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Insurance-Canada.ca - Where insurance and technology meet

JULY 30, 2019

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INSURANCE INDUSTRY NEWS

Which Insurance Industry Players Are Best Positioned For The Future?
In a new research report, Majesco provides unique insights on the alignments and gaps between buyer expectations and seller strategies, priorities and investments, revealing which types of sellers are well positioned to create the future of insurance, and who will be left behind. Read more.

Pace Of Change Tops Emerging Risks In Q2
Organizations are concerned about their ability to keep up with a rapidly changing business landscape, driven in part by concerns about their own organizations’ lagging and misconceived digitalization strategies, according to Gartner, Inc.’s latest Emerging Risks Monitor Report. Read more.

InsurTech Investment Buoyant In Q2
InsurTech investment worldwide continued at high levels during the second quarter of 2019, marking the fourth consecutive quarter during which total new funding commitments exceeded $1.2 billion, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a leading global advisory, broking and solutions company. Read more.

Data Breach Costs Rising; Impact Lasts Years
The average cost of a data breach has risen 12% over the past five years to nearly USD 4 million, according to IBM Security's annual study examining the financial impact of data breaches on organizations. These growing expenses are representative of the multi-year financial impact of breaches, increased regulation, and the complex process of resolving attacks. Read more.

Brokerslink Welcomes New Affiliate Navacord
Navacord, one of Canada's largest commercial brokers, has joined global broking business Brokerslink as its latest affiliate in the North American region. Read more.

Insurers Have Expanded Technology Capabilities
Insurers have broadened and matured their technology capabilities, including analytics and mobile, in the last year. While larger insurers retain a significant advantage, smaller insurers report high levels of planned pilot activities aimed at closing the gap, according to the 4th annual Novarica New Normal 100. Read more.

Data Initiatives Expand In Commercial Lines
Commercial lines carriers continue to expand their business intelligence efforts. In a new report, Novarica provides an overview of their business and technology issues, data about the marketplace, and several examples of recent technology investments by commercial lines carriers. Read more.

Economic Developments Impacting Business
RSM Canada, the leading global provider of audit, tax and consulting services focused on middle market businesses, has launched its second edition of 'The Real Economy, Canada' – a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth in Canada's middle market. Read more.

Untapped Potential Of Cross-Selling
Simon-Kucher & Partners, a global strategy and marketing consulting firm, has released the results of a survey on customer loyalty and cross-selling in insurance which examines the U.S. insurance customer's appetite to hold multiple policies from a single insurer and explores the potential to increase sales, profitability and retention from cross-selling insurance. Read more.

Are You a Member of a Group? Capture Your Insurance Advantage
We are all individuals, with our own unique characteristics. And with very few exceptions, each of us is also a member of several groups. Members of a group share at least one common characteristic. Members can also share in any benefits that accrue Read more.

Newfoundland & Labrador Approves eSlips
The Superintendent of Insurance of Newfoundland and Labrador has approved the use of Electronic Proof of Automobile Insurance (EPAI), or eSlips, for drivers in the province. With this approval, Newfoundland and Labrador drivers can now present their eSlips to law enforcement officers during a traffic stop. Read more.

Rescuing Alberta's Auto Insurance System
The Insurance Brokers Association of Alberta (IBAA) has tabled a white paper with the Alberta government to deal with the current auto crisis in Alberta. Read more.

Demystifying Travel Insurance For Canadians
Orion Travel Insurance, a CAA company, has launched a campaign to make it easier for Canadian travellers to navigate and understand the essentials of travel insurance in advance of the busy summer travel season. Read more.

ICLR Suggests New Standard For Wind Damage
A report from the Institute for Catastrophic Loss Reduction (ICLR) and the Standards Council of Canada (SCC) recommends the development of a new national standard of Canada on wind resilience to mitigate residential and small building property damage resulting from natural disasters in Canada. Read more.

Canada Life Begins Move To One Product Shelf
On its journey to move to one brand in Canada, Canada Life announced it has begun the transition to one shelf of innovative products under the Canada Life name through new offerings and enhancements to existing wealth and insurance products. Read more.

Victor Lange Joins Apollo Insurance
Apollo Insurance Solutions Ltd. is pleased to announce that Victor Lange has joined Apollo as Chief Operating Officer, effective July 24th. Read more.

Martin Delaney Appointed CEO Of Navasure
Navacord Corp. is pleased to announce industry veteran Martin Delaney as the CEO of Navasure Structured Surety Solutions, Canada’s preeminent and only dedicated provider of structured surety solutions for the energy and power industries. Read more.

Sedgwick Drives Growth With New Team
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has announced the expansion of its Canadian operations with the formation of a new business development team Read more.

Best & Worst Ontario Cities For Drivers
Ontario's overall worst cities for drivers with a ticket, collision, or a combination of the two are Orangeville, Bradford, and Woodstock, while the province's best are North York, Toronto, and East York, according to a new study from InsuranceHotline.com. Read more.

Peel Police Seize High-End Vehicles
Peel Regional Police Commercial Auto Crime Bureau joined forces with investigators from Halton Regional Police,York Regional Police and Canada Border Services Agency in a four-month investigation resulting in multiple arrests and high-end vehicle seizures. Read more.

Are Canadians Living Beyond Their Means?
In an age of consumption fueled by “fear of missing out,” it can be easy to dig a hole of debt. And one-third of Canadians aged 20 to 69 are spending their money faster than they make it, according to a survey by Manulife Bank of Canada. Read more.

Gore Recognized As A Top Place To Work
Gore Mutual Insurance Company is proud to announce that it has once again received a ‘Great Place to Work’ certification after a thorough and independent analysis conducted by the global authority on building, sustaining and recognizing high-performing workplace cultures. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Are Personal Lines Insurers Investing in Foundational Technologies?
By Mark Breading, Strategy Meets Action
The personal lines segment of the insurance industry is quite active today, with many initiatives and projects underway across the value chain. For many, the objective goes beyond incremental improvements to positioning the company for fundamental transformation. Most of these projects fall into three categories: Digital Enablement, Core Transformation, and Data/Analytics. Read more.

How To Prospect Commercial Accounts Online (In 2020)
By Dane Gorton
Like it or not, the smartphone in your hand is changing how we do business – and you're right, insurance is not immune. You might not feel the pressure yet, but momentum is growing – fast. Here's the question on your mind: “How will it affect commercial insurance producers?” Read more.


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

New confirmed topics include:

How To Seamlessly Transition Insurance To The Platform Economy
James Barber, Global Sales Director - Insurance, Information Builders
Peter Morris, Director - Data Management Solutions, Information Builders

Privacy and Accessibility Matter
Jason Caruana, CEO, Mixto

Plus, for a limited time only, enter the registration code AISHOWCASE when you register for FREE on-demand access to four highly rated, insightful presentations on Artificial Intelligence – discussing its impact; the opportunities and threats; customer journeys; and fraud analytics:

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


InsurTech Spotlight

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

Element AI
Element AI delivers AI products at scale to help people work smarter. Our streamlined operations model allows us to turn cutting-edge research and deep industry expertise into scalable industry-specific products—and ultimately make our customers' businesses safer, stronger and more agile. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Senior CSR for Personal or Commercial Lines
FENA Insurance Solutions Inc.
Niagara Falls, ON

Personal Insurance Sales Broker
Josslin Insurance
Elmira, 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 triumvirate of insurance change consists of:

  • People – with vision and the will to lead an organization through change;
  • Technology – most change today leverages technology; it is everywhere;
  • Innovation – in customer focus, products, business models, processes.

Insurance is doing all those things, to a greater or lesser degree, but arguably we are behind many other industries.

I have had some difficulty understanding why blockchain is being touted as such a technology force in insurance. In a sense, it is essentially just another technology to store data, albeit with some interesting characteristics.

Innovation leaders watch outside their own industries for “bright light” ideas.

In that context, I look forward to new insights in “What Can The Insurance Industry Learn From Retail Evolution?” by Iliana Oris Valiente and Susan Johnston of Accenture. At ICEF2019, they will address the combination of innovation and blockchain, and then translate the potential into insurance.

Join me.

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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