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MAY 11, 2021

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INSURANCE INDUSTRY NEWS

Relay Platform Raises Millions To Unlock The Placement Ecosystem Of Tomorrow
Relay Platform, a global property & casualty Quote-Bind-Issue portal provider, has raised USD 5.2 million in seed financing. This follows a pre-seed SAFE round in January 2020, for a total of USD 8.25 million in financing to date. The round is led by Drive Capital, a Columbus-based venture capital firm that is investing in the world's next generation of market-defining companies, with participation from Highline Beta, the Canadian venture capital firm that incubated Relay. Since Drive's founding in 2012 by former Sequoia Capital partners Chris Olsen and Mark Kvamme, the firm has raised USD 1 billion to invest in startups solving important problems in large markets. Read more.

Actuaries Share Emerging Risks Survey Results
The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries are pleased to share the results of the 14th Emerging Risks Survey, which provides a snapshot of risk management preparedness, showing how teams are preparing for the worst while strategizing for the best outcomes. Read more.

Innovate For Resilience, New Revenue: Accenture
The global insurance industry will grow by more than USD 1 trillion between 2020 and 2025, despite current recessionary conditions and upended risk models. To capture a share of this growth and to defend their place in the insurance value chain, carriers must innovate. Accenture's latest report explores the actions insurers can take to seize new revenue opportunities and retain customers seeking innovative digital offerings. Read more.

Teachers Life Partners With Virgin Pulse
Teachers Life is pleased to announce it has partnered with Virgin Pulse, the global leader in digital health and wellbeing solutions, underscoring its commitment to the lifelong wellbeing of its Members and their communities. As the first Canadian Life Insurer on the Virgin Pulse platform, Teachers Life is ensuring its Members have best-in-class wellness benefits beyond the policy. Read more.

Canadian Broker Network Expands Membership
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce that MacLeod Lorway Financial Group Ltd. has joined CBN. Read more.

Westland Makes Triple Acquisition In Prairies
Westland Insurance Group Ltd. is pleased to announce the closing of three new acquisitions: Hillcrest Insurance and Pinks & Plates Insurance in Alberta, and Moon Insurance in Saskatchewan. These firms' seven branch locations in the prairies support Westland's expansion strategy to serve more communities across Canada. Read more.

InsureLine Announces Acquisition Of MAIBC
InsureLine is pleased to announce it has acquired Mutual Aid Insurance Brokers Company Inc. MAIBC has its main office in Kitchener, Ontario with branches in Chatham, Leamington, London, the Niagara Region, and Whitby. Read more.

PolicyAdvisor Ends Record Year With 5x Growth
PolicyAdvisor.com is pleased to announce it has quoted more than CAD 15 billion in insurance coverage since launching in 2019. The Company's simple, digital application process has accelerated access to financial protection tools and affordable insurance coverage for Canadian families seeking to navigate the economic challenges of COVID-19. Read more.

Collectivfide Closes RK Mooney Acquisition
Collectivfide Insurance Group Inc. is pleased to announce finalization of the acquisition of Barrie-based multi-line broker RK Mooney Insurance Brokers Ltd. This announcement marks the fourth broker acquisition for Collectivfide since the firm was formed in 2019. Read more.

McCAM Insurance, AIM Insurance Join Forces
Rorie McIntosh, CEO of McCAM Insurance, and Damon Clarke, CEO of AIM Insurance, are pleased to announce a strategic alliance of these two powerhouse brokerages in Ontario. Read more.


Insurance-Canada.ca Technology Awards (ICTAs)

Have you cast your vote for the ‘PICTAs’?

With the ICTA jury deliberating on the main awards, now it's your turn to choose the winners of the People's Choice Technology Awards.

Cast your vote by this 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.


Insurance Works

Featured job opportunities:

Sales Representative (Home & Auto Insurance)
Ontario Teachers Insurance Plan
Waterloo, ON

Registered Insurance Broker
Crawford & Danyluk Insurance Brokers Ltd.
Delaware, ON


From Doug

Improving the insurance "process" chain

Some ICTA2021 nominations add technology in the insurance process chain between or among insurance businesses, moving what had required manual steps to digital ones. These further the insurance industry progress in digital transformation.

Apollo helps those with an insurance product for small commercial to digitally enable it in an "exchange". The exchange is used by brokers directly, or by their customers through the broker's website, to quote, bind, pay and issue the insurance product in just a few minutes.

Relay Platform is an electronic placement solution which addresses complex commercial risks being placed by brokers into the primary markets and by insurers into the reinsurance market. Relay delivers both instant API-driven quotes and traditional email quotes through its quote-bind-issue white-label portal.

These are just two of the examples of industry transformation represented in the ICTA2021 nominations.

The 2021 ICTA virtual awards ceremony will announce and celebrate the winners: Join us on Wednesday, May 19, at 1pm (ET).

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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