"Chronicle" weekly newsletter - Where insurance and technology meet

MAY 28, 2019

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SGI, CSSI Launch Real-Time Data Exchange
SGI CANADA and Custom Software Solutions Inc. are pleased to announce they are piloting integrated rating and real-time new business submission and issuance for personal lines property with brokers in Saskatchewan. Read more.

EIS DXP Hits Milestone with 1,100 Open APIs
EIS Group, a leading provider of core insurance systems, is pleased to announce that a major milestone in the delivery of digital capabilities to insurers has been reached with the release of 1,100 open APIs in the EIS DXP™ digital experience platform for omnichannel interaction and digital solution management. Read more.

PolicyAdvisor Launches Online Disability Tool
PolicyAdvisor is pleased to announce the launch of their online disability insurance quoting product. The online tool, the first-of-its-kind in Canada, enables working professionals, senior executives, and self-employed individuals to obtain a quote and start an application for disability insurance in minutes on their phone, tablet, or computer from the comfort of their home or any location they choose. Read more.

Allset Launches Home Insurance For Tenants
After months of research and development, the Montreal startup Allset has launched, providing home insurance exclusively for tenants. While financial institutions seem unable to adapt to young professionals' needs, this InsurTech promises to be a game-changer, answering Millennials' specific requirements. Read more.

Swiss Re Institute Launches 2019 SONAR Report
Digital technology's clash with legacy hardware, new risks emerging from the spread of 5G mobile networks, increasingly limited fiscal and monetary policy flexibility, and genetic testing and its effects on the insurance industry, as well as the effects of climate change on public health, are some of the key risks identified in the annual Swiss Re Institute SONAR report for 2019. Read more.

PAS Replacement Still Top-of-Mind For Insurers
Property & Casualty insurers continue to replace their legacy policy administration systems (PAS), with the goals of improving speed to market, supporting new product types, enhancing the use of analytics, and enabling digital channels. In its 12th annual Novarica Market Navigator report on P&C Policy Administration Systems, Novarica profiles 42 vendor solutions to help insurers compare these complex systems. Read more.

Blockchain Consortium Welcomes L&A Members
The Institutes RiskStream Collaborative™ and LIMRA are pleased to announce that eight companies have joined the life and annuity sector of the risk management and insurance industry's first enterprise-level blockchain consortium. Seven additional companies have also joined the property and casualty sector, bringing the total number of member companies to 39. Read more.

Boxx Emphasizes Need For Cyber Security Training
After feedback from brokers, BOXX Insurance has taken the lead to provide Cyberboxx™ members and their employees with leading-edge cyber awareness training through BOXX Academy. The Academy is built to enhance the security posture and regulatory compliance of small to midsized businesses. Read more.

Cyber Threats Growing In Travel, Transportation
IBM Security has released new research highlighting that the travel industry and its customers are increasingly the targets of cyberattacks as criminals seek to monetize highly valuable travel data. Read more.

Beazley Breach Insights: May 2019
Ransomware attacks skyrocketed in the first quarter of 2019, according to the Beazley Breach Response Services team, which reports a 105% increase in the number of ransomware attack notifications against clients compared to last year. Not only has the frequency of attacks increased, but attackers are shifting focus, targeting larger organizations and demanding higher ransom payments. Read more.

CFC Launches Cutting-Edge Cyber Platform
CFC, the specialist insurance provider and pioneer in emerging risk, has announced its new cyber insurance platform, enabling brokers to instantly access and “self-serve” CFC's market-leading cyber insurance products for SME businesses. Read more.

WTW, MS In Quantum Computing Collaboration
Willis Towers Watson has announced an exclusive deal with Microsoft to develop the potential of quantum computing for its risk management and insurance clients within the financial services, insurance and investment space. Read more.

Terrorism Insurance Keeping Pace With Threats
The global property terrorism insurance market remains strong with sufficient capacity to respond to today’s predominant terrorist threats, according to the new 2019 Terrorism Risk Insurance Report from Marsh, the world’s leading insurance broker and risk adviser. Read more.

Concirrus And Willis Re Strike New Agreement
Concirrus, a leading InsurTech, has announced that it has entered into a strategic agreement with Willis Re, the reinsurance division of Willis Towers Watson. The companies have partnered to utilize the vast data available from the Internet of Things to transform specialty re-insurance products. Read more.

Willis Towers Watson, Tia Technology Join Forces
Willis Towers Watson has announced that Tia Technology is joining its global Radar Live Collaboration program, becoming the first vendor to do so. The program will allow Willis Towers Watson to develop an ecosystem of leading policy and claims administration vendors and support faster integrations with Radar Live. Read more.

APRIL Canada Launches Flashquote Online
After launching the APRIL Rental website, 100% dedicated to the landlord's world, APRIL Canada has gone a step further with the launch of Flashquote on its website. This online feature will allow customers to obtain up to three premium estimates in seven steps – in less than three minutes! Read more.

AGCS Offers Environmental Emergency Response
Allianz Global Corporate & Specialty SE has announced it now offers expanded emergency response services as part of its Environmental Impairment Liability (EIL) coverage when pollution and/or contamination events occur. AGCS has established strategic partnerships with GM Consultant (global) and HETI (United States and Canada) to offer immediate support and claims investigation services for clients worldwide. Read more.

Driverless Cars—Together—Can Speed Up Traffic
A fleet of driverless cars working together to keep traffic moving smoothly can improve overall traffic flow by at least 35 percent, researchers from the University of Cambridge have shown. Read more.

Medavie Blue Cross Launches Personalized Care
Medavie Blue Cross is giving plan members and their treating physicians a new tool in their continued effort to prescribe the right medication at the right dose for optimal health outcomes. The company has launched a pharmacogenetic testing pilot to help plan members determine the best medications specifically for them, leveraging GeneYouIn's Pillcheck™ system. Read more.

Vienneau Acquires Employee Benefits Division
Vienneau Insurance has expanded their commercial insurance offering by acquiring the Employee Benefits Division of RoyByrns and Associates. Read more.

Wealthsimple Raises $100M Investment Round
The company behind Canada's leading online investing service and first commission-free trading app has raised a CAD 100 million investment round. Allianz X, the digital investment unit of the Germany-based Allianz Group, a leading global insurer and asset manager, led the round. Read more.

Wildfires In Alberta: Safety Is Top Priority
As wildfires force a number of Albertans to evacuate their homes, Insurance Bureau of Canada (IBC) is reaching out with information and advice. Read more.

Tips To Protect Homes Against Water Damage: CAA
CAA South Central Ontario is encouraging homeowners to help protect against water damage this spring with some simple prevention strategies. CAA SCO has created a 14-point checklist that homeowners can use to help ensure they are protected. Read more.

Half Of Saskatchewan Drivers Are Underinsured
Roughly half of Saskatchewan drivers are underinsured, carrying only the minimum third-party liability coverage that comes standard with basic licence plates, according to a new report by the Insurance Brokers Association of Saskatchewan. Read more.

More Than 8,000 Drivers Caught Speeding In April
Life is not a video game, and more than 8,000 Saskatchewan drivers found out that speeding on public roads doesn't win you any trophies or unlock any secret levels – there are real consequences for driving too fast. Read more.

ISO ClaimSearch Accelerator ‘Ready for Guidewire
Verisk, a leading data analytics provider, has announced its latest ISO ClaimSearch® accelerator. The accelerator enables ISO ClaimSearch customers that use Guidewire ClaimCenter v9 to quickly integrate the new, visualized platform of ISO ClaimSearch into their workflows. Read more.

The Intersection: Blog

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

Cutting Through The Noise: What Does “Digital” Even Mean?
By Margo Lyons, Apollo Insurance Solutions
When I investigate what exactly makes a brokerage digital, it's usually that they have a mobile-optimized website, or that they offer their clients the ability to put in “e-signatures” on “e-docs.” They pat themselves on the back and tell everyone that they're a digital brokerage, and everyone seems to jump on the bandwagon, throwing awards and accolades at them, and talking about how advanced they are. I have no idea what an “e-doc” is, but I am willing to bet it doesn't result in a client being able to buy insurance online. I'm tired of hearing about brokerages that are doing the bare minimum of modernization, without anything that actually benefits the consumer in a real, practical way. Read more.

Thinking Big For True Transformation
By Deb Smallwood, Strategy Meets Action
An insurance transformation journey is a required trajectory for every company within our industry's ecosystem that wants to remain relevant beyond 2030. How do you get past the hype around disruption, digital, and innovation in order to set a course and start the transformational journey – with clarity, focus, and informed decisions – that will position your company for future success? A new approach is required. Read more.

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

“Insurance In The Platform Economy”

Wednesday, August 28, 2019

Today is the last day to capture the lowest early-bird rates! Register now and save!

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 learn about the imperatives for competing successfully in the Platform Economy.


For all the details, visit

Insurance Works

Featured job opportunities:

TL Manager, Claims
Vancouver, BC

Commercial Insurance Advisor
Mennonite Mutual Insurance Co. (Alberta) Ltd.
Edmonton or Calgary, AB

InsurTech Spotlight

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

Trufla Technology
Trufla Technology is an insurtech built by brokers and engineered by the top talent in the tech sphere. We help brokers and agencies leverage the power of digital in order to solve some of their biggest problems. Our suite of products includes lead management tools, custom raters, mobile apps, digital score cards, and more. We also offer a variety of digital marketing services. Learn more.

Alert Labs
Alert Labs designs and manufactures a suite of smart building sensors that are on the cutting edge of property protection. The sensors are easy to install and use, and do not require WiFi. They connect to a cellular network to provide real-time monitoring and 24/7 alerts with analytics to reduce property damage, repair costs and utility bills for residential and commercial properties. Learn more.

Calling all InsurTechs! Click here to participate.

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

From Doug

Ten weeks have passed since launched the InsurTech Spotlight. After the initial burst of activity, we are now into a steadier state, adding a new entry periodically. With blog posts, articles and announcements from those in the Spotlight, we are hopefully helping to support the changes in our insurance world.

The revolution that the InsurTech movement represents is helping to add relevance for insurance in new areas and to new audiences. The strong focus on the customer InsurTechs feature will stand the industry in good stead going forward.

There are questions too. Are incumbent insurance players becoming as capable of innovating as the Insurtechs have been over the last three years? Have the obvious untapped opportunities been snatched up? How much investment capital remains?

Or, is the world – technology and otherwise – changing so quickly that new insurance and risk management needs will crop up so quickly that there will a steady stream of innovations from InsurTech startups and incumbents alike for a long while to come.

Doug Grant, CIP

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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