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Insurance-Canada.ca - Where insurance and technology meet

AUGUST 13, 2019

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INSURANCE INDUSTRY NEWS

Q2 Global Commercial Insurance Pricing Up 6%
Marsh has released its Global Insurance Market Index for the second quarter of 2019. Average commercial insurance pricing increased nearly 6% in the second quarter, the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases. Read more.

AI Set To Generate Trillions In Business Value
In 2021, artificial intelligence augmentation will create USD 2.9 trillion of business value and 6.2 billion hours of worker productivity globally, according to Gartner, Inc. Gartner defines augmented intelligence as a human-centered partnership model of people and AI working together to enhance cognitive performance. Read more.

Winning In The Small Commercial Lines Segment
Many commercial lines insurers recognize that there are great opportunities for growth in the small commercial segment. The potential is there for increased business, so many are rushing into the space or redoubling their efforts there – thus it is hyper-competitive, and success is not guaranteed. What does it take to win in the small commercial segment? Read more.

WeGoLook Joins Duck Creek Partner Ecosystem
Duck Creek Technologies has expanded its Partner Ecosystem program through a new relationship with WeGoLook®, LLC. An integration with Duck Creek Claims gives carriers access to WeGoLook’s network of on-demand “Lookers” – who help gather and validate information relevant to the claims process – from directly within the Duck Creek Platform. Read more.

Willful Partners With Wealthsimple
With a new study revealing that 17% of Canadian parents haven’t checked off any of the three key financial to-dos designed to protect and help their children – creating a will, getting life insurance, and opening an RESP – Willful has partnered with innovative financial company Wealthsimple to make it easier to open an RESP and create a will online in less than 20 minutes. Read more.

Blink, Pluto Partner On Travel Insurance
UK InsurTech Pluto, the travel insurance startup, has teamed up with Blink to provide flight delay cover to its customers, instantly helping them get access to an airport lounge or a cash payout when they need it most. Read more.

Foresters Automates Canadian Advisor Experience
Cloud-based software solutions provider iPipeline® has announced that Foresters Financial™ has selected its iGO® e-App to automate the selling experience for Canadian independent advisors and their customers. Read more.

Intact Financial Acquires On Side Restoration
Intact Financial Corporation and On Side Restoration have announced that they are joining forces to strengthen repair and restoration services for personal and commercial property claims customers across Canada. With this acquisition IFC will deepen its claims expertise and strengthen its supply chain network. Read more.

Lussier Dale Parizeau Acquires Karma Insurance
Lussier Dale Parizeau and Karma Insurance are pleased to announce the merger of Karma's activities with those of Lussier Dale Parizeau in a transaction aligned with Lussier Dale Parizeau's vision of growth and development. Read more.

Accenture Interactive to Acquire INSITUM
Accenture has entered into an agreement to acquire INSITUM, a service design and strategic research firm focused on innovation through a human-centered approach. Read more.

CAA Certified For Personal Lines eDocs
CSIO is pleased to announce that CAA Insurance has obtained CSIO Certification for Personal Lines eDocs. CSIO Certification is a national program that certifies trusted, standards-based solutions. It promotes the use and uniform implementation of interoperable applications to ensure downloads from insurers to brokers are seamless and error-free. Read more.

CSIO Launches New Cybersecurity Modules
After the success of its 2018 cybersecurity eLearning program, the Centre for Study of Insurance Operations is excited to announce the launch of four brand-new accredited cybersecurity eLearning modules. Read more.

IBC Hails Alberta's Swift Action On eSlips
Insurance Bureau of Canada welcomes the news that the Alberta government will begin allowing drivers to use electronic pink slips as proof of insurance, effective immediately. Read more.

Guidewire Appoints Mike Rosenbaum CEO
Guidewire Software is pleased to announce the appointment of Mike Rosenbaum, former EVP Product at Salesforce, as Chief Executive Officer and to the Board of Directors. Marcus Ryu has transitioned to become Chairman of Guidewire’s Board of Directors. Read more.

More Severe Weather Affects Quebec
Successive severe weather events marked the first half of 2019, pushing claims up significantly for P&C insurers – total compensation paid out in Quebec was up 165% from the same period last year. Read more.

ILS Market Slow To Return To Normal
The insurance-linked securities (ILS) market declined year-on-year in 2019 Q2, which was the second-lowest second-quarter for issuance by volume in the past eight years. The number of transactions declined less than total transaction value, according to the new ILS Market Update from Willis Re Securities. Read more.

Manulife Supports Reducing Medication Costs
Recently announced changes to the Patented Medicine Price Review Board should reduce the cost of new medicines in Canada. Manulife has been working with government and health care stakeholders to promote solutions that lower the cost of medicines and extend prescription drug coverage to all Canadians through a wide range of benefit plans. Read more.

Fewer Road Injuries, Fatalities In 2018
The number of people hurt or killed in traffic collisions on Saskatchewan roads continues to trend downwards, with substantially lower numbers in 2018 than the previous 10-year average. Read more.

WTW Updates Radar Pricing Software
Willis Towers Watson is pleased to announce it has released an updated version of its Radar pricing software. Radar 4.5 delivers a range of metrics that provide companies with valuable insights on pricing fairness to support the selection of rates, which meet the business goals of insurers and needs of their customers. Read more.

NTT DATA Joins Cloud Native Computing Foundation
NTT DATA, a leading global IT services provider, has joined the Cloud Native Computing Foundation positioning the company to more effectively support clients’ digital transformation and modernization efforts using the latest trends in cloud native technology. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Dispelling The Myth That Robo-Advisors Are The Way Of The Future
By Alysha D’Souza, Finaeo
We've seen these headlines countless times: “Robo-advice is the way of the future.” Many industry experts believe that robo-advisors are on track to replace the traditional roles and responsibilities of human advisory services. As far-fetched as this sounds, it's hard to deny that the popularity of robo-advice has skyrocketed over the past few years. Read more.

The Reinsurers Are Coming – And It Might Not Be How You Expected
By Karen Pauli, Strategy Meets Action
It is always exciting to see industry results – particularly those that rank insurers by premium size. But when A.M. Best ranked the top U.S. Property/Casualty Writers, the results revealed something that flew off the page. While upward movement is interesting in and of itself, it was who the insurers are that really caught my attention – reinsurers! Read more.

A Midsummer Day’s InsurTech
By Patrick Vice, Insurance-Canada.ca
There have been so many changes to insurance and technology over the last decade that I can't wait to see what comes next. Here are a few interesting things in play ... 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:

JAUNTIN’
JAUNTIN’ works with insurance carriers to take the carrier and its partners from ideation to proof-of-concept to commercialization in the on-demand short-term insurance space. JAUNTIN’ is product agnostic, with a focus on the freelance/gig market.
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

Join your peers – in just 2 weeks – and learn from:

Leadership and Speed: Accelerate the Future
Denise Garth, SVP - Strategic Marketing, Majesco

Privacy And Accessibility Matter
Jason Caruana, CEO, Mixto

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

Insurance: An Industry Whose Time Has Come
Chris Houston, CEO, The Change Alliance

Improve Efficiency & CX With A Digital-First Mindset
Warren Lederer, COO, Madison Advisors

Now, for a limited time only, enter the registration code SHOWCASE when you register for FREE on-demand access to four highly rated, insightful presentations on Disruption and InsurTech in a Canadian P&C context.

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


Insurance Works

Featured job opportunities:

Personal Insurance Sales Broker
Josslin Insurance
Elmira, ON

Vice President, Benefit Services
Boyden Calgary Inc.
Edmonton, AB


From Doug

The number of devices being connected to the internet this year is about 110 per second, according to statista, increasing to about 130/sec. next year and growing even more quickly as time goes on.

There is obviously value there, or it would not be happening.

This is quite relevant to insurance. With new things – and the new functions they might represent – come new risks. With new risk comes the opportunity (need) for insurance. here are just two dimensions of that:

Cyber risk for all intents is a child of the internet. It is a huge and growing problem for which insurance is essential. Enough said.

The second is the automobile. It has always been an evolving insurance need for society, which has raised innumerable issues. This dimension, though, is about “managing risk.” How has it evolved?

1.) Tracking devices to locate stolen cars.

2.) Usage-based insurance: where, when, how far?

3.) Driving behaviour through engagement: data reporting & gamification.

Where is IoT in your insurance strategy?

Next week's Chronicle feature a comment from Matteo Carbone, Founder and Director of the IoT Observatory.

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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