"Chronicle" weekly newsletter - Where insurance and technology meet

MARCH 3, 2020

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Insurers Must Define New Business Models: EY
Canadian insurers must rethink existing business models to overcome the complex challenges brought on by new emerging technologies and intensifying competition. EY's NextWave Insurance: personal lines and small commercial 2020 report outlines how providers can't afford to be all things to all customers – they have to focus and prioritize as they redesign their business models. Read more.

Foxquilt Launches Service In Alberta, B.C.
Foxquilt, a leading insurance technology company that empowers groups, businesses and B2B networks to band together and save on business and home insurance, is pleased to announce it is launching its services in Alberta and BC this month. Read more.

Zurich Expands Cyber Protection As Risks Grow
Zurich Insurance Group has partnered with cyber security company CYE to create a new offering together to shield businesses against the growing risks of cyber-crime. Zurich Cyber Security Services addresses the full spectrum of cyber-risks by helping businesses define and deploy effective cyber risk management programs. It combines Zurich’s specialist cyber insurance and risk engineering capabilities with CYE’s AI-based technology, services and cyber expertise. Read more.

Locational Data For P&C Carriers: Aite Group
Locational data enables carriers to underwrite with more confidence, understand exactly what was damaged and where any forces that caused damage occurred, and identify locations where they’ve underwritten policies for assets that could be in danger. A new Aite Group report examines the types of locational data solutions that are available to address operational challenges carriers may face. Read more.

Group Insurers Focusing Tech Investments On Scalability, Efficiency
With plan sponsors seeking to drive out costs, group insurers are focusing their technology strategies on improving basic capabilities like benefit and policy administration, enrollment, marketing, and product design. In a new Business and Technology Trends report, Novarica provides an overview of group benefit providers’ business and technology issues, data about the marketplace, and examples of recent technology investments. Read more.

NFP Integrates Brokerages Across Canada
NFP Canada Corp. has announced that several of its Canadian insurance brokerages – including Capital Benefit Financial Group, Corporate Benefits Analysts Insurance Agency, Consortia Group, PBL Insurance, Dalton Timmis Insurance Group, Mass Insurance Brokers, McLean Hallmark Insurance Group, Elective Benefits Services, and Indemnis Trade Risk Management – are adopting the NFP business name in each of the provinces and territories of Canada where permitted by law. Read more.

Calls To Fight Insurance Fraud Growing Louder
A new survey by Aviva Canada finds that Canadians overwhelmingly support action to fight insurance fraud and clearly correlate fraud with increased premiums. The survey shows that combating fraud is becoming more of a priority for Canadians, with support in all regions of the country. Read more.

Climate Adaptation Costing Cities Billions
The Federation of Canadian Municipalities and Insurance Bureau of Canada have released a new report quantifying the cost of climate adaptation for municipalities which demonstrates the urgent need for new investments in local climate adaptation and the areas where that investment is needed most. Read more.

AP Intego Launches Self-Serve SME Platform
AP Intego, a leading digital insurance agency and one of the nation's fastest-growing Insurtech companies, is pleased to announce the launch of its small business customer platform. The AP Intego platform enables its customers to easily manage their coverage and run their businesses with added confidence. The platform is now open for all AP Intego customers. Read more.

CHES Financial Services Tailored Solutions
CHES Special Risk Inc. is delighted to announce its further expansion with new sister company CHES Financial Services, specializing in Life, Health, Critical Illness and Travel Insurance, and Employee Benefits solutions. CHES Financial Services’ product offerings allow P&C brokers to capitalize on the growing demand for a holistic, one stop shop solution for insurance buyers’ needs. Read more.

Coronavirus Resilience Action Plan: Marsh
Businesses are encouraged to review their resilience and crisis response strategies in order to be well prepared for the potential impacts of the coronavirus outbreak. Read more.

Gore Mutual Announces New President & CEO
Gore Mutual has announced that President and CEO Heidi Sevcik has decided to retire. Andy Taylor has been appointed Chief Executive Officer, effective July 1, and Paul Jackson has been appointed Chief Operating Officer, effective March 2. Read more.

Swiss Re Moves Toward Net-Zero Emissions
Swiss Re has announced further measures to support the transition to a low-carbon economy. The Group will stop providing re/insurance to, and investing in, the most carbon-intensive oil and gas companies. For its own operations, Swiss Re has committed to achieving the goal of net-zero emissions by 2030. Read more.

Chubb Helps Keep Homes & Businesses Dry
To help protect clients and their properties from the growing risk of water damage, Chubb has issued two new resources created specifically for personal and commercial insurance clients: the Third Annual Homeowners' Risk report, and a whitepaper titled Preventing Water Damage. Read more.

TMQuotes Platform Launches Next-Gen Upgrade
TMQuotes, a revolutionary cloud-based solution marketplace for insurance agents, has launched a new release with next-generation API integration functionality which enables agents to take more involved ownership over their personal marketplace. Read more.

Rokk3r Insurtech Partners With SaaS Leader
Rokk3r, the multinational company cobuilder is pleased to announce that its insurance-technology division, Rokk3r Insurtech, has reached an agreement to partner with insurance Software-as-a-Service provider Genasys to market the company's services to new target markets. Read more.

2020 U.S. Property Claims Study: J.D. Power
Filing a claim with a homeowners insurance company is a make-or-break opportunity to positively engage with customers, and insurers are rising to the occasion, according to the J.D. Power 2020 U.S. Property Claims Satisfaction Study. Overall customer satisfaction with the property claims process has reached a record high. Read more.

“We are alive because we buckled up.”
Milissa Gavel was driving on a wintry highway with her three-month-old son and a friend when she pulled out to pass another driver and hit a patch of black ice. Her vehicle's side windows were shattered during the ensuing rollover, but the occupants – who were wearing seatbelts – were completely uninjured. Read more.

The Intersection: Blog

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

Introducing R2, Nuro’s Next-Generation Self-Driving Vehicle
By Dave Ferguson, Co-Founder, Nuro
On Feb. 6, the US Department of Transportation (DOT) and the National Highway Traffic Safety Administration (NHTSA) approved a regulatory exemption for R2, Nuro’s second-generation vehicle. As the first company to be granted approval for a self-driving vehicle exemption, it’s an important moment for Nuro and a milestone for the industry. Read more.

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”

Thank you to everyone who attended ICTC2020, and a special thanks to those who presented, sponsored, exhibited, or otherwise supported the event.

Photos from the conference have been posted:

Photos From ICTC2020Photos From ICTC2020
Photos From ICTC2020Photos From ICTC2020 Technology Awards (ICTAs)

Have you seen the results?
ICTA winners
People's Choice winners
Awards ceremony photos

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Featured job opportunities:

Service Broker - Personal Lines (RIBO Designation)
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St Catharines, ON

From Doug

Several attendees at ICTC2020 last week offered their compliments on the quality of content.

This was gratifying, of course, but what did I learn?

The opening session on climate change reinforced the dramatic effects that this is having now and will have. But Kathryn Bakos shared that there is a lot we can do ameliorate the impact.

In a discussion with Baiju Devani, I was impressed by the approach – organizationally and technically – to the combined use of data and analytics as a key to continuous improvement.

Three CEOs from Farm Mutuals – Tracy MacDonald, Alec Harmer and Deb Van Eyk – discussed with Randy Straeten how they have innovated in different areas, from distribution to management information.

InsurTechs are the face of change. They are tackling opportune areas – either as insurance practitioners or as technology providers to insurance incumbents – and highlighting the revolution this industry is experiencing.

My takeaway: innovation is where it's at at the dawn of this new decade.

Creating, instilling, and living an innovative culture within your business and as you reach out to partners and suppliers is not only important, it may be the main key to ongoing success.

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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