"Chronicle" weekly newsletter - Where insurance and technology meet

SEPTEMBER 24, 2019

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Digital Transformation: Benchmark & Roadmap
With so many processes and functions to update, insurance carriers have been spread thin in their efforts to transform. Strategies have been developed at all points across the organization without collaboration, creating little value and minimal return on investment. Aite Group's new report will help carriers understand where they are in their transformation journey – and whether they will be left behind. Read more.

Business Leaders Don't Have Time For Cyber
With a wide range of issues to handle, most senior executives and board members responsible for cyber risk management had less than one day in the last year to spend focused on cyber risk issues, according to a new report published by Marsh and Microsoft. Read more.

Apollo Now Powers 50+ Independent Brokerages
Apollo has been steadily onboarding new brokerages, and the Apollo Exchange now powers more than 50 diverse brokerages across Canada. Read more.

First Probabilistic Global Flood Model Launched
JBA Risk Management, the global leader in flood risk management, has launched the first-ever probabilistic global flood model. This model allows (re)insurers to model river and surface water flood at 30m resolution worldwide. Read more.

Marsh Launches Blue[i] Analytics Platform
Marsh, the world's leading insurance broker and risk adviser, has announced the launch of Blue[i] Claims, an enhanced analytics platform designed to help clients achieve superior claims outcomes. Read more.

Life/Health Claims Systems Overview: Novarica
Carriers with leading claims organizations are implementing modern solutions with tools that make it easier to meet their goals and objectives. In its latest Novarica Market Navigator, Novarica provides an overview of the available claims systems and suites for US life/health insurers, with detailed profiles of 9 vendor solutions. Read more.

Internal Risks Top Concerns For Lloyd’s CROs
Pricing, cost reduction, change management, market modernization, and competition are the top five risks facing Lloyd's, with these internal factors ranking ahead of factors such as cyber risk and climate change, according to a survey of Chief Risk Officers within Lloyd's managing agencies. Read more.

Element AI Unveils Underwriting Solutions
Element AI has announced Submissions capability for its ‘Underwriting Partner’ product, to complement the company’s broader market offering of AI-enabled advisory services and modular AI capabilities. Read more.

Travelers Leveraging HOVER’s 3D Technology
Travelers has announced it is using HOVER to assist in assessing property damage with technology that transforms smartphone photos into an accurate 3D model. Through HOVER, Travelers claims professionals can easily inspect damages, and policyholders can submit information without having to schedule an on-site inspection. Read more.

Cyber Attacks Outpacing Defence Capabilities
Fortinet, a global leader in cybersecurity solutions, has released the results of a global survey of CISOs about the biggest challenges they're facing and strategies they're putting in place to address these obstacles. Read more.

Home Insurance Customer Satisfaction Declines
Roughly three-quarters of home insurance customers believe the industry needs improvement, according to J.D. Power's U.S. Home Insurance Study, which also finds that overall satisfaction with homeowners insurance has declined for the first time since 2015 – creating an opportunity for InsurTech disruptors. Read more.

InsurTech For Insurers: 200 Startup Profiles
As the wave of investment in InsurTech continues and more innovative new startups bring offerings to market, insurers increasingly see opportunities to partner, license technology, or learn. In a new report, Novarica outlines the InsurTech landscape and profiles 200 startups, focusing on the relevance of each to incumbent insurers. Read more.

QBE Launches Enhanced Cyber Risk Solution
QBE North America, an integrated specialist insurer, is pleased to announce the launch of an enhanced cyber solution to help protect customers from the growing risk of cyber threats. Read more.

Cover Genius Delivers For ShipStation Network
Global InsurTech leader Cover Genius has announced a partnership with ShipStation, the world's leading web-based shipping software for merchants, to provide insurance products for ShipStation's global network across the U.K., Canada and Australia. Read more.

ClearRisk Launches Next-Gen Data Solution
ClearRisk is pleased to announce it has launched its next-generation data solution, ClearRisk INSIGHTS, changing the way risk managers can leverage data for risk optimization in Canada. Read more.

Responsible A.I. In Financial Services: TD
There is little doubt that artificial intelligence is among the most powerful innovations in the market today. But what are the opportunities and risks of this technology, and how can companies adopting AI ensure it is used responsibly? Read more.

Insurers Leveraging 3rd-Party Data, AI Services
Two new reports from research and advisory firm Novarica review insurance industry use cases for third-party data and highlight how insurers are leveraging AI-enabled tools to streamline data collection and analysis. Read more.

Coalition Launches Middle Market Cyber Coverage
Coalition, the leading cyber insurance company for small and midsize businesses, has announced it has expanded its cyber and technology errors and omissions coverage to include middle market companies with up to $1 billion in annual revenue. Read more.

NeuralMetrics Announces Global Launch
NeuralMetrics, an InsurTech data provider using natural language processing technologies to power a real-time, alternative data engine for commercial lines general or property & casualty insurance companies, is pleased to announce its official launch. Read more.

J.S. Held Announces SPECS Acquisition
J.S. Held, a global consulting firm, is pleased to announce that it has acquired SPECS (Specialized Property Evaluation Control Services). Headquartered in Langley, British Columbia, SPECS is the largest property risk and loss quantification consulting firm in Canada. Read more.

Insurmi Gets Funding To Modernize Engagement
Insurmi, a conversational-AI powered customer engagement platform for insurance carriers, has secured additional funding to accelerate market expansion and expand its team. Read more.

RVezy Obtains BC Insurance Policy For RVs
Canadian-owned RVezy, the country's first peer-to-peer RV rental marketplace, continues to lead the RV sharing economy and now offers full insurance coverage to Motorhome and Travel Trailer owners in British Columbia. Read more.

Outdoorsy Covers Towable Vehicles In BC
Beginning September 16th, Outdoorsy will now be able to insure towable and drivable vehicles on its network throughout BC, which will allow more options to renters and new forms of insurance for owners. Read more.

PEI Launches Disaster Assistance Program
Residents of Prince Edward Island will be able to access emergency funding from government in the coming days to help recover costs associated with damages following Hurricane Dorian. PEI's first-ever Provincial Disaster Assistance Program will be rolled out early next week to help with costs to repair or replace uninsurable, essential basic property loss. Read more.

Volkswagen Updates Connected Car-Net System
Volkswagen is pleased to announce the launch of a new version of its next-generation Car-Net connected car system for model year 2020, with an updated mobile app and new services introduced in four areas: Remote Access, Safe & Secure, Hotspot, and Guide & Inform. Read more.

The Intersection: Blog

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

How Brokers Can Optimize Their LinkedIn Presence To Increase Sales
By David Dyck, Apollo Exchange
LinkedIn is one of the most powerful tools in an insurance broker’s toolbox. Done right, it can be your most powerful asset when it comes to driving leads and making connections. You might be wondering why LinkedIn and not some other social media platform, but if you look at those numbers, you can see that the chances are pretty good that most of your prospects are on LinkedIn. The question is: Are you making yourself visible to them? Read more.

Climate Change For Insurance In Canada
By Patrick Vice,
Back in the day, a wise but somewhat gritty insurance manager liked to hear it when new junior professionals asked: “What do we do in the insurance office?”
“It's quite simple,” the manager responded. “One: money comes in to you. Two: money goes out from you.¬† If One is larger than Two, you're in.¬† If One is smaller than Two, however, you're out. Any other questions?” 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:
More Canadians start their search for insurance on than on any other website in Canada. We help consumers make smart financial decisions by offering industry-leading quoters that compare the insurance market for them. That allows us to generate high quality new business leads for our insurance partners. Learn more.

Calling all InsurTechs! Click here to participate.

ICTC2020: “20/20 Foresight: Keys To Success in a Dynamic World” — 18th annual Technology Conference — Feb. 25-26, 2020, at the Beanfield Centre, Exhibition Place, Toronto

“20/20 Foresight:
Keys To Success in a Dynamic World”

Feb. 25-26, 2020, in Toronto

The insurance industry is spinning with change, driven by the world around us – including our partners and competitors, both new and traditional.

We face new and evolving risks shaped by factors including climate change, shifting societal norms, new technologies and their usage – or abuse, in the case of cybercrime. Customers’ expectations are continuously evolving in parallel.

New or updated business models, new approaches to managing risks, and new insurance products, often enabled by the latest technology, create fresh opportunities – but also generate challenges and risks of their own.

At ICTC2020, industry leaders and experts will define the next generation of insurance and risk management. Will the industry’s significant dependence on technology be its saving grace or its Achilles heel?

Explore the implications for achieving exceptional performance in insurance, not only today, but tomorrow – and beyond.

Registration will open soon.

Mark your calendar now for Feb. 25-26, 2020:

Insurance Works

Featured job opportunities:

Financial Security Advisor
Freedom 55 Financial
Calgary, AB

Insurance Sales Producers (Personal & Commercial Lines)
Billyard Insurance Group
Georgetown, ON

ICTC2020: “20/20 Foresight: Keys To Success in a Dynamic World” — 18th annual Technology Conference — Feb. 25-26, 2020, at the Beanfield Centre, Exhibition Place, Toronto

From Doug

The third of the value creation levers available to insurers in the rapidly growing “Internet of Things” world is change of behaviors.

For personal auto insurance, a precursor was simple usage based insurance, with insurance priced according to various factors such as distance, where, when, speed, braking etc and pay accordingly.

This soon expanded into obvious offers of lower premiums based on improved driving ie “better driving behaviour.”

With low costs of digital communications, a report of driving behaviour could be delivered on a weekly, daily or even post-trip frequency.

In a different direction or in conjunction with, add gamification. Compare the subjects driving to others – a given set of peers by age, geography or some other set of parameters and let them compete with each other for bigger improvements.

That seems to have real potential.

But can “modifing behaviour” be extended across lines of business, different risks, and how?

Risks such as impending weather events (hail, tornado, hurricane etc.) or building in areas with riskier characteristics - ending on risks – in a wild fire or flood plain.

What does it take to be a leader in such packaging? Time will tell.

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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