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MARCH 10, 2020

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INSURANCE INDUSTRY NEWS

Aon Combines With Willis Towers Watson
Aon is pleased to announce that it will combine with Willis Towers Watson in an all-stock transaction with an implied combined equity value of approximately USD 80 billion. Read more.

Relay Launches Self-Serve Placements Platform
InsurTech venture Relay Platform Inc. is pleased to announce it has released its first full-fledged online Software-as-a-Service solution after two years of development and testing. Read more.

Canadian CEOs' Top Concerns Revealed: PwC
Canadian CEOs are showing greater levels of uncertainty about global economic growth, with roughly two-thirds predicting a decline in the rate of economic growth this year. According to PwC’s 2020 CEO Survey, the top concerns for Canadian CEOs include uncertain economic growth, policy uncertainty, availability of key skills, and climate change. Read more.

Infosys, IBM Help Enable Digital Transformation
Infosys and IBM have announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud. The collaboration will help enterprises to transition, modernize and transform their enterprise workloads and applications Read more.

Working With InsurTechs Requires New Approach
Partnering with InsurTech startups offers insurer IT leaders access to new technology and approaches, but requires new practices in establishing and managing relationships. In a new brief, research and advisory firm Novarica provides insurer CIOs and their teams a set of guidelines and principles on how to set practical terms with visionaries promising significant change. Read more.

Trufla Technology Acquires ClientDesk
Trufla Technology is pleased to announce the acquisition of ClientDesk, effectively securing their position as one of the leading insurance broker technology providers in Canada. The acquisition will enable Trufla to adopt features such as BMS integration and user experience models to provide additional benefits to truMobile customers in Canada and abroad. Read more.

Verisk Expands Inspection Collaboration Tool
Verisk is pleased to announce the expansion of its new InsurTech solution OneXperience™ into commercial insurance. This will enable agents and businesses to engage and closely collaborate with insurers by sharing video surveys of commercial properties in real-time, helping insurers and their customers accelerate the underwriting process. Read more.

KBD Expands To Downtown Montreal
KBD Insurance, the Montreal-based P&C insurance broker, is thrilled to announce the opening of its second office location just outside of the downtown core in Griffintown, Quebec, to focus on further expanding their commercial lines department. Read more.

USA Most Promising Source Of Disruptive Tech
Technology leaders regard the United States as the most promising market for developing disruptive technologies, with more than twice as many saying it’s ahead of China and India, which tied for second in KPMG’s 2020 Global Technology Industry Innovation Survey. Read more.

Navacord Acquires Brookstone Insurance Group
Navacord Corp. is pleased to announce the addition of Brookstone Insurance Group Inc. Based in Oakville, Brookstone was founded in 2015 and is a boutique brokerage providing highly personalized service to address the unique needs of businesses and high-net worth individuals. Read more.

BrokerLink Acquires Impact Insurance
BrokerLink is pleased to announce it has acquired Ontario-based Impact Brokers Inc. A full-service brokerage, Impact Insurance has been offering customized commercial and personal insurance solutions to its community for more than 25 years. Read more.

Brokerlink Acquires HDF Insurance
BrokerLink is pleased to announce that it has acquired Alberta-based independent brokerage HDF Insurance Services Ltd. HDF Insurance has been providing insurance solutions to customers in Alberta and British Columbia for more than 20 years. Read more.

Hub Acquires Benefits Consulting Practice
HUB International Limited, a leading global insurance brokerage, and Morneau Shepell Inc., a North American leader in integrated HR solutions, have announced the sale of Morneau Shepell's benefits consulting practice to Hub. Read more.

Hub Acquires LSM Insurance Services
Hub International Limited is pleased to announce that it has acquired LSM Insurance Services Ltd., based in Markham, Ontario. Terms of the transaction were not disclosed. Read more.

SNAP Joins Leader In Payment Solutions
SNAP is thrilled to announce their recent joining with Imperial PFS®, a leader in payment solutions in North America. SNAP and IPFS share the same desire to continually innovate on products offered so brokers, Carriers and MGAs can focus on what matters most: selling insurance. Read more.

Canada Life To Make Dialogue Virtual Health Care A Standard Benefit
Canada Life is pleased to announce that it is working with Dialogue Technologies Inc., to become the first insurer in Canada to make virtual health care a standard benefit for employers with Canada Life group benefits plans with up to 400 plan members. Read more.

Awywi Launches Zero Commission Insurance Platform
Awywi’s new Insurance Fulfillment Platform takes a bold leap into the future, offering full-service insurance without hefty commissions. Using the latest technology, Awywi breaks down traditional insurance distribution, cutting friction that adds cost, complexity, and service failures. Read more.

Growing Direct Online Small Commercial Market
Over the past decade, selling small commercial insurance directly online to customers has gone from an outlandish idea to a reality. In a new report, Novarica projects significant growth in the market as InsurTechs and major carriers alike try to serve America's 30 million small businesses online. Read more.

Accenture Acquires Cybersecurity Consultancy
Accenture is pleased to announce it has acquired Context Information Security, a leading cyber defense consultancy founded in 1998 and headquartered in London which was previously owned by parent company Babcock International Group. Financial terms were not disclosed. Read more.

Drivers Lack Knowledge Of Their Policies
New data from Chubb reveals that drivers do not fully understand their auto insurance, with more than half saying they would not be able to explain specific details and coverages of their policy. Read more.

Spot These 5 Common Insurance Fraud Scams
March is Fraud Prevention Month, and Insurance Bureau of Canada is advising the public to watch out for insurance scams. IBC has identified five common methods of fraud by which criminals manipulate Canadians and the insurance system. Read more.

Coronavirus: Will I Be Covered By Travel Insurance?
As the spread of the Coronavirus continues globally, Orion Travel Insurance, a CAA-owned company, is confirming that the company will continue to uphold the existing trip cancellation policy wording and exclusions for those who have purchased or are planning to purchase travel insurance. Read more.

Just 4 in 10 Canadians Buy Travel Insurance
While the coronavirus outbreak and recent calamities such as the Australia and California bushfires have raised concerns for travellers around the world, only four in 10 Canadians who travel outside of Canada purchase insurance for their trip, according to a new Rates.ca report. Read more.

Companies Responding To Coronavirus Epidemic
Amid growing concern over the coronavirus, a majority of North American companies are taking steps to protect their employees. These initiatives include launching employee communication campaigns, expanding the number of employees working remotely, and restricting travel to and from countries deemed to be high-risk. Read more.

No Early Signs Coronavirus Impacts Pets
Trupanion, a leading provider of medical insurance for cats and dogs, has confirmed that they have seen no unusual increase or change in the frequency of illnesses in their extensive North American pet health database as the human COVID-19 outbreak continues. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTech: A Decade Gone, A Decade Ahead
By Mark Breading, Strategy Meets Action
The InsurTech movement has been underway for the better part of a decade. Now that we have entered the 2020s, it might be worth exploring what could be on the horizon for InsurTech over the next ten years. Read more.


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Young Insurance Professionals of Toronto (YiPT)

We asked some of the Young Insurance Professionals of Toronto for their outlook on the industry. Below is the winning response:

Q: How do you see the evolving technology landscape changing the insurance industry or propelling it into the future?

A: Technology will continue be a driving force in shaping the insurance industry and will also help re-define the customer experience to assist in creating a digital marketplace in which customer satisfaction is paramount. Consumers are now able to purchase insurance through online channels in a time efficient manner by comparing hundreds of quotes using online platforms pioneered by industry advancement. InsurTech has met and exceeded societal expectations by creating an online environment that meets the buy on demand philosophy of the modern client. Advancements in smartphone apps are allowing for improvement in claim reporting tools – specifically the ability to submit FNOL, photos and documentation through phones. Social media is enhancing the customer experience as it allows insurers to reach a broader audience and educate clients on their services. In a highly regulated industry, technology is driving innovation for insurers by highlighting their most important brand differentiator, customer experience.


InsurTech Spotlight

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

Briza
Briza.io is a commercial insurance-as-a-service API that connects carriers' underwriting systems to enable instant online quote, bind, and pay for P&C insurance. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Senior Construction Underwriter
Totten Insurance Group
Oakville or Toronto, ON

Insurance Broker
Ontario Teachers Insurance Plan
Waterloo, ON


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From Doug

Last year we undertook an initiative to make more information available about InsurTechs working in the Canadian insurance space. The InsurTech Spotlight offers a window into this community.

To us, “InsurTechs” include startups who are insurance practitioners or technology providers, and beyond that, incumbents who are intensively adopting the characteristics of an InsurTech startup.

We welcome news from the participants for posting and referencing in our Chronicle newsletter. We send a separate weekly summary of InsurTech news to the participants – we are considering opening this up for general subscription in the near future.

Several Spotlight organizations have participated in our industry events as speakers or sponsors. They add a unique dimension to the topics.

The rate of change – innovation – in insurance has never been greater. Insurance-Canada.ca is proud to offer insight into where we are headed by many of those who are leading the way.

If you are an InsurTech developing or already doing business in Canada and you are not yet in the InsurTech Spotlight, check the criteria and reach out if you'd like to be featured.

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].

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