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AUGUST 11, 2020

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INSURANCE INDUSTRY NEWS

Insurers Expanding Use of Analytics
Insurers are continuing to mature their analytics capabilities. But while larger insurers and moving forward to pilot AI and machine learning, midsize insurers are still playing catch up with predictive modeling, according to the fifth annual Novarica 100, published today by research and advisory firm Novarica. Read more.

Micruity A Potential U.S. Demographic Data Clearinghouse
Canadian InsurTech Micruity has begun to establish itself as the demographic data clearinghouse for the United States' multi-trillion-dollar 401(k) market. The need for Micruity comes from the need to make lifetime income accessible in the US equivalent of a Group RRSP plan, a 401(k) plan. Read more.

Shift Technology Selected by iAAH To Identify Suspicious Claims
Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, is pleased to announce that -iA Auto and Home Insurance (iAAH) has selected the company to support the carrier's fraud detection initiatives for its Property and Casualty line of business. Read more.

ivari Selects DXC Technology to Transform Systems and Services To Support Growth
Life insurer ivari has selected DXC Technology, a world-class service provider with scale and experience in effectively bringing insurance solutions to market, to modernize legacy systems and provide policy administration and customer support services.
Read more.

Digital, New Business Capabilities Driving Larger Life Insurers' Modernization
In a new research report underwritten by Equisoft, Novarica presents the findings of an interview series conducted with mid- to large-size US life insurance carriers to identify the key drivers for policy administration system modernization projects, as well as the major factors that determine their success.
Read more.

Arthur J. Gallagher Acquires Insight Insurance
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Edmonton, Alberta-based Insight Insurance & Risk Management Ltd. Terms of the transaction were not disclosed. Read more.

Messagepoint Expands into Asia-Pacific Region
Messagepoint is expanding its global presence into the Asia-Pacific (APAC) region with the establishment of a partnership with Customer Centrics International, an Australian consultancy that helps organizations deliver simplified, personalized, digitized customer communications. The move to expand into APAC highlights the demand Messagepoint sees in this region for modern customer communications solutions, particularly by organizations in heavily regulated industries, including financial services, insurance and healthcare. Read more.

Commercial Lines Insurers Adopting AI, Analytics To Improve Claims Outcomes
Commercial lines insurers are intent on maintaining underwriting discipline as they grow the book of business. More insurers are using data, AI, predictive analytics, and business rules to apply underwriting expertise consistently and make better underwriting/pricing decisions. In a new report, Novarica provides an overview of commercial lines carriers' business and technology issues, data about the marketplace, and almost 20 examples of recent technology investments by commercial lines carriers.
Read more.

Sun Life Leads Round Of Financing In Dialogue
Virtual care is revolutionizing Canadian health care. Canadians are turning to their phones and tablets to connect virtually with a medical professional for physical and mental health concerns or even to fill a prescription. Sun Life has announced a strategic commercial partnership and equity investment in Dialogue, Canada's leading telemedicine provider. Sun Life will hold a minority ownership in Dialogue with customary rights to acquire additional equity. Read more.

API Security Best Practices: Aite Group
API hacking does not require the advanced capabilities of a nation-state; even relatively inexperienced attackers can use basic tools to discover and exploit API traffic to perform credential stuffing attacks, exfiltrate databases, change account values, or conduct denial of service attacks on critical applications. This report identifies seven core competencies essential to security API development, deployment, and management, and provides recommendations for FIs, fintech companies, and insurtech companies to improve their API security methods. Read more.

Alcohol-Detection Systems Could Prevent 1 In 4 Road Fatalities
Alcohol-detection systems that stop people from drinking and driving could prevent more than a quarter of U.S. road fatalities and save upwards of 9,000 lives a year, a new study from the Insurance Institute for Highway Safety shows. Read more.


The Intersection: Insurance-Canada.ca Blog

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

The Biggest Insurance Disruptor?
By Mark Breading, Strategy Meets Action
I've never been a big fan of the term disruption. I believe that in the InsurTech world, a majority of the startups are partnering with incumbents to enable industry transformation. They are catalysts for change, to be sure. But few are truly turning the industry on its head. For instance, Lemonade has positioned itself as a disruptor, and with its spectacular IPO, it has the attention of the insurance world. I believe Lemonade has been good for the industry. But I think that Tesla has the potential to be even more of a disruptor in the long run. Read more.


SAS

Webinar:
Driving Digital Transformation (Part 1):
Why is It so Hard?

As analytics and artificial intelligence become integral, rather than adjacent to core business services and products, a new approach is required.

the very nature of AI creates uncertainty and risk creates uncertainty and risk.

Join Javelin's Jacob Jegher and SAS's Joan McGowan: Details & Registration.



InsurTech Spotlight

In the InsurTech Spotlight this week:

Crawford Technologies
Crawford Technologies is a provider of innovative document solutions that streamline, improve and manage customer communications. With a market-leading focus on accessible documents for the millions of North Americans who are blind, partially sighted or cognitively impaired, Crawford Technologies' AccessibilityNow is a complete platform for the creation and management of accessible insurance documents. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Last week, an Insurance-Canada.ca Technology in Action webinar “shone the [InsurTech] Spotlight” on Foxquilt and Relay Platform with CEOs Mark Morissette and Greg Boutin respectively.

I knew a bit about each, and I was delighted by how much each shared about their businesses, with quite different products and markets. Foxquilt is a retailer focusing on small business insurance, while Relay is an industry platform facilitating the placement of reinsurance, and of large commercial risks.

There were three main takeaways for me:

(1.) These are complex implementations with a great deal of planning, architecting and development under the covers. Ergo investments.

(2.) The world is a potential market. Relay is involved today in Canada, the US and UK, and looking beyond. Although Foxquilt is marketing in Canada now, the US (Great Lakes states) rollout is planned for the near future.

(3.) The commitment is indeed major. The rate of digital transformation and innovation has picked up during the Covid pandemic and the opportunities being addressed by Relay and Foxquilt have attracted and will draw more competitors. They are being aggressive in the market with ongoing development and marketing.

I enjoyed and learned from the speakers. If you're interested, watch the webinar on-demand.

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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