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NOVEMBER 24, 2020

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INSURANCE INDUSTRY NEWS

Intact, Tryg To Acquire RSA Insurance Group Plc
Intact Financial Corporation is pleased to announce that, together with Tryg A/S, it has reached an agreement to acquire RSA Insurance Group. Intact will retain RSA's Canadian, UK and International entities, Tryg will retain RSA's Swedish and Norwegian businesses, and Intact and Tryg will co-own RSA's Danish business. The transaction is subject to customary regulatory and shareholder approvals. Read more.

General Motors Launches OnStar Insurance
General Motors is pleased to announce the launch of OnStar Insurance. GM's new insurance agency, OnStar Insurance Services, will be the exclusive agent for OnStar Insurance. Read more.

Blink launches Business Interruption Solution
Irish InsurTech Blink is pleased to present the latest offering in its suite of parametric insurance solutions. "Blink Interruption" is the culmination of 10 weeks of intensive work in the prestigious Lloyd's Lab innovation accelerator programme; Blink developed a market-ready offering which can cut average business interruption claims processing time by up to 95%. Read more.

HSB Canada Launches Turnkey Sensor Solution
HSB Canada, part of Munich Re, is pleased to introduce Sensor Systems by HSB, a turnkey solution to help insureds reduce common property claims. The program monitors, predicts and alerts customers to risk events associated with water leaks, pipe freezing and critical temperature changes. Read more.

Independent Agents Face Pandemic Headwinds
The perennial dominance of the agent channel in the insurance industry continues to face strong headwinds due to increased competition and evolving consumer expectations that have been highlighted by the pandemic. According to the J.D. Power 2020 U.S. Independent Agent Performance and Satisfaction Study, misalignment and poor execution continue to place agent-based carriers on their heels in their ongoing battle with direct-to-consumer insurers as the channel of choice among modern property and casualty insurance consumers. Read more.

Internal Failures Behind Most Cyber Claims
External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a new report from Allianz Global Corporate & Specialty (AGCS). Read more.

Business Insurance Action Team Supports Small Businesses
Insurance Bureau of Canada is pleased to announced that its newly launched Business Insurance Action Team (BIAT) is ready to help to find viable insurance for small businesses in Ontario's hospitality sector struggling to find insurance because of the COVID-19 pandemic. Read more.

Tracey Swain Joins Apollo As CFO
Apollo Insurance Solutions is pleased to announce that Tracey Swain has joined the leadership team as Chief Financial Officer. Swain brings more than twenty years of experience in progressive accounting, audit, and finance roles for global companies. Read more.

Most Canadians Feel Unprepared for Winter Driving
With winter creating unpredictable driving conditions across the country, coming to grips with the colder weather can often be a cause for concern, even for the most experienced of drivers. A new survey by belairdirect reveals that most Canadians are not fully prepared for the colder months ahead. Read more.

Enstar To Sell Starstone To New Venture Inigo
Enstar Group Limited and Stone Point Capital LLC are pleased to announce they have signed definitive agreements to sell StarStone Underwriting Limited, the Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301, to Inigo Limited, a new specialty re/insurance holding company. Read more.

Aon Secures Capacity Led By HSCM To Transfer Systemic Cyber Risk
Aon plc, a leading global professional services firm, has launched a new product with Hudson Structured Capital Management Limited (undertaking its re/insurance business as HSCM Bermuda) to protect insurers and reinsurers against systemic and catastrophic cyber events. Aon and HSCM have already closed the first transaction, a retrocession contract on behalf of an undisclosed cedent. Read more.

FIRST Canada Launches Interac e-Transfer Bulk Receivables
FIRST Insurance Funding of Canada, the industry leader in payment solutions, is pleased to announce the launch of Interac e-Transfer® Bulk Receivables in collaboration with AcordPay. FIRST Canada is the first in the insurance industry to offer its brokers the ability to request payment with Interac e-Transfer. Read more.

Onlia Anticipates Holiday D.U.I. Increase
As Ontarians prepare for the holidays amidst the new reality of COVID-19, many feel a false sense of security both on the road and at home. Driving under the influence and “porch piracy” were cited as concerns in the newly released Onlia Winter Safety Index. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Artificial Intelligence Is Transforming Commercial Underwriting. Here's How.
By Lisa Seguin, Element AI
In 2020, it's difficult to think of a sector that artificial intelligence won't disrupt. The technology promises to transform businesses ranging from transportation to telecommunications, while also holding promise for sectors held back by manual processes and legacy technology. Insurance is one such sector. Read more.


WORLD INSURANCE FORUM
Don't miss the debut session today at 11am!

Next Monday, November 30, don't miss Transforming Commercial Underwriting – the second of two complimentary sessions kicking off the World Insurance Forum virtual series.

Andy Yeoman, CEO of Concirrus, and Mike Fitzgerald, Principal Insurance Analyst at CB Insights, will share how technology offers the opportunity to transform commercial underwriting and enable better decisions, faster, at scale.


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.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Relativity6
Relativity6 is the first AI-based cross-sell and up-sell platform for insurance brokers and agents. We make cross-selling insurance policies easier than ever. Account executives are typically able to cross-sell double the amount of policies when utilizing the Relativity6 platform. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Group Benefits Broker
Masters Insurance Limited
Vaughan, ON

Regulatory Inspector
Insurance Council of B.C.
Vancouver, BC


From Doug

A recent addition to the InsurTech Spotlight is headquartered in New Zealand, on the other side of the world. But Sentro attended the Holt Accelerator in Montreal, got introduced to the Canadian marketplace, and have been marketing here.

InsurTechs fit in a propitious niche, different from the supply chain issues that rose over the last few years with the global flow of goods – also different from the financial services industry, where each government regulates the services rendered to its citizens.

For InsurTechs, there is no flow of manufactured goods or physical commodities. Support and development can be located anywhere, so long as the working hours are sympathetic to the insurance customers.

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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