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Insurance-Canada.ca - Where insurance and technology meet

APRIL 21, 2020

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INSURANCE INDUSTRY NEWS

HeyBryan, Duuo Announce Gig Economy Solution
HeyBryan and Duuo are excited to the details of a new on-demand gig insurance solution, available soon for all HeyBryan experts, in partnership with digital insurance brand Duuo. The new insurance solution, branded Duuo Gig Insurance, will be the first of its kind in the Canadian gig economy. Read more.

Top 50 P&C InsurTechs: SMA Report
Strategy Meets Action, a leading insurance advisory firm, has published a new research report on "The Top 50 InsurTechs in P&C," based on SMA's extensive research and insights. The Top 50 are the InsurTechs that have achieved significant success in building impactful and sustainable companies; these companies are catalysts for innovation and change in insurance.‚Äč Read more.

FIRST Canada Revolutionizes Payments
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, is pleased to announce the launch of customized payment options. Read more.

U.S. Consumers Ready For Smart Home Options
As insurance carriers focus on building loyalty and trust, a new opportunity is forming through connected home devices. Consumers are discovering the benefits of these devices and are creating data that insurance carriers could use for marketing, rating, and claims handling. A new Aite Group report analyzes whether matching the use of connected devices with rewards programs could generate new data streams for insurance carriers. Read more.

Life Insurers Waking Up To Importance Of CX
With Generation Z beginning to enter the workforce, life insurers know that it is critical to maintain relevance with the emerging demographic of younger, tech-savvy individuals in customer and producer communities. In a new report, Novarica provides an overview of individual life insurance business and technology issues, data about the marketplace, and examples of recent technology investments made by individual life insurers. Read more.

Blink Parametric Launches Luggage Solution
Irish InsurTech BlinkParametric.com is pleased to announce the launch of Blink Luggage, building the next generation of travel insurance services in a changed world. The launch comes as Blink works with its partners to develop post-pandemic travel insurance solutions. Read more.

Apollo Exchange Welcomes Joel Schuster
Apollo Insurance Solutions Ltd. is pleased to announce that Joel Schuster has joined the leadership team as Chief Operating Officer and General Counsel. Read more.

Partnership To Revolutionize Claims Adjustment
Pacesetter Claims Service, OnSeen Inc., and HOVER have announced the launch of the LiveClaims Solution that will become the foundation of Pacesetter's new and streamlined field adjustment workflow. LiveClaims virtually connects all parties involved in the claim adjustment workflow in real-time through an affordable, easy-to-use, mobile-web platform. Read more.

Prepare for Flood Season: IBC
With warmer weather arriving, snowmelt coupled with spring storms once again increase the risk of spring flooding across Canada. Provincial Emergency Management authorities have predicted certain communities across the country will likely experience flooding and Canadians should be prepared. Read more.


Latest Coronavirus News

INSURANCE & CORONAVIRUS NEWS

Workplace Agility In Financial Services
Populations around the world are in lockdown due to the coronavirus pandemic. Shelter-in-place mandates have forced financial institutions to shift some personnel to working from home. Some of their operations, such as call centers, have been hit hard by the lockdown. How agile have the financial services industry and its vendor community proved so far with their workplace transitions? Read more.

Verisk Launches COVID-19 Projection Tool
Verisk is pleased to announce the launch of its COVID-19 Projection Tool. This interactive tool, powered by AIR's pandemic modeling data, provides COVID-19 case and death projections worldwide for the next four weeks and the data will be updated on a daily basis to project one day further into the future. Read more.

Onlia Waives May Insurance Premiums
Onlia, safety advocate and fast-growing provider of digital home and auto insurance in Ontario, has announced additional measures to support and protect its community throughout the COVID-19 pandemic. Onlia is introducing a premium holiday during the month of May for their home and auto insurance customers. Read more.

FSRA Releases Consumer Relief Guidance
The Financial Services Regulatory Authority of Ontario has released guidance that is aimed at ensuring consumers are treated fairly, and insurers have a number of options for providing customers with financial relief during this temporary declared emergency period. Read more.

Pandemic Fuels Financial Concerns: LIMRA Survey
In the midst of the coronavirus pandemic, more than half of Americans are very or extremely concerned about the economy, according to a new LIMRA study which finds just one quarter of Americans hold a favorable outlook on the economy. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Looking Skyward For Recovery
By Andrew Jackson, Blink Innovation
With headlines dominated by Covid-19, we've spent what feels like an eternity in an innate survival mode; focused on protecting loved ones and society's vulnerable, we're getting our fill of news updates and the latest government health guidelines to help flatten the curve. Read more.

Pandemic Changing Insurance Customer Behaviour
By Steven Kaukinen, Awywi Insurance Services
The unthinkable has happened, and we are living out the harsh reality of the Covid-19 pandemic. But insurance marches on, and people need it – maybe now more than ever. The need to service or renew their accounts, and maybe even to purchase a new insurance policy, has not gone away. Interestingly, the pandemic has probably done more to change insurance buying habits than generations of apathy can prevent. Read more.


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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:

Relay Platform
Relay is an online Software-as-a-Service solution helping ceding teams, insurance underwriters, MGAs and brokers to structure and secure reinsurance and large insurance placements simpler and faster. The platform is accessible via self-serve sign-up. Complete functionality can be tested in full for free for 30 days with free basic risk transfer functionality or an enhanced monthly subscription afterwards. Learn more.

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From Doug

With the pandemic lockdown having a dramatic impact on the economy – with long-term implications – a great deal is being said and published about our future.

Cooler heads are balancing the two countervailing priorities (“health” versus “wealth”) as we collectively seek a way forward.

There seems to be an emerging consensus that steps will need to be taken in small increments, with intensive testing, monitoring, and tracking.

Mere months ago we would have refused such invasions of privacy. Now, in light of the pandemic, do we have much choice?

Although the speed and scope of the worldwide collaboration in medicine and research is unprecedented and encouraging, we do need to open up again eventually, in spite of the tragic loss of life and the fact that we are still far from a vaccine.

Thanks to all the people who are working diligently to keep us safe and healthy, and to the leadership at all levels across Canada; we are suffering less than many other countries.

We each have a role and bear a responsibility. I wish everyone good health and success in their role; our future depends on it.

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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