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Most Expensive Two Years Ever For Insurance
Major wildfires, tropical cyclones and severe thunderstorms caused USD 225 billion in economic losses globally and USD 90 billion in insured losses in 2018, according to the 2019 Insurance Market Report from Aon. This is nearly 50% higher than the annual average from 2000 to 2017 and made 2017-2018 the most expensive two-year period for insurers ever recorded.
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The Latest Cyber Risks: Chubb InFocus Report
Chubb's latest Cyber InFocus Report, “Know the Latest Trends in Cyber Risks,” outlines the newest cyber exposures that all institutions should have on their radar. These include a surge in Biometrics Information Privacy Act (BIPA) lawsuits, the emergence of new ransomware variants, and increasingly expensive cyber risks facing financial institutions.
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Silent Cyber Risk Concern Declines Across Lines
The insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, across all commercial lines of business and industry groups, according to the 2019 Silent Cyber Risk Outlook global survey by Willis Re.
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Apollo Exchange Launches Liability For PIs
Apollo Insurance Solutions Ltd. is pleased to announce that through partnership with Trisura, it now offers the Professional Liability package for private investigators through the Apollo Exchange. Like all products featured on the Exchange, brokers can quote, bind, and issue policy documents for their private investigator clients online and in real-time.
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Blink Innovation Teams Up With Manulife On Digital Travel Disruption Solutions
Blink, one of the fastest-growing Travel Insurance InsurTechs in the world, has entered into an agreement with Manulife, one of Canada's largest travel insurers, to support the roll-out of tailor-made insurance solutions to its customers.
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Swyfft, Sheltr Partner On Proactive Home Care
Swyfft, an insurance service provider that uses artificial intelligence to save customers and agents time and money, has announced it is partnering with Sheltr, the subscription app that helps homeowners proactively care for their homes to catch and mitigate issues before they become costly repairs.
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FAST, Sureify Partner To Digitally Transform Insurance
FAST, a leading software company for the life and annuity industry, announced today that it has entered into an agreement to partner with Sureify. Sureify’s enterprise life and annuity platform, Lifetime, will leverage microservices from the FAST platform and provide carriers with innovative solutions for broadening and deepening policyholder engagement.
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QBE Launches Innovative Service To Reduce Risk Of Harassment & Employment Practices Issues
Creating a safe and supportive workplace that minimizes the risk of harassment, discrimination, and other employment practices violations is critical for executives and HR departments. To help employers better navigate this risk and stay ahead of changing employment laws, QBE North America has introduced a new and complimentary service, QBE Business Resource Edge, as part of its Employment Practices Liability (EPL) insurance offering.
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The Co-operators Acquires Quebec Brokerage
The Co-operators has purchased Cadieux Beausejour Dupras Inc. in Saint Jérôme, Quebec. The brokerage's portfolio includes personal and commercial insurance policies. Any existing insurance coverage will remain in effect for the current policy term.
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WaveFire Launches Innovative Risk Management Platform
WaveFire, LLC, has announced the launch of a cross-industry innovative platform empowering risk management for cybersecurity, compliance and audit, supporting multiple regulatory frameworks.
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Emerging Tech Trends With Transformational Impact
Gartner's latest Hype Cycle for Emerging Technologies reveals five distinct technology trends that create and enable new experiences, leveraging artificial intelligence and other constructs to enable organizations to take advantage of emerging digital ecosystems.
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IBM Announces ‘Quantum-Safe’ Cloud Technology
IBM has announced that it will begin to provide 'quantum-safe' cryptography services on the IBM public cloud in 2020 and is now offering a Quantum Risk Assessment from IBM Security to help customers assess their risk in the quantum world. This marks a major step toward maintaining the highest level of security of its clients' data and privacy in the future from fault-tolerant quantum computers.
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Four Emerging Trends Transforming How Marketers Run Technology Ecosystems: Gartner
AI for marketing, customer data platforms, and real-time marketing are some of the technologies at the Peak of Inflated Expectations in digital marketing and advertising, according to Gartner. The Gartner Hype Cycle for Digital Marketing and Advertising 2019 report shows that four particular technologies have the capability to transform how marketers run their technology ecosystems and, ultimately, deliver meaningful customer experiences.
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Porsche Expands Subscription Offer In Canada
Porsche is expanding its “Porsche Passport” vehicle subscription model and “Porsche Drive” premium car rental service. Following the launch in Atlanta, these services will be offered in four new cities from September 2019: Las Vegas, Phoenix, San Diego and Toronto.
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Edmonton Hail Caused CAD 90M In Insured Damage
The hailstorm that took place on August 2, 2019 in the Edmonton area caused an estimated $90 million in insured damages, according to Catastrophe Indices and Quantification Inc.
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The Intersection: Blog

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

Product Proliferation: Don't Let the Trends Pull You In
By Karen Pauli, Strategy Meets Action
Our digital world has changed many things in a blink of an eye, it seems. There are numerous blogs that remind us of all the ways digital has (or sometimes has not) changed the business of insurance. But one thing that has not been explored in-depth is product proliferation. Read more.

Insurance in the Platform Economy
By Patrick Vice,
Many of the folks who heard about Amazon in 1994 thought Jeff Bezos was chasing shadows. But the Internet demonstrated ┬áthat “virtual” efforts could not only deliver “real” things, they could do so in shorter time frames and with lower costs. 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:

PolicyMe is a new kind of life insurance company – one that is smart, honest, and personalized. We provide a platform for customers to get life insurance advice in 5 minutes under a convenient and “pressure-free” environment. Once users get a recommendation, we help them compare policies & apply online, saving them money and hassle along the way. Learn more.

Calling all InsurTechs! Click here to participate.

Live webinar: “Best Practices in Detecting Insurance Fraud”

Tuesday, September 10, 1pm (ET)

Zencos, a leader in implementing and integrating SAS solutions, and SAS have partnered to deliver a robust, configurable, AI-driven solution to identify the multitude of ever-changing fraud schemes for the smaller insurer.

Join us to learn best practices in detecting insurance fraud, and the combination of techniques required to dramatically reduce your fraud losses.

Learn more or register.

SAS zencos

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

“Insurance In The Platform Economy”

Held Wednesday, August 28

Thanks to everyone who attended the annual Executive Forum last week, and a special thank-you to all the speakers, exhibitors, sponsors and supporters. Early feedback has been very positive.
Photos from the forum are now online:

ICEF2019 ICEF2019

Insurance Works

Featured job opportunities:

Software Engineer
Gore Mutual Insurance
Cambridge, ON

Intermediate/Senior Underwriter
Mississauga, ON

From Doug

If you didn’t attend, you missed a great event at last week’s annual Executive Forum. Every speaker made good points about successfully competing in the platform economy.

Donald Light from Celent discussed the difference between two major types of platforms, the implications of each and what the value could be to both platform user, and platform provider.

Denise Garth, SVP at Majesco, set the stage for the day wonderfully well in the opening by looking at the drivers that are changing insurance, from technology – including platforms – to consumers, from leadership to the need for speed.

Several speakers addressed an emerging and fundamental change to insurance which has major implications: embedded insurance.

A longstanding example: warranties. They are included – or embedded – in many purchases.

According to Tim Attia, CEO of Slice Labs, Lyft offered “free insurance” – although the cost is real, it is embedded in the basic product and not separately priced.

Will embedded insurance proliferate? That remains to be seen. The implications for the industry are significant.

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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