"Chronicle" weekly newsletter - Where insurance and technology meet

AUGUST 25, 2020

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The Future Of Mobility Insurance: Slice Labs
Despite many exciting innovations and advancements in mobility technology and business models, insurance remains pretty much the same. Rather than responding with new commensurate innovations, insurance solutions that have existed for decades are shoehorned with minimal adaptation to meet minimum requirements, often leaving coverage gaps. There is no doubt that mobility is changing, and insurers will need to shift their response beyond tweaking legacy offerings. Read more.

Economical To Provide Insurance For Uber
Economical Insurance is pleased to announced a new and significant relationship with Uber in Canada, designed to provide insurance coverage for every Uber Rides and Uber Eats trip in Alberta, Ontario, Quebec and Nova Scotia. The relationship is expected to launch on September 1. Read more.

Element AI Helps Edelweiss Tokio Life Accelerate A.I. Transformation
Element AI, a global developer of artificial intelligence-powered solutions, is pleased to announce the Indian insurer Edelweiss Tokio Life Insurance as its newest client. The Element AI team will work closely with Edelweiss Tokio Life to create an actionable roadmap for strategic AI deployment for the company, which will ultimately support a detailed AI transformation plan. Read more.

Global IQX Launches New AI-Powered Tools
Global IQX, the leading provider of AI-driven solutions for group insurance providers, has launched two new AI-powered products, including the most advanced recommendation and predictive analytics engine in the group insurance industry. Read more.

ClaimsPro Launches Enhanced Claims Data And Reporting System For Clients
ClaimsPro, an independent adjusting and claims management leader in North America, is pleased to introduce an enhanced claims data and reporting system for their clients: ClaimsPro Connect introduces improved features in response to an increased demand in the marketplace for more advanced management and claims reporting data. Read more.

Aon Launches Virtual Reinsurance Renewal
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, is pleased to announce the launch of its Virtual Reinsurance Renewal Season, calling for the re/insurance industry to collaborate to bring capital closer to clients’ needs and drive growth across the global insurance ecosystem. Read more.

Consumer Behavior Insights Report: Aviva
COVID-19 has fundamentally changed the way consumers and brokers interact, and Aviva is pleased to share the results of a recently commissioned survey to gauge consumer sentiment on the impact of the pandemic. Read more.

Thimble To Develop Pandemic Business Interruption Insurance
Thimble, the InsurTech startup that helps small businesses succeed on their own terms, has been selected to the Lloyd's Lab innovation accelerator program, where it will develop solutions to support the market to respond to COVID-19. Throughout the pandemic, many small businesses have learned that their business interruption insurance does not cover losses related to COVID-19, which has resulted in severe blowback on the industry. Read more.

Developing Use Cases: Issues & Best Practices
A common understanding across the user community, business, and IT can produce a more effective end product and enhance relationships. In a new executive brief, research and advisory firm Novarica describes the value, challenges, and best practices for utilizing use cases to understand the goals and development of requirements throughout the project lifecycle. Read more.

Ransomware Defense In Financial Services
There are two kinds of organizations: those that have endured a ransomware attack and those that likely will. In each case, weathering the storm is a matter of preparation, which, as in most things, is easier said than done. Here’s why: There is no single technology that prevents ransomware, and there are many kinds of ransomware attacks. Read more.

Defined Contribution Plan Providers Investing In Digital Experiences, Analytics
Defined contribution plan providers continue to make technology investments across the value chain in response to regulatory changes, expanded competition, and the ongoing pressure related to margins. In a new report, Novarica provides an overview of defined contribution retirement plan provider business and technology issues, data about the marketplace, and several examples of recent technology investments by insurers offering defined contribution retirement plans. Read more.

Tips For Safe Driving In Farm Country
While you may be hitting the road to make the most of these last few weeks of warm and sunny weather, agricultural producers are working hard to get their crops off the field. The work farmers do puts food on our tables and contributes to theĀ  economy. And they need everyone’s help to keep safe. Read more.

The Intersection: Blog

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

Cooking Up Change: A Recipe for Underwriting Transformation
By Deb Smallwood & Megan Zarnoch, SMA
The world is changing fast, and commercial insurance fills an increasingly important need in our world – by creating predictability out of uncertainty and helping businesses of all sizes navigate this turbulent time. We believe that this is critical: commercial insurance must withstand and evolve with the changing environment to continue to fulfill its purpose.
At present, the deck is stacked against many companies, and a short-term "strategic" mindset and siloed approach to digital transformation and new technologies has left those organizations unaware of the impending trouble.
Read more. “Technology In Action” Series

Continuing Education Accredited Webinar:

Ethics and Insurance

Wednesday, September 2, at 1pm

$40 + HST (CAD)

RIBO Credit: 1 hour Ethics

This training session by Neville Harriman of Special Risk Insurance Managers (SRIM) is accredited by RIBO for one hour of Continuing Education in the Ethics category. Learn more or sign up.



InsurTech Spotlight

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

GeoMate Inc.
GeoMate is a mapping service that uses AI to analyze near real-time accessibility and safety conditions of sidewalks. GeoMate provides safer local travel for everyone traveling by foot or wheelchair.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

How key is innovation?

When InsurTech startups (insurance companies or distributors, rather than technology tool providers) were first getting traction, someone opined that they were “technology companies” rather than “insurance businesses.”

That is obviously not the case. But it does make the point that for some companies, technology is a key enabler and important component of most every function or process from marketing through claims settlement.

To what extent is that the case today? Would you say it applies to many, most, or all? insurance organisations.

Even if technology is that important to many, are we already climbing towarsdds the next level beyond?

We know that innovation is important, and that technology is a key enabler of innovation.s

But innovation requires so much more: leadership, culture, customer-focus and understanding – obviously added to insurance knowledge, capital and compliance.

Yes, innovation is important, but is it so much so that we are becoming “innovation” companies?

Will innovation be the one overriding key factor for success for insurance businesses of tomorrow?

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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