"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 16, 2018

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EY Launches Cybersecurity-as-a-Service
EY is pleased to announce the expansion of a strategic alliance with Microsoft to develop and integrate enhanced cyber defense solutions that help companies manage and respond to cyber threats. EY service offerings now include Cybersecurity-as-a Service supported by Microsoft's Threat Protection solutions to detect attacks that employ advanced malware and persistent remote access attempts. Read more.

Insurers Shift IT Spending To Digital, Data
Despite rapid changes in technology, and massive capital inflows to the InsurTech market, the average insurer's overall IT spending level is not poised to change much for 2019; but within the average budget, there are signs of a shift towards digital and data away from core, according to the 11th annual Insurer IT Budgets and Projects report from research and advisory firm Novarica. Read more.

Insurer & Broker Connectivity Moves Forward
Hubio Technology, provider of technology solutions that connect insurers with the outside world, including agents, brokers, third party data suppliers and regulators, is pleased to announce that Red River Mutual has completed EDI download from the Guidewire platform to their brokers, integrating with multiple BMS solutions. Read more.

Travelers, Amazon Team On Smart Home Solutions
The Travelers Companies, Inc., is pleased to announce it has teamed up with Amazon to offer smart home kits and valuable insurance and risk management information through the insurance industry's first digital storefront. Read more.

Deloitte, Opta Partner On Small Business Solution
Deloitte Canada is pleased to announce its strategic alliance with Opta Information Intelligence, a leading Canadian provider of residential and commercial structured risk information and property data. Read more.

Aviva Releases Claims Pay-Out Rate — 98%
New data from Aviva Canada dispels the widespread myth that insurance companies like to collect premium dollars from customers but don't pay customers' insurance claims when they happen. The vast majority of claims from customers – 98 per cent – are paid out by Aviva Canada. Read more.

WeGoLook & Guidewire Form Solution Alliance
Guidewire Software and Crawford & Company have announced that WeGoLook® has joined Guidewire PartnerConnect™ as a Solution partner, and WeGoLook's new Ready for Guidewire validated integration is now available to customers on the Guidewire Marketplace. Read more.

Insurance Industry Sets Its Sights On DevOps
The insurance industry has set its sights on DevOps: the practice of unifying software development and operations to optimize application delivery via process automation, lightweight governance, and critical changes in organizational structure. But carriers also face notable challenges in attempting to implement it. Read more.

Carriers & Cyber Risk Modeling Partners
Underwriting cyber insurance requires understanding threats that have yet to emerge. Fortunately for carriers, a limited number of risk modeling firms can offer assistance which includes cyber risk. Read more.

Digital Experiences Disappointing Consumers
Across all industries, a clear majority of consumers say their experiences using digital tools and services fall short of expectations, says Gartner. Read more.

Navacord's First Broker Partner in Sask.
Navacord Corp. is pleased to announce the addition of Henderson Insurance, one of Saskatchewan's premier insurance brokerages, as their first Broker Partner in the province. With the support of Henderson Insurance, Navacord is well positioned to continue to build out their business across Canada. Read more.

PROLINK Opens First Atlantic Office
PROLINK – Canada's Insurance Connection – has acquired New Brunswick's Manzer Insurance Services Inc.To date, PROLINK has served its clients across Canada from its operations based in the Greater Toronto Area. Read more.

A.P. Reid Insurance To Acquire Wardell Insurance
A.P. Reid Insurance Limited has announced its intention to acquire Wardell Insurance Limited of Burlington, ON, effective January 1, 2019. The employees of Wardell Insurance will join the A.P Reid Insurance Ontario team. Read more.

CSIO Updates Data Standards For Cannabis
The Centre for Study of Insurance Operations has updated its data standards and forms to incorporate the upcoming legalization of cannabis. These updates address the collection of data related to the cultivation and use of cannabis. Read more.

First General Expands Into Kamloops
First General continues to strengthen their network across Canada with the opening of First General Kamloops. This office will cover Kamloops and surrounding areas, including Merritt, Sun Peaks, Ashcroft, Cache Creek, Clinton, Clearwater & Salmon Arm. Read more.

A.I. Hottest Tech In Insurance: SMA
Artificial intelligence stands out as one of the hottest technologies in the insurance industry in 2018. But the focus is not so much on the technology itself as on the business challenges AI is addressing. Read more.

CSIO Working Group For JSON Data Standards
The Centre for Study of Insurance Operations is pleased to announce a new working group to launch the development of JSON (JavaScript Object Notation) standards for the exchange of data in the P&C insurance industry. Read more.

Treating Consumers Fairly Guideline: FSCO
Following industry consultations and a wider public consultation earlier this year, the Financial Services Commission of Ontario has released its Treating Financial Services Consumers Fairly guideline. Read more.

Sonnet Teams Up With NHL Players
Sonnet, Canada's first fully online home and auto insurance, has partnered with the National Hockey League Players' Association (NHLPA) to feature members of the NHLPA in a campaign that highlights the evolution of the game and its all-stars. Read more.

Police Uncover VIN Cloning Operation
The Edmonton Police Service's Auto Theft Unit has arrested three people and recovered seven stolen vehicles in relation to a VIN cloning operation. Read more.

The Intersection: Blog

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

Whither Goeth InsurTech? (The Continuing Story)
“InsurTech” is in its third year of driving digital transformation. At the outset, there was significant interest in using new technologies to improve the existing insurance programs and assist in developing new products and services. However, some cynics, and other just plain normal folk, have become weary with promises of disruptive improvement that hasn't actually materialized.
Is “transformation” just around a few corners, or a longer stretch? Join recognized experts and your colleagues on 7 November at InsurTech2018 to cast your ballots. Read more.

InsurTechTO - Monday, November 6, 2017
November 7, 2018 – Toronto Sheraton Centre

Insurance businesses of all sizes and domains are actively reinventing themselves to become more InsurTech-like.

Hear about “InsurTech Best Practices in Broker Distribution” from Michael Loeters, Prolink; Adam Mitchell, Mitchell & Whale; and Danish Yusuf, Zensurance; with moderator Ian Portsmouth, Canadian Underwriter.

Can traditionals go the InsurTech route? Kanetix Ltd. is leading the way. Learn from Janine White just how important data is in the transformation.

Join your peers – insurers, brokers and others – big and small, from across the industry.

Register now or learn more.

Digital Trends & E-Signatures
for Canadian Insurance

Free webinar – this Thursday, Oct. 18, at Noon

Everyone is going digital – but you can't get there with paper in the process!

Improve your customer experience and your efficiency too!

Catch up. Learn from this e-signature update with case studies.

Mary Ellen Power, VP Marketing, OneSpan
Fred Onorato, Regional Sales Manager, OneSpan

Click here to register or for details.

MGA Technology Symposium — Tuesday, November 27, 2018 — Malaparte, Toronto

From Doug

InsurTechTO is just three weeks away!

InsurTech startup pitches offer an exciting window into areas of the insurance business where opportunities remain untapped. The startups featuring in our pitch competition will be announced soon.

The three main characteristics of incumbent insurance practitioners transitioning to InsurTechs are an “innovative culture”; implementing and improving digital processes according to best practices; and using new technologies.

As Gartner's Kimberly Harris-Ferrante noted at the ACORD Connect conference: “Everyone is talking about InsurTech and everyone wants in the game – but to what end are they investing?”

“[Insurers] say to me, ‘Kimberly, we're spending all this money and getting zero ROI!’  That's because you're just playing.”

But Harris-Ferrante puts her finger on the hardest thing for insurance companies to do—become different insurance companies.

In other words, it comes down to the “culture.”

Register here and join us at InsurTechTO!

Doug Grant, CIP

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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