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Insurance-Canada.ca - Where insurance and technology meet

MARCH 5, 2019

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INSURANCE INDUSTRY NEWS

CAA Insurance & Octo Telematics Win Tech Award
Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, with their partner CAA Insurance, was named the Best Technology Provider at the 2019 Insurance-Canada.ca Technology Conference in Toronto on Tuesday. Winners were selected by a jury from among six impressive finalists. Both companies were recognized for CAA MyPace™, Canada's first “pay-as-you-drive” insurance offering. Read more.

Making Sense Of A.I. And Its Impact: RIMS
The risk of not adopting some form of artificial intelligence can be much greater than the potential risks of implementation according to the latest RIMS Professional Report, "Making Sense of Artificial Intelligence and Its Impact on Risk Management." Read more.

Cyber Finally A Leading Global Risk For Companies
In the wake of mega data breaches and privacy scandals, cyber risk is now a core concern for businesses in 2019 and beyond. According to the 2019 Allianz Risk Barometer, cyber incidents are neck-and-neck with business interruption as the top business risks globally, followed by natural catastrophes and changes in legislation & regulation. Read more.

Brokerages Embrace CSIO eDelivery Solution
CSIO's My Proof of Insurance eDelivery solution is celebrating its inaugural anniversary and the many successes it has had over the first year. Since its launch in February 2018, more than 620 brokerages have chosen My Proof of Insurance as their solution to securely deliver electronic policy documents and eSlips to customers in place of paper. Read more.

Commercial Insurance Pricing Increased In Q4
Global commercial insurance pricing increased for the fifth consecutive quarter in the fourth quarter of 2018, according to Marsh's quarterly Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world's major insurance markets and comprising nearly 90% of Marsh's premium. Read more.

SSQ, SAS Partner To Prepare For IFRS-17
SAS, the leader in analytics is partnering with SSQ Insurance to support their journey toward IFRS 17 compliance. The new International Financial Reporting Standard is expected to increase the complexity and cost of operating in the industry but will improve financial transparency. Read more.

Property Claims Satisfaction Solid For Insurers
Against a backdrop of deteriorating property loss ratios and low premium growth, property insurers are earning high marks for overall customer satisfaction, but there are still some components of the claims process that are falling short, according to the J.D. Power 2019 U.S. Property Claims Satisfaction Study. Read more.

Auto Insurance: Ontario's Most Expensive Cities
From Hamilton to Brampton, Vaughan to Whitby, drivers in the Greater Toronto Area pay more for auto insurance than drivers elsewhere in the province. According to Kanetix.ca's InsuraMap, premiums in the five most expensive cities (which are also some of the province's largest) exceed the average Ontario auto insurance premium by up to one thousand dollars. Read more.

Promutuel Extends PolicyCenter To Personal Lines
Promutuel Insurance, one of Quebec's largest Property & Casualty insurers, and Guidewire Software, provider of the industry platform P&C insurers rely upon, have announced that Promutuel Insurance has extended deployment of Guidewire PolicyCenter™ to its personal lines of business. Read more.

Great-West Life Expands Cannabis Coverage
With more than 300,000 Canadians and counting choosing cannabis for medical treatment, Great-West Life is pleased to announce it has expanded its coverage of medical cannabis, including a new agreement with Shoppers Drug Mart Inc. to deliver its Medical Cannabis Coaching Program. Read more.

Arthur J. Gallagher To Acquire JLT Global Aerospace Operations
Arthur J. Gallagher & Co. has announced the signing of an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT). The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by Marsh & McLennan Companies, Inc. Read more.

Portage la Prairie Mutual Selects Guidewire
The Portage la Prairie Mutual Insurance Company and Guidewire Software are pleased to announce that Portage has selected a Guidewire InsurancePlatform™ product, Guidewire ClaimCenter™, as its new claims management system in the first phase of its Legacy System Replacement strategy. Guidewire PartnerConnect™ Consulting member CGI has been selected to lead the implementation project. Read more.

Aviva Appoints Maurice Tulloch CEO
Aviva plc is pleased to announce Maurice Tulloch as the new Chief Executive Officer, effective March 4, 2019. Read more.

Cellphone Tickets: Don't Lost Your Car For A Week
Receiving a second cellphone ticket within a year triggers an immediate roadside vehicle impoundment under The Traffic Safety Act. That means the vehicle is towed from roadside and impounded for seven days, while the owner is stuck with the bill for towing and storage. It also results in four demerits under SGI's Safe Driver Recognition program. Read more.

Manitoba Issues Flood Outlook For 2019
The risk of major spring flooding in the Red River Valley in 2019 is high, Manitoba Infrastructure Minister Ron Schuler has warned. Read more.


The Intersection: Insurance-Canada.ca Blog

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

On Insurance–Technology Content And Event Production
Just as we have seen changes to insurance, InsurTechs have made moves to embed technology into platforms, which will allow better results for insurance practitioners and consumers alike. At the same time, practitioners are targeting new approaches. This post focuses on the underpinning of insurance-technology event production and the resulting impact on those who participate. Read more.


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

Photos from ICTC2019 are now online:

Photos From ICTC2019 Photos From ICTC2019


Technology Awards

Did you miss the awards ceremony last week?

Catch up with the results of the 2019 ICTAs – and the People's Choice Award!

See the photos from the ceremony:

2019 ICTA Ceremony Photos


From Doug

ICTC2019 delivered great content throughout both streams for two full days last week.

In the broker stream, lots of innovation from four startups: Steve Livingston at aha insurance, Sean Morrow at Virtual Insurance Office, Jeff McCann at Apollo Exchange, and Braden Bosch at Nuera. They have taken the risks, addressed the challenges, display a drive to succeed and have a focus on the customer.

In the technology stream, overview presentations in tandem with panel discussions brought out both the current status and the future potential of artificial intelligence, blockchain and voice. These and other technologies are changing the nature of insurance and the relationship between insurance professional and customer.

My overall conclusion after two full days of expert presentations is that we in insurance are indeed operating at a new level – innovative, agile, fast, customer-focused, with a revitalized culture, new technologies, and new business models.

We are indeed in “a new insurance order.” P&C insurance is an exciting place to be!

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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