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SEPTEMBER 1, 2020

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INSURANCE INDUSTRY NEWS

Most Carriers Have Not Truly Digitized the Value Chain: ACORD Insurance Digital Maturity Study
A rapidly evolving insurance ecosystem and financial uncertainty amid a global pandemic have made the imperative for insurers to modernize more urgent than ever. Yet ACORD's 2020 Insurance Digital Maturity Study of the world's top 130 insurance carriers indicates a great deal of work remains to be done. Read more.

Coefficient Launches, Focused On Employer Stop-Loss, Backed by Swiss Re Corporate Solutions
Verily, an Alphabet company, is pleased to announce a new subsidiary, Coefficient Insurance Company, that will be backed by Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re Group. Coefficient will combine innovative health technology solutions with novel insurance and payment models. Its precision risk solution helps self-funded employers to control cost volatility through a data-driven model that is unique in the traditional employer stop-loss market. Employer stop-loss is a segment of commercial insurance that protects self-funded employers from unexpected and large employee health benefit claims by reimbursing employers for claims above a defined amount. Read more.

Breathe Life Secures Funding To Modernize Life Insurance Distribution
Breathe Life, the enterprise SaaS platform provider for the life insurance industry, is pleased to announce it has secured additional funding to enhance its digital distribution platform for insurance carriers. The Series A round was co-led by Real Ventures & Investissement Québec with participation from Clocktower Technology Ventures, Cameron Ventures, Desjardins, NAventures, and Diagram Ventures. The remainder is made up of debt financing from National Bank of Canada's Technology and Innovation Banking Group and various government grants. Read more.

CX Important To Establish Direct Relationship With Consumers Post-Pandemic
Customer experience/user experience (CX/UX) is commonly understood as an important part of digital strategy, but approaches, resourcing, measurement, and focus vary widely within the insurance industry. In a new report, Novarica presents the results of a survey of 79 insurers across Novarica's Research Council and Community, concerning attitudes and practices related to customer experience and user experience. Read more.

HTM Insurance Company Migrates Personal Property to Cognition+ Platform
HTM Insurance Company is pleased to announce the migration of its Personal Property operations to the Cognition+ platform as part of the company's continuing digital transformation. Joining the automobile line of business on the Cognition+ solution, this move enables all forms of personal property including residential, seasonal, watercraft and other assorted personal insurance product lines of business. Read more.

Navacord Expands Benefits Practice To Maritimes
As they continue to build out their national benefits practice, Navacord Corp., one of Canada's top four commercial insurance brokerages and a leader in risk management services, is pleased to announce the addition of PEI-based Cooke Capital, effective August 13, 2020. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance Technology, Investment & Innovation Under COVID-19
By Stephen Applebaum, Insurance Solutions Group
There is a general perception that the insurance industry is doing surprisingly well in the face of a global pandemic. It's true that the transition to work-from-home was accomplished quickly and with minimal loss of productivity. Auto insurers have enjoyed an earnings windfall from the dramatic and sudden drop-off in vehicle use and the accompanying reduction in auto claims (even after premium reductions). And so, one might also conclude that industry innovation and transformation continues apace – but that's only partially correct. Read more.

What Would Your Underwriters Say?
By Megan Bock Zarnoch, , Boundless Consulting Group
You believe your culture is pretty darn good, and your systems, while not perfect, are improving ... but what would your underwriters say?
Underwriting professionals are acknowledged to be the company's most valuable assets, which you tell them all the time. But the war for talent is real in this business, especially considering that the pool isn't nearly as deep as we'd all like it to be. The demographics indicate retirements over the next 5-10 years will significantly drain that pool. So, the real issues we need to face are how our actions support, empower, and engage those assets – or don't. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

ProNavigator
ProNavigator helps leading carriers and brokerages overcome information barriers. The platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly and accurately retrieve answers to customers and employees' questions. It includes an intuitive search and retrieval interface built specifically for insurance to answer a broad range of questions, in natural language, across multiple products, regions, and documents. Learn more.

Calling all InsurTechs! Click here to participate.


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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