INSURANCE INDUSTRY NEWS

Sedgwick Highlights Industry Trends For 2021
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has published a new report which highlights major industry trends and issues that employers, carriers, brokers, risk management and human resources professionals should watch throughout the coming year to remain ready as we move forward. Read more.

Northbridge, Applied Systems Partner To Provide Digital Solutions For Brokers
Northbridge Insurance is proud to announce a new partnerships with Applied Systems, the largest broker management system provider in Canada. This partnership will allow Northbridge to build full quote integration with their Commercial Lines systems for Small Business, enabling brokers to carry out rate, quote, and bind processes within their management system workflows. Read more.

Apollo Exchange Adds Surety Bonds Product
Apollo Insurance Solutions Ltd., Canada's leading online insurance company, is pleased to announce that Surety Bonds is now available for brokers and their clients to purchase digitally through the Apollo Exchange. Read more.

PolicyAdvisor Launches Canada’s First Online Platform For Children’s Life Insurance
PolicyAdvisor.com, Canada's leading online insurance marketplace, is pleased to announce the addition of Children's Life Insurance to its extensive suite of insurance offerings. PolicyAdvisor.com becomes the only brokerage in Canada to offer instant online quotes, comparisons, and digital purchase of whole life insurance policies for children under the age of 18. Read more.

NFP Acquires EdgeHill Insurance Brokers Ltd.
NFP, a leading insurance broker and consultant providing corporate employee benefits, property and casualty (P&C), retirement, and individual solutions, is pleased to announce the acquisition of EdgeHill Insurance Brokers Ltd. in a transaction that closed on December 16, 2020. Read more.

Tier1 Acquires Alessa Compliance Software Solution
Tier1 Financial Solutions, a leading provider of CRM solutions, has acquired Alessa, a compliance and financial crime prevention solution. The acquisition positions Tier1 to significantly grow its portfolio of solutions. Terms of the transaction were not disclosed. Read more.

SMA, Nolan Join ReSource Pro Portfolio
ReSource Pro, a global provider of operational solutions for insurance organizations, today announced it has acquired two strategic advisory and management consulting firms focused on P&C insurance, Strategy Meets Action (SMA) and The Nolan Company. Read more.

CBN, Synex Announce Acquisition Of Invessa
The Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, is pleased to announce that CBN and its Member Acquisition Partner, Synex Group Services, has completed the acquisition of Invessa, a leading independent damage insurance brokerage firm located in Laval, Quebec. Read more.

2021 Personal Lines Insurance Carrier Performance: An Agent Survey
Personal lines insurance is perhaps the most important coverage that agents can offer since it protects assets that are closest to clients' hearts. Even though the opportunity to distribute personal lines insurance through independent agents is far less than it used to be, independent agents are still a substantial distribution channel that merits attention from carriers. Aite Group's latest report attempts to provide clarity on agents' priorities when placing business, carriers' performance in the eyes of these agents, and the influence of carrier performance on business placements. Read more.

Insurers Embracing Emerging Technologies
While some insurers may be narrowing their innovation focus, anticipating a leaner 2021, as a whole the industry is pursuing new technologies that can help them sell more, manage risk better, and cost less to operate. In its latest annual report on emerging technology in insurance, Novarica looks at AI, Big Data, chatbots, IoT, RPA, and more. Read more.

2020 Severe Weather Insured Damage Totals
Severe weather across Canada continues to highlight the financial costs of a changing climate to insurers and taxpayers. With several noteworthy severe weather events, 2020 ranks as the fourth-highest year in insured losses since 1983, and global losses from natural disasters were significantly higher than previous years. Read more.

In the InsurTech Spotlight this week:

AKA Broker
AKA Broker develops custom professional websites specifically for insurance brokerages. We provide insurance brokerages with a dynamic, professional and mobile responsive website which enables and empowers customers to better connect with insurance brokerages, access policy information, submit quote requests, assess and compare offerings, and more Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Manager, Personal Insurance
HUB International Ontario Ltd.
Chatham, ON

Lead Generation Specialist
Lawrie Insurance Group
Hamilton, ON

From Doug Is there anyone remaining who still doesn't recognize the significance and the danger of the COVID-19 pandemic? Scientists and pharmaceutical companies have achieved the seemingly impossible by bringing vaccines to market in less than one year. Coverage in the Globe & Mail indicates the number of people willing – or even eager – to get “the jab” has dramatically increased in the last two months. Now if provincial governments can just improve management and prevention – as Nova Scotia has – we will be on the threshold of a safer, healthier future. However, climate change looms large – a longer-term but much more significant issue. The past year's significant losses due to severe weather also highlight the need for more proactive preparations, which must be directed by governments, but need participation by all. Can we deploy our resources to help mitigate climate change and prepare for the consequences we can't prevent? Can it happen as rapidly and intensively as the global pandemic response, and will governments step up to provide the leadership we need from them? Future generations depend on it. Doug Grant, CIP Partner Insurance-Canada.ca