"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 27, 2020

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Insurers Can Absorb Pandemic Life & Health Claims, But Not Lockdown Business Losses
Amid widespread public discussion on how to address the deep financial implications of COVID-19, The Geneva Association, in collaboration with the University of St. Gallen, has issued a new evidence-based study on the risk-taking capacities of insurers related to pandemics. Read more.

Telematics Usage Growing, Providers Maturing
Telematics-based products and services are becoming an important segment of the personal and commercial automotive and fleet insurance markets. While overall penetration is estimated at about 6-8% of insurers' books, some insurers' penetration rates have reached 30-35%. In a new report, Novarica examines the current state of telematics in personal auto insurance, including insurer activity, adoption rates, common program features, and the design of telematics-based insurance products. Read more.

Faithlife Taps Breathe Life For Digital Distribution
Breathe Life, the enterprise SaaS platform provider for the life insurance industry, is pleased to announce that FaithLife Financial, a Canadian insurance and investment organization, has signed a long-term deal establishing the Breathe Life platform as its core distribution platform for financial-services products. Read more.

Top Strategic Technology Trends For 2021
Gartner, Inc. has announced the top strategic technology trends that organizations need to explore in 2021. These include the Internet of Behaviors, Total Experience, Privacy-Enhancing Computation, Distributed Cloud, Anywhere Operations, Cybersecurity Mesh, Intelligent Composable Business, AI Engineering, and Hyperautomation. Read more.

Mobility To Change The Face Of Auto Insurance
Short-term vehicle rental and car-share programs are expanding globally, providing new options for consumers. But new types of mobility do not fit into the current insurance ecosystem, leaving many consumers without proper coverage and potentially exposing carriers to unforeseen liability. A new Aite Group report serves as a guide to industry stakeholders at the onset of the revolution, identifying key current mobility trends and offering insight on value chain impacts. Read more.

Wawanesa Obtains CSIO CL eDocs Certification
CSIO is pleased to announce that The Wawanesa Mutual Insurance Company has obtained CSIO Certification for Commercial Lines eDocs. This certification program enables insurers and vendors to verify their implementation of eDocs according to CSIO Standards, ensuring the seamless exchange of eDocs between insurers and brokers. Read more.

InsurTech Adoption To Propel Growth Through 2024
The InsurTech market is set to grow by USD 21.72 billion accelerating at a CAGR of over 36%, during the period spanning over 2020-2024. One of the key factors driving growth is the need to improve business efficiency. The adoption of innovative financial technologies has enabled companies to optimize costs, deliver better services, and boost revenues. The influence of digitization is a significant trend that will further stimulate market growth. The increasing number of devices has created a need for effective management, monitoring, and maintenance of data across organizations. Read more.

U.S. Election Outcome: Implications Either Way
With the U.S. presidential election taking place in just a matter of weeks, and Canada looking to navigate a second wave of the COVID-19 pandemic, the latest Real Economy: Canada report from RSM Canada shines a light on how the election outcome, combined with Canada's reliance on the U.S. economy, might alter Canada's recovery and longer-term outlook. Read more.

FIRST, Vertafore Partner On Payment Integration
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, and Vertafore Canada are proud to announce their strategic partnership. Vertafore Canada and FIRST Canada will once again redefine the customer experience, now with an efficient payment solution embedded within SIG. Using existing broker-centric workflows, SIG users will soon be able to provide financing quotes and payment plans along with the policy proposal, directly from within the broker BMS, SIG. Read more.

INNOTECH API Security Working Group Launched
CSIO is pleased to announce the launch of the INNOTECH API Security Working Group, with participation from six insurance carriers and representation from IBAC. The INNOTECH Advisory Committee is an industry initiative created to drive digital innovation and ultimately improve customer experiences within insurance by identifying major operational issues, common challenges, and solutions. Read more.

Seniors Driving Longer – Especially Women
Since 2015, women aged 75 and over represent the largest share increase in the number of insured vehicles, according to the most recent stats published by Groupement des assureurs automobiles. Read more.

The Intersection: Blog

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

Claims Planning 2021: Placing The Right Bets
By Karen Pauli, Strategy Meets Action
It is time to take out the 2020 budget and see where line items need to move for next year. Did the claims organization meet objectives? If not, what adjustments need to be made to ensure those objectives are fulfilled? A new report from SMA lays out the case for why claims transformation and claims operations have a new performance baseline because of COVID-19. Read more.

Property Insurance Claims Innovation
By Stephen Applebaum & Vincent Romans
The Personal and Commercial Property claims process has traditionally lagged well  behind other segments of P&C insurance in the adoption of technology and innovation. That officially ended in 2020, ironically aided in part by the effects of a global pandemic that changed virtually everything about life and business as we knew it. Understanding the factors behind the historical lack of innovation in property claims provides good insights into why and how this segment is suddenly undergoing such rapid transformation. Read more.

WORLD INSURANCE FORUM is pleased to announce the launch of the World Insurance Forum, a new virtual series giving you a launch pad to explore the most significant developments in insurance, technology, and risk management.

As a special introduction to this series, the first two sessions are being offered at no cost.

The series will debut on Tuesday, November 17, featuring Mark Dowds and Ruth Foxe Blader of Anthemis tackling the question, How Will InsurTech Shape The Future? Don't miss it!

InsurTech Spotlight

In the InsurTech Spotlight this week:

SideDrawer is a mobile and online solution for customers and Professional Service Providers (PSPs) in which customers have the ability to securely keep their personal, financial and important records and organized for life, allowing PSPs to collaborate and communicate with their clients through a single, living repository. Learn more.

Calling all InsurTechs! Click here to participate.

The Broker's Workstation (TBW) features Real-Time Policy Issuance & Integrated Direct Rating. And it does everything you need in one integrated package.

All-in-one Broker BMS solution. Book a demo!

See how CSSI's Broker and MGA solutions can make your business more efficient.

From Doug

Automotive telematics is the technology which captures characteristics of how a vehicle is performing, from basic car components to how and where it is being driven. The data is stored and meant to be shared, in a garage using diagnostic tools, by an insurer for basic UBI (pay as you drive – PAYD) or enhanced UBI (pay how you drive – PHYD), by the road and traffic infrastructure regime for emergency reporting, constant traffic monitoring and control, or even state usage tracking for licensing purposes.

The insurance component UBI continues to grow. Ptolemus Consulting Group reported that. Mobile-based UBI increased by 160% in 2018. Looking beyond UBI at broader telematics McKinsey reports that research on car-data monetization trends and characteristics suggests that this value pool could be as large as $750 billion by 2030. More narrowly, Market and Research estimates the usage-based insurance market for automotive is projected to reach USD 126 billion by 2027 from USD 24 billion in 2019, at a CAGR of 23.0%.

These projections highlight the changes in the marketplace. With the recent announcements in this space from the larger automotive companies, third party service providers and the insurance industry, perhaps the growth will be even more rapid. More next week.

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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