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Insurance-Canada.ca - Where insurance and technology meet

JULY 6, 2021

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INSURANCE INDUSTRY NEWS

Relay Platform Collaborating With IVANS
Relay Platform is pleased to announce a distribution agreement and ongoing collaboration with IVANS Insurance Solution. Relay, a next-generation electronic placement solution for property & casualty insurance and reinsurance, will leverage the newly minted partnership to improve time to market for Small Commercial lines of business. Insurance agencies and brokerages will have increased access to carrier partners through API connections. Read more.

Partnership Enables Straight-Through B2C Sales
BrokerLift, the industry leader in insurance eCommerce solutions, and Vertafore Canada, the Canadian subsidiary of North American InsurTech leader Vertafore, are proud to announce their strategic partnership. Read more.

Climate Proof Canada Coalition Pushes For Action
A new coalition believes that Canada has the opportunity to better protect people from the growing effects of climate change and help communities prepare for – and adapt to – future challenges, including the increasing risk of climate-related disasters. Read more.

Climate Change Adaptation: National Issues Report
Communities across Canada are experiencing the impacts of climate change, from extreme events such as wildfires, flooding and heat waves to rising sea levels, melting ice and permafrost, highlighting the need for adaptation action to reduce costs and build resilience. Natural Resources Canada has released "Canada in a Changing Climate" a national issues report on how climate change is impacting our environment, economy and many aspects of our daily lives — and how we are adapting to these impacts. Read more.

Apollo Exchange Adds Pet Services Package
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with certain underwriters at Lloyd's of London to offer a brand new Pet Services package product to brokers and their clients, available to purchase digitally through the Apollo Exchange. Read more.

BOXX Insurance Launches Cyberbullying Insurance
BOXX Insurance is pleased to announce the creation of Cyberboxx Home Edition, which combines insurance coverage for cyber bullying, cyber ransom, online fraud, with online credit monitoring provided by Equifax, and access to a 24/7 'Hackbusters' emergency hotline. Canadian Broker Network (CBN), a national network of independently owned insurance brokers, has aligned with BOXX to ensure its personal clients across Canada have access to this important protection. Read more.

Life Insurers Replacing Core Systems For CX
New life/annuity/benefits PAS deployments are part of a broader strategy for line of business management, allowing for the quick implementation of new (and sometimes greenfield) operations without becoming encumbered with legacy business processes or structures. In its latest Market Navigator report, Novarica provides an overview of the available policy admin systems and suites for US L/A/B insurers, with profiles of 23 vendor solutions. Read more.

Sun Life Completes Acquisition Of Pinnaclecare
Sun Life Financial Inc. is pleased to announce the completion of its acquisition of Pinnacle Care International, Inc., a leading U.S. health-care navigation and medical intelligence provider. Based in Maryland, PinnacleCare has more than 170 employees and 20 years of experience helping people navigate their care options when facing a serious medical condition. PinnacleCare will become part of Sun Life's U.S. Stop-Loss & Health business. Read more.

HDI Global Specialty Adds New Strategic Role
Specialty lines insurer HDI Global Specialty SE has appointed Kelly Callachan as Strategic Relationship Manager. In the newly created role Kelly will be focused on growing single risk business across Canada, with a particular focus on professional lines, aviation, and expansion into new specialist commercial lines. Read more.

SGI's Tips For A Safe Summer Road Trip
Summer is here, and plenty of people will be starting their weekend early and hitting the road. With more traffic comes an increased risk of collision. SGI is sharing its top tips to help people have a safe summer road trip. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Investors Pour Venture Capital into Canada
By Charles McGrath, Preqin
Venture capitalists have taken a shine to Canadian companies in recent years. This could be surprising to some, who see the country's investment ecosystem revolving around energy and natural resources. So far this year, more than USD 6.2 billion has been invested in Canada-based portfolio companies, adding some momentum to a trend that temporarily flatlined in 2020. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Fuse Insurance
Fuse Insurance is Western Canada's first digital commercial insurance brokerage. Our clients can quote, buy and manage their insurance program, whenever and however they want. Our transparent, online platform and quoting process eliminates any confusion around documents and coverage.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Insurance Innovation

Leading insurance businesses tend to have an agile, innovative culture with a focus on the needs (and the experience) of the insurance consumer. InsurTech startups were born with it; incumbents have adopted it. Examples:

Relay Platform first offered a reinsurance platform with a unique strength in complex placements. This expanded into medium and large commercial risks by brokers with primary insurers. An agreement with IVANS Insurance Solution adds the small business opportunity.

Apollo insurance expanded their reach by presenting their products on LowestRates.ca. Apollo Exchange more recently partnered with underwriters from Lloyd's of London to offer insurance to providers of services for pets.

Boxx Insurance launched a Home Edition of its business-oriented cyber insurance product with incident response and security services. Canadian Broker Network is offering this product to their personal clients.

Canadian insurance has always seen innovation; today, executing it well and at speed is a competitive differentiator.

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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