Insurance-Canada.ca "Chronicle" weekly newsletter
Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 18, 2018

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INSURANCE INDUSTRY NEWS

Tech Trends Defining The Future Of Insurance: EY
Dramatic changes are reshaping the insurance industry, and forward-looking insurers are taking action to become more customer-centric, improve their pricing and create operational efficiencies. EY's global insurance team has identified five key issues and trends that should be on the radar for insurance company leaders. Read more.

Mitchell Issues 2018 Q4 Industry Trends Report
Mitchell, a leading provider of technology, connectivity and information solutions to the P&C claims and collision repair industries, has released its Industry Trends Report for the fourth quarter of 2018. The report explores how intelligent automation is changing the nature of work in insurance, collision repair, and beyond, and provides insights into key industry trends. Read more.

Innovation Critical for Future Success
A significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, according to results of an A.M. Best survey of its rated entities on the subject. These survey results are part of an extensive A.M. Best special report on innovation. Read more.

When “OK, Google” Recommends Insurance
Digital marketing strategy and technology in the insurance space will continue to change radically in 2019, according to Smart Harbor’s Insurance Trends study. Advances in artificial intelligence (AI) are enabling digital assistants to become smarter about insurance, Google’s mobile-first indexing will change the way content is ranked, and texting is becoming a mainstream form of client service communication for millennials – all changes insurance agencies must consider in advancing their sales and marketing to compete. Read more.

InsurTech Trends To Accelerate In 2019
It was a breakout year for InsurTech companies, attracting both talent and funding to insurance – an industry long overdue for innovative disruption – as InsurTech quarterly financing volume for Q3 rose more than 60 percent from Q2 2018. The excitement increasingly surrounding InsurTech indicates that 2019 promises to be an even more meaningful and game-changing time for InsurTech. Read more.

Fires, Explosions Cause Largest Business Losses
Cyber risks and the impact of new technologies will have an increasing influence on the corporate loss landscape in years to come. However, it is fire and explosion incidents that cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty (AGCS). The vast majority of corporate insurance claims originate from technical or human factors despite natural catastrophes such as hurricanes, having caused devastating losses over the past two years. Read more.

Global Investments In InsurTech: Aite Group
The global insurance industry is undergoing an identity refresh influenced by consumer behaviors and expectations. As insurers seek more efficient and intuitive processes, equity investments from outside sources are flowing into insurance-focused fintech companies. Aite Group's newest report explores equity investments into fintech companies from an outside source. Read more.

The Co-operators Selects Guidewire Analytics
The Co-operators has chosen Guidewire Predictive Analytics™ for Claims to embed predictive insights into Guidewire ClaimCenter™ and supplement the systems it has in place. Guidewire Software provides the industry platform that P&C insurers rely upon. The Co-operators has been a ClaimCenter customer since 2008. Read more.

Hub Acquires Rise People Benefits Practice
Hub International Ltd. is pleased to announce it has acquired the employee benefits practice of Rise People Inc. Moving forward, Hub will also work with Rise to bring Rise's human resources, time tracking, payroll and benefits administration solution to Hub's Canadian employee benefits clients. Read more.

Rise People To Power Group Benefits Advisors
Rise People, a leading digital HR and payroll software platform, has launched an expansion strategy to become the technology backbone for the benefits industry, linking every benefits carrier and advisor with Canadian companies and their employees – all within a single platform. Read more.

UK-Based Trak Global Group Acquires IMS
Trak Global Group (TGG), a British telematics company that provides the technology for almost 25% of usage-based insurance policies in the UK, is to acquire Canada's Intelligent Mechatronic Systems Inc., based in Waterloo Region and operating globally, for an undisclosed fee. Read more.

National Bank Insurance Partners With Breathe Life
National Bank Insurance is pleased to announce a partnership with Breathe Life, a leading Canadian InsurTech specialized in developing direct online insurance distribution solutions. This alliance will accelerate the availability of more secure and frictionless life insurance products to consumers directly online. Read more.

Online Therapy For Group Benefits Plan Members
In January, eligible group plan members of The Co-operators can access therapist-guided, internet-based cognitive behavioral therapy (iCBT) through their extended group benefits plan health care coverage. The new service, offered through The Co-operators partner Morneau Shepell, will be included with coverage for psychologists or social workers. Read more.

Canada's Top 10 Stolen Vehicles: IBC
Insurance Bureau of Canada has released its annual list of Canada's most frequently stolen vehicles, which is compiled using data from its members across the country. Once again, the Ford F-Series trucks topped the list. These light- and medium-duty trucks are popular with auto thieves across Canada. Read more.

Where's The Safest Place To Drive In Canada?
Allstate's annual Safe Driving Study shares collision data with Canadians, ranking the safest cities for driving and identifying emerging trends seen on the road. Allstate wants to help make communities even safer by asking Canadians to submit their suggestions on what could be changed or enhanced to improve safety in their community. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Communicating in Today's Language
Back in November 2017, I published a post, “The 4th Generation of the Previously Unthinkable,” describing how technology emerges and overtakes old paradigms. And a funny thing happened. I expected some pushback. But nothing came. I did a short update in this space two months ago, “Thanks for the Previously Unthinkable.” Still nothing. I was really worried. Based on previous experience, I simply assumed there would be pushback. Read more.


17th annual Insurance-Canada.ca Technology Conference – “A New Insurance Order” – Feb. 26-27, 2019
17th annual Technology Conference
“A New Insurance Order”
Feb. 26-27, 2019 — Beanfield Centre, Toronto

Mingle with the nominees for our annual Technology Awards (ICTAs), celebrate the finalists, and discover the winners at the 2019 Insurance-Canada.ca Technology Conference, “A New Insurance Order.”

Presentations will include the stories of two insurance start-ups who began with a clean slate:

Starting From Scratch: Customer First
• Steve Livingstone, President & CEO, aha insurance

Steve built a new brokerage from the ground up. Hear about his experience and the lessons learned.

An InsurTech Startup: The Digital MGA
• Jeff McCann, CEO, Digital MGA Marketplace Ltd.

As a digital MGA, Jeff practices the mantra of technology doing the transaction processing and people adding value.

See more topics, or register now to capture extra earlybird discounts, only until Dec. 31!

Visit insurance-canada.ca/ictc for complete details.


ICTC2019: “A New Insurance Order” — 17th annual Insurance-Canada.ca Technology Conference — Feb. 26-27, 2019 — Beanfield Centre, Exhibition Place, Toronto


From Doug

This is the last issue of our newsletter for 2018. After a short holiday break, the Chronicle will return on January 8, 2019.

Our annual Technology Conference (ICTC2019) continues to develop. New sponsors this week include MCCG, IBAO, and CAA Insurance.

Additions to the faculty include John Elliott, SVP and CIO at RSA; and Catherine Kargas, VP at MARCON, returning with her expertise in mobility and the impacts on insurance.

We are adding some InsurTechs into the mix for additional perspectives, both on the agenda and in the Experience Zone.

As we enter the Christmas season and festivities begin for a variety of faiths and cultures around the world, the Insurance-Canada.ca team wishes you a safe and merry holiday – and for the new year, every success for yourself and your business.

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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