"Chronicle" weekly newsletter - Where insurance and technology meet

MAY 26, 2020

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World Insurance Report 2020
Consumers of all ages are adopting a “Millennial mindset,” increasingly trusting their own research through various channels to source information and purchase insurance products themselves. Consumers are turning to non-traditional players including BigTechs (multinational tech firms such as Google, Amazon, Facebook, etc.) and product manufacturers for innovative, personalized offerings with enhanced customer experience and are increasingly relying on digital channels amid the pandemic. Read more.

New Digital Entrants Are Potential Partners For Incumbents And Competitors Alike
As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats into partnership opportunities. In a new executive brief, Novarica reviews the six categories of digital InsureTech carriers and the impact/modernization to an incumbent insurer's infrastructure necessary to partner with each successfully. Read more.

Zesty, IBHS Partner On Climate Risk Analytics, a leading AI technology company, has joined the Insurance Institute for Business & Home Safety (IBHS) to combine practical research, extensive historical loss data, and machine learning to allow testing from IBHS's cutting-edge building-science research center to be scaled across millions of homes and businesses. This new partnership will harness the power of artificial intelligence and cloud computing to prodiuce climate risk insights and mitigate the effects of severe weather and climate catastrophes, which disrupt lives and drive financial loss. Read more.

Duuo Launches Gig Insurance For HeyBryan
Duuo, an on-demand insurance brand of The Co-operators, is announcing the launch of its new gig insurance product with partner, HeyBryan. The first of its kind in Canada, Duuo Gig Insurance will be available to HeyBryan Experts starting May 14. Read more.

KPMG Introduces Performance On Demand Solution
Continuously improving performance is a major challenge for every business. In moments of relative normality, mid-size organizations' technology is aging, their data is trapped, and talent and resources are in short supply. The solutions available to assist mid-size clients have not struck the right balance of leading practices, people, and technology, until now, with KPMG Performance On Demand for Finance. Read more.

ISB Joins Guidewire PartnerConnect Program
Guidewire Software, provider of the industry platform P&C insurers rely upon, is pleased to announce that ISB Global Services, an industry leader in insurance document sourcing and background screening, has joined Guidewire PartnerConnect as a Solution partner. ISB's new Ready for Guidewire validated accelerator is now available to Canadian insurers in the Guidewire Marketplace. Read more.

Employers Adjust Workplaces Amid Pandemic
U.S. companies are making a series of workplace adjustments as they prepare to operate in a post-COVID-19 environment, according to a new survey of employers by Willis Towers Watson. Moreover, employers expect that the percentage of their workforce who are full-time employees working remotely after the pandemic will be three times as many compared with last year. Read more.

Young Agents Demand Strong Digital Capabilities
An insurer's ability to assist an agent in communicating the value of products and services to prospects is a key ingredient in the success of a portal for an advisor. Agents are looking to partner with insurers that have strong digital experiences which support both placing new business and retaining clients at a time of loss or renewal. In a new report, Novarica provides insights from discussions with members of community of high-performing insurance producers under the age of 40. Read more.

Generali, Descartes Partner On Parametric Insurance
Generali and Descartes Underwriting are pleased to announce a strategic partnership to offer parametric insurance products to respond to an evolving risk landscape. Generali's P&C unit Global Corporate & Commercial enhances its offer and existing capabilities by partnering with Descartes Underwriting, an innovative InsurTech company specializing in weather risk modelling and data-driven risk transfers. Read more.

Yukon Approves Electronic Proof Of Insurance
CSIO is pleased to announce that the Yukon Territory has recently approved the use of electronic proof of auto insurance (eSlips). This approval allows drivers in the territory to digitally store and present their eSlips when required, without having to carry the paper copy. Read more.

Apollo Commits To Buying Local
Apollo Insurance Solutions Ltd. is announcing a commitment to support local, starting with an initiative with ChopValue on partner gifts and incentives. Read more.

The Intersection: Blog

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

Insurance Fraud in Times of Crisis
By Simon Staadegaard, FRISS
The coronavirus pandemic is causing fear and uncertainty on a global scale, and many believe it will lead to an economic recession. As with any major catastrophe, fraudsters are looking for ways to cash in. Insurers must be prepared for the inevitable increase in fraud that occurs during times of crisis. Detecting fraud is not an easy task, and it helps to consider the three elements required to commit fraud. Read more.

P&C Tech Plans and COVID-19: The Good, The Bad, and the Ugly (but Mostly Good)
By Mark Breading, Strategy Meets Action
P&C insurers are staying the course when it comes to their original digital and technology plans and investments for 2020. Many insurers report no changes to their plans, with some reshaping and a few accelerating, but very few pausing or retrenching. 2021 plans may paint an entirely different picture, but for now, P&C insurers are moving full steam ahead. Read more. “Technology In Action” Series
Webinar: Optimizing Underwriting Workflows With A.I.

Many insurance businesses are implementing AI and finding great benefits. What applications might AI have in your business?

In this webinar, industry peers and experts will share their insights and experiences deploying the latest AI applications to optimize the underwriting workflow and drive higher business value.

Join Element AI and on Wednesday, June 3, at 11am (EDT).

Learn more or sign up for free.

Element AI

From Doug

Back to the office, or not?

As restrictions are eased and we return to work, there is an inescapable conflict between social distancing and the “old normal.”

We face this contradiction almost everywhere – from narrow sidewalks and unusually crowded bike lanes to motorized transit (whether taxis, buses, trains, airplanes, etc.); lobbies and waiting rooms; elevators; open work spaces, lunch rooms, meeting rooms.

In my case, we have had virtual meetings for years, supplemented with face-to-face gatherings. The adjustment for me has been easy. But for those who go to the office, it is difficult, especially if they thrive on the social aspects.

For office workers, working from home is probably the biggest change we have faced in this pandemic. There are so many ramifications, but we have adjusted.

Looking ahead, will we still be largely working from home in a year? In three?

If we are transitioning away from the office to a “new normal,” what will be our biggest challenge?

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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