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Insurance-Canada.ca - Where insurance and technology meet

FEBRUARY 11, 2020

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INSURANCE INDUSTRY NEWS

Climate Risks: Implications For Insurance
A new research report from the Insurance Institute of Canada provides an important analysis of the risks presented by extreme weather and climate change, and explores actions required by the industry to address them over the next 10 years and beyond. Read more.

“Collaborating To Close The Protection Gap”
Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions, is bringing together leaders across the private and public sector for its inaugural “Collaborating to close the protection gap” conference in London. Read more.

Blink Launches Parametric Insurance Platform
Blink, an Irish InsurTech, has announced the launch of Blink Parametric, a broad-based parametric insurance solutions platform to allow insurers around the world bring the benefits of parametrics to their customers. Read more.

Underwriting Priorities 2020: Chisel AI eBook
Chisel AI, a technology provider for the global insurance industry, is pleased to announce the publication of a new eBook, Underwriting Priorities 2020, with expert insights from 13 insurance industry leaders on how digital technology is transforming commercial insurance underwriting. Read more.

Digital Life Insurer Exposes 1st-Year Metrics
PolicyMe has released its first report on findings over the last year of business, highlighting how Canadians find and purchase life insurance in a digital world. Launched in 2018, PolicyMe is Canada’s first digital life insurance platform designed to help Canadians navigate the industry. Read more.

FloodFlash, Gallagher Partner To Offer New Parametric Flood Solution
FloodFlash, an InsurTech startup offering rapid-payout insurance for businesses in areas at high risk of flooding, is pleased to announce a new partnership with Gallagher, the global insurance broker and risk management firm, to provide new ‘parametric’ flood insurance, with claims settled based on a predefined trigger point rather than the traditional cost of damages. Read more.

Usage-Based Drone Insurance Product Launched
SkyWatch.AI, the first on-demand, telematics-based insurance platform for commercial drone pilots, has launched its drone insurance product in Ontario. Policies are underwritten by a member of Starr Insurance Companies, the leading aviation insurance company in North America. Read more.

Aon Acquires Leading Cyber Security Firm
Aon plc is pleased to announce the acquisition of Cytelligence Inc., a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position. Read more.

Smart Contracts Will Increase Data Quality
Gartner predicts that by 2023, organizations using blockchain smart contracts will increase overall data quality by half, but reduce data availability by almost one-third. A smart contract is defined as a computer program or protocol, typically running on a blockchain, that facilitates, verifies or executes business processes triggered by events, on-chain transactions or interactions with other smart contracts. Read more.

Vendor Relationships: Systems Integrators
The right systems integrator can help projects run faster and smoother, allow knowledge transfer to occur during the process, and lower the total cost of ownership. In a new brief on optimizing vendor relationships, research and advisory firm Novarica provides insurer CIOs and their teams with a set of guidelines and principles on how to start third-party relationships with systems integrators on the right step. Read more.

Rising New API Security Gateway Market
API breaches continue to rise worldwide despite the use of API gateways and legacy web application firewalls to secure APIs. Clearly, application security is no longer enough to protect organizations and their data, and security shouldn’t be a feature of an API gateway. Can a new security product – API security gateways – more effectively secure organizations’ externally and internally facing APIs? Read more.

Western Financial Group Continues Ontario Expansion
Western Financial Group is pleased to announce their continued strategic expansion into Ontario with the acquisition of Orr & Associates. Effective January 31, Orr & Associates and their two retail locations in southern Ontario are now part of the Western family. Read more.

BrokerLink Acquires Major Brothers Insurance
BrokerLink, one of the largest property & casualty insurance brokerages in Canada, is pleased to announce that it has acquired Nova Scotia-based Major Brothers Limited, effective February 1. Terms of the transaction were not disclosed. Read more.

Westhill Launches Expansion Into Canada
After making great strides in the US market, Westhill is now expanding into the Canadian market. The ecosystem that Westhill is building enables insurance companies to successfully alleviate friction in the claims process by using cutting-edge technology to enhance the claim experience. Read more.

Hub Acquires Benefex Consulting Inc.
Hub International Limited, a leading global insurance brokerage, has announced that it has acquired Edmonton-based Benefex Consulting Inc., an employee benefits and retirement consulting firm that specializes in group insurance programs, retirement, wellness solutions, and special risk coverage. Terms of the transaction were not disclosed. Read more.

Hub Acquires Azur Consulting Services
Hub International Limited is pleased to announce that it has acquired the assets of Azur Consulting Services Inc. Terms of the transaction were not disclosed. Read more.

Lemonade To Launch Pet Insurance In The US
Lemonade, the insurance company powered by AI and behavioral economics, has announced a new product line for an entirely new customer: the four-legged kind. Early registration is now open, and coverage is expected to launch within a few months, pending regulatory approval. Read more.

ClearPay Available In Both Official Languages
ClearPay, the Canadian leader in automating payment settlements and reconciliation for the Insurance Industry, is pleased to announce that it is now available in French. Read more.


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


The Intersection: Insurance-Canada.ca Blog

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

How Does A Modern Brokerage Find Its Course In The InsurTech world?
By Natasha Purnell, Park Insurance
The way traditional, independently owned and operated insurance brokerages conduct business is changing. Brokerages are caught between the “old world” (where clients require face-to-face interaction with their broker, want their policy printed, etc.) and the “new world” (where, in stark contrast, clients do not wish to conduct business in person but still want the ability to purchase insurance 24/7 and do it all online). Read more.


ICTC2020: “20/20 Foresight: Keys To Success in a Dynamic World” — 18th annual Insurance-Canada.ca 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

Don't miss key insights and thought leadership:

Innovating Insurance Products & Distribution
Robin Shufelt, Managing Director, Duuo
Mark Morissette, Co-Founder & CEO, Foxquilt
Bonny van Rest, Chief Marketing Officer, Onlia

Innovating Beyond Touchpoints & Irritants
Erika Bailey, Innovation Designer, The Moment

Developing A Change Management Strategy
Pri Manoharan, Director, X by 2

Climate Change & Extreme Weather Risk
Kathryn Bakos, Director of Climate Finance & Science, Intact Centre on Climate Adaptation

InsurTech & IoT: Four Keys to Success
Jack B. Ott, Founder & Coach, BolderBlue Leadership

Digital & Personal: InsurTech For Real People
Amanda Ketelaars, VP - Operations, Mitchell & Whale Insurance Brokers
Nick Kidd, Director - Business Insurance, Mitchell & Whale Insurance Brokers

Register Now!

Register now and join your peers, or for complete details, visit insurance-canada.ca/ictc.


InsurTech Spotlight

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

Fuse Insurance
Fuse Insurance is Western Canada’s first digital commercial insurance brokerage. Our clients can quote, buy and manage their insurance program, whenever and however they want. Our transparent, online platform and quoting process eliminates any confusion around coverage. Learn more.

Calling all InsurTechs! Click here to participate.


The Broker’s Workstation (TBW) is an all-in-one broker BMS solution from CSSI. TBW features real-time rating and data exchange for faster, more effective quoting.

All-in-one Broker BMS solution. Get TBW!  >>>  Book a demo

See how CSSI's Broker and MGA solutions can make your business more efficient.


Insurance Works

Featured job opportunities:

Personal Lines Account Manager
The Insurance Market Ins. Brokers Ltd.
Markham, ON

Senior Director - Product and Innovation
Uniban Canada
Montreal, QC


Insurance-Canada.ca Technology Awards (ICTAs)

Voted for the People’s Choice Award yet?

With the 2020 ICTA finalists selected, it's your turn to be the jury!

Browse the participating PICTA nominations and make your picks!

Join us at the 2020 Technology Conference on Feb. 25 to discover the winners.


From Doug

ICTC2020 will be well underway two weeks from the time this issue is distributed.

A whirlwind of activity goes on behind the scenes to create a positive and beneficial experience for you. The Topical Agenda has now been finalized.

A few sessions of a relevant but general nature – climate change, lessons from other industries, the Future of Work, etc. – are scattered throughout. The rest are divided into two groups – thought leadership and case studies, i.e. what industry players (your peers and competitors) are doing at the cutting edge.

Most sessions fall mainly into four areas: Data (today's gold), Analytics, Customer Experience, and Innovation, which is particularly exciting.

Join your peers at our 18th annual Technology Conference, “20/20 Foresight: Keys To Success in a Dynamic World” – learn, network, discuss, and discover the ICTA winners!

Doug Grant, CIP
Partner
Insurance-Canada.ca

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].

insurance-canada.ca

Connect with us: Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter