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Insurance-Canada.ca - Where insurance and technology meet

AUGUST 4, 2020

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INSURANCE INDUSTRY NEWS

Applied Digital Agency and Brokerage Survey
Applied Systems has announced the findings of its annual Applied Digital Agency and Brokerage Survey, which reveals that there remains a significant runway of opportunity for agencies to realize the benefits that digital technology affords to service and support connected consumers. Read more.

IMS Extends Telematics SDK Partnership with Onlia
IMS (Insurance & Mobility Solutions), one of the top providers of connected car data solutions, is pleased to announce the three-year extension of its successful partnership with Onlia, a Canadian provider of innovative digital home and auto insurance. Read more.

Life, Health and Financial Security Report
Amid the pandemic, the Canadian life and health insurance industry has been working with governments and employers to lessen the impact of the crisis by ensuring access to health benefits, virtual care and financial support. COVID-19 has forced us to accelerate certain practices that allow the industry to interact with Canadians and healthcare providers in a more efficient way. Read more.

Apollo Exchange Adds Special Event Insurance
Apollo Insurance Solutions Ltd., Canada's largest online insurance marketplace, has partnered with K&K Insurance Canada to add Special Event and Wedding insurance to the Apollo Exchange's rapidly growing catalogue of digital insurance products. Read more.

Applied, Northbridge Achieve Level II Certification
CSIO is pleased to announce that Applied Systems and Northbridge Insurance have jointly achieved Level II ‘Verified’ in CSIO's Commercial Lines (CL) Certification Program. To accomplish this, each organization implemented the CL minimum data set and successfully demonstrated real-time quoting for specific contractors' industry codes. Read more.

Sun Life Launches Insurance Application Platform
With Canadians thinking about their health and financial security needs more than ever, Sun Life Canada is pleased to launch an online, sustainable insurance application platform for third-party advisors and their Clients. The Sun eApp makes it easier for Clients to get the solutions they need to close insurance coverage gaps and build long-term wealth. Read more.

Verisk Launches Life Risk Navigator Platform
Verisk is pleased to announce the release of Life Risk Navigator™, an innovative, cloud-based stochastic risk modeling platform that offers in-depth portfolio analytics which can enhance risk selection, quantify changes in mortality rate, improve hedging strategies, and drive better financial decision-making. Read more.

Pandemic Impact On Small Commercial Premiums
Even with government backstops in place, many small businesses are not likely to survive several months of lockdown without revenue. Closures of these small businesses could have a significant impact on carriers' annual written premium intake, which could prove problematic for carriers with a heavy presence in the small commercial insurance market. Read more.

Rating Engines Critical For Quick Product Delivery
As insurers evaluate all aspects of their delivery life cycle, rating engines play a critical role in helping to deliver new products and enhancements to market. In a new report, Novarica provides an overview of the current solution provider marketplace for rating systems available to U.S. P&C insurers. Read more.

LexisNexis Launches Telematics OnDemand
LexisNexis® Risk Solutions is pleased to announce it has launched a solution that seamlessly integrates telematics-based driving behavior data into insurer rating and underwriting workflows. Telematics OnDemand enables U.S. auto insurers to access a consumer's existing telematics data in near-real-time at point of quote, which allows carriers to offer more personalized pricing to the consumer with the potential opportunity for an immediate discount. Read more.

Majesco To Be Acquired By Thoma Bravo
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce that it has signed a definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors. Following the closing of the transaction, Majesco will operate as a privately held company. Read more.

Quadient, Infosys Announce Global Partnership
Quadient, a leader in helping businesses create meaningful customer connections through digital and physical channels, has announced that Infosys, a global provider of next-generation digital services and consulting, has become a Platinum Business Partner in Quadient's Partner Advantage Program. Read more.

Navacord Partnerships Boost Benefits Business
Navacord Corp., one of Canada's top commercial insurance brokerages, is pleased to announce the addition of Ontario-based brokers Selectpath Benefits and Financial Inc. and ProBenefits Consulting Inc. The two deals strengthen Navacord's position in the Canadian benefits space, which the company has set as a priority growth area. Read more.

Huge Natural Disaster Loss In H1 2020: Aon
Aon plc, a leading global professional services firm providing a broad range of risk solutions, is pleased to announce the launch of its Global Catastrophe Recap report evaluating the impact of natural disaster events that occurred worldwide in the first six months of this year. Read more.

QBE, Flyreel Launch AI-Assisted Home Inspections
QBE North America has announced a strategic partnership with Flyreel, Inc., a leading Artificial Intelligence platform for property insurance, to help customers manage risk and prevent loss through an AI-assisted tool. Read more.

Ford, Mobileye: Camera-Based Collision Avoidance
Ford Motor Company and Mobileye are pleased to announce the two companies are expanding their collaboration on cutting-edge driver-assistance systems to offer even better camera-based collision detection and warning capabilities across Ford's global product lineup. Read more.

Nexsys, Lemonade Partner To Simplify Homeowners Insurance Verification
Nexsys Technologies, a FinTech company that provides mortgage solutions, has partnered with Lemonade to simplify the homeowners insurance verification process, leveraging a tool which digitizes the previously manual communication between mortgage lenders and homeowners insurance companies. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Three Moments of Truth that Make or Break the Customer Experience
By Andi Dominguez, Quadient
If you are in the insurance business, your goal is to establish long-term, trusting relationships with customers, and those relationships have many touchpoints along the journey. To win and retain customers, it's essential to identify the most critical of these touchpoints so that consistent, relevant and personalized experiences can be delivered to every customer, every time. But exactly what is it that customers expect? Driven by today's communications technology, customer expectations have evolved to include connectivity, immediacy and simplicity—a complex mandate for many insurers. Regardless of who they contact in your organization about any specific topic, customers want experiences that meet their high standards—and they no longer have patience if you can't meet their expectations. Read more.


InsurTech Spotlight

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

Dundas Life
Dundas Life combines the best of the digital experience and high-quality insurance advisory. Insurance is complicated and shouldn't be left to robo-advisors. Our digitally enabled advisors make the insurance assessment process accessible while guiding you through all of life's hurdles in the decades ahead. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance-Canada.ca “Technology In Action” Series
Spotlight on Foxquilt and Relay Platform
Webinar — Thursday, August 6

Get better acquainted with two innovative players in Canada's dynamic InsurTech space in this free one-hour webinar.

Foxquilt – an Insurance-as-a-Service platform – specializes in Small Business Insurance with multiple underwriting partners.

Relay Platform – a risk transfer platform – enables users to structure and secure reinsurance and large insurance placements.

Join us Thursday, August 6, at 1pm (ET).

Learn more or sign up now.

Featuring:

Foxquilt Relay


From Doug

All through my relatively long career with the insurance industry in Canada, there has been a continual stream of developments in the use of technology.

Following the adoption of the Internet and the implementation of modern core systems, the industry has progressed through phases of digitalization (pave the cowpath), digital transformation (rework the processes) and innovation (new products, processes, tools and culture).

A few seized the opportunity to initiate more dramatic change; InsurTechs combined all the characteristics of the agile innovator and added an intense focus on the customer.

Initially InsurTech startups were seen as a threat to incumbent insurance businesses, but many soon realized that InsurTechs could help those very incumbents evolve more quickly into InsurTechs themselves.

Insurance-Canada.ca shines a spotlight on InsurTechs who do business in Canada – both startups and incumbents, insurance businesses and technology providers alike.

Join us for a free webinar on August 6 as we put the focus on Foxquilt and Relay Platform.

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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