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JUNE 29, 2021

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INSURANCE INDUSTRY NEWS

Apollo, LowestRates.ca Partner To Offer Access To Embedded Digital Insurance Via API
Apollo Insurance, Canada's leading online insurance provider, has partnered with LowestRates.ca, Canada's leading financial rate comparison site, to offer immediate access to digital insurance products that are specifically tailored to the millions of consumers who visit their website through an API integration. Read more.

IMS Announces Try Per Mile
IMS, the leading global vehicle and driving data business, is pleased to announce the availability of Try Per Mile, a highly-configurable, mileage-based telematics product that enables insurers and brokers to internally trial a usage-based insurance (UBI) program that can then be deployed to policyholders in as little as one month. Read more.

Consumer Trends Around Identity Theft
While insurers are playing catch-up to other industries in building a frictionless and secure digital experience, they face many challenges when it comes to the rising threat of identity theft. The stakes for insurers have never been higher in leveraging tools that add to a great user experience while protecting the digital identities of their customers and their bottom lines. Read more.

Commercial Lines Working Group Hits Milestone
CSIO is pleased to announce the Commercial Lines (CL) Working Group has reached another milestone by defining the requirements to underwrite and rate multi-operations small business. Allowing brokers to submit multi-operations quote requests helps support workflow efficiencies between brokers and insurers, by improving the speed of information exchange, and strengthens the value proposition of the broker channel. Read more.

SNAP Updates Customer Experience Platform
SNAP Premium Finance has announced updates to its innovative Customer Portal to let insureds self-manage and update important account information in real-time. SNAP Premium Finance gives time back to the Broker by allowing insureds to directly log in to SNAP's Customer Portal, with no support needed from the Broker. Read more.

Auto Satisfaction Stalls Despite Premium Relief
The auto insurance industry voluntarily returned more than USD 18 billion in auto insurance premiums to customers in 2020 to address the sharp decline in miles driven during the pandemic. Despite the magnitude of this historic relief effort, J.D. Power's 2021 U.S. Auto Insurance Study finds that overall customer satisfaction with auto insurers is flat, following four consecutive years of improvement. Read more.

Clyde & Co Expands Into Vancouver
Global law firm Clyde & Co has announced plans to open an office in Vancouver, following the agreement of a merger with local firm SHK Law Corporation, effective July 1, 2021. Read more.

Westland Insurance Launches Brand & Initiative
Westland Insurance has continued a longstanding tradition of commitment to the people and communities it is proud to serve by making CAD 1 Million available in 2021 to support community projects and initiatives across the country where the brokerage company has a presence. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Xemplar Insights
Xemplar Insights is a leading provider of digital transformation solutions for insurers. The Xemplar suite of mobile digital customer engagement and smartphone based driving behavior telematics solutions is changing how insurance companies analyze risk and proactively prevent claims.
Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Customer Service Broker – Personal Lines
Idris Insurance Brokers Ltd.
Newmarket, ON

Account Executive
Agilus Work Solutions
Toronto, ON


From Doug

Commercial Insurance – Two Trends

Loss prevention is an ongoing focus in commercial insurance. But how might embedded insurance play a role?

With ever more sensors connected through the Internet of things, commercial buildings are being more closely monitored for many risks – temperature, water, fire, etc.

Inside the buildings, manufacturing and some retail businesses create or finish items for sale – from earth-moving equipment to HVAC systems to pizzas. They utilize machinery in the process. The providers of that machinery may well take some ongoing responsibility for its performance. Sensors help keep things running smoothly, benefiting both parties through less downtime, fewer losses/claims and lower premiums.

Could the machinery provider include insurance with the product? With warranties, they already do, in a sense. And there is an opportunity for more.

In other niche areas, such as inventory of raw materials, components and finished goods, the connected world is changing the roles of risk managers – and brokers.

Surely there is a place for embedded insurance in the commercial segment. Will it have an impact on commercial insurance brokers and insurers?

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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