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Insurance-Canada.ca - Where insurance and technology meet

MAY 12, 2020

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INSURANCE INDUSTRY NEWS

Coronavirus Impact On The Insurance Sector
ReportLinker is pleased to announce the availability of a new report which reviews the key trends and evolving developments shaping the impact of the COVID-19 outbreak in the Canadian insurance sector. Read more.

Commercial Insurance Buyers Face An Extended Hardening Market
North American commercial insurance buyers will continue facing upward pricing pressure across most lines of business, compounded by a newfound scrutiny of their coverage terms and conditions, according to Willis Towers Watson's latest Insurance Marketplace Realities update. Notably, the report expects that the decline in economic activity will lead to large reductions in insurable values, yet not a single line of business predicts overall rate decreases. However, in many lines, the ultimate impact of the pandemic and economic downturn remains to be seen. Read more.

9 Trends That Will Impact The Future of Work
Organizations can differentiate themselves from competitors during the COVID-19 pandemic by leveraging nine ongoing trends, according to Gartner, Inc. These trends are broken into three categories: accelerating trends, new impacts that were not previously part of the future of work discussion, and pendulum swings – temporary shorter-term reactions. Read more.

P&C Insurers Face Challenges In 2020
The private U.S. property & casualty insurance industry had solid results in 2019, with increases in net income, underwriting gains, and policyholders' surplus, but faces considerable challenges in 2020 as the effects of the global pandemic unfold, according to Verisk and the American Property Casualty Insurance Association. Read more.

CSIO Launches Commercial Lines Certification
CSIO is pleased to announce the launch of its new Commercial Lines (CL) Certification Program. The program is designed to support and recognize insurer and service provider members who have implemented CSIO CL Data Standards according to industry guidelines, providing the foundation for real-time quoting. Read more.

Partnership To Advance Insurance Mobile Capabilities
Xceedance and Xemplar Insights are pleased to announce they have entered a strategic partnership to bring innovative, mobile-based InsurTech solutions to global property & casualty insurance markets. Read more.

Marketing Technology Solutions Gaining Traction
As insurance companies become increasingly aware of the importance of digital marketing technologies across a range of functions, the field of vendors is dominated by large, horizontal vendors advertising single-platform solutions for the whole marketing life cycle. In a new report, Novarica discusses 100 MarTech vendors. Read more.

Cyber Analytics Product For Broker Market
Cyber risk analytics specialist CyberCube has launched a new software-as-a-service application designed specifically for insurance brokers. "Broking Manager" facilitates quick and efficient client insight for both generalist and cyber specialist brokers. The product is built to help brokers quantify, understand, and explain the sources and financial impact of cyber risk exposure. Read more.

Guidewire Announces Loveland Innovations As New Solution Alliance Partner
Guidewire Software, Inc., provider of the industry platform Property & Casualty insurers rely upon, is pleased to announce that Loveland Innovations, a leading provider of data analytics and technology solutions for insurance, has joined Guidewire PartnerConnect as a Solution Partner. Read more.

ClearPay Electronic Brokerage Platform Implemented By Wawanesa
ClearPay is pleased to announce that Wawanesa has fully adopted the ClearPay brokerage payment and reporting platform. This platform enables the independent brokerage community to eliminate the need for paper cheques and manual reporting to be sent to Wawanesa. Read more.

iA Taps Dialogue To Offer Virtual Healthcare Services
Since staying home remains the best way to limit the spread of the coronavirus, iA Financial Group is pleased to announce it is teaming up with Dialogue, the Canadian telemedicine leader, to facilitate access to healthcare for its clients. Read more.

The Leslie Group Acquires Marathon Benefit Corp
The Leslie Group Ltd., an employee benefits consulting firm based in Toronto, is pleased to announce it has acquired Marathon Benefit Corporation, headquartered in Calgary, Alberta. Read more.

As Pandemic Spreads, Most Consumers Retreat
Deloitte has shared the results of the first in a series of biweekly surveys of consumers amid the global pandemic and lockdown, provide insight into how consumers in different countries intend to weather the dual crisis of personal safety and economic vulnerability. Read more.

The Case For Identity & Access Upgrades
IT managers globally have been under pressure to extend data protection beyond simple perimeter defense, especially as more employees work from home and elsewhere. Identity and access technologies create tremendous value for any organization, when knowing people are who they say they are is increasingly critical. Read more.

Best Practices For Disinfecting Premises
As organizations begin planning the methodical process of reopening after being closed due to the COVID-19 pandemic, they should understand the importance of proper cleaning and disinfection of their buildings. Ecclesiastical Insurance has published a risk control bulletin and best-practices guide that outlines an overall approach. Read more.

Lockdown Taking A Toll On Mental Health
Millions of Canadians haven't left their homes in weeks except perhaps to visit the grocery store or pharmacy. In a recent survey of Canadians conducted by Sun Life, more than half said COVID-19 is having a negative impact on their mental health, with social isolation the top contributing factor. Read more.

Accenture Acquires Callisto Integration
Accenture has acquired Callisto Integration, a provider of digital manufacturing consulting and technology services. The acquisition expands Accenture's capabilities to help clients in North America ensure the timely production of orders, increase their yield and enhance the quality of their products. Read more.

Element AI Names New CFO & CRO
Element AI, a global developer of AI-powered solutions and services, is pleased to announce that it has appointed a new Chief Financial Officer, Roger Blanchette, and Chief Revenue Officer, Stephan Rioux. Read more.

Contractor Connection Celebrates 10 Years
Contractor Connection, a division of Crawford & Company, is pleased to announce that May 11th marks its 10th anniversary in Canada. Over the last decade, Contraction Connection, an industry leader in contractor managed repair, has processed more than 350,000 assignments and expanded its multi-trade contractor network to more than 750. Read more.


The Intersection: Insurance-Canada.ca Blog

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

The Top 3 Ways To Optimize MGA Underwriting With Artificial Intelligence
By Charles Dugas, Element AI
It's no secret that the insurance industry is facing a challenging market right now. Managing General Agents (MGAs), like brokers and carriers large and small, are looking for new and innovative ways to accelerate growth to better serve their customers and to boost revenue, however few have turned to AI for answers. Why? Could it be that many MGAs believe AI to be outside of their reach? That's a major mistake. AI isn't just for large commercial carriers. In fact, many will be surprised to discover that certain AI solutions can be implemented for roughly the cost of an underwriter's annual salary. Read more.

Parametric InsurTech: Critically Important For The Future Of The Insurance Sector
By Paul Prendergast, Blink
Right now, our priorities are focused on the health and safety of our families and the most vulnerable in our society as we adapt to the restrictions on our way of living and working during the pandemic crisis. During these times, we also evaluate how we work, how we can influence change and we look to the future. To that end, I consider the industry I know best and outline my thoughts on the potential for InsurTech, and specifically the parametric insurance platform, as a tool that can help make a positive difference when insurers require operational efficiency on processing high-frequency, low-severity claims and when the customer needs immediate, real-time claim resolution. Read more.


Insurance-Canada.ca “Technology In Action” Series
Webinar: Automating Broker-Insurer Transaction to Improve CX

This webinar on IBAC's Data Exchange will provide details on the FNOL proof of concept and an update on the three initiatives underway.

Join Insurance-Canada.ca and the Insurance Brokers Association of Canada next Thursday, May 21, at 12pm Noon (EDT).

Learn more or sign up for free.

Featuring:
Insurance Brokers Association of Canada (IBAC)


Young Insurance Professionals of Toronto (YiPT)

We asked some of the Young Insurance Professionals of Toronto for their outlook on the industry...

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

A: I see a combination of technologies dramatically evolving the insurance and reinsurance functions, but not necessarily in the "sci-fi" ways people tend to expect. Data extraction using OCR technologies, rapid trend/pattern identification, structured content digitization and categorization through AI and Machine Learning technologies, and agile architectures through micro-services and cloud technologies will change not just the way the game is played, but the game itself. However, that's only if they are applied in controlled ways and tied closely to delivering user value in a cost-effective fashion. In that respect, while the industry focus is on back-end technologies, more attention should be paid to creating world-class, user-centric, front-end (and especially mobile) interfaces.


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From Doug

Are we “ready”?

The pandemic situation is improving; is it enough? Easing is underway all across Canada, gradually but with notable differences between provinces.

The basic imperatives are shared: revenue keeps the wheels turning.

Individuals and families need income for living expenses (food, rent, and so on).

Businesses need sales to pay workers, for supplies and all other essentials.

Municipalities need services and tax revenues to keep transit, water, sewage and other services flowing.

In times of a pandemic, the most important essential services are the ones that keep people fed and healthy.

The conundrum: We need the economy moving, but we can't afford a second pandemic wave of any significance.

The insurance industry understands the trade-offs better than most – it is good at helping others manage risks.

But, as COVID-19 is not yet well understood (despite a global collaborative research effort), we face greater risk in every step we take.

If easing works successfully, we will be happy that we took the risk.

The converse is also true; we will be quick to lay blame if it doesn't work.

Would you act more quickly or more slowly?

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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