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JULY 13, 2021

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INSURANCE INDUSTRY NEWS

BMS Re Selects Relay's F1 Platform
BMS, the independent specialist insurance and reinsurance broker, is pleased to announce the selection of Relay Platform's reinsurance solution "F1" by BMS Re in the US as its electronic placement system to support its fast-growing facultative arm. Read more.

HX Launches Market Information Platform
HX, the data analytics and advisory division of Howden Group Holdings, is pleased to announce the launch of NOVA, a first-of-its-kind insurance business intelligence platform, enabling users to better understand the insurance market and its drivers. Read more.

Apollo Insurance Launches New Online Products
Apollo Insurance is pleased to announce it has partnered with certain underwriters at Lloyd's of London to offer two new package products, Street Food Vendors & Mobile Vendors, available to purchase digitally. Read more.

IMS Launches Commercial Fleet Security Solution
IMS is pleased to announce the launch of IMS Vehicle Security Solution, the industry's only fully-managed, end-to-end vehicle security monitoring and recovery solution for fleet-based organizations, such as vehicle rental, car sharing, and leasing. Read more.

BrokerTeam Launches Goodrates Insurance
BrokerTeam Insurance is excited to announce the launch of its newest branch, Goodrates Insurance, a division of BrokerTeam Insurance Solutions Inc. Read more.

Forest Management Reduces Fires, Premiums
The Nature Conservancy, working with Willis Towers Watson, the third largest insurance broker in the world, has published analysis that shows how ecological forest management, which reduces the risk of severe wildfires in fire-adapted forests, can be combined with insurance and significantly reduce insurance costs. Read more.

Six Questions For A Better IT Strategy
Insurance carriers often develop IT strategies with a technical focus that either overwhelms and confuses key approvers or fails to engage the organization. In a new executive brief, research and advisory firm Novarica identifies six questions that enable CIOs to develop a more robust overall strategy, effectively communicate and justify their strategy recommendations, as well as thoroughly engage the organization. Read more.

A Digital FNOL Market Overview
A digital first notice of loss enables the policyholder or claimant to submit a claim via multiple channels, such as an insurance company's customer portal or a mobile device, but an omnichannel user interface alone does not make for a better experience. In fact, it is imperative that the process leverages new technologies to capture information about the loss. Read more.

Westland Acquires Huronia Insurance Group
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is pleased to announce the acquisition of Huronia Insurance Group, headquartered in in Barrie, Ontario. Huronia represents Westland's first location in Simcoe County as it continues to expand its reach across the country. Read more.

Westland Insurance Acquires Nuera Insurance
Westland Insurance Group Ltd. is pleased to announce the acquisition of digital brokerage Nuera Insurance, effective July 1st. Based in Calgary, Nuera Insurance is a national leader in digital insurance experience innovation and value-added partnerships. Read more.

Agile Underwriting Solutions Acquires MGA
Agile Underwriting Solutions, owned by Westland, is pleased to announce the acquisition of Exhale Insurance, effective July 1st. Exhale Insurance is an innovative insurance MGA that has grown rapidly by adopting digital technology to deliver superior insurance products simply and conveniently to their broker partners and customers. Read more.

TD Insurance Launches Severe Weather Alerts
With the arrival of warm, sunny weather across Canada, it is not uncommon for the summer season to bring heavy rainfall, tropical storms and other severe weather conditions. TD Insurance Home and Auto customers who want to be better prepared for this season's summer storms and active weather conditions year-round can now receive timely text alerts of incoming severe weather directly from their TDI mobile app. Read more.

Guy Carpenter Launches Climate Advisory Suite
Guy Carpenter & Company, a leading global risk and reinsurance specialist, has announced the launch of a suite of climate advisory and modeling services, as companies look to develop and integrate robust climate change strategies into their overarching Environmental, Social and Governance programs. Read more.

Equisoft Continues Expansion With UK Acquisition
Equisoft is proud to announce the acquisition of Altus, a UK-based financial services firm. Altus's suite of products and deep market penetration adds to Equisoft's product portfolio and expands its presence within the financial services space with a transaction platform for pension administrators and asset managers. Read more.

Canada Aims For Zero-Emission Cars
To build a cleaner, more prosperous economy that fights climate change and creates good jobs, the Government of Canada has announced an accelerated mandatory target for all new light-duty cars and passenger trucks to be zero-emission by 2035. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurers Have A Role In Growing The Carbon Removal Industry: Swiss Re
In order to meet the targets of the 2015 Paris climate accord, we need to reduce global emissions by 50% by 2030 and achieve zero emissions by 2050. But despite increasing recognition that we need to do more, global emissions are still rising. In some challenging sectors, total decarbonization may well be many decades away. So, if absolute zero by 2050 is out of reach, the only way out is net-zero; balancing the unavoidable emissions with an equivalent amount of negative emissions. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

BeneOffice
BeneOffice Canada is a complete Employee Benefits Brokerage Office Technology platform to assist insurance brokers in selling, servicing and renewing employee benefits programs. Our InsurTech software enhances the flow through of transactions, improving financial outcomes for customers, brokers and insurance carriers. We help you to do more in less time in order to create and leverage a greater overall insurance experience. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Client Service Advisor - Commercial Insurance
Guthrie Insurance Brokers Ltd.
Cambridge, ON

Account Executive
Agilus Work Solutions
Mississauga, ON


From Doug

InsurTech as Insurance Practitioner

When Lemonade burst onto the scene in April 2015, it created lot of consternation. The startup combined customer focus, agility and technology with an element of surprise – few incumbents were anticipating such a different competitor.

What has changed in six years?

The incumbents are “awake” – watching for innovation, anticipating new competition – and have armed themselves for the new competitive arena by adopting many of the characteristics InsurTech represented.

Startups needed to grow by adding territory, products, and staff, thereby adding to complexity.

Traditional technology providers and startup InsurTechs have responded to the opportunity and are providing the “arms” for insurance practitioners – startups and incumbents alike.

Technology innovation and customer expectations continue to evolve rapidly. Insurance startups and incumbents all face these challenges.

“InsurTech” is the competitive arena now. Matteo Carbone said as much five years ago: “Every insurance business will be an InsurTech.”

But is there another surprise around the next corner? What could be the “next InsurTech”?

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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