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SEPTEMBER 29, 2020

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INSURANCE INDUSTRY NEWS

Declining Biodiversity Creates Global Risk Of Ecosystem Collapse: Swiss Re Institute
Countries across the world are reliant on a range of services that are based around their natural ecosystems (including necessities such as food, water and air), and more than half of global GDP is dependent on high-functioning biodiversity and ecosystem services. But a staggering one-fifth of countries globally are at risk of ecosystem collapse – including both developing and advanced economies – due to a decline in biodiversity and related beneficial services, reveals a new study by Swiss Re Institute based on its new Biodiversity and Ecosystem Services Index. Read more.

MarTech Suites Can Help Insurers: Novarica
Insurers looking to expand their MarTech stack need to assess the cost, maturity, and redundancy of tools they have already implemented, while developing a roadmap for their replacement or integration. In a new report, Novarica profiles seven holistic suites on the market and describes the main components of their ecosystems, how they interact, their development or acquisition history, and how well they address some specific challenges faced by insurers. Read more.

CSA Wins Out-of-Country Coverage Reinstatement
The Canadian Snowbird Association has welcomed an Ontario court's unanimous decision to strike down part of a regulation which terminated OHIP's Out-of-Country Travellers Program. The court's ruling reinstates this coverage for travelling Ontarians. Read more.

RPA Software Revenue To Reach Nearly $2B
Global robotic process automation (RPA) software revenue is projected to reach USD 1.89 billion in 2021, an increase of 19.5% from 2020, according to the latest forecast from Gartner, Inc. Despite economic pressures caused by the COVID-19 pandemic, the RPA market is still expected to grow at double-digit rates through 2024. Read more.

Roadmap To Business Resilience: Ecclesiastical
Ecclesiastical has launched a planning framework to help organizations develop a strategic risk-based approach to manage their operations and ensure they are able to cope in the COVID-19 environment. Read more.

Trillium Mutual Selects Guidewire For Innovation
Trillium Mutual Insurance Company and Guidewire Software Inc. are pleased to announce that Trillium Mutual has selected Guidewire to enable digital transformation, deliver service excellence, and accelerate product launches. Read more.

Comprehensive Disaster Recovery Report: AXA XL
AXA XL, in collaboration with the Centre for Risk Studies at Cambridge Judge Business School, has released a comprehensive report demonstrating the impact that (re)insurance has on the speed and quality of recovery following natural disasters. Read more.

CSIO Announces Digital Broker Certification
CSIO is pleased to congratulate the first cohort of CSIO Digital Brokers. The new Digital Broker certification recognizes brokers who have completed six eLearning courses to update their digital skills. Read more.

Keal Rebrands To Vertafore Canada
Keal™ Technology, the Canadian subsidiary of North American InsurTech leader Vertafore, is pleased to announce that it is rebranding to Vertafore Canada, reinforcing its commitment to industry-leading technology for Canadian insurance brokers. Read more.

Traffic Safety Spotlight On Distracted Driving
This October, whether you're driving to your favourite pumpkin patch, heading out to pick up a Thanksgiving turkey, or just taking a drive to see the changing leaves, make sure your focus is on the road. Driver distraction or inattention all too often has a human cost. Read more.

Christian Dufour Joins Koïos Intelligence
Koïos Intelligence, a developer of artificial intelligence tools designed specifically for the finance and insurance industries, is pleased to announce the addition of Christian Dufour as Acting Senior Vice-President of Strategic Partnerships. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Transformational Technologies in P&C Insurance During the COVID Era
By Mark Breading, Strategy Meets Action
Technologies such as machine learning, the IoT, RPA, and NLP were hot topics in P&C insurance before the world was turned upside down in 2020 due to the pandemic. These and many other “transformational” technologies have great potential for insurers in the rethinking and optimization of distribution, underwriting, claims, and many other parts of the business. But how have the initiatives that leverage these technologies – and expectations for their potential – changed due to the pandemic? Read more.


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InsurTech Spotlight

In the InsurTech Spotlight this week:

Talem Health Analytics
Talem Health Analytics is an AI-driven claims management company, providing injury causation solutions for automotive insurers. Talem specializes in early insight of injury and connecting the right injury to medical necessity and appropriate billing for a connected, streamlined, and value-based approach to care. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

How are property & casualty insurers actually investing in emerging technology?

Anthony O'Donnell, Executive Editor of IIR, commented on a new Celent report – P&C Insurers Weigh In On Emerging Technologies, by Karlyn Carnahan – which describes the forces shaping P&C carriers' investments in emerging technology, noting four major factors:

• Cost challenges and consolidation;
• Digital consumers;
• Digital competitors; and
• Resource constraints.

“They don't see it as a need to invest in emerging technologies,” Carnahan explains, “but as a need to deliver specific capabilities that those technologies can satisfy.”

“Celent's study reveals that P&C insurers are using emerging technology most in two areas: customer experience and data to support decision-making, followed by technologies that contribute process efficiency,” O'Donnell points out.

Read more – How P&C Carriers Are Embracing Emerging Tech.

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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