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Insurance-Canada.ca - Where insurance and technology meet

JULY 23, 2019

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INSURANCE INDUSTRY NEWS

Formal Digital Transformation Strategy Lacking
With the surge in workplace automation showing no signs of abating, relatively few North American employers have developed a formal digital transformation strategy, according to a new survey by Willis Towers Watson. Additionally, a majority of employers say they need a “breakthrough in leadership development” to address the challenges arising from workplace automation and the increased use of contingent workers that has accelerated in its wake. Read more.

Lambton Mutual Goes Live On Cognition+
Lambton Mutual Insurance Company (LMIC) 'goes live' in production with Cognition+, a web-based insurance enterprise platform.  This represents the initial step in a transformational change project geared towards enhancing LMIC's support to their members and community through improved access and efficiencies for their sales channels, agents and brokers, and their team. Read more.

SureCam Partners With Concirrus
SureCam, the market leader in connected camera technology, has announced a partnership with Concirrus, a leading InsurTech, to provide a ground-breaking solution that is set to revolutionize the claims process and deliver significant ROI for fleet operators. Read more.

Apollo Exchange Unveils Automated Bordereaux
Apollo Insurance is pleased to announce that the Exchange now offers carriers the ability to automatically generate bordereaux. Bordereaux generation has been a major friction point for brokers and MGAs across Canada, as they have traditionally had to be manually compiled. Through the Exchange, those reports can now be produced with one click. Read more.

SSQ Insurance Partners With nesto.ca
SSQ Insurance is proud to announce a partnership agreement with nesto.ca, a young company with innovative technology enabling mortgage transactions to be completed entirely online. Read more.

Moving Away From Traditional Business Models
According to new research findings released by NTT DATA Services, new digital technologies, increased competition, and evolving customer expectations are driving 61% of financial services and insurance companies (FS&Is) to shift away from traditional, vertically-integrated business models of offering customers only their own products. Read more.

DroneBase Buys Betterview Inspection Software
DroneBase, the leading global drone services company, has acquired Betterview's drone roof inspection software and services, establishing the company's first foray into analytics and first purchase. The transition will seamlessly carry over both the software technology and customers to DroneBase, while Betterview will solely focus on its risk management platform, which is based on manned aircraft and satellite imagery. Read more.

FM Global Invests In Startup RiskGenius
FM Global, one of the world's largest commercial property insurers, has invested in RiskGenius, an InsurTech startup company that applies artificial intelligence and machine learning to automate underwriting processes. It is the largest investment FM Global has made in a startup to date. Read more.

Applied Rating Index Q2 2019
Applied Systems® has announced the latest results of the Applied Rating Index™. In Q2 2019, average premiums for both Personal Auto and Personal Property lines increased, both relative to the same quarter in 2018 and versus this year's Q1. Year over year, all provinces experienced an increase in average premiums in both Personal Auto and Personal Property. Read more.

Cyber Risk Management: Security To Resilience
Since 2017, risk experts have consistently ranked large-scale cyber attacks and data fraud among the top five mostly likely risks around the world. Despite growing anxieties about cyber threats, cyber resilience strategies and investments continue to lag. Read more.

Hartford InsurTech Hub Opens Applications
Hartford InsurTech Hub, powered by Startupbootcamp, has opened applications for the third year of its accelerator program. InsurTech startups that have shown strong traction and are looking to connect with big insurance companies in the U.S. are encouraged to apply by October 4. Read more.

La Capitale Launches Pure Series Life Insurance
La Capitale Insurance and Financial Services has launched a range of life insurance products featuring very competitive rates. With its brand-new Pure Series, La Capitale offers a range of affordable term insurance products for 10, 20, 25, 30 and 35 years to better meet its clients' needs. Read more.

Digital Innovations In P&C Claim Payments
The act of paying an insurance claim has been an afterthought for P&C insurance carriers, but given shifting consumer preferences and new technology, carriers have several innovative digital claim payment options at their disposal. Aite Group's latest report examines the environment for P&C insurance claim payments, which methods are being employed, and what options are emerging to pay claims. Read more.

Distribution/Compensation Management Systems
In its latest Market Navigator report, Novarica provides an overview of the available stand-alone distribution and compensation management systems currently available to US insurers, with detailed profiles of 10 vendor solutions. Read more.

Strong Online Presence Drives Growth: BDC
A new study released by BDC, Canada's bank for entrepreneurs, finds that growing a business online equates with higher revenues, direct communication with customers and easier access to global markets. The study indicates that, although being online fuels growth, only 4 out of 10 Canadian SMEs with an online presence sell, receive and take orders online. Consequently, 60% of Canadian SMEs are missing huge growth opportunities. Read more.

Player’s Health Closes Investment Round
Player's Health has secured funding to support growth and capitalize on existing and new opportunities. The round was led by InsurTech specialist investor Eos Venture Partners and Sports Tech-focused investor Will Ventures. Read more.

Industry Buys Into RiskGenius Yet Again
RiskGenius, a company which provides software-based natural language processing (NLP) tools for improving the quality and accuracy of insurance policies, has announced it has completed a Series B financing led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda. Read more.

On Side Announces Acquisition, New Branch
On Side Restoration is pleased to announce the June acquisition of Cope Construction Ltd., which included the Windsor Promus Restoration location. Read more.

NTT DATA A Google Cloud Premier Partner
NTT DATA Services is pleased to announce it has become a Google Cloud Premier Partner, the highest status a Google Cloud partner can achieve, as a result of a multi-year collaboration and joint cloud investments between the two companies. Read more.

A.I. To Reduce Workers’ Comp Litigation Costs
Aon plc has expanded its strategic alliance with CLARA analytics, the leading provider of artificial intelligence technology in the commercial insurance industry, to help prevent litigation from entering the Workers' compensation claims process and help U.S. companies reduce costly fees. Read more.

Majesco Launches Industry Influencers Podcast
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, has announced the launch of their Future of Insurance: Industry Influencers podcast series. Read more.

KPMG Patents Third-Party Vulnerability Monitor
KPMG has been granted a patent by the US Patent and Trademark Office for performing signals processing, dynamic analysis, and forecasting of risk. KPMG's new patent is a core component of KPMG's Third Party Intelligence service, launched in 2016, which empowers businesses to take pre-emptive action against third-party disruption, such as disruption within a supply chain. Read more.

CAA Travel Insurance Launches New Riders
CAA Travel Insurance has introduced two new travel insurance products to give travellers more choice and protection: a Seven-Day Pre-Existing Condition Rider and an Adventurous Air Activities Rider, both of which are not typically available in standard travel insurance policies. Read more.

Wellness Programs Improve Wellbeing: RBC
Employee health and happiness are linked to better performance and productivity, and four out of five working Canadians report that their overall wellbeing would improve if their employer were to offer personalized wellness programs, according to a new RBC Insurance poll. Read more.

Stay Safe Around Water This Summer
It's National Drowning Prevention Week (July 21-27), and the Lifesaving Society Quebec Branch, in partnership with Allstate Insurance Company of Canada, would like to remind everyone to stay safe and be responsible around water this summer. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Could An Insurance Company Become The Next Sears?
By Stephen Applebaum, Insurance Solutions Group
The thought of a major insurance company – and its brand – disappearing from the market seems impossible to comprehend and more like the stuff of an attention-grabbing headline. But that's probably what everyone once thought about Kodak, Polaroid, Blockbuster, Blackberry, Radio Shack, Toys ‘R’ Us, HMV, Netscape, Nortel ... and now Sears. Read more.

War, Refugees, and Technologies
By Patrick Vice, Insurance-Canada.ca
Since I started working in insurance, I occasionally look back on the technologies and the people who are the providers. In the beginning, there were different tools and computing devices, which held back standards. Today, we find the industry looking at InsurTech, which will be an order of magnitude larger to implement. Some folks are concerned. 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:

Messagepoint
Our award-winning Customer Communications Management (CCM) platform gives non-technical business users such as marketers, CX teams and product owners intelligent control over the content in customer communications to achieve unparalleled personalization, relevancy, brand consistency, and compliance. 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

ICEF2019 will bring together thought leaders, pioneers who are taking advantage of new models and platforms, and solution providers with products and services to help you move ahead.

New confirmed presentation topics include:

• “Bridging The Gap: How To Seamlessly Transition Insurance To The Platform Economy

• “The InsurTech Game Show: Who Is The Winner In The Modern Insurance Buying Process?

• “Taking The Leap—And Risk—Of Innovation

Explore the new insurance horizon and the imperatives for competing successfully in the Platform Economy.

REGISTER NOW!

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


Accident Support Services International Ltd.Aviva Canada

‘Automating the FNOL to Improve Satisfaction’

Free webinar – now available on-demand!

Aviva Canada and Accident Support Services International pioneered a real-time claims First Notification of Loss (FNOL) integration service for customers reporting vehicle collisions. The service leverages multiple data sources to automate the creation of a new claim and notify the customer.

Jonathan Spinner, AVP of Claims Transformation and Strategy at Aviva, and Rick Yates, VP of Insurance Programs at Accident Support Services International, discuss their collaboration, a first in Canada. Watch on-demand or learn more.

Part of our Technology In Action series:

Insurance-Canada.ca “Technology In Action” Series

Check out our extensive on-demand library!


Insurance Works

Featured job opportunities:

Insurance Property Adjuster
Insureit Group Inc.
Markham, ON

Personal/Commercial Lines Broker
KMI Brokers Inc.
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

The theme for our 7th annual Executive Forum this August is “Insurance in the Platform Economy.”

I wonder what “platform” means ...

After all, it took me a while to settle on a definition for “InsurTech.” It seems many still equate InsurTechs to startups of both insurance practitioners and InsurTech(nology) providers. I like to think of InsurTechs being any practitioner or provider, new or old, which features a collaborative culture, agility, a focus on the customer and is using [some] new technologies.

For platforms, I am currently tossing around:

  • The entire digital computing and communicating environment each of us has
  • Discrete components such as a portal for specific functional purposes ie customer, claims, broker...
  • A higher level “marketplace”
  • A component of an “ecosystem” (another nebulous term)

I am looking forward to hearing Donald Light from Celent address “What Insurance Platforms Can Do for Insurers and for Platform Sponsors” [link]

Regardless of the definition, the expert speakers at ICEF2019 will offer ideas that will help you compete successfully going forward. Join your peers; don’t let them stand on a platform higher than yours

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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