"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 22, 2019

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Applied Systems Acquires Policy Works
Applied Systems has announced its acquisition of Policy Works, the leading platform for commercial lines business in Canada. This acquisition expands Applied’s commercial lines solutions and demonstrates the company’s commitment to advancing connectivity between brokerages, insurers, and the insured to create greater value for all stakeholders. Read more.

Indio Technologies Enters Canadian Market
Indio Technologies, an insurance technology company that streamlines the business insurance application process, has announced its entry into the Canadian marketplace with its workflow management platform designed to transform the commercial insurance industry. Read more.

Apollo Sees Considerable Business In U.S.
Since launching a liability product in the United States last month, the Apollo Exchange has seen an average policy transaction of USD 4,954 on that product, which is entirely digital. The average quote has been higher, at USD 8,357. Customers requiring coverage can self-serve from the white labeled website, pay by credit card or ACH transfer powered by the Exchange technology platform, and have their policy emailed to them in less than five minutes. Read more.

Swiss Re, Pioneer To Launch Telematics Solution
Swiss Re and global car electronics company Pioneer have co-developed an innovative telematics solution that provides insurers with better and more personalised risk assessment, while supporting safer driving behaviour. The combined solution will be integrated in Swiss Re's Coloride app and is set to be launched globally early next year. Read more.

Specialist Brings SaaS Solution To Mid-Market
Munich Re Automation Solutions, a subsidiary of the Munich Re group, is bringing its auto-underwriting expertise to the global mid-tier insurance market with its SaaS solution ALLFINANZ SPARK, which enables mid-tier firms to automate their underwriting processes, explore valuable new opportunities, and positively transform their customer’s experience of life insurance. Read more.

FRISS Leveraging Guidewire Platform To Deliver Plug-and-Play Fraud Detection
FRISS has announced that it is the first Guidewire PartnerConnect™ Solution Partner that is leveraging Guidewire DevConnect™ to develop an add-on for fraud and risk management related claims support. Read more.

Chubb adds Features, Insight To Cyber Index
Chubb has enhanced its proprietary Chubb Cyber IndexSM with upgraded features that help identify a range of global cyber threats based on an organization's industry and size. The new tool also offers cost analysis, insights on cyber insurance limits and deductibles, and an estimated incident costs calculator that helps organizations better understand how to protect themselves against current and emerging cyber threats. Read more.

Hearsay Joins Guidewire PartnerConnect
Hearsay Systems and Guidewire Software are pleased to announce that Hearsay has joined Guidewire PartnerConnect™ as a Solution partner. Hearsay offers innovative, compliant digital communications and workflow solutions designed to reinvent the client experience and drive productivity, helping insurance agents to more effectively cultivate new prospects and serve their existing clients. Read more.

Commonwell Completes Platform Implementation
The Commonwell Mutual Insurance Group has announced its successful implementation of a platform that is modernizing its technology infrastructure to provide an improved experience for policyholders and to drive innovation, speed to market and long-term business growth. Read more.

Hubio Launches Regulatory Reporting Platform
Hubio Technology, a provider of P&C insurance solutions that enable frictionless transactions, is pleased to announce the launch of regul8 v10, the next generation of its industry-leading regulatory and statistical reporting platform. Read more.

Ransomware Attacks Increase Year Over Year
In the Q3 2019 edition of the Chubb Cyber InFocus Report, “Adapting to the New Realities of Cyber Risks,” Chubb provides insight into the recent growth of ransomware attacks across industries and underscores best practices companies should take to combat the associated risks. Read more.

Current State Of The Global Analytics Ecosystem
Financial institutions hold a vast amount of consumer data, but many struggle to consolidate it, limiting their insight into how customers use their products and services. Aite Group’s latest report explores how organizations can orchestrate the analytics process in order to get a single view of a consumer and to help the consumer. Read more.

Sales Automation Providers Named As Innovators
International Data Corporation Canada has published an IDC Innovators report profiling five companies that offer solutions that enhance insurance sales processes using advanced technologies like AI, natural language, cognitive processes and cloud. The five companies named as IDC Innovators are Chisel AI, Finaeo, League, PolicyMe and ProNavigator. Read more.

Chisel AI Recognized For Sales Automation Solutions
Chisel AI, a technology provider for the global insurance industry, is pleased to announce that it has been named an IDC Innovator in a recently published report profiling companies that offer solutions that enhance insurance sales processes using advanced technologies like AI, natural language processing, cognitive processes and cloud. Read more.

Dessa Launches Machine Learning Products
Dessa, a company with world-renowned excellence in machine learning, has announced the launch of its products Atlas and Orbit, which together make up Foundations, an end-to-end platform for the development and production of ML at scale. Read more.

ENCON Rebrands as Victor Canada
ENCON Group Inc., a leading managing general agent in Canada, and a Victor company, today rebrands as Victor Canada. The announcement follows the larger global unification and rebrand of The Schinnerer Group to Victor Insurance Holdings announced in 2018. Read more.

CSA Reminds Snowbirds Of Health Coverage Cuts
As the snowbird season gets underway, the Canadian Snowbird Association is reminding Ontario travellers that OHIP's Out-of-Country Travellers Program is scheduled to be terminated on January 1st. Read more.

Northbridge Selects SAS For IFRS 17 Prep
Northbridge Financial Corporation, a Fairfax company, has selected SAS to support their journey toward IFRS 17 compliance. The new International Financial Reporting Standard is expected to increase the complexity and cost of operating in the industry and will increase the required level of detailed financial information. Read more.

Economic Report Notes Political Tensions
RSM Canada, a global provider of audit, tax and consulting services, has launched its 3rd edition of The Real Economy: Canada, a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth in Canada's middle market. Read more.

Health Premiums On The Rise Globally
A global study of 100 countries conducted by insurance brokerage Pacific Prime found that 97 countries witnessed increases in average international health insurance premiums for both individuals and families. Canada saw a big jump in premiums, surpassing Hong Kong as the second most costly country for international health plans. Read more.

Less Daylight = More Risk For Pedestrians
The number of pedestrians injured in crashes almost doubles from October to January, as the weather changes and daylight hours decrease. ICBC is launching a pedestrian safety campaign with police and TransLink to urge pedestrians and drivers to stay safe this winter. Read more.

The Intersection: Blog

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

InsurTech: The Driver
By Patrick Vice,
We have been seeing increased interest in and utilization of “InsurTech” – a large set of development programs driving new methods to improve insurers' and brokers' technologies and to utilize new, technology-driven methods to make insurance more efficient. But there is a question emerging: Will InsurTech continue to be a major driver for new programs? Read more. Technology Awards (ICTAs)

Nominations are now open for the 2020 Technology Awards.
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The deadline is Wednesday, December 4.

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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:

Sonnet Insurance
Sonnet is an innovative digital platform that promises to change the way Canadians experience insurance. Sonnet empowers Canadians with a simplified quoting and buying process for home and auto insurance. We’re changing insurance for the better by using data and analytics to offer customized coverage. And we do it in language you can understand, at a competitive price. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Personal Lines – Customer Service Representative (CSR)
Regal Insurance Brokers
Kitchener - Waterloo, ON

In-House Property & Casualty Insurance Producer
Morison Insurance Brokers Inc.
Hamilton, ON

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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

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From Doug

IoT and Insurance (cont’d from last week)

An insurance product which depends on IoT must consider the associated IoT costs such as sensors, communications, data, processing, analytics etc.

To be price-competitive with other traditional products, these increased costs must be off-set by reductions in other expenses. The “other” expenses include acquisition (distribution), administration, and loss costs (basic loss costs and adjustment expenses).

The largest of these - loss cost – develops from a combination of loss frequency and severity.

How might IoT address these expense factors? An example:

Auto Insurance and Telematics

Auto insurance is a major cost item for many. Some 70% of drivers think that they are average or better than average drivers. The appeal of a premium reduction in return for having one’s driving behaviour recorded and shared is strong.

A driver may drive better just based on premium promises alone. But the potential can be increased by providing feedback of performance, with a periodic (weekly?) summary, or even a post-trip report. Some drivers may respond to being compared to a group of drivers – gamification – and compete for better performance ranking.

Better driving should reduce both loss frequency and severity. For an insurer, the benefit can outweigh the IoT costs of monitoring and influencing driver behaviour. And the driver pays a lower premium. A win-win.

Tune in next week for a look at property ... and water.

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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