"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 23, 2020

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Rethinking Auto Insurance As Mobility Experience
Majesco is pleased announced the release of their 5th annual primary consumer research study, Rethinking Auto: From Auto Insurance Transaction to Mobility Customer Experience, which takes a deeper dive into the market shifts and generational buying differences for automobiles, highlighting a shift from auto as a policy transaction to a mobility experience. Read more.

SGI, CSSI Pilot Real-Time Data Exchange For Policy Change Requests
SGI CANADA and Custom Software Solutions Inc. are pleased to announce they are piloting the first real-time, personal lines policy change request transaction in Canada, starting and ending in the broker management system (BMS). Read more.

IMS Launches Claims-Focused Telematics Solution
IMS (Insurance & Mobility Solutions), a leading provider of connected car data solutions, is pleased to announce the availability of IMS Connected Claims. The new telematics solution combines the powerful data-gathering capabilities of IMS's proprietary telematics sensor while leveraging sister company Carrot Insurance's decade of experience in partnering with insurers to deliver loss ratio reductions and better claims outcomes for policyholders. . Read more.

Apollo Exchange Launches Builder's Risk Product
Apollo Insurance Solutions Ltd., Canada's largest online insurance marketplace, has partnered with Great American Insurance Group to offer an entirely digital Builder's Risk insurance product on the Apollo Exchange platform. Read more.

New Demand For On-Demand: Slice Whitepaper
The world has changed in a couple of short months. In this whitepaper, Slice covers what insurers should consider to be competitive in a world that may have more impromptu quarantines and unexpected disruptions to business, entertainment, and travel. The insurance industry has adapted before in major ways; it is time we do it again. Read more.

Guidewire’s Aspen Reimagines Core Platforms
Guidewire Software Inc. is pleased to announced the launch of Aspen 2020.1H, featuring the first cloud-optimized release of Guidewire InsuranceSuite, and additional enhancements to Guidewire InsuranceNow, Guidewire Analytics, and Guidewire for Salesforce. Aspen extends support for insurers' imperatives to unlock business and IT agility for accelerated product launches, personalized digital experiences, and embedded analytics throughout the insurance lifecycle. Read more.

Top 10 Data & Analytics Technology Trends
Gartner Inc. has identified the top 10 data and analytics technology trends for 2020 that can help data and analytics leaders navigate their COVID-19 response and recovery and prepare for a post-pandemic reset. Read more.

Hiscox, Thimble Offer Short-Term Business Plans
Hiscox, a leading U.S. small business insurer, has partnered with Thimble, the insurance partner that makes insurance simple to help small businesses succeed on their own terms by offering short-term liability insurance, available by the hour, day or month. Read more.

Electric Cars Bring New Risks, Claims Scenarios
Around the globe, the take-up of electric cars is expected to accelerate rapidly in future, driven by consumer demand and government policies aimed at tackling climate change. The future of mobility is clearly electric, but the transition will lead to a fundamental change in risk for manufacturers, suppliers and insurers alike and will have a significant impact on automotive product liability insurance, according to a new report from insurer Allianz Global Corporate & Specialty. Read more.

CCC Delivers Virtual Vehicle Inspection Solution
CCC Information Services Inc. is pleased to announce the availability of CCC® Quick View, a photo-guided vehicle inspection solution. Quick View enables auto underwriters to efficiently and affordably complete vehicle inspections virtually by offering policyholders a mobile app to easily capture vehicle photos. Read more.

Culture Change Around Impaired Driving?
A significant drop in the number of impaired driving fatalities last year suggests most people in Saskatchewan have decided it is simply not okay to drive impaired. Read more.

Guidewire Promotes Multiple Solution Partners
Guidewire Software, provider of the industry platform Property & Casualty insurers rely upon, is pleased to announce that six Solution partners have been promoted within the PartnerConnect Solution Alliance Program for their contributions serving mutual customers. Read more.

Most Canadians Lack Virtual Care Access
The COVID-19 pandemic has put a spotlight on the importance of virtual care. Once an emerging trend, it's now a necessity for health care in Canada. Yet, many are facing challenges. In a recent Lumino Health survey, over half of all Canadians (55%) said they do not know how to find virtual care services. Read more.

The Intersection: Blog

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

Is InsurTech Immune To COVID-19?
By John Bruno, COO, Aon plc
Aon's 2019 Global Risk Management Survey found that the majority of risks that businesses worry about are not currently insurable. This comes at a time when overall insurance spend is stagnating, but there is an opportunity for insurers to satisfy clients' increasingly complex insurance needs with new and relevant products.
New technologies represent the obvious launch pad for innovative solutions that will help clients better manage risk and close the protection gap. As a result, investors are flocking to InsurTech start-ups in increasing numbers. Read more.

How Is Relay Different From Other “Placement Platforms”?
By Greg Boutin, CEO, Relay Platform
We are sometimes asked why the world needs a new platform for Risk Transfer, so let's start by saying that Relay isn't just a placement platform; Relay is a SaaS platform that helps insurance and reinsurance participants with structuring and transferring risk faster, digitizing and augmenting their dealmaking network, and managing all associated communications, reporting and integrations.
In a nutshell, Relay helps with the upstream data gathering, structuring and administration of risk placements – everything that happens before any actual transaction is conducted. That is critical. Few platforms tackle those steps, which remain mostly manual, and this is why Relay is in fact fully compatible with most other placement platforms. Read more.

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From Doug

The term “cloud” for computing was coined a quarter-century ago. Since then, the operating environment within the cloud has continually evolved, and the mounting benefits are enticing ever more computing to the cloud.

InsurTech startups often achieved competitive advantage by developing on a cloud base.

Traditional insurance systems vendors have offered cloud-based solutions for a long while, often hosting traditional applications there.

To take advantage of better capabilities for applications, vendors have been developing cloud-native components and functions.

Guidewire's Aspen 2020.1H release featured cloud services such as rating, rules engines, and data capabilities. Being cloud-native, they underpin a visual product design capability, which in turn allows insurers to more rapidly develop new insurance products. Analytic capabilities embedded throughout allow close monitoring of a product. Following introduction, a company can track and progressively refine a product.

The source of a competitive edge keeps moving; the bar keeps rising. It is better to be on the front of the curve.

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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