"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 8, 2019

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Cyber Threats Are Top Overall Business Concern
The 2019 Travelers Risk Index reveals that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014. Read more.

Insurers’ Role In Flux As InsurTechs Master CX
The insurance industry is facing a structural shift where effective collaboration with InsurTechs is essential in order to meet rising customer expectations, according to the 2019 World InsurTech Report by Capgemini and Efma. Read more.

Duuo Launches Peer-To-Peer Rental Insurance
Duuo, a digital insurance brand created by The Co-operators, has announced its launch of Rent-my-Stuff Insurance, Canada's first on-demand digital insurance for peer-to-peer sharing platforms. Now available through Traveling Munchkin, a Canadian platform that allows parents to rent baby gear locally, Rent-my-Stuff Insurance provides protection for peer-to-peer rental-specific damages and losses. Read more.

Slice Announces Duuo On-Demand Event Cover
Slice Labs is pleased to announce that Duuo, an on-demand digital insurance brand from The Co-operators Group, has launched an on-demand Event insurance offering built on the Slice Insurance Cloud Services platform. Read more.

Mitchell Launches Intelligent Estimating Solution
Mitchell International, a leading provider of technology and information solutions to the P&C insurance and Collision Repair industries, has announced the release of its Mitchell Intelligent Estimating™ solution – an advanced, artificial intelligence claims automation solution. Read more.

Hubio Launches Farm Insurance Digital Platform
Hubio Technology, a provider of P&C insurance solutions that enable frictionless transactions, is pleased to announce the launch of “Bloom” for Trillium Mutual Insurance on Hubio's collabor8 cloud solution, showcasing Trillium's specialized farm insurance solutions. Read more.

FCA Joins Canadian Broker Network
Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, is pleased to announce that effective immediately, Firstbrook Cassie and Anderson Ltd. (FCA Insurance) has joined CBN. Read more.

Acrisure, Tulco Unveil Altway Insurance
Global insurance broker Acrisure and leading investment company Tulco Holdings have unveiled Altway Insurance, a direct-to-consumer brokerage platform which is fully supported by artificial intelligence. Read more.

CSIO Announces Applied Systems Epic Integration
CSIO is pleased to announce that Applied Systems has integrated the My Proof of Insurance solution with the latest release of Applied Epic, enabling brokers to send customers digital policy documents for personal and commercial lines, including proof of auto insurance (eSlips), without leaving the management system. Read more.

Munich Re, FRISS Extend Partnership Globally
FRISS, the market leader in AI-powered fraud and risk solutions for the P&C insurance industry, has announced that they have extended their partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions, to now globally support insurers in the fight against fraud. Read more.

Gore Mutual Selects Guidewire Cloud Platform
Gore Mutual Insurance and Guidewire Software have announced that Gore Mutual has selected Guidewire ClaimCenter™ as part of its claims technology transformation. ClaimCenter will be implemented and delivered as a Software-as-a-Service (SaaS) solution via Guidewire Cloud™, which is powered by Amazon Web Services (AWS). Read more.

IT Spending Up for 2020: Novarica CIO Study
Insurer IT spending is growing for 2020 as insurers seek to improve speed to market, distributor service, and analytics capabilities, according to the 12th annual "Insurer IT Budgets and Projects" report from Novarica, which also finds that security is consuming a greater percentage of overall IT spending than in prior years. Read more.

BrokerLink Grows With Double Acquisition
BrokerLink is pleased to announce that Jamber Insurance Services and Routh Chovaz Insurance Brokers have joined the company, effective October 1st. Terms of the transactions were not disclosed. Read more.

Navacord Reaches Major Premium Threshold
Navacord has surpassed the billion-dollar premium threshold with the addition of Vancouver Island-based Waypoint Insurance Services, effective Oct. 1. Read more.

Navacord Announces Expansion In Sask.
Navacord is pleased to announce its strategic expansion in Saskatchewan with the addition of Hoffmann Kool Insurance and Life Line Insurance, effective Oct. 1. Read more.

Sun Life’s New Permanent Life Insurance Solutions
Sun Life has announced its offer of simple and flexible options for guaranteed protection with the addition of two new permanent life insurance solutions, SunUniversalLife Pro and Sun Permanent Life. Read more.

IPG Expands TPA Offering Across North America
SCM Insurance Services has announced the continued expansion and enhancement of its Third-Party Administrator (TPA) offering under International Programs Group (IPG). By bringing together two premier U.S. TPAs, IPG becomes the preeminent provider of TPA services in North America. Read more.

Owners Missing Key Details Of Insured Property
A new home insurance survey conducted by reveals that the majority of Canadians don't know key details about their homes, meaning that when it comes time to get home insurance, their initial quote might not match the final price. Read more.

Alert Labs Expands Water Tech Solutions
Alert Labs, designer of easy-to-install, cellular-connected home protection technology, has announced its newest smart water solutions. Flowie-O and Shuttie lower utility costs and minimize property damage for residential, multi-family, and commercial buildings. Read more.

Hub Acquires Regency Advisory Corporation
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Saskatoon-based Regency Advisory Corporation. Terms of the transaction were not disclosed. Read more.

Hub International Acquires ProCorp Financial
Hub International Limited is pleased to announce that it has acquired Ottawa-based ProCorp Financial Inc. Terms of the transaction were not disclosed. Read more.

Great-West Life Launches Health Platform
Great-West Life has announced the launch of Health Connected®, a mobile-friendly health and wellness platform that draws on strategic features to encourage users to take charge of their health. And until December 31st, users can win wellness prizes from Great-West Life. Read more.

The Future At Lloyd’s: Blueprint One Unveiled
Lloyd's has launched the Future at Lloyd's Blueprint One, which describes Lloyd's strategy to build the most advanced insurance marketplace in the world and includes details of coming initiatives for customers and market participants. Read more.

Hurricane Dorian Insured Damage Tallied
Hurricane Dorian caused more than CAD 105 million in insured damage after it hit Atlantic Canada on Sept. 7, according to CatIQ and IBC. Most of this amount represents damage to personal property, one-quarter is from damage to commercial property, and the remainder is damage to automobiles. Read more.

How To Avoid A Distracted Driving Ticket
Distracted driving is the focus of this month's Traffic Safety Spotlight. The number of distracted drivers has gotten out of hand, and since most distracted driving tickets are for cellphone use while driving, keeping your phone "out of hand" is a great way to start if you would rather avoid a ticket. Read more.

Richer Data Improves Flood Risk Evaluation
A new study by Canadian Water Network and Insurance Bureau of Canada highlights the potential to improve the accuracy of flood hazard maps – used by governments and insurers to determine flood risk – through the incorporation of richer data. Read more.

Canadians Falter On Money Matters: Survey
Canadians give themselves dismal grades when it comes to their financial literacy and understanding of common financial products, according to a new national survey by insurance comparison site Read more.

Planning Retirement? “Ditch The Rear-View”
When it comes to planning for retirement, too many people (and financial professionals) are stuck looking backward. In the coming years, the first wave of Baby Boomers will turn 80. More than half of them will require some form of long-term care at some point, and one in five will need it for more than five years, according to U.S. data. Read more.

CFOs Operating More Like Strategy Officers
Global consulting firm Protiviti has released the findings of its annual Finance Trends Survey, which reveals the continuation of a significant shift in the priorities and activities of Chief Financial Officers and senior finance executives. Read more.

Digital Tokens Transform Consumer Interaction
A new survey by KPMG reveals that consumers across all age groups are increasingly willing to make purchases with tokens, indicating a wide range of opportunities for businesses to engage with their customers and transform commerce using blockchain. Read more.

The Intersection: Blog

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

Four Pillars For Intelligent AI Adoption
By Karthik Ramakrishnan, Element AI
Artificial intelligence is allowing insurance firms to meet the ever-growing volume of client submissions and claims with quick response times, precision pricing and quoting, and streamlined workflows. Given the urgency around deploying an efficient AI framework, insurance companies should follow four pillars of intelligent AI adoption. Read more.

Driving Is Not Just Moving Anymore
By Patrick Vice,
While Artificial Intelligence (AI) has utility across myriad programs and products, it seems that automotive AI has the largest set of immediate applications in the works, and it seems clear that AI will be “driving” (pun intended) the automotive environment for the next two decades or more. Read more.

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InsurTech Spotlight

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

Crawford Technologies
Crawford Technologies is a provider of innovative document solutions that streamline, improve and manage customer communications. With a market-leading focus on accessible documents for the millions of North Americans who are blind, partially sighted or cognitively impaired, Crawford Technologies’ AccessibilityNow is a complete platform for the creation and management of accessible insurance documents. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Director, National Compensation
Toronto or Quebec City

Accident Benefits Specialist
Oatley, Vigmond Personal Injury Lawyers
Barrie, 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

Influencing Product Self-Selection

The fifth and last of Matteo Carbone's value creation levers for the insurance buyer as derived from Internet of Things (IoT) data is “risk self-selection.”

For any person or business buying insurance, cost is always a factor – sometimes the dominant one, and sometimes less significant compared to other considerations (coverages, quality of service, etc.).

For a given insurance product, all characteristics, including the marketing program, can influence the results – i.e., the profitability of the product.

If those characteristics result in a customer base which has a poorer-than-expected loss ratio, then the product has suffered adverse selection.

The objective is to design a product which has a lower loss ratio and is also in some way insulated from competition (another business luring the customer away with a different proposition).

The bundling or packaging together of various products and services, including insurance, appears to have significant potential.

IoT brings a new set of parameters to that packaging, and the opportunity for a better-performing product – a profitable insurance component.

Innovative insurers are challenging tradition by exploring these IoT value-creating options, pushed in no small way by the community of InsurTech startups and others from outside the industry who sense an opportunity.

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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