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Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 15, 2020

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INSURANCE INDUSTRY NEWS

Pandemic Named Top Risk To Financial Stability
The COVID-19 coronavirus pandemic ranks as the greatest threat to global financial stability in 2021, according to a new survey published by The Depository Trust and Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, with nearly one third (31%) of survey respondents citing the pandemic as the top risk, with two thirds (67%) citing it as a top 5 risk. Read more.

U.S. Commercial Insurance Prices Increase Again
U.S. commercial insurance prices again grew significantly in the third quarter of 2020, according to leading global advisory, broking and solutions company Willis Towers Watson's Commercial Lines Insurance Pricing Survey (CLIPS). Read more.

We Must Act Now On Rising Climate Change Costs
A new report from the Canadian Institute for Climate Choices warns that the costs of climate change for Canada are massive and mounting, and recommends substantial increases in adaptation investment and enhanced climate risk disclos Read more.

TD Insurance Launches ‘Buy Online’ Platform
TD Insurance has launched its national 'buy online' platform that offers qualifying Canadians from coast to coast the ability to purchase home and auto insurance policies from the comfort of their home PC or smartphone. TD Insurance is the first insurance group in Canada to offer online services of this kind nationally. Read more.

LowestRates.ca Now Compares Rates From Onlia
Canadians shopping for auto insurance on LowestRates.ca will now be able to compare rates from Onlia, an innovative new digital insurance provider rewarding Canadians for safe driving. Read more.

Quadient, Duck Creek Collaborate To Accelerate Insurers’ CX Management Capabilities
Quadient is pleased to announce it has partnered with Duck Creek Technologies to boost the digital transformation initiatives of insurance organizations by integrating Quadient's customer experience management (CXM) solutions with Duck Creek's Claims management software. Read more.

Intact Launches Work-From-Home Solutions
Many trends have emerged from the COVID-19 pandemic; people are travelling less, working from home and spending more time online. Intact Financial Corporation is offering enhanced protection to give customers working from home increased liability and home coverage, the option to add identity theft coverage and cyber protection, at a discount, as well as free access to mental health and well-being programs for a limited time. Read more.

Billing Working Group Presents Digital Solution
CSIO is pleased to announce that the INNOTECH Billing Working Group has chosen to leverage the existing industry technology infrastructure – CSIOnet and the CSIO eDocs Standard – for its billing notification solution. Utilized by over 2,200 brokerages and all major insurers, their broad industry adoption made these solutions the obvious choice. Read more.

Consumer Cyberboxx ‘Home Edition’ Launched
BOXX Insurance is pleased to announce the launch of its latest cyber product, Cyberboxx Home Edition, designed for consumers and families to help protect against personal cyber threats. Cyberboxx Home Edition is an all-inclusive insurance solution that integrates specialist cyber insurance, incident response and preventive services. Cyberboxx Home membership includes Equifax Consumer Service's premium credit monitoring service. The Insurance element is underwritten by HSB Canada, part of Munich Re. Read more.

NFP Acquires Ogilvy Insurance
NFP, a leading insurance broker and consultant providing employee benefits, property & casualty, retirement, and individual solutions, has announced the acquisition of Montreal-based Ogilvy Insurance in a transaction that closed on Nov. 24. Read more.

Disaster Solutions Services DKI Joins DKI Canada
DKI Canada is proud to announce that Disaster Solutions Services DKI, a leading provider of full-service property restoration in the Sault St. Marie area, has joined DKI Canada. Read more.

Zurich and Farmers Exchanges to buy MetLife’s property and casualty business in U.S.
Zurich Insurance Group subsidiary Farmers Group Inc. (FGI) has agreed to acquire MetLife's property & casualty business in the U.S. together with the Farmers Exchanges. The transaction gives the Farmers Exchanges a truly nationwide presence and access to new distribution channels with the potential to accelerate growth. Read more.

Oracle RMS To Acquire Avanta Insurance
Oracle RMS is pleased to announce the acquisition of Ontario-based Avanta Insurance Inc. Avanta's employees and producers will be retained with the Oracle RMS team. Read more.

GM, Mitchell Launch Collision Repair Network
Mitchell, a leading provider of technology and information solutions to the P&C claims and collision repair industries, and General Motors are pleased to introduce the GM Canada Collision Repair Network. Through the Network, participants can access business and technology resources designed to streamline the repair process, increase consumer confidence and support the safe return of GM vehicles to the road. Read more.

Spending Zero Time On Your Mental Health?
With the pandemic impacting holiday plans, feelings of loneliness and anxiety are bound to take their toll on the mental health of Canadians. A recent survey by Sun Life reveals that nearly 60 per cent of Canadians say the pandemic continues to negatively impact their mental health. Yet, almost half of all Canadians (40%) report they do not spend any time on their mental health each week. Read more.

Liberty Mutual Joins Sustainability Initiative
Liberty Mutual Insurance is pleased to announce that it has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI). Liberty Mutual is the first U.S. Property and Casualty insurer to join the leading international network of institutional investors committed to including ESG factors in their investment decision making. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Should Cyber Insurance Be Like Auto Insurance?
By Hans Frauenlob, Sentro
My morning commute to work now usually involves a trip from my bedroom to my lounge. I log on to my computer, and start my work day. Actually, my work day starts earlier, when I check my smartphone for overnight email after I wake up. My car stays parked in my garage – underused, over-insured. This made me think about the role of insurance at the workplace. I think there is an argument that business cyber insurance should now be treated more like vehicle fleet insurance or group travel insurance than it is today. Read more.


Insurance-Canada.ca
Selling Insurance and Servicing It

Don't miss an hour-long webinar with Talem Health Analytics and Sentro, this afternoon at 1pm (ET). Learn more or sign up now.

Featuring:

Sentro

Talem Health Analytics


InsurTech Spotlight

In the InsurTech Spotlight this week:

Alessa
CaseWare RCM Inc. is the maker of Alessa, a controls monitoring and compliance software solution. With deployments in more than 20 countries, Alessa is designed to help organizations ensure compliance to regulations, detect complex fraud schemes, and prevent waste, abuse and misuse. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Underwriting Manager, Property and Casualty
Totten Insurance Group
Oakville or Toronto, ON

Intermediate Underwriter
Signature Risk Partners Inc.
British Columbia


From Doug

Insurance-Canada.ca started the InsurTech Spotlight to feature InsurTechs involved with customers or marketing activities in Canada.

One of the key enablers of insurance innovation, you can reach out to InsurTechs anywhere around the world more easily than ever before.

Wherever they are from, the InsurTech may offer basic functions with a plug-and-play option, but many business processes are more dependent on the rules and regulations in your jurisdiction.

Like most decisions, many factors go into your choice; picking the optimal partner is a challenge.

In the World Insurance Forum (WIF) we recently had two webinars with analysts looking at the InsurTech movement and the way insurance is evolving.

Today's Technology in Action (TIA) webinar will look at two InsurTechs with their product in the marketplace today:

Talem is an AI-enabled injury analysis platform that helps auto insurers improve customer service.

Sentro is a group insurance and benefits service, from enrollment to back end administration.

Join us this afternoon at 1:00pm (ET).

In the new year, we will continue both to look ahead (WIF) and to feature current activity (TIA).

Best wishes for a happy, healthy holiday season from all of us at Insurance-Canada.ca.

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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