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FEBRUARY 16, 2021

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INSURANCE INDUSTRY NEWS

Applied Systems And Google Partner To Enhance Cloud Technologies
Applied Systems® has expanded its partnership with Google to adopt additional Google Cloud technologies as part of its product portfolio transformation. Following an investment by CapitalG, Alphabet's independent growth fund, this new partnership with Google Cloud will enable agencies and brokerages to leverage technologies including open API technology and A.I. to drive architecture accessibility, speed to market and simpler user experiences. Read more.

Relay Launches I5 Digital Quoting Solution
Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance submissions, is pleased to announce the launch of a new broker-carrier API solution, I5, which rapidly creates client quotes and proposals. Read more.

Foxquilt First In Canada To Launch All-Online Small Business Insurance
Foxquilt, a leading insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, is pleased to announce it has launched its online insurance platform, Foxden, which allows business owners in specific industries to receive a business insurance quote, purchase and obtain their insurance policy all online and in minutes. Read more.

IMS Launches Vehicle Data Exchange
IMS, one of the world's top three providers of connected car data solutions to insurers, mobility operators and governments, is pleased to announce the launch of the IMS Vehicle Data Exchange, a new service which provides live, real-time access to vehicle insights and mobility data from OEM-embedded hardware and any aftermarket device, including the only one-stop solution for all aftermarket connectivity options. Read more.

Westwood Insurance Agency Implements Relativity6 AI platform
Relativity6 is pleased to announce that Westwood Insurance Agency, a ‘top 30’ independent property/casualty agency, has implemented Relativity6's artificial intelligence platform to help cross sell current customers within their existing book of business. Read more.

Trufla Launches SEO-focused Data Module
Trufla Technology is pleased to announce it has released a new feature on its truWeb platform, enabling users to display updated insurance rating data live on their site. This feature attracts search engines' emphasis on structured data, frequent updates, and relevant information such as price. The aggregated and anonymized data platform allows the user to pull price rating in any city, province, or territory. Read more.

BrokerLink Grows With Six Acquisitions
BrokerLink is pleased to announce it has acquired Ontario-based Rivet Insurance; John F. Smith Insurance; All City Insurance; Air-Alta Insurance, and Centre Street Insurance, effective December 1, 2020. The Canadian company also welcomes Gougeon Insurance Brokers, effective February 1, 2021. Terms of these transactions were not disclosed. Read more.

Progress Insurance Joins CMB Insurance Brokers
CMB Insurance Brokers and Progress Insurance have partnered to better serve clients with technology driven insurance solutions and superior customer service. Insurance clients can expect to benefit from the mutually beneficial partnership, that sees the firms benefiting from each other to offer technology driven insurance solutions and adopting sophisticated marketing, sales and customer service expertise. Read more.

Doug Paul Joins Finaeo As Strategic Advisor
Finaeo is pleased to announce that industry veteran Doug Paul is joining Finaeo as a strategic advisor. He will be supporting in areas such as market expansion and strategic partnerships in Canada. Read more.

Opta Expands Innovations with Launch of a New Digital Target Marketing Solution
Opta Information Intelligence, Canada's largest property location intelligence provider, announces the launch of its innovative digital target marketing solution, Opta Digital Edge – the first of its kind for the Insurance Industry in Canada. Read more.

Briza Closes USD 8MM Series A Funding Round
Briza, the commercial insurance-as-a-service API, has announced the closing of a USD $8MM Series A round of funding to dramatically increase the supply of insurance markets available to insurance retailers, wholesalers, and developers through its platform. Read more.

AMS Platform Marketplace Consolidating
Agency management systems (AMS) have evolved to become either the day-to-day workbenches for agents or one component in larger suites of agency-facing software solutions. In a new report, Novarica describes some of the important trends, and the implications for insurer, along with profiles of leading AMS vendors and software suites. Read more.

Health, Social Care To Benefit The Most From 5G Productivity And Efficiency Gains
Productivity and efficiency gains enabled by next-generation 5G mobile connectivity will drive business, skills and service change worth more than USD 1 trillion to global GDP by 2030. For the first time, PwC has quantified the economic impact of new and existing uses of 5G in utilities, health and social care, consumer, media, and financial services across eight economies with advanced rollout. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance 2030: Scenarios For The Future, Implications For Today
By Mark Breading, Strategy Meets Action
It can be difficult to think about the future when the demands of the day are so pressing. The pandemic and events of 2020 have caused seismic shifts in society, affecting everyday patterns, lifestyles, and business operations. Adapting strategies and plans to the pandemic's evolving realities has been at the top of many insurers' priority lists. Yet, in the midst of this turmoil, many P&C companies have been engaging in long-term strategic planning exercises. And some of the emerging themes are surprising. Read more.


Canadian Broker Network

CBN members are at the forefront of industry innovation and transformation.

CBN is a proud sponsor of the 2021 Insurance-Canada.ca Technology Awards.


Insurance-Canada.ca Technology Awards (ICTAs)

Nominations are now open for the 2021 Insurance-Canada.ca Technology Awards.

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:

Briza
Briza is a commercial insurance-as-a-service API that connects carriers' underwriting systems to enable instant online quote, bind, and pay for P&C insurance. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Innovative players, including a number of InsurTech Spotlight participants, continue to demonstrate digital progress in insurance.

More funding has arrived for Briza, the commercial insurance-as-a-service API.

Applied Systems and Google have extended their partnership, enabling Applied to adopt additional Google Cloud technologies as part of its product portfolio transformation.

With a focus on better marketing, Opta brings Digital Edge to the insurance industry as an innovative digital target marketing solution.

To get an advantage in search engine marketing, Trufla is offering a new SEO-focused Data Module as part of its truWeb platform

There is a lot of attention on the small and medium business insurance. Foxquilt has launched its online insurance platform for select industries to quote, issue and purchase insurance.

Also in the business space, Relay Platform launched a new broker-carrier API solution, I5, which rapidly creates client quotes and proposals.

For more and better data and insights, IMS brings to market its Vehicle Data Exchange which provides live, real-time access to vehicle insights and mobility data from OEM-embedded hardware and any aftermarket device.

In sum, a fascinating sample of the ongoing revolution in insurance. I hope you are finding some nuggets to help you in your path forward.

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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