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Insurance-Canada.ca - Where insurance and technology meet

AUGUST 6, 2019

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INSURANCE INDUSTRY NEWS

Cyber Insurance Creating False Sense Of Security
Seven in 10 senior financial executives at the world's largest companies believe their insurer would cover most or all of the losses their company would incur in a cyber attack, according to a survey commissioned by FM Global, one of the world's largest commercial property insurers. Many of the losses the executives foresee, however, are rarely covered by insurance. Read more.

Eight Critical Areas For CX Transformation
Customer experience is an essential component of the transformational journey. In fact, transforming the customer experience is a new and powerful organizational shift that can bring about quantum change. SMA believes that eight customer-experience areas need attention, focus, and investment as your company launches into and matures in CX. Read more.

Zensurance Named A FinTech Start-Up Leader
Zensurance, Canada's breakthrough business insurance platform, has been named one of the country's Top 50 FinTech Companies of 2019 for their continued contribution to Canada's growing FinTech sector. Read more.

Apollo Acquires InsurTech Startup Insura
Apollo Insurance Solutions is pleased to announce it has acquired InsurTech startup Insura, and its founder & CEO, Josh Pillsbury, has joined the Apollo team as a Business Development Manager, Western Region. Read more.

Global M&A At Highest Level In Four Years
Mergers and acquisitions in the global insurance industry increased in the first half of 2019, according to Clyde & Co's Insurance Growth Report mid-year update. This marks the biggest increase since H1 2015 and the fourth consecutive six-month period of growth. Read more.

Consumer Confidence Shaky About The Future
Consumers lack confidence in the future of self-driving vehicles and their outlook on battery-electric vehicles isn't much better, according to J.D. Power. The Mobility Confidence Index is 36% for self-driving vehicles and 55% for battery-electric vehicles. Read more.

UL Guideline On Public Risk Management
Underwriters Laboratories (UL), a global safety science leader, is pleased to announce the publication of a document to provide guidance to organizations accountable for the management of public risk and assist them with risk-informed decision-making to reduce public harm while maximizing public good. It sets out principles and provides guidance regarding the identification, analysis, evaluation and decision-making in the management of public risk. Read more.

FinTech Investment Still Strong In H1 2019
Following a record year in deal volume and value, overall FinTech investment in the U.S. remained strong but dipped during H1 2019, reaching $18.3 billion across 470 deals, powered, in large part, by a strong first quarter of the year, according to KPMG’s H1 2019 Pulse of FinTech report. Read more.

US Auto Insurance Rewards & Incentives
Auto insurance policyholders enjoy incentive programs, own connected devices, and are ready to share personal data in order to gain benefits. It is time for carriers to develop relevant products and enticing rewards programs to increase market share and provide an endless source of data. Read more.

New B2B Sales Approach For The Information Age
Providing prospects with high-quality information and “thought leadership” is no longer a differentiator for sales organizations to succeed today, according to Gartner. Sales leaders must help customers make sense of the massive amount of quality information they encounter as part of a purchase and proactively guide them through the buying journey. Read more.

High Loss Ratios Keeping Auto Insurance Expensive Across Canada
LowestRates.ca has released its Q2 2019 Auto Insurance Price Index, which tracks the average quarterly cost of car insurance across Canada. The report found rates are up across the country in Q2 2019, with drivers in Alberta seeing the steepest rate increase in the country. Read more.

Aon & Bunker Partner For On-Demand Economy
Aon plc, a leading global professional services firm, and Bunker, the leading instant business insurance and compliance platform for independent workers and enterprises, have entered into a commercial agreement to serve the growing on-demand, sharing economy. Read more.

Willis Towers Watson Completes Acquisition
Willis Towers Watson is pleased to announce it has completed its acquisition of TRANZACT, a direct-to-consumer health care organization that links individuals to U.S. insurance carriers, following the satisfaction of customary closing conditions and receipt of regulatory approval. Read more.

Echelon Appoints Robin Joshua President
Echelon Insurance is pleased to announce the appointment of Robin Joshua as President of the company, effective August 1st. As President, Robin will report directly to Matthew Turack, Group President of Echelon, CAA Insurance and Orion Travel Insurance. Read more.

Impaired Driving Enforcement A Top Priority
High-visibility checkstops. A tip from a citizen. An unmarked police vehicle stationed near a bar. A roadside sobriety test. Those are some of the ways police catch impaired drivers every month. Read more.

High-Income Canadians Not As Wealthy As They Thought They Would Be Today: Survey
Despite higher salaries, almost half (48%) of Canadians in high-income households say they are not as wealthy as they expected to be at this stage of their life, a new Ipsos survey sponsored by RBC Wealth Management has revealed. Read more.


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


The Intersection: Insurance-Canada.ca Blog

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

The Transformational Impact of A.I.
By Ira Sopic, Insurance Nexus
It is no exaggeration to say that Artificial Intelligence represents the biggest potential for transformation that insurance has witnessed since the invention of the computer, even changing the very nature of the insurer-customer relationship. Insurance Nexus held a series of interviews with Canadian insurance executives and thought leaders to understand how they are preparing for the AI-dominated future of insurance Read more.

The Future Of Insurance Is Distribution
By Patrick Vice, Insurance-Canada.ca
In the business of insurance, channel distributions are high on the list of the most critical functions. Channels are the delivery mechanisms, which consolidate functions, requirements, communications, and delivery correctly and completely. Until recently, the majority of these decisions rested on longstanding methods and systems within longstanding insurance organizations. However, there are new developments that offer new opportunities – and risks. 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:

BiiCanada
Our mandate is to provide the insurance industry with tools and the expertise to assist in collecting pertinent information and data for underwriting and claims departments. We are part of the reason our clients' underwriting results and profitability is good.
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

Catch up with the latest presentations! Newly added session topics include:

Insurance Ecosystems: Are You Ready?
Ahsan Siddiqi, Director - IT and Data Strategy, Architecture, X by 2

What Can The Insurance Industry Learn From Retail Evolution?
Iliana Oris Valiente, Managing Director, Global Blockchain Innovation Lead, Accenture
Susan Johnston, Managing Director, Financial Services Canada, Accenture

Plus, ending today, enter the registration code AISHOWCASE when you register for FREE on-demand access to four high-rated thought leadership sessions on Artificial Intelligence!

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


Insurance Works

Featured job opportunities:

Group Retirement Broker Assistant
Masters Insurance Limited
Vaughan, ON

Personal Lines Account Manager
Dyberg Insurance Group Inc.
Edmonton, AB


From Doug

Transformative innovation throughout the insurance business requires a careful balancing act.

One the one hand, there are (increasing) costs associated with being competitive.

On the other, the (increasing) premiums charged for the insurance product need to cover the base insurance payouts and expenses of running the business, the investment in innovation and transformation and a profit margin.

We all understand the (increasing) cost of regulation in all areas. The well-known challenges of auto insurance regulation keep building, with the increasing severity of claims and the political conundrum of promised reductions in premiums.

Technology contributes to the (increasing) costs, too. Consider the ongoing investment by insurance businesses in their own cyber security; no practitioner wants the media attention that a hack would bring.

At ICEF2019, Jason Caruana, of CEO Mixto, will discuss why “Privacy and Accessibility Matter,” addressing the regulatory challenges and considerations facing your business as you undertake the next step in your digital journey.

Join us; there's a lot to learn!

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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