"Chronicle" weekly newsletter - Where insurance and technology meet

AUGUST 3, 2021

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Global InsurTech Funding Balloons In Q2
Global investment in the InsurTech sector reached an emphatic record during H1 2021, as half-year funding exceeded full-year investment in 2020 – and in every other year – according to the new Quarterly InsurTech Briefing from Willis Towers Watson. Read more.

Business & Technology Trends: Commercial Lines
With growth as a primary objective, commercial lines insurers are differentiating themselves with distribution management improvements, expansion into new geographies, and growing their underwriting appetites. In a new report, research and advisory firm Aite-Novarica Group provides an overview of commercial lines insurer business and technology issues, data about the marketplace, and examples of recent technology investments by commercial lines insurance carriers. Read more.

FRISS Raises $65 Million Series B Funding Led By Accel-KKR
FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide, is pleased to announce it closed a $65 million Series B funding round led by Accel-KKR, advised by FT Partners and endorsed by existing investor Aquiline. The funding will fuel the company’s rapid growth with additional product innovations, deep market penetration and lines of business expansions. Read more.

Lloyd's launches climate action plan to accelerate the transition to net zero
Lloyd's, the world's leading marketplace for commercial, corporate and speciality risk solutions, is setting out how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, with the launch of its new report, Insuring a Sustainable, Greener Future. Read more.

Building A Windstorm Emergency Response Plan
At this time of year, parts of our country experience potentially damaging windstorms, hurricanes, and rain events. Ecclesiastical Insurance has developed a bulletin to guide customers through the development of an Emergency Response Plan. Having a plan in place will reduce damage, restore operations, and protect lives. Read more.

Aon, Willis Towers Watson Terminate Combination
Aon plc and Willis Towers Watson have announced that the firms have agreed to terminate their business combination agreement and end litigation with the U.S. Department of Justice. Read more.

Technology Enables, But People Innovate
Tuesday, Aug. 10, 11:30am

Join Caribou Honig, Chairman and Co-Founder of InsureTech Connect, and Danish Yusuf, Founder and CEO of Zensurance, for an up-to-the-minute discussion of global insurance and InsurTech trends.

Register now!
How To Bring The Human Connection
To Digital Insurance

Webinar with OneSpan — August 17

Despite a surge in all things digital, customers still value the human connection. That's why a human-digital hybrid model is an important combination for replicating the in-person experience.

OneSpan's VP Marketing Mary Ellen Power and Senior Solutions Architect Patrick Albert will share examples of how Canadian insurers can bring the human connection to digital insurance processes.

Learn more or sign up now.

The Intersection: Blog

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

Personal Lines Channel Plans: It’s Complicated
By Mark Breading, Strategy Meets Action
When most insurance industry observers think of the channel strategies for personal lines, the picture appears to be fairly simple. More of the business is moving to direct distribution approaches, whether that is through call centers or the web. Furthermore, there is a clear movement to digital, straight-through processing. Comparative raters continue to exert significant influence on submissions flow. And finally, the rich get richer – with tier one direct carriers continuing to gain share. These have been the trends for the last few years. But a closer look reveals that the evolution of distribution in personal lines is more complicated than that. The trends just enumerated still exist, but there is more to consider. 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

Technology has enabled a better customer experience, from insurance quoting to claims settlement. The customer focus is similar across all industries; and consumer expectations have risen accordingly.

Innovators are quick to take advantage of the latest developments, with new products or new approaches.

For example:
Duuo has introduced a series of on-demand insurance products
Onlia offered a free app to monitor driver behaviour, with rewards for improvements, all with no commitment to buy Onlia's insurance.

But innovators in other industries see insurance as a revenue opportunity. General Motors has data-sharing programs with State Farm and Progressive and has recently started its own insurance business.

Insurance is a financial service industry, as are banks. Globally, “open banking” is advancing, perhaps soon to broaden into “open finance” – including insurance. Tight regulations may inhibit relationships among banks and insurers. There are fewer constraints for others (loan and mortgage providers, accounting and tax preparing businesses) to more easily become part of an expanded insurance ecosystem.

Competitive forces are clearly expanding beyond better use of technology into innovative business relationships, enabled by technology. Is it friend or foe?

To learn more, join us next Tuesday for “Technology Enables, But People Innovate: Canadian Perspectives on Global Insurance Trends,” 11:30am-1:00pm.

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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