"Chronicle" weekly newsletter - Where insurance and technology meet

DECEMBER 8, 2020

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La Capitale and SSQ Insurance rebrand as Beneva
Beneva has officially been unveiled. Created by La Capitale and SSQ Insurance joining forces, Beneva will become the largest insurance mutual in Canada. Proud of its new identity and its values, Beneva is confident that a more caring approach will resonate with Canadians across the country.
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IMS’s Telematics App Development Framework
IMS (Insurance & Mobility Solutions), a top provider of connected car data solutions, is pleased to announce the immediate launch of One App, a development framework that enables the rapid creation of scalable, configurable telematics apps that promote higher levels of user engagement than those in market today.
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ServiceNow Set To Acquire Element AI
ServiceNow is pleased to announce it has signed an agreement to acquire Element AI, a leading artificial intelligence (AI) company with deep AI capabilities and some of the world's brightest AI minds. Element AI will significantly enhance ServiceNow's commitment to build the world's most intelligent workflow platform, enabling employees to work smarter and faster, streamline business decisions, and unlock new levels of productivity.
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Antigonish Goes Live With Cognition+
Antigonish Farmers' Mutual Insurance Company has successfully implemented the Insurance Business Solution live into production.  The implementation of IBS®, an enterprise insurance platform developed by Cognition+, is the initial step Antigonish is taking on their digital journey.  Conversion from Antigonish's legacy system to the Cognition+ suite of solutions will allow for a seamless upgrade and support path as Antigonish targets enhanced service and efficiencies for their policyholders, agents and team.
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Apollo Welcomes Underwriting Service Specialist
Apollo Insurance Solutions Ltd. is pleased to announce that Joyce Wong has joined the Apollo team as Underwriting Services Specialist. She will provide support to underwriting operations and the Broker Distribution team, further enhancing Apollo's award-winning service.
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Hub International acquires Seymour Alper Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Quebec-based insurance and risk management firm Seymour Alper Inc. Terms of the transaction were not disclosed.
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Hub Acquires Assets Of Prince Albert Insurance
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Saskatchewan-based independent insurance brokerage Prince Albert Insurance Limited. Terms of the transaction were not disclosed.
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Intelligent Text Ingestion Overview: Novarica Brief
Insurers in the US collectively process millions of documents annually across most of their business processes. In a new executive brief, Intelligent Text Ingestion: Overview and Prominent Providers, research and advisory firm Novarica outlines the two types of problems that intelligent text ingestion (ITI) software solutions attempt to solve, as well as provides profiles of 17 vertical and horizontal industry solution providers that offer technology solutions for unstructured text extraction, classification, and related tools.
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Top 10 Stolen Vehicles Across Canada: IBC
Electronic theft from your own driveway, high-end vehicles stolen for shipment overseas, and the growing trend of street racing are three themes Insurance Bureau of Canada (IBC) identified as it compiled the latest list of top 10 stolen vehicles across Canada.
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Allianz Enhances Customer Support Offerings
Allianz Global Assistance, a leading Canadian travel insurance provider, is pleased to announce the launch of new, enhanced assistance capabilities – Virtual Care services and a new online Claims Portal – which aim to elevate the end-to-end customer journey. Both services are now embedded within all products offered across Allianz's national distribution network of broker and travel agency partners.
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Questions Finalized For Quoting Small Business
CSIO is pleased to announce that the Commercial Lines (CL) Working Group has finalized a standard set of questions required to underwrite and rate small business and professional services submissions.
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Wishlist For Safe Holiday Driving: SGI
With the holiday season upon us, December's Traffic Safety Spotlight is focused on impaired driving. SGI asked some of our friends what they are asking Santa for. “This year, I wish no one would drive impaired.”
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The Intersection: Blog

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

P&C Commercial Lines in 2021: Innovation or Optimization?
By Mark Breading, Strategy Meets Action
The unexpected, unprecedented events of 2020 have turned the world upside down. Like every business sector, commercial lines insurance has had to adapt and adjust throughout the year. Many commercial lines insurers have experienced significant financial hits from the pandemic due to increased claims, lower business volumes, and the decreasing payrolls of their customers. Large reserves have been set aside, but the continuing uncertainty means that there may be long-lasting negative impacts to financials far into 2021. How much has the economic environment affected insurers' strategies and plans for 2021? Read more.
Selling Insurance and Servicing It
Webinar — Dec. 15

Don't miss an hour-long discussion with Talem Health Analytics and Sentro, two of the latest additions to the InsurTech Spotlight.

Join us Tuesday, December 15, at 1pm (ET).

Learn more or sign up now.



Talem Health Analytics

InsurTech Spotlight

In the InsurTech Spotlight this week:

Using social media and open source data, Skopenow mitigates fraud and risk for claims and underwriting teams. Skopenow provides a hands-off, 'cradle to grave' approach to fighting claims fraud using instant behavioral and relationship analytics. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Senior Underwriter, Professional Lines
Senior Underwriter, Professional Lines
Toronto, ON

Commercial Account Manager (Insurance Broker)
McFarlan Rowlands
Delhi, ON

From Doug

Last week we hosted a World Insurance Forum virtual session discussing commercial underwriting and how it is changing.

The example was marine insurance. In this project, which has been underway for some time, some 19 companies are involved well beyond the “expression of interest” stage.

The project goes deep on data with sensors collecting and reporting in real-time.

But data that has an interplay with the risk also enters the equation: weather in the bigger picture – storms in particular – and general factors, such as percentage of time along a shoreline, the nature of the cargo, etc.

Think about all the factors which influence a risk, gather and analyze them, break down the risk to its finer points, and then price it.

Information is everywhere; this project displays a more detailed approach to using it as a collection rather than just a bunch of disparate datapoints.

At the end of the day, what will the manual decisions be? How do you participate in an end-game like this?

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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