"Chronicle" weekly newsletter - Where insurance and technology meet

NOVEMBER 13, 2018

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Emerging Risks Facing P&C Insurers
Verisk, a leading data analytics provider, has released a report that gives property/casualty insurers unparalleled insight into today's evolving risk landscape: Insurance Perspectives on Evolving Risks looks across geographic and disciplinary borders to examine themes ranging from climate-related events to blockchain technology and drones. Read more.

Top 10 Strategic IoT Technologies and Trends
Gartner, Inc. has highlighted the top strategic Internet of Things (IoT) technology trends that will drive digital business innovation from 2018 through 2023. Gartner shortlisted the 10 most strategic IoT technologies and trends that will enable new revenue streams, business models, experiences, and relationships. Read more.

L&A Insurers Take Strategy Cues From InsurTech
The rise of new InsurTech entrants has inspired incumbent Life/Annuity carriers to reevaluate the ways they have historically addressed consumer, agent, wholesaler, and broker-dealer needs. In a new brief, Novarica discusses lessons learned in marketing, product, and distribution as incumbent carriers work with and/or alongside innovative startups. Read more.

TIC White Paper: Learnings From D/X Initiative
The Toronto Insurance Council has released an insurance industry white paper detailing learnings from “The D/X Initiative.” Read more.

CFOs Expand Role In Digital Transformation
Chief financial officers at insurance companies and banks are playing a growing role in digital transformation by leveraging new data and analytic technologies and by assuming greater influence in decisions about technology investments, according to new research from Accenture. Read more.

DXP & aPaaS For Insurers: Novarica Overview
Digital engagement with distributors and customers remains high-priority for insurers. While most portals today are either custom builds or vendor applications, insurers are exploring new classes of solution provider to help them deploy digital capabilities. Novarica's latest brief provides an overview of two solution categories—digital experience platforms (DXPs) and application Platform-as-a-Service solutions (aPaaS)—as well as profiles of vendors in both categories. Read more.

Driver Coaching With Telematics: Aite Group
Insurance carriers are desperate to strike a balance between increasing customer engagement and managing downside risks and their bottom lines. Aite Group's latest report, Driver Coaching With Telematics: A Pathway to Carrier Competitive Advantage, examines the challenging trends insurance carriers face, such as greater driver distraction, diminishing driver skills, lack of customer cooperation, and lack of real-time information. Read more.

CoreLogic Expands Flood Solutions Into Canada
CoreLogic® is pleased to announce the availability of its Canada Flood Risk Score and its Weather Verification Services for hail in Canada. Insurers can now streamline the underwriting process, mitigate loss, improve client satisfaction, provide appropriate premiums and deductibles based on a holistic assessment of risk, and build loyalty by settling claims more efficiently. Read more.

Cyber Attacks Are Top Risk In North America
Cyber-attacks are the number-one risk in North America – and also in Europe, Asia and the Pacific. Read more.

Crawford Extends Cyber Coverage To SMEs
Although cyberattacks on large organizations receive more attention, small to medium-sized enterprises (SMEs) are at considerable risk of such attacks. Crawford & Company (Canada) Inc. is pleased to announce it has developed an industry solution to address the specific needs of SMEs. Read more.

Unica Launches Privacy Breach Coverage
Unica Insurance is proud to announce the launch of Privacy Breach coverage, two endorsements offering solutions for a risk that now affects Canadian businesses of all sizes. These Privacy Breach coverage solutions offer comprehensive expense and liability protection tailored specifically for Unica's dedicated business segments at a competitive price – with additional features such as pre-breach and post-breach services available through a partnership with CyberScout™. Read more.

Opta Joins Guidewire As A Solution Partner
Opta Information Intelligence and Guidewire Software, Inc., are pleased to announce that Opta has joined Guidewire PartnerConnect™ as a Solution Partner. Opta's new Ready for Guidewire validated integration is now available to customers for download in the Guidewire Marketplace. Read more.

Applied Systems, ePayPolicy Announce Payment Processing Integration
Applied Systems and ePayPolicy are proud to announce that ePayPolicy is now an Applied Solutions Partner. Through this partnership, agencies and brokerages using Applied CSR24® will have expanded payment processing choice to easily collect insurance payments made by credit card or ACH. Read more.

CAA Club Group To Purchase Echelon Insurance
Echelon Financial Holdings and CAA Club Group have entered into a definitive agreement for EFH to sell Echelon Insurance – its main operating subsidiary that is incorporated under the Insurance Companies Act – and the unregulated warranty business held directly by EFH to CAA for CAD 175 million, payable in cash. Read more.

Navacord Expands Construction Practice
Navacord Corp, one of Canada's largest commercial brokers, continues to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Read more.

Hub Acquires Tri-Line Agencies Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Saskatchewan-based Tri-Line Agencies Inc. Terms of the transaction were not disclosed. Read more.

Hub Acquires Kuokoa Enterprises Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Alberta-based Kuokoa Enterprises Inc. Terms of the transaction were not disclosed. Read more.

Big Gains, Bets In US L&A Independent Channel
U.S. independent insurance agents and brokers can celebrate a four-year growth trend, reports Reagan Consulting with the release of its third-quarter Organic Growth and Profitability (OGP) study. The industry organic growth rate in Q3 was tied for the highest growth rate in the last 15 quarters. Read more.

SGI's Winter Driving Tips
The main cause of collisions in winter months is failing to adjust to the changing conditions. Snow, ice and freezing rain reduce traction. Drifting and blowing snow, fog, whiteouts, gas exhaust clouds and frosted windows may severely limit visibility. SGI offers some winter driving tips to Canadian drivers across the country. Read more.

Moncton Man Sentenced Over Cheque Fraud
The results of an Aviva Canada investigation into a Moncton man recently sentenced to 30 days in prison for cheque fraud highlight the ever-present risk of fraud to consumers and the auto insurance system, but also demonstrate the value of decisive action by police. By Aviva's estimates, automobile insurance fraud costs more than CAD 2 billion every year. Read more.

The Intersection: Blog

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

The Giant Is Awake?
In early 2018, Rick Huckstep – an InsurTech trendsetter – wrote about milestones since 2015. These were early days, and practitioners were simply mirroring FinTech (banking, etc). By the end of 2017, Huckstep noted that “the sleeping giant of insurance has been woken roughly from its slumber.”
Based on presentations at InsurTechTO last week, there are leaders in the industry, but the majority is still getting started.
This post highlights a few of the experts' forward-looking comments. If you would like to see the full faculty in action, we have an offering you will find second only to the in-person event. Read more.

MGA Symposium
Technology: The Heart of Your Enterprise

Tuesday, November 27 — Malaparte, Toronto

What are the main issues facing MGAs? Hear about MGA Industry Challenges from:
David Cook, President, ENCON
Gary Hirst, President, CAMGA
David Harris, COO, Angus Miller Ltd.
(Moderator:) David Gambrill, Editor-in-Chief, Canadian Underwriter

Where does technology fit? What opportunities does it bring?

An MGA - technology partnership discussion will offer an example in Cansure: An MGA Technology Case Study, featuring:
Cameron Copeland, President, Cansure
Brock Andrew, COO, Custom Software Solutions Inc.

Hear about the rewards from ten years in partnership.

Register now, or for complete details, visit

Custom Software Solutions Inc.

I-Client Digital Broker Solutions

As a broker, you know your customers expect more service options and greater mobility. Custom Software's I-Client provides insurance brokerages with solutions for today's digital customer.

  • NEW Customer Online Portal
  • Online Quoting System
  • 24/7 access from any device
  • Fully customizable
  • Industry-leading, real-time digital platform

Learn more or contact us for a demo.

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

Couldn't attend InsurTechTO last week?
Find out what you missed & catch on up all the insurance thought leadership with on-demand video access!

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

From Doug

While grappling with InsurTechTO, I have also been developing the upcoming MGA Symposium. Having been a part of the Canadian insurance industry for a long while, I have a certain sense of the business across the board; but how well do I know the MGA space?

There has been a great response as we have invited speakers and defined topics to create a solid agenda and a meaningful day.

Challenges and issues, of course, define the appetite for change; we are delighted to have senior MGA executives discussing both challenges and opportunities – and where technology fits in on both sides of the equation.

The rapid rate of raw technology innovation and how that is being translated into useful tools in insurance generally and for MGAs more specifically will be explored.

Through this period, what have I learned? I now know a lot better what I don't know; turns out there are lots of twists and turns, nooks and crannies.

Join me and your insurance peers at the MGA Symposium to explore “Technology: The Heart of Your Enterprise” and discover how it may change the competitive landscape.

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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