"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 29, 2019

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Future Risks Report: AXA & Eurasia Group
Eurasia Group is pleased to announce the release of a new report, co-authored with AXA, which details the emerging risks that should be on the radar of every business leader and policymaker. Read more.

Top 10 Strategic Technology Trends For 2020
Gartner has identified the top strategic technology trends that organizations need to explore in 2020: human augmentation, distributed cloud, autonomous things, practical blockchain, AI security and hyperautomation are among the tech trends whose substantial disruptive potential is beginning to break out of an emerging state into broader impact and use. Read more.

InsurTech Investment Already Past 2018 Total
Total global new funding commitments to the InsurTech sector in 2019 have already surpassed the 2018 full-year total, and during the third quarter exceeded USD 1.2 billion for the fifth consecutive quarter-year period, according to the Willis Towers Watson's latest Quarterly InsurTech Briefing. Read more.

Keal Launches Powerful New Tools For Brokers
Keal, an expert in Canadian broker innovation powered by Vertafore, is pleased to announce the debut of MyBrokerHome to enhance user productivity and sales success. Users receive a customizable user interface, flexible workflows, views of their entire sales pipeline, tools for team collaboration and compliance, and much more. Read more.

Applied Systems Announces Latest Innovation
Applied Systems has announced innovative updates across its Digital Agency™ and Brokerage portfolio. The latest advancements enable greater connectivity between agencies, brokerages, insurer partners and the end insured to create greater collaboration for higher-value business transactions and operational efficiencies. Read more.

Markel Launches Cyber Risk Management Tool
Markel, a leading cyber liability insurer, has announced the availability of a new risk management tool for policyholders. WhiteHaX, a state-of-the-industry testing and reporting tool, simulates cyber security breaches and assesses the readiness of deployed security infrastructure and software. It is especially useful for small-to-medium size businesses. Read more.

Wawanesa Launches Technology Platform
Wawanesa Mutual Insurance has partnered with Capgemini to implement two industry-leading digital solutions, Guidewire InsuranceSuite™ and BluePass, in order to support Wawanesa and its broker community in providing exceptional customer service to current and future policyholders across Ontario. Read more.

Beazley Cyber Suite Launched Internationally
Cyber breach preparation and prevention have become inseparable from insuring a cyber loss, and organisations must protect themselves on all fronts. Specialist insurer Beazley is pleased to announce it has lunched its full suite of cyber risk management services for international cyber policyholders. Read more.

Trufla Updates truMobile App With Intact Access
Trufla Technology is pleased to announce that Version 2 of the truMobile app and portal will include embedded access to Intact Insurance's Client Centre. Read more.

Significant Rise In Ransomware Incidents
Cyber criminals are exploiting weak security programs to target both IT vendors and their clients, Beazley data reveals after a spike in ransomware attacks reported to Beazley Breach Response Services in the third quarter of 2019. Read more.

Top Tips For IoT Device Security: Deloitte
The number of connected Internet of Things devices is expected to exceed 41 billion by 2025. In an effort to help organizations shore up their security postures, Deloitte offers five tips for organizations to address IoT security in the products they deploy. Read more.

MGA Core System Ownership Trending Upward
Insurers turn to MGAs to help grow business, expand into new areas, or fill gaps in underwriting expertise. At the same time, MGAs are exploring emerging technologies and InsureTechs to improve performance. Novarica's latest report provides an overview of the MGA market with technology strategy implications and profiles of core system solutions. Read more.

A Platform For Market Leadership In The Digital Era
Majesco has released a new research report on insurance platforms which underscores how visionary leaders are leveraging customer, market and technology trends as a manifold opportunity for insurance growth by reaching new or underserved markets, creating innovative new products and personalizing the customer experience by using new sources of data and offering compelling experiences. Read more.

Verisk Launches Cyber Data Exchange
Verisk, a leading data analytics provider, is pleased to announce the creation of its Cyber Data Exchange, an analytics solution that aggregates cyber insurance data to help insurers gain insights into the market and improve strategic decision-making. Read more.

IBAO Recognizes Broker Channel Achievements
The Insurance Brokers Association of Ontario (IBAO) has highlighted top achievers with the annual Awards of Excellence. This year the awards were expanded to five categories in order to recognize more of the exceptional talent in the broker channel. Read more.

Breathe Life Marks Major Milestones
Breathe Life has announced a number of milestones in its rapid ascent to InsurTech leadership. Since launching last year, Breathe Life has secured several new customer wins, successfully launched and deployed new AI-driven products, and doubled its team to keep pace with growing demand for its platform and mission to protect families around the world. Read more.

SCM ClaimsPro Partners With Encircle
ClaimsPro, Canada's independent adjusting and claims management leader, is pleased to announce that it has entered into an exclusive agreement with Encircle Inc., a leading provider of real-time documentation and productivity tools for the insurance and restoration industries. Read more.

Guidewire Extends Use Of Advisen Cyber Data
Guidewire Software has signed an agreement to continue leveraging Advisen data for the Guidewire Cyence™ Risk Management data model. Advisen data has been included in Cyence Risk Analytics since its creation in 2015. The model enables insurers to proactively evaluate exposure and measure the financial impact of cyber risks. Read more.

CAA Leverages Medallia To Boost Customer Loyalty
Medallia, the global leader in experience management, is pleased to announced that the Canadian Automobile Association (CAA) is leveraging Medallia to enhance its customer experience. Read more.

Blink Named To “The InsurTech 100” List
Blink, one of the world's fastest growing Travel Insurance InsurTechs, has been named to The INSURTECH100. The INSURTECH100 is an annual list of the world's most innovative InsurTech companies that are solving significant industry problems, generating cost saving or efficiency improvements within insurance as selected by a panel of analysts and industry experts. Read more.

Sentinel Risk Acquires Horizon Insurance
Sentinel Risk Insurance Group is pleased to announce the acquisition of Toronto-based independent insurance brokerage Horizon Insurance. Moving forward, Horizon Insurance will operate under the Sentinel Risk name and organization; the office will remain located in Etobicoke's Islington Village. Read more.

Billing Systems: Novarica Market Navigator
Modern property and casualty billing solutions are maturing, giving carriers better options than ever before for a billing system modernization. Novarica's latest Market Navigator report provides an overview of the available stand-alone billing systems for US P&C insurers, with profiles of vendor solutions. Read more.

Marketing Resources Promote Benefits Of eSlips
CSIO has launched new consumer-facing marketing resources showcasing eSlips and My Proof of Insurance; the material is meant to be used by CSIO members to educate their customers on the benefits of eSlips. Read more.

Navacord Expands Footprint Into Quebec
Navacord is pleased to announce the opening of the Laval location of Jones DesLauriers Insurance Management, a founding Navacord Broker Partner. The expansion into Quebec further develops Navacord's client-centric strategy with the ability to service clients in French and English, in addition to building out their wood and forestry practice. Read more.

Manulife And Mila Partner To Boost Wellness
Manulife is partnering with Mila, a Quebec-based innovation space for artificial intelligence and technology, to develop new financial and health wellness research projects, enhance its AI and advanced analytics capabilities and deliver on its commitment to help make decisions easier and lives better. Read more.

US Auto Claims Satisfaction Hits Record High
Even as drivers continue to log a record number of miles behind the wheel and rack up ever-higher auto insurance claim totals, insurance carriers are rising to the challenge by delivering the highest levels of customer satisfaction ever catalogued by the J.D. Power U.S. Auto Claims Satisfaction Study. Read more.

FSRA Issues New Guidance Framework
The Financial Services Regulatory Authority of Ontario has issued a new Guidance Framework to standardize its guidance across regulated sectors and to ensure clarity for stakeholders and consumers around their legal requirements and expectations. Read more.

Intact Invests To Protect Against Climate Change
Natural disasters caused by climate change are real and immediate; they cost billions every year. Intact Financial Corporation is investing CAD 1 million in charities that are developing practical and effective solutions to help protect people from natural disasters, including floods, wildfires, extreme heat, wind and hail. Read more.

MPI Launches Driver Z Program For Students
Just in time for National Teen Driver Safety Week (Oct. 20-26), Manitoba Public Insurance is pleased to announce the official launch of its Driver Z program for students. Over the next few months, thousands of students in 170 high schools will get to experience the program's new and innovative learning tools. Read more.

It's National School Bus Safety Week
Safety Services Nova Scotia has launched its annual School Bus Safety Awareness Campaign, which takes direct aim at the motoring public – particularly those who endanger the lives of our students by passing stopped school buses while red lights are flashing and the stop arm is extended. Read more.

The Intersection: Blog

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

How Messagepoint Harnessed AI-powered Content Intelligence to Improve Customer Communications Management
By Pam Mugford, Messagepoint
The Internet of Things, blockchain and artificial intelligence are changing business as we know it. These technologies will have a seismic impact on insurers, not least of which is how insurance companies communicate with customers.
With that in mind, at Messagepoint we saw the need for a new approach to customer communications management (CCM), one which applies artificial intelligence (AI) and machine learning to make content more manageable and improve its quality, thereby enhancing its performance. Read more. Technology Awards (ICTAs)

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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:

BluInsurance is an software product focused on digitally enabling every step of the commercial insurance process for a broker from the exchange of data to creating and tracking quotes. Many current InsurTech companies focus on assisting carriers, and the few InsurTech companies that help brokers are focused on personal lines. At BluInsurance, we believe that commercial insurance will allow brokers to thrive into the future, and our mission is to enable them to do so. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Insurance Business Services Officer (Employer Service Rep)
Richmond, BC

Personal Lines CSR
OKJ Insurance Brokers Ltd.
Toronto, 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

“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.

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.

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

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

Last week, I looked at how the Internet of Things is being used to measure driving performance, influence driver behaviours, and adjust premiums based on numerous measured indicators.

In property insurance, sensors have been long used to detect heat, smoke or intrusion. When something was detected, it initiated an action: an alarm triggered, a fire suppressant released, etc.

Even many years ago, some were connected to the telephone system to report the occurrence to a remote monitoring facility or emergency services.

Increasing affordability of sensors and communications (from land lines to cell phones, internet and wifi) has dramatically reduced the total cost of this type of functionality. Improvements to devices mean that more tasks – and more complex tasks – can be automatically triggered and performed.

“Water” has become “the new fire” in the sense that the insurance cost to repair losses now often exceeds the cost of losses.

By strategically placing sensors to detect water in places where there should not be water, or to detect unusual water flow in the water supply system, actions can be triggered. With the Internet of Things, the occurrence can trigger an automated response such as shutting off the water supply, plus communications to a homeowner or monitoring service who can take preventive and/or remedial action to minimize damage.

That insurance companies may subsidize the installation of these detection systems, either directly or through premium discounts, attests to the value and opportunity involved.

Marketing advantages from these services are important too, of course. Is there even greater potential? More next week.

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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