"Chronicle" weekly newsletter - Where insurance and technology meet

NOVEMBER 5, 2019

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Insurers Struggling With Data Governance
Carriers face various hurdles to achieve effective data governance, including weak executive sponsorship, lack of business unit support, and technology challenges. In a new joint report, Novarica and the Insurance Data Management Association present insights from a study of carriers with various types of data organizations. Read more.

Apollo Exchange Launches Digital Help Centre
Apollo, Canada's largest online insurance marketplace, has announced the unveiling of a brand new Help Centre within the Exchange, which gives broker partners immediate access to information, 24/7. Now broker users are able to browse a knowledge base of common questions, run through video tutorials, and interact with Apollo's award winning Broker Success Team via livechat. Read more.

Equitable Life Goes Live With Sapiens Solution
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, is pleased to announce that Equitable Life of Canada has launched Sapiens UnderwritingPro for Life & Annuities (formerly known as StoneRiver LifeSuite). Read more.

Majesco Launches Version 11 P&C Core Suite And L&A And Group Core Suite Platforms
Majesco is pleased to announce the general availability of the version 11 for the market-leading Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C, and Majesco L&A and Group Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. Read more.

Willis Towers Watson Launches New Cyber Policies
Willis Towers Watson has launched three new cyber insurance policies which provide innovative, tailored solutions for large enterprise and mid-market clients, enabling them to fully assess, protect and recover losses related to cyber risk. Read more.

The Four Phases Of The Blockchain Spectrum
Blockchain is forecast to generate trillions in new business value, half of it by 2025, with applications designed for operational improvement, according to Gartner. But enterprises can make missteps that will leave them out of position to capitalize fully on blockchain. Read more.

EverQuote, Bold Penguin Launch US Marketplace
EverQuote, Inc., a leading online marketplace for insurance shopping in the U.S., is pleased to announce it has partnered with Bold Penguin on the launch of its commercial lines marketplace. Read more.

Allianz Care Launches Healthcare Plans
Allianz Care has announced a brand-new suite of private healthcare plans, designed to meet the needs and challenges of the modern family. The new offering gives private individuals, couples and families, who are either living away from home or in the process of relocating, more control over their international healthcare policy to suit their individual needs. Allianz Care is the international health brand of Allianz Partners. Read more.

BCM Selects Guidewire Platform On EY Cloud
Ontario-based mutual insurer BCM Insurance Company and Guidewire Software are pleased to announce that BCM has selected Guidewire InsurancePlatform™ products to modernize its infrastructure and transform the way it does business. The company will access these products in a private cloud via EY iNexus, with implementation and support provided by EY, a Guidewire PartnerConnect™ Consulting Premier member. Read more.

SSQ Insurance Updates Customer Centre & App
SSQ Insurance is proud to unveil the latest versions of its Customer Centre and mobile app interface, reinforcing its position as a leader in digital services among Canadian insurance companies. SSQ Insurance plan members will now be able to access their group insurance – like auto and home – in a safe, simple and user-friendly environment. Read more.

Lumino Health Celebrates Launch Anniversary
Canada's premier digital network of health resources is celebrating one year of helping Canadians find healthcare online. Sun Life Clients have submitted more than 10 million ratings for the healthcare providers on the Lumino Health website. Read more.

B2C Disbursements: P&C Insurer Opportunity
Once P&C insurance carriers have ensured that any claim payout is not greater than necessary, the fund handover is anticlimactic, with most carriers either sending physical cheques or empowering local adjusters to cut cheques and deliver them. Aite Group's latest report examines evidence suggesting consumers would prefer to receive claim disbursements through other means, rather than a paper cheque. Read more.

HUB International Acquires RBI Advisory Group
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Alberta-based advisory services provider R. Bruce Inc., operating as RBI Advisory Group. Terms of the transaction were not disclosed. Read more.

Liberty Mutual M&A Practice Expands Into Canada
Liberty Mutual Insurance is pleased to announce the expansion of Liberty Global Transaction Solutions into Canada. Production Counsel Jonah Goldberg has joined the Liberty team in Toronto as the first Canadian-based member of Liberty GTS. Read more.

NTT DATA Launch Intelligent Enterprise Platform
NTT DATA is pleased to announce the launch of its cloud-based intelligent enterprise platform, Nucleus, which brings together NTT DATA’s analytics, processes and operations into a single foundation to accelerate innovation for clients. Read more.

Cyber Risk Heat Map: CFC Underwriting
CFC Underwriting has launched a cyber risk heat map built from data relating to 2,500 cyber claims the company has dealt with in the last two years as well as trends that CFC's incident response team is witnessing externally. This color-coded graph ranks the severity of different industries’ exposure to business interruption, privacy, and cybercrime, and more. Read more.

Benefits Fraud Is A Crime – With Consequences
Many Canadians don't understand that health and dental benefits fraud is a crime, according to a 2018 survey. In fact, health and dental benefits fraud is a real crime with real consequences that can include loss or reduction of benefits, loss of employment, a criminal record, fines and/or jail time. Read more.

Do You Really Need Travel Insurance? (Yes!)
Travel insurance is the least sexy part of traveling. There's nothing fun or interesting about it.But do you really need it? Short answer: Yes! Read more.

Most Canadians Have “Inadvertent Lead Foot”
An overwhelming number of Canadians believe themselves to be excellent drivers, yet unsafe behaviours prevail on our roads, according to a newly released study commissioned by Onlia, a new brand that offers a suite of tech-driven safety products. Read more.

Suspended Licence? You’re NOT Allowed To Drive
Police and SGI are focused on suspended drivers and uninsured vehicles for the November Traffic Safety Spotlight. #DoNotRiskIt! Read more.

Apollo Considering Alien Abduction Coverage
Apollo, Canada’s largest online insurance marketplace, is considering adding Alien Abduction Coverage to the list of products offered on the Exchange, after hearing from brokers at LeGear Pelling Insurance Agencies Ltd. that there may be a market for it. Happy Halloween! Read more.

The Intersection: Blog

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

Why The IoT Should Be On Insurers’ Radars
By Emma Karhan, Kelly Superczynski, and Matt Wyckhouse
The rise of IoT devices has introduced an overlap of the physical and digital worlds, increasing dependence upon devices for critical business operations. In the IoT era, physical damage is now a possible consequence of digital attacks. These new risks present an opportunity for insurers to support organizations with new cyber insurance products and services. Read more.

Continuous Survival In The Marshall Islands
By Patrick Vice,
The Republic of the Marshall Islands, a small island country in the equatorial Pacific, is on the “front line” of climate change. While there are many (and significant) differences between an urban metropolis such as Toronto – population 3 million – and a community of just 53,000 people spread across islands and atolls, there are important lessons to share. Read more.

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From Doug

We have previously looked at IoT in the context of auto insurance (driving performance and behaviour) and unwanted water detection and damage reduction (homeowners and water leaks).

In both cases, the early or even pre-IoT technology involved was originally implemented solely for insurance purposes. Implement the technology; be rewarded with lower insurance premiums (and incidentally a reduced probability of facing all the hassles of a claim).

The promise of lower premiums offered a competitive edge to those companies which were early movers, i.e., a win-win for both insurer and customer.

As an aside, I have often wondered if there have been any negative consequences ...

But what is changing now?

In both cases – auto and homeowner – the rapid developments of new technologies has brought new technologies which offer a much broader set of services – think of the connected (or “smart”) auto and home.

Suddenly there are several players who wish to “own” the data collection and control mechanisms. The information that insurers need can be a by-product of these broader services.

Thus the catch-22. Is it even possible for insurers to take the lead and bring these more comprehensive players in as partners? Or is insurance to be relegated to the role of a tag-on partner?

Matteo Carbone suggests that the real potential for insurers is to develop and lead the “package.”

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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