INSURANCE INDUSTRY NEWS

Analytics Partnership To Spot High-Risk Claims
Aon plc is pleased to announce it is collaborating with Athenium Analytics to develop a next-generation claims quality platform to enable insurers to identify high-risk claims. The new capability will enhance the policyholder experience while improving claims indemnity and expenses, according to Aon analysis. Read more.

FIRST Canada Partners With Next Wave
FIRST Insurance Funding of Canada is pleased to announce a new MGA partnership with Next Wave Canada under which FIRST Canada will provide Next Wave's customers with First Connect®. This service will enable Next Wave to create quotes on their brokers' behalf, allowing brokers to seamlessly present customized, broker-branded payment options forms to their clients. Read more.

Trillium Partners With PrevTech Innovations
Trillium Mutual Insurance Company is pleased to announce it has partnered with PrevTech Innovations to reduce agricultural structure fires. Trillium has pre-purchased a number of PrevTech Smart Sensor units which will immediately be made available to their Agri-business Members. Read more.

Wawanesa Picks HONK For Roadside Assistance
HONK Technologies, the platform connecting drivers, towing professionals, and insurers, is pleased to announce that it will begin managing one of Wawanesa Insurance's key customer touchpoints, their roadside assistance program, effective immediately. Read more.

Insurer IT Budgets Hold Steady Despite Pandemic
Insurer IT spending levels and priorities remain largely consistent with the past few years, despite the pandemic, according to the 13th annual Insurer IT Budgets and Projects report from research and advisory firm Novarica. The report also finds that while Life & Annuity insurers continue to prioritize digital rather than product innovation, Property & Casualty insurers' priorities have largely returned to normal. Read more.

Novacap To Acquire Interest In GroupAssur
Novacap, a leading private equity firm, is pleased to announce that it has entered into a definitive agreement for the acquisition of a majority interest in GroupAssur Inc., a Canadian MGA specializing in the Property & Casualty insurance lines, and offering distinctive insurance products across Canada. Read more.

Onlia Rewards Safe Driving With Ultimate Dining
Onlia is pleased to announce a new collaboration with Ultimate Dining Card®. Users of the Onlia Sense™ safe-driving app can now unlock rewards that can be redeemed at participating restaurants. Read more.

Hub, InsuraGuest Partner For Hotel Clients
Hub International Limited, a leading global insurance brokerage, and InsuraGuest Inc. are pleased to announce their premier preferred partnership to provide InsuraGuest's Hospitality Liability coverage to HUB hotel clients in the U.S., with plans to expand to HUB's clients in Canada by mid-2021. Read more.

IDC Network Acquires Copoloff Agencies
Guardian Capital Group is pleased to announce that its subsidiary, IDC Worldsource Insurance Network, has acquired Copoloff Insurance Agencies Ltd., Shelly K. Copoloff Insurance Agencies Inc. and Rate Watchers Life Insurance Brokers Ltd., based in Montreal. Read more.

CAA MyPace Launches In Atlantic Canada
CAA MyPace™, Canada's only pay-as-you-go auto insurance payment program, is now officially available to consumers in Nova Scotia. Putting choice and control back in the hands of consumers, CAA MyPace will become available to drivers in New Brunswick on Dec. 1, and in PEI by February. Read more.

Hub International Acquires AB-Based Clearpoint
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Clearpoint Advisory Group Inc., Clearpoint Retirement Solutions Inc. and Canwest Group Benefits Inc., based in Alberta. Terms of the transaction were not disclosed. Read more.

Hub Acquires Certain Assets Of Mumby Insurance
Hub International Limited, a leading global insurance brokerage, is pleased to announce it has acquired the Property & Casualty and employee benefits businesses of Mumby Insurance Brokers Incorporated. Terms of the transaction were not disclosed. Read more.

Creating Mentally Healthy Workplaces: Sun Life
With a new survey revealing more than half of Canadians say their mental health has been negatively impacted by the pandemic, Sun Life and CAMH are urging Canadian companies to join them in creating mentally healthy workplaces by deepening investments in workplace mental health support. Read more.

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In the InsurTech Spotlight this week:

Quadient
From Life & Health to Property & Casualty insurance, Quadient's portfolio of industry-leading solutions help organizations create a nimble, effective and unified customer communications infrastructure and automated processes to deliver compliant omnichannel customer experiences that span the entire customer journey. Learn more.

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From Doug As insurance continues to evolve, pundits anticipate that the Internet of Things (IoT) is a key enabling technology. By gathering basic data – indicators of performance – an insurer can price a risk more precisely than by using historical claims data, for example. Auto insurance is a high-volume example of how IoT principles have been implemented Progressive Insurance in the U.S. was one of the innovators. In 1998 they launched a discount for auto insurance linked to the installation of a device to record basic driving indicators. This data was fed back to the insurer, and ongoing insurance discounts were determined through analysis of the driving data. What is actually recorded and stored varies according to the objectives and the technology of each program – and the local regulatory regime. The technology has evolved from dongle to smart phone app. The types of data and volume which could be tracked is large and it continues to increase as technology providers unveil new capabilities. Next: How auto insurance objectives have broadened. Doug Grant, CIP Partner Insurance-Canada.ca