"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 15, 2021

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Post-COVID Emerging Risks: Swiss Re SONAR
As the COVID-19 crisis continues to play a defining role in the lives of millions of people across the world, Swiss Re's "SONAR 2021: New Emerging Risks Insights" report identifies the threats that will shape the future risk landscape. These emerging risks range from the unintended consequences of government interventions through to the dangers of restarting under-maintained industrial facilities. The report also highlights the urgent need to decarbonize the global economy, especially in the area of urban transport. Read more.

Shifting Claims Tech, Mobility Affecting P&C
Mitchell hasĀ  released its second-quarter Industry Trends Report for 2021, sharing trends and predictions on how the tools and innovations seeing faster adoption following the COVID-19 pandemic empower the claims and collision repair industry to weather the future. Read more.

LAWPRO Digitizing Core System With OneShield
Seeking to eliminate a wide range of manual processes and completely transform a complex web of internal and third-party IT applications and systems, Toronto-based Lawyers' Professional Indemnity Company (LAWPRO) has chosen OneShield Software's SaaS offering, OneShield Market Solutions. Read more.

Navacord Closes Four Partnership Deals In June
Navacord Corp., one of Canada's top commercial insurance brokerages, is pleased to announce a record number of partnerships in one month with four brokers across Canada, all effective in June. Read more.

Chubb Develops ‘Pay As You Roam’ Travel Insurance
Chubb is pleased to announce the development of a Pay As You Roam (PAYR) travel insurance proposition. The PAYR service uses digital technology to simplify the way customers access and purchase travel insurance, using mobile phone roaming data to identify when they are away from their home country, activating coverage automatically at a daily premium. Read more.

Apollo Insurance Partners With Royal York Property Management
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with Royal York Property Management to offer digital insurance products, tailored to tenants of properties managed by Royal York and also to landlords. Read more.

Apollo Exchange Adds Two New Package Products
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with certain underwriters at Lloyd's of London to offer both an Artisan's Self-Care Products package and Beauty/Barber Supply Wholesalers package to brokers and their clients, available to purchase digitally through the Apollo Exchange. Read more.

Sun Life Announces Industry-Leading Limits For Non-Medical Underwriting
At a time when health and financial security have never been more important, Sun Life Canada is bringing Clients fast and easy access to life insurance. An industry first, Sun Life Clients aged 18-40 may qualify for up to CAD 5 million in life insurance coverage without lab exams. Read more.

Younger Agents More Likely to Embrace Digital Channels
Young agents demonstrate a variety of practices when it comes to working with insurers to sell insurance and support their policyholders. In a new report, Novarica presents the results of a survey of high-performing insurance producers under the age of 40. Read more.

Messagepoint Awarded Two CCM Patents
Messagepoint Inc. has been awarded two patents by the United States Patent and Trademark Office that support its customer communications management (CCM) platform's unique ability to simplify the management of complex content variations. These significant patents further strengthen the company's foothold as a leader in the CCM space. Read more.

Westland Acquires Two Saskatchewan Brokerages
Westland Insurance Group Ltd. is pleased to announce the closing of two new acquisitions – HK Insurance in Regina, SK and Smith Agencies in Melfort, SK. Both acquisitions are effective June 1, 2021. Regina and Melfort are both new entries for Westland Insurance and support Westland's expansion strategy to serve more communities across Canada. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

Sonnet Insurance
Sonnet Insurance Company is an innovative digital platform that promises to change the way Canadians experience insurance. Sonnet empowers Canadians with a simplified online quoting and buying process for home and auto insurance. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

An Evolution of Embedded Insurance

‘Best in breed’ underwriting is today increasingly data-driven. In personal lines auto insurance, Progressive Insurance was an innovator as it sought a competitive advantage.

Vehicle sensors collect data about the vehicle: location, speed, braking, etc. This data is more detailed – and more accurate – than what is available on an insurance application.

Progressive offered customers the possibility of lower premiums in return for gathering and sharing data.

With advances in technology, sensors have become more numerous and collect more data; it is easier than ever to submit the data to the insurer.

The same (or similar) data is still captured by the vehicle and sent to the manufacturer.

As mobility evolves, automotive companies are looking for more revenue sources. With this data, insurance is a potential by-product.

They are seizing the opportunity, with programs offered or being considered by Volvo, Tesla, GM, Ford, and others.

When insurance is offered at the time of a car sale, it is (or is very much akin to) embedded insurance, whether opt-in, opt-out or just part of the sale.

With mobility options and technology evolving, what is the future of auto insurance? It will certainly be part of our lives for a long while yet. Who will be offering it? What will become of those who distribute, or have a significant auto insurance portfolio today?

Doug Grant, CIP

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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