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Insurance-Canada.ca - Where insurance and technology meet

FEBRUARY 9, 2021

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INSURANCE INDUSTRY NEWS

More Risks On More Fronts For Financial Institutions
With economies contracting and unemployment rising, credit risk has moved to the top of the risk management agenda, according to Deloitte's biennial survey on the state of risk management in the financial services industry globally. Read more.

Slice Launches Automated Claims Settlement
Slice Labs Inc., a technology startup with the first on-demand insurance platform, is pleased to announce it has launched an automated claims settlement feature providing an end-to-end digitization of the customer claims journey. Read more.

Apollo Exchange Adds Private Company D&O
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with Berkley Canada to offer Private Company D&O to brokers and their clients, available for purchase digitally through the Apollo Exchange. Read more.

Coalition Adds Free Retention To Cyber Policy
Coalition is now offering a $0 retention as part of its policy for insureds that use Coalition's in-house Incident Response services. For small to midsize businesses facing a cyber claim, this provides immediate access to the dedicated Incident Response team with no out-of-pocket retention expense for security and forensics services. Read more.

Applied Releases Premium Rate Index Findings
Applied Systems® is pleased to announce the fourth quarter and year-end 2020 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. Read more.

Reinsurers Prioritizing Data & Analytics Investments To Counter Emerging Risks
As the reinsurance market continues to operate through an erratic business cycle following a prolonged soft market, reinsurers are focusing on technology strategies that include critical investments in business intelligence and modeling. In a new report, Novarica provides an overview of reinsurers’ business and technology issues. Read more.

Rethinking Life Insurance Underwriting
The pandemic has expedited the process of digitization and alternative underwriting. New types of data, risk scores, and automation make available new opportunities to rethink the underwriting process while protecting mortality and managing costs. A new Aite Group report, examines the latest developments in life insurance underwriting. Read more.

Market Update: CCM Hosted Managed Services
Madison Advisors is pleased to announce the release of a new research study, the third edition of its “Customer Communications Management Hosted Managed Services Market Update.” Read more.

Wawanesa Selects Guidewire Cloud For Growth
The Wawanesa Mutual Insurance Company and Guidewire Software Inc. are pleased to announce that Wawanesa has chosen Guidewire Cloud to power its growing digital operations, including its core underwriting, claims, and billing management. Read more.

Navacord Continues Strategic Benefits Expansion
Navacord Corp., a leader in group insurance and risk management solutions, is pleased to announce the addition of Penmore Benefits Inc., effective February 1st. Read more.

Hub Acquires Galon Insurance Brokers
Hub International Limited, aleading full-service global insurance broker, is pleased to announce that it has acquired John Galon Insurance Services Ltd. and Galon Management Ltd. (Galon Insurance Brokers). Terms of the transaction were not disclosed. Read more.

On Side Restoration Expands Into Manitoba
On Side Restoration Ltd. is pleased to announce that it has completed the acquisition of 204 Restoration Services Ltd., which extends the company's footprint into the Manitoba market for the first time and gives the 40-year-old company its 40th branch. Read more.

Westland Insurance Acquires Folgizan Insurance
Westland Insurance Group Ltd. is pleased to announce the closing of a new acquisition, Folgizan Insurance, effective February 1st. Westland's new retail office, located in Moose Jaw, supports the company's expansion strategy to serve more communities in Saskatchewan and across Canada. Read more.

Quadient Updates Cloud-Based Impress Platform
Quadient is pleased to announce the general availability of Quadient® Impress version 1.2, an upgrade of the multichannel outbound document management platform that automates the customer communication workflow for small and medium businesses. The new version includes architecture upgrades throughout the cloud-based platform to speed the task of preparing and sending customer communications with greater scalability and enhanced security. Read more.

Apollo Welcomes Christopher Aloussis
Apollo Insurance Solutions Ltd. is pleased to announce that Christopher Aloussis has joined the Apollo team as Broker Success Manager. His background as an insurance broker will add invaluable experience to Apollo's Broker Success Team Read more.

So You’ve Been Charged With Impaired Driving
You drove impaired. You didn't crash your car, no one was hurt or killed, but you got caught. Now what? Read more.

Protect Your Place Of Worship: Ecclesiastical Insurance
With many churches standing idle as a result of the ongoing restrictions on gatherings due to the pandemic, the threat of arson remains, and places of worship are encouraged to remain watchful. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTech 2020: Has the Pandemic Changed the Trajectory?
By Mark Breading, Strategy Meets Action
In early 2020, I published a blog reflecting on the first decade of the InsurTech movement which made predictions for the decade starting with 2020. Little did I know that the world was about to plunge into chaos and fundamental change due to the global pandemic ... Read more.

Streamline Your Financial Advisor Practice With Digitization
By Finaeo
Despite the pandemic, consumers were not motivated to buy life insurance products throughout 2020. Fortunately, new digital tools make it easier for financial advisors to compare products and accelerate application processes, saving time and simplifying experiences for their clients. Read more.


Insurance-Canada.ca Technology Awards (ICTAs)

Nominations are open! Reward your team — highlight your achievements.

Start your ICTA nomination today!

The deadline is Wednesday, March 10.

Start Your Nomination!

For details, visit insurance-canada.ca/icta.


InsurTech Spotlight

In the InsurTech Spotlight this week:

illustrate inc
Combining deep actuarial, technology, and software development expertise in an environment 100% focused on the Life Insurance industry enables us to build high-performing and sustainable solutions aligned with market needs and opportunities.
Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Claims Assistant
PAL Insurance Brokers Canada Ltd.
Calgary, AB

Licensed Insurance Advisor - Insurance of Persons
Optima Insurance Services Inc.
Montreal, QC


From Doug

What does the growing volume of technology-enabled announcements in insurance suggest? Insurance acting on the strategic need for change? A reaction to the pandemic restrictions? Greater focus on the customer experience?

M&A continues unabated. Why? Is it the availability of cheap capital? The need for size to handle the investments which are increasingly essential? Or something else?

Apollo Exchange adds more product, Private Company D&O from Berkley Canada. Another channel for Berkley – and a compeitive advantage for the product when insurance brokers and their customers can purchase their policy immediately, 24/7, from anywhere and on any device (including quote, payment, and policy issue).

Slice Labs has added to their on-demand insurance platform an automated claims settlement feature digitizes end-to-end the customer claims journey. Duuo by The Co-operators plans to initially deploy in Duuo's Rent-My-Stuff Insurance product, then remaining on-demand insurance products.

Wawanesa has elected to transition from their on-premises deployment to Guidewire Cloud. This promises to simplify Wawanesa's IT operations, maintain business continuity, leverage analytic insights, and adapt more quickly to changing market demands.

Yes, the insurance business is changing – perhaps dramatically!

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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