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JUNE 1, 2021

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INSURANCE INDUSTRY NEWS

Organizations Failing To Anticipate And Model Key Emerging Risks
Despite a broad consensus across large and midsize organizations about the rising threat posed by a range of emerging risks, the vast majority continue to overlook and underemphasize the potential impact of these risks on their businesses, according to the inaugural Risk Resilience Report published by Marsh, the world's leading insurance broker and risk advisor. Read more.

Canadians Unlikely To Recommend Their Insurers
The latest results from the Ipsos CSI Insurance study indicate once more that customers are not likely to recommend their insurance providers, at least most of them. The entire market scores a mere –8 NPS score in 2020. This low inclination to recommend is unmatched with other sectors, as the banking industry in Canada sits at an NPS score of 12. Read more.

P&C User Experience Just “Good Enough”
With more property & casualty insurance customers than ever migrating to digital channels during the past year, expectations for a superior user experience have grown and many insurers are struggling to keep pace, according to J.D. Power's 2021 Insurance Digital Experience Study. Read more.

Finaeo Partners With Brokers International
Brokers International has partnered with Finaeo Inc. to transform how U.S agents work with their IMO. Together they are reinventing insurance distribution by reducing inefficiencies along the supply chain and empowering agents to transition into a digital future. Read more.

Apollo Exchange Adds Two New Package Products
Apollo Insurance Solutions Ltd. has partnered with certain underwriters at Lloyd's of London to offer both a Building Maintenance and Renovation Contractors package, as well as a Car Detailing and Accessories Installation package to brokers and their clients, available to purchase digitally through the Apollo Exchange. Read more.

Wawanesa Partners With Applied Systems For Payment Connectivity
Applied Systems is pleased to announce it has integrated Wawanesa direct bill payment capabilities into its online customer self-service software solution, Applied CSR24. This new capability enables customers to pay premiums in real-time directly from their broker's online customer portal or mobile app, creating a more connected and paperless customer payment experience. Read more.

Aviva Canada Selects Cogito, Five9
Cogito has announced that Aviva Canada has selected Cogito's AI Coaching System to equip their claims representatives with real-time guidance and provide an even more human-centric experience for their customers. Aviva Canada is the first company globally to launch Cogito with a Five9 integration, marking a new wave of cloud-enabled innovation across the contact center. Read more.

Digital Strategies Drive Core PAS Initiatives
In its 14th annual Market Navigator report on P&C Policy Administration Systems, Novarica provides comprehensive details of the available systems and suites for US P&C insurers. Read more.

Brokerlink Expands In Northern Ontario
BrokerLink is proud to announce that since January, the company has invested significantly and expanded into more than 20 communities in northern Ontario through its recent acquisitions of three well-established brokerages: Rivet Insurance, Gougeon Insurance, and Cambrian Insurance. Read more.

Navacord Expands In BC With Latest Addition
Navacord Corp. is pleased to announce the most recent addition to its growing list of Broker Partners, BC-based Allwest Insurance, a top provider of P&C insurance solutions. With five locations across Vancouver, the addition of Allwest strengthens Navacord's position as a leader in the western province while adding market share and new technology capabilities. Read more.

Majesco Acquires InsurTech Utilant LLC
Majesco is pleased to announce the acquisition of Utilant LLC, a U.S.-based InsurTech company providing the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys and artificial intelligence (AI)/machine learning (ML) data and analytics. Read more.

CSIO Working Group Progress In Standardizing Industry APIs
CSIO is pleased to announce that the INNOTECH API Business Requirements Working Group made significant progress in advancing industry APIs by defining business requirements at its May 19 meeting. A cross-section of brokers, vendors and insurers participated in the virtual session. Read more.

March Storm Caused $50M Insured Damage
Severe weather across Canada continues to highlight the financial costs of a changing climate paid by insurers and taxpayers. A storm that moved across eastern Canada from March 26 to 29 brought heavy rain and strong winds, causing $50 million in insured damage, according to initial estimates from CatIQ. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Customer Experience Transformation in the Pandemic Era
By Mark Breading, Strategy Meets Action
In the last decade, progress has been made in better understanding customer needs and journeys, implementing digital solutions for mobile and self-service capabilities, and improving interactions with agents and policyholders. But anyone involved in CX strategies in P&C insurance is likely to admit that the industry is still in the earlier stages of the journey. It is clearly a marathon, not a short-term, once-and-done project. But now, as a result of the pandemic and the momentous events of the last year, the race has changed in significant ways. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Blink Parametric
Blink designs data-driven insurance solutions and parametric insurance product innovation, transforming clients' complex offerings into superior service experiences with simple, intuitive, online products in sectors such as Travel, Climate, Energy, IoT and Business Interruption. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Embedded Insurance: The Future?

Analysts and insurance pundits predict a future in which insurance embedded with other products and services as part of a package or bundle will represent an increasing share of the market for insurance.

What is it? Although not commonly categorized as insurance, a warranty on your new phone or computer is insurance against a problem with that product for a specified period of time. The cost of that insurance is embedded in the price. Usually there is no "opt-out" option, but there could be.

The retailer often offers an option to extend the warranty, or "opt-in" for additional or extended coverage.

As the world becomes increasingly dependent on connected and computerised technology, Cyber protection and recovery services are an increasingly important requirement for all digital services.

Cyber hacking and related criminal acts began in the early days of the Internet, and have grown dramatically since.

Insurance against loss due to such risks was just part of a business insurance product initially. As the risk grew, the insurance product evolved along with it.

Coalition, an ICTA 2021 runner-up, is an insurer specializing in this product and service. Next week we will explore the packaging of cyber protection services and 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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