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APRIL 27, 2021

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INSURANCE INDUSTRY NEWS

Onlia Partners With FRISS To Fight Fraud
Canadian home and auto insurance provider Onlia has partnered with FRISS to better service customers. Through this partnership Onlia is now able to digitize risk assessment improving the company's underwriting, fraud alerts and claims processing. Read more.

Heartland Launches Real-Time Texting
Heartland Farm Mutual and Hi Marley are proud to announce a partnership to offer Heartland customers advanced communications options for their claims and more. Hi Marley's innovative texting platform is helping Heartland modernize the way they communicate with their customers. Read more.

Swiss Re, Veoneer Enter ADAS Partnership
Swiss Re and Veoneer are pooling their knowledge and vast experience on road safety technologies to further enhance the evaluation and development of advanced driver assistance systems (ADAS) and related services. Read more.

Key Issues For Digital Platforms In Insurance
With a wide range of solutions all marketing themselves as digital platforms, the term “digital platform” is as ambiguous as “digital strategy” can be. In a new report, Novarica provides an overview of this space with examples of insurer initiatives and the specific solutions that they used. Read more.

Quadient Recognized As Technology Leader
Quadient is pleased to announced it is the only customer communications management (CCM) solutions provider that has been recognized as a leader in both CCM and customer journey mapping in two separate SPARK Matrix™ research reports recently published by Quadrant Knowledge Solutions, a global research and consulting firm. Read more.

FIRST, Vertafore Launch Payment Integration
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, and Vertafore Canada are pleased to announce that innovative payment solutions are now available directly from within SIG. Redefine your client payment experience without ever leaving Vertafore SIG. Read more.

Highcourt Partners And Breckles Group Merge
Highcourt Partners has merged with Breckles Group of Companies to form the Highcourt Breckles Group, a proudly Canadian operation poised to help businesses and individuals thrive in this new normal post-pandemic world with access to global wealth preservation solutions in the anytime, anywhere digital world. Read more.

Canada Life Partners With Conquest Planning
Canada Life is pleased to announce it has partnered with Conquest Planning Inc. to deliver a financial planning platform that empowers advisors to streamline the planning process and efficiently build plans to meet unique client goals. Read more.

Willis Towers Watson Launches Climate Diagnostic
Willis Towers Watson is pleased to announce the launch of Climate Diagnostic, a global modelling tool that utilizes advanced data and analytics to demonstrate changes in acute hazards (such as extreme wind and flood) as well as chronic stress factors (like sea-level rise and heat stress) under various climate scenarios and time horizons. Read more.

AXA, Microsoft Create Next-Gen Health Standard
AXA has announced it is collaborating with Microsoft to build a digital healthcare platform, enabling a virtual healthcare system that is open to all. The new platform will rely on the extensive portfolio of technology in the Microsoft Cloud for Healthcare, enabling patient insights without compromising patient privacy. Read more.


ICTA NOMINATIONS

Advancing Real-Time Data Exchange
The need for insurers to accelerate efforts to build real-time capabilities to move data between their systems and the broker distribution system has never been more important. Wawanesa has taken a leadership role in building the APIs that support the industry and also in sharing them with CSIO member insurers and vendors. Moving data more efficiently reduces costs for insures and brokers alike while improving customer satisfaction. Read more.

Influencing Customer Behavior Through Targeting
Leveraging ground truth data combined with AI & ML, Opta is able to generate target audiences tailored to customers' specific requirements through its Digital Edge solution. This solution connects the physical features of a home with the behaviours of the inhabitants in the digital world. Incorporating real-time data analysis ensures that the solution can be monitored and adapted for optimum performance which ensures that Opta effectively identifies your best potential customers and focus on reaching them with the right message, at the right time to improve conversions and lower acquisition costs. Read more.

All-In-One Digital Office For Financial Advisors
BlueMind is an all-in-one smart digital office that helps advisors manage their business, from lead nurturing to policy execution. This technology can be utilized by individual advisors to manage their business or by larger enterprises to manage their employees. BlueMind is a CRM platform, database and risk management tool, cutting costs and complexity by moving from many systems to one while protecting the backend of the business through clean data, simplified compliance and enhanced data security. Read more.

Exchanging Manual Steps For All Digital
Apollo has built proprietary technology—a digital Exchange that allows brokers to place multiple, diverse insurance coverage lines from several different insurance carriers. Every product is an immediate quote, immediate bind, and immediate policy issuance, online and in real-time, without brokers and clients having to wait for an underwriter. To accomplish this, Apollo has partnered with several insurance carriers to supply products, and works with them to translate traditional applications to a digital format. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Commercial Lines Distribution Platforms: Way Beyond Comparative Raters
By Mark Breading, Strategy Meets Action
Commercial lines insurers have many options for distribution partners. The world of intermediaries is continuing to expand with many new platforms to connect distributors to carriers. We are frequently being asked by insurers how many distribution platform partners an insurer should have and how to identify the ones that best align to their strategies. Often, the questions are framed as comparative raters, especially since the concept of comparative rating migrated from personal lines over into commercial. Most of the intermediary platforms provide rate-quote-bind capabilities along with the capability to compare rates and coverages across multiple carriers. But many of the platforms provide a richer set of capabilities to improve the entire process for the benefit of agencies, brokers, MGAs, carriers, and others in the ecosystem. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Aya
Aya is a fully customizable technology company that specializes in healthcare, built with a one-of-a-kind financial architecture. Providing fast digital onboarding, robust real-time reporting and automated adjudication for 100% of claims. Offering the most innovative technology, at the lowest cost, allowing better benefits for everyone. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Full-Time Insurance Broker/CSR
A.F. Sandy Forbes Insurance Broker
Brantford, ON

Underwriting Assistant Personal Lines
SGI CANADA
Etobicoke , ON


From Doug

We have reached another milestone in the 2021 Insurance-Canada.ca Technology awards program – the ICTA nominations have all been published. A variety of use cases and technologies are represented.

Some focus on a relatively small portion of their business, such as Charles Taylor Adjusting with a database of claims data from the oil patch.

Others like Lepelco Assurance, with technology from Applied Systems, describe their cultural transformation and how they used technology across their business to advantage.

Still others like Fuse Insurance developed a new technology platform to underpin their business.

The jury has its work cut out for it in evaluating the nominees against one another! The ICTA finalists will be announced in early May.

We will announce the People's Choice (‘PICTA’) program in a few days. You too can be a juror – compare the nominees and vote for your selection.

ICTA and PICTA winners will be announced in a virtual ceremony on Wednesday, May 19 (details coming soon). In the meantime, enjoy reading about the latest uses of technology in Canadian insurance.

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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