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MAY 4, 2021

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INSURANCE INDUSTRY NEWS

Apollo Partners With Lloyd’s Of London
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has announced that it has secured coverholder status with Lloyd's of London. This will give Apollo access to an expanded product portfolio, and the ability to manufacture unique products to respond even more rapidly to emerging market opportunities. Read more.

Thales Launches Secure Cloud Connectivity
Thales technology is at the heart of a new Canadian IoT project that is enabling instant, secure and scalable cloud connectivity for SIM/eSIM enabled IoT. Working alongside TELUS and the Canadian Internet Registration Authority, Thales is supplying SIMs and the IoT server, both compliant with GSMA IoT SAFE specifications. Read more.

Cansure Joins ProNavigator’s Sage Network
Cansure, a top Canadian MGA, has joined a growing network of insurance organizations in the Sage knowledge management system from ProNavigator. Cansure product information is now available to any insurance broker using Sage. Read more.

Climate Change Could Cost 18% Of Global GDP
Climate change poses the biggest long-term threat to the global economy. If no mitigating action is taken, global temperatures could rise by more than 3°C and the world economy could shrink by 18% in the next 30 years. But the impact can be lessened if decisive action is taken to meet the targets set in the Paris Agreement, Swiss Re Institute's new Climate Economics Index shows. This will require more than what is pledged today; public and private sectors will play a crucial role in accelerating the transition to net zero. Read more.

Unica, Vertafore Complete CSIO Commercial Lines Certification Program
CSIO is pleased to announce that Unica Insurance and Vertafore Canada are the first insurer and vendor members to partner and fulfill requirements of the Commercial Lines Certification Program. With the program launched just one year ago, both parties prioritized securing the foundation for real-time quoting by meeting the required criteria for each of the three certification levels: Foundation, Verified, and Certified. Read more.

GroupAssur Merges With Evolution Insurance
GroupAssur, a Canadian MGA specializing in Property & Casualty insurance lines, is pleased to announce that it has merged with Evolution Insurance, an MGA and wholesaler specializing in complex risks that offers its facilities, programs and services to Canadian brokers. Following the combination, each company will initially continue to operate under their existing brand names, with an objective of full integration in 2022. Read more.

Willis Towers Watson Launches Radar Workbench
Willis Towers Watson, a leading insurance consulting and technology provider, has launched Radar Workbench, new software technology that will transform the performance of frontline underwriters, allowing them to make better decisions at pace and with confidence. Read more.

P&C Underwriting Fraud: A Market Overview
The full scale of insurance fraud is unknown. By nature, fraud is intended to go undetected, and if fraudulent behavior is not discovered right away, an insurer may never know it occurred. Fraud is prevalent throughout the entire insurance life cycle. Historically, the focus has been on detecting and preventing claims fraud. Today, insurance companies recognize that fraud frequently begins during the initial application process, and they are investing more in technologies to combat underwriting fraud. Read more.

First Onsite Opens New Windsor Branch
First Onsite Property Restoration, Canada's leading property restoration company, has strengthened its presence in Southwestern Ontario with the opening of a new branch in Windsor. Read more.

Apollo Welcomes Klaus Salchner As CTO
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider for small businesses and individuals, is pleased to announce that Klaus Salchner has joined Apollo as Chief Technology Officer. Read more.

10 Tips For Emergency Preparedness Week
Severe weather is on the rise across Canada. During a severe weather event, everyone's priority must be their own safety and the safety of their loved ones and neighbours. With the COVID-19 pandemic still being a major factor across Canada, there is a greater need for Canadians to plan ahead and be prepared. Read more.

Albertans: Prepare For 2021 Hail Season
June to September is hail season in Alberta. Homes are being damaged more frequently not only by hail, but also by heavy rainfall and strong winds. In preparation of this year's hail season, Insurance Bureau of Canada is sharing tips and information to help consumers protect themselves and their property. Read more.

IBC Hails Ontario Road Safety Legislation
Ontario has introduced a bill to enable provincial oversight of the towing industry and to improve overall road safety. Following the announcement of the Moving Ontarians More Safely (MOMS) Act, IBC issued a statement commending the legislation. Read more.


Insurance-Canada.ca Technology Awards (ICTAs)

With the ICTA jury deliberating on the main awards, now it's your turn to choose the winners — you will be the jury for three People's Choice Technology Awards.

Voting for the People's Choice Award is now open — cast your vote by Friday, May 14 .

Follow along, and encourage your colleagues to vote, with the hashtag #ICTA2021 on Twitter and LinkedIn.

Learn more at insurance-canada.ca/icta.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Life Simpli
Life Simpli aims to remove the complication and frustration from the process of buying life insurance and critical illness insurance by providing a quick, simple, and hassle-free experience through their innovative and intuitive insurance marketplace that is available across devices. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Personal Lines Customer Service Representative
Insuranceland
Mississauga, ON

Insurance Advisor - Personal Lines and Mid-market Commercial
InsureLine Brokers Empire
Edmonton, AB


From Doug

Canadian InsurTechs and Unicorns

The amount of money being invested in technology-based innovators across all industries is astounding. Investors are looking for opportunities and placing their bets.

Looking at the InsurTech segment, there are three groups:

(1.) Those startups which run an insurance business.

(2.) Those which develop tools to help insurance businesses improve.

(3.) Those incumbents who buy or build the tools to help transform their business.

The Insurance-Canada.ca Technology Awards focus on the insurance business results stemming from the innovative use of technology in Canada

An example of each:

Duuo, a startup insurance business, serves a market for on-demand insurance

Slice Labs, a startup technology provider helped Duuo automate their claims process

Lepelco (broker), Wawanesa (insurer) and April (MGA) are insurance businesses which are transforming.

The finalists as determined by the ICTA jury will be announced later this week.

Meanwhile, we've launched the People's Choice Award. Check out the nominees and cast your ballot before voting closes on May 14.

The 2021 ICTA and PICTA winners will be announced May 19.

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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