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Insurance-Canada.ca - Where insurance and technology meet

MAY 7, 2019

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INSURANCE INDUSTRY NEWS

Risk Readiness At Lowest Level In 12 Years: Aon
Economic and global trade concerns are challenging organizations' ability to invest adequately in preparing for and protecting the continuity of their operations, according to findings from Aon's 2019 Global Risk Management Survey. Read more.

Reinsurers Resilient Despite Heavy CAT Losses
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches the latest edition of its Aon's Reinsurance Aggregate (ARA) report, which analyses the 2018 financial results of 23 major reinsurers whose aggregated results are regarded as a reasonable proxy for the sector as a whole. Read more.

Opportunities For Risk Managers: Marsh/RIMS
Risk managers are operating in an environment rich in data that, when combined with growing alternative risk solutions, can result in more robust risk finance strategies and more resilient organizations, according to a new Excellence in Risk Management report by Marsh and RIMS. But a general lack of understanding of available alternative risk solutions and effective use of data and analytics are hindering many risk professionals from harnessing the opportunities. Read more.

Willis Towers Watson Launches Risk Advisory
Willis Towers Watson has launched a new advisory capability to help CFOs and risk managers reduce volatility and minimize their total cost of risk. Connected Risk Intelligence is a single source for financial executives to establish optimal risk strategies across their organization through a portfolio approach to risk. Read more.

Tesla Partners With Markel On Car Insurance
Tesla will launch an insurance program for its drivers via a partnership with State National Insurance Company, a subsidiary of Markel Corporation, according to a filing with the California Department of Insurance. Read more.

Lloyd's Reveals Bold New Strategy For Its Future
Lloyd's has unveiled a bold new strategy with a number of transformational initiatives that could shape the future of the world's (re)insurance market. The proposals are focused on delivering higher quality risk protection for the market's customers. They also offer ways to simplify access to the global insurance market, together with lowering costs of doing business at Lloyd's. Read more.

Capgemini And Majesco Become Alliance Partners
Capgemini has signed an alliance partner agreement with Majesco, a global leader of core insurance software for insurance business transformation. In the agreement, Capgemini will bring its extensive insurance innovation, customer service and digital capabilities to the Majesco Life & Annuity and Group Core Suite, helping carriers to achieve speed to value. Read more.

Marketing Strategies To Uncover Target Audiences
While marketers today are faced with ever-growing challenges when it comes to uncovering and targeting key audiences, Gartner, Inc. has identified three key strategies for marketers to better identify and engage their target audiences. Read more.

FIRST Canada Announces Request Pay
FIRST Insurance Funding of Canada, the industry leader in payment solutions, in collaboration with Kixpay, has announced the launch of Request Pay, a broker-initiated payment request that gives brokers even more control over their payment process. Read more.

Sedgwick Expands CAT Solution Portfolio
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has announced the launch of its expanded portfolio of catastrophe solutions across the globe. Read more.

Easy Telematics Solutions For Commercial Carriers
Zendrive offers an easy-to-use mobile-phone-based telematics solution for measuring, analyzing, and improving driver behavior with automatic trip detection and analysis. The firm features the largest and fastest-growing data set of driver behavior in the world and combines that with artificial intelligence and machine learning to yield a comprehensive telematics solution for insurers, fleet managers, and consumers. Read more.

PrecisionHawk Adds AI, ML To Aerial Data
PrecisionHawk, Inc., a leading provider of drone technology for the enterprise, is pleased to announce PrecisionAnalytics Agriculture, an aerial mapping, modeling, and agronomy platform purpose-built for precision agriculture using the latest generation of A.I. and analytics tools. Read more.

IT Outsourcing Value Tied To Optimization
IT outsourcing can be an effective way to staff transformational projects and meet capacity needs, but it's neither a silver bullet nor a simple process. In a new report, research and advisory firm Novarica presents data from a recent study of 71 insurers on their utilization, plans, challenges, and goals. Read more.

Swyfft Selects CoreLogic's Symbility Platform
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, is pleased to announce that Swyfft has selected CoreLogic's Symbility® platform to aide their team through their data driven claims process. Swyfft provides fast and friendly homeowners insurance, through their patented analytical methods and unique data sources. From lightning-fast quotes to hassle-free claims servicing, Swyfft is committed to providing the very best customer service experience in the industry. Read more.

IBM Partners To Accelerate Quantum Computing
IBM  has announced the expansion of the IBM Q Network to include a number of global universities with the intent to partner with IBM to accelerate joint research in quantum computing, and develop curricula to help prepare students for careers that will be influenced by this next era of computing, across science and business. Read more.

Vehicle-Subscription Service To Launch In U.S.
Enterprise Holdings is pleased to announce it will launch the U.S. car rental industry's first vehicle-subscription service this month. Read more.

BrokerLink Makes Double Acquisition
BrokerLink is pleased to announce the acquisitions of personal and commercial insurance provider Nicolet Insurance Ltd., based in northern Alberta, and of Guelph-based Amplex Insurance Brokers Ltd., effective March 1, 2019. Read more.

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

CSIO Welcomes Software Vendor ProNavigator
CSIO is pleased to announce the addition of ProNavigator as its newest vendor member. Founded in 2016, Waterloo-based ProNavigator empowers property and casualty insurers and brokers to better support customer interactions through practical applications of artificial intelligence. Read more.

Peel Mutual Selects Deloitte's InsurCloud
Peel Mutual Insurance Company, one of the largest members of the Ontario Mutual Insurance Association, is pleased to announce it has selected Deloitte and its InsurCloud solution as its new policy, billing, and claims administration system with continued application management support. Read more.

FSCO Warns Over Unlicensed Insurance Agents
The Financial Services Commission of Ontario (FSCO) is warning consumers that Andrew Burrows-Trotman and Owais Shaikh are not licensed to conduct insurance business in Ontario. Read more.

Canada's Spring Floods, By The Numbers
Flooding has forced thousands of Canadian residents from their homes as spring brings severe flooding in communities across the country. Water has risen to historic levels in Ontario, Quebec and New Brunswick, and some of the statistics are startling. Read more.

Flooding & Overland Water Insurance
With ongoing severe flooding affecting Canadians across the country, Aviva Canada has shared information relating to flood and overland water insurance, with tips to help homeowners reduce their risks. Read more.

Protect Your Property From Severe Weather
As incidents of severe weather increase in frequency and severity, IBC is advocating to all levels of government to invest in mitigating the impact of climate change and building resiliency against its damaging effects. Read more.

Helping Canadians Adapt To Climate Change
During the Nature Champions Summit, Intact Financial Corporation announced a substantial commitment to 16 Canadian charitable partners focused on protecting Canadians across the country from the impacts of climate change. Read more.

National Effort To Build Wildfire Resilience
Starting this past weekend, 125 communities across Canada joined a national effort to reduce wildfire risk to local homes and environments in anticipation of wildfire season. Read more.

How Distracted Are Distracted Drivers?
At the end of April's Distracted Driving Awareness Month, GEICO urges drivers to learn the risks associated with distracted driving. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance Re-imagined: Small Businesses, Big Opportunities
Small Canadian businesses are being recognized as net-new business for insurance suppliers. But new operations can be more challenging than just punching in coverages. At the same time, soon-to-be successful entrepreneurs have less time to work with insurers and brokers to get the coverage just right. Read more.

Timing Is Everything: Lessons from the Intersection of Insurance and Technology
By Corey Forrieter, Lead Software Developer, Apollo Insurance
As with any institution that has withstood the test of time, insurance has developed a defined process for accomplishing certain tasks, and there are very specific ways that things are done. What’s important for my team is that when work is done and a problem is solved, it is solved forever. Every process we have has to be scalable and repeatable. The principle is applied across every application to get maximum efficiency. We never want to solve that problem again. Read more.


InsurTech Spotlight

The InsurTech Spotlight features insurance practitioners and InsurTech(nology) providers which are – or are becoming – InsurTechs. In the spotlight this week are:

aha insurance
aha insurance is on a mission to make it easier for Ontario's drivers, homeowners and renters to buy insurance. We have created a brand-new experience for Ontarians to buy insurance online in minutes, providing full transparency about coverage options and pricing with omni-channel support. Learn more.

Mavro Imaging
Mavro Imaging is a proven leader in developing innovative Forms, Remittance, Lockbox, and Document Imaging solutions. Our system-wide monitoring tools, extensive security features, and end-to-end encryption capability ensure peak efficiency and operational compliance. We maximize ROI by consistently delivering unique technologies. Learn more.

Calling all InsurTechs! Click here to participate.


ICEF2019: “Insurance in the Platform Economy” – 7th annual Insurance-Canada.ca Executive Forum – Wednesday, August 28, 2019

“Insurance In The Platform Economy”

Wednesday, August 28, 2019

Change, as profound as it is widespread, is making the notion of “business as usual” obsolete.

Technology innovation continuously creates new products and services. Consumers adopt these and carry new – higher – expectations with them to providers of all types, including those in insurance. Insurers are facing unprecedented challenges to meet consumers' needs and preferences.

Insurance providers – early-stage new entrants and innovative incumbents alike – are trying new approaches across all aspects of their business, from culture to product innovation, from customer service to new business models which will reshape marketing, coverages, claims, and more.

ICEF2019: “Insurance In A Platform Economy” will bring together industry thought leaders, insurance pioneers who are taking advantage of new models and platforms, and solution providers with products and services to help insurance practitioners move ahead.

Explore the new insurance horizon and show off the value of your offerings in the Platform Economy.

Register now or for more details, visit insurance-canada.ca/icef.

Mark your calendar for Wednesday, August 28!


Insurance Works

Featured job opportunities:

Technical Service Representative
H.W. Hollinger (Canada) Inc.
Montréal, QC

Casualty Underwriter
Arch Insurance Group
Toronto, ON


ICEF2019: “Insurance in the Platform Economy” — 7th annual Insurance-Canada.ca Executive Forum — Wednesday, August 28, 2019, at the St. James Cathedral Centre, Toronto


From Doug

Spring has hardly arrived and already we are into planning for the 2020 Insurance-Canada.ca Technology Conference. Feedback from ICTC2019 suggested we should focus more on technologies. This, of course, runs the gamut from tech which has emerged and is growing in use to tech still in the lab which is being touted in advance as significant to insurance.

ICTC2019 specifically addressed three new technologies: AI, Blockchain and Voice. In each case, an overview presentation fed into a panel discussion, and these pairings were very well received.

Technologies experiencing increased growth across our industry include the above plus predictive analytics, machine learning, cloud, IoT, telematics, chatbots, drones, and more.

Lots of newer technologies are still in the experimental or emerging stage: virtual, augmented, mixed and extended reality (VR, AR, MR and XR, respectively); real omni-channel; platforms; blockchain, quantum computing, etc.

Planning for the event will be fun; deciding which technologies to focus on will be a challenge. We may ask you for feedback!

If you are thinking ahead, mark your calendar today – ICTC2020 will take place Feb. 26 & 27, 2020, in Toronto.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to technology and innovation in the Canadian insurance industry and marketplace. Subscribe here or view past issues.

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry, please contact [email protected].

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