new partnership between Vertafore and Pathway. Keal users will now have a seamless two-way data synchronization with Pathway. Read more.

Opportunities In Changing Market Dynamics
Swiss Re sees current improvements in the overall market environment as a chance for the insurance sector to embrace new market dynamics, such as increased use of digital solutions. Companies that respond proactively with more relevant solutions and services in support of their customers' goals will benefit most from long-term opportunities. Read more.

CSSI, Stage2Data Enter Strategic Partnership
Custom Software Solutions Inc. and Stage2Data have entered into a strategic partnership which will see CSSI become an Authorized Service Provider of cloud services offered by Stage2Data, including Infrastructure as a Service (IaaS), Back-up as a Service (BaaS), Disaster Recovery as a Service (DRaaS) and Software as a Service (SaaS). Read more.

[24]7.ai, KPMG Align On Engagement Solutions
KPMG LLP is teaming with [24]7.ai, a leader in intent-driven customer engagement solutions, to help companies enhance the customer service experience and accelerate digital transformation while reducing the overall cost to serve customers. Read more.

Urban Advantage Implements Majesco Solutions
Majesco, a global provider of core insurance software and consulting services for insurance business transformation, today announced that Urban Advantage, an InsurTech start-up based in California, implemented Majesco Policy for P&C and Majesco Billing for P&C on the Majesco CloudInsurer platform in 95 days for dwelling fire, enabling their rapid launch into the personal lines market. Additional products are in development for a similar rapid rollout. Read more.

XL Catlin Launches Seamless Space Insurance
XL Catlin has announced the launch of a new seamless space insurance coverage policy for satellite owners, manufacturers and launch providers which covers all physical damage exposures from pre-launch to launch activities through deployment of the spacecraft in orbit. Read more.

Gold Key Joins Sharp Insurance Group
Gold Key Insurance Ltd. and Gold Key Registry Ltd. have announced that they will join Sharp Insurance, one of the fastest-growing brokerages in Alberta. Terms of the transaction were not disclosed. Read more.

Crawford Acquires JDS Adjusters Ltd.
Crawford & Company (Canada) Inc. is pleased to announce the acquisition of James, Dube, Spraggs Adjusters Ltd., in support of Crawford's strategic endeavour to attract the best talent in the industry to serve clients' needs. JDS Adjusters has locations in Winnipeg and Brandon, Manitoba. Read more.

Hub Acquires Access Insurance Brokers Inc.
Hub International Limited, a leading global insurance brokerage, announces that it has acquired Access Insurance Brokers Inc. Terms of the transaction were not disclosed. Read more.

Refexio DKI Acquires Ottawa-based Novatech DKI
Refexio DKI, the leading property restoration company in Montreal, is pleased to announce the acquisition of Novatech DKI, in Ottawa. Novatech DKI provides high-quality full property restoration services to the Ottawa region and recently celebrated its 30th anniversary in business on July 27, 2018. Read more.

ParioQuantify Expands into Quebec Region
ParioQuantify, one of Canada's leading providers of property damage assessment and audit services, is pleased to announce it has broadened its insurance claims services coverage to the province of Quebec and Eastern Ontario. As part of its continued commitment to customers to provide nationwide expansion and coverage, ParioQuantify is pleased to welcome Martin Leonard as National Property Specialist. Read more.

Strategy Helps Insurers Leverage Data Analytics
The insurance industry has embraced data analytics, but many insurers are still struggling with basic data quality issues instead of mining for insights. In a new brief, research and advisory firm Novarica identifies key issues and best practices for developing and maintaining a comprehensive data strategy that looks across the entire organization. Read more.

Storms Hitting Prairie Provinces Hard
Summer storms across the Prairies have caused more than CAD 200 million in insured damage so far in 2018, according to Catastrophe Indices and Quantification Inc. Since May 2017, weather-related insured damage on the Prairies has reached CAD 464 million. Read more.

Working Toward A Solution For Nfld. Drivers
Amanda Dean, IBC's Atlantic Vice-President, sent a letter to the House of Assembly outlining the issue of rising auto insurance costs faced by drivers in the province and presenting IBC's recommended steps toward a solution. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Personalized By Platforms: Just What We Wanted?
Ever since I started working in the insurance community, I learned (and repeated) an admonition to tech leaders: “Technology enables, but content rules.” In other words, knowledge workers (underwriters, claims adjudicators, channel managers, etc.) trump IT workers, if the latter couldn't immediately serve the former. This is shifting in the favour of technology. While my heart is breaking, I have to pocket my favourite aphorism and look to tomorrow's reality today. Here are some major bumps in the insurance and technology world ... Read more.


Free thought leadership webinar:
Modern Data Platforms: Dealing with Disruption in the Era of Advanced Analytics and AI

Tomorrow! Wed., Sept. 12, at Noon

In this webinar, X by 2 will share practical strategies for adapting traditional data platforms to cope with emerging new paradigms in data and analytics, with a focus on:

1. Enterprise Architecture strategies that enable your data infrastructure to serve both traditional and more advanced algorithmic use-cases.

2. Patterns to bridge the Business-IT divide for efficient and timely delivery of strategic data capabilities.

Register now or learn more.


InsurTechTO 2018: Driving Advantage From InsurTech — Wednesday, November 7, 2018, at the Toronto Sheraton Centre — #InsurTechTO

Last week to register at the lowest rates!


“The Digital Future of Insurance: Is Risk Passé?”

Available On-Demand!

Did you miss the Executive Forum on August 28? It's not too late for you to “attend” this executive-level look at the major issues facing the Canadian property/casualty insurance industry.

On-demand video access lets you experience the highlights of the Executive Forum any time, anywhere.

Attended? Special pricing exclusively for delegates!


From Doug

“What is [an] InsurTech?” Last week, I noted that InsurTech relates to making an insurance process more digital.

To us, an InsurTech could be a firm which is regulated – an insurer or reinsurer, agent or broker, or MGA – which has recently implemented new technology-based solutions. These would be characterized by improved CX, some degree of omni-channel communications, marrying external data into a process to reduce steps, etc.

These elements should be approaching state-of-the-art. This could be (but don't need to be) enabled by leading technologies such as advanced or predictive analytics, AI, Machine Learning, Blockchain, APIs, voice, etc.

But an Insurtech can also be a services provider who uses such technologies or is otherwise innovative to provide data to practitioners using such tech, or to perform out-sourced services such as restoration, repair, inspections, etc.

Finally, a large number of both startups and traditional firms have developed advanced technology-based processes and skills which they offer to insurance practitioners. We include them too – classed as InsurTech[nology] providers.

More next week.

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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