"Chronicle" weekly newsletter - Where insurance and technology meet

AUGUST 10, 2021

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Quantum Tech Beginning To Shape The Future
Quantum technology is poised to fundamentally impact the way financial institutions do business. Data protection, risk modeling, portfolio management, and select processes enhanced by artificial intelligence and machine learning solutions may look very different in a quantum world. In a new report, Aite-Novarica Group provides an overview of quantum theory, applications in financial services, recommendations for insurers incorporating quantum strategy, and vendor profiles. Read more.

Canadians Interested In Embedded Insurance Offers From Banks: New Research
Two-thirds of Canadian digital bank customers and more than half of traditional bank customers would be very interested in receiving embedded insurance offers based on their transaction data, according to the results of a recent survey conducted by agile experience management company and commissioned by Cover Genius. Read more.

H1 Cyber Insurance Claims Report
Coalition, the leading cyber insurance and security provider, is pleased to announce the results of its H1 2021 Cyber Insurance Claims Report. Coalition's analysis of claims data from 50,000 customers reveals that ransom demands have grown substantially over the past year, smaller companies are increasingly targeted, and cyber criminals continue to take advantage of dislocations in how we work. Read more.

Digitization, Automation Revolutionizing U.S. Home Insurance Market
LexisNexis® Risk Solutions has released findings from a new research study revealing how disruption, innovation and the COVID-19 pandemic are impacting the U.S. home insurance industry. The report illustrates how consumer expectations are evolving and how home insurance carriers need to streamline their insurance buying processes in order to modernize their customer experience. Read more.

Digital Ecosystem Platform For Travel Unveiled
Allianz Partners, a world leader in insurance and assistance services, has launched a digital platform that accompanies travelers before, during and after a trip, with relevant products and services provided by Allianz Partners as well as other service providers across the travel industry. The Allyz digital platform integrates a variety of services all in one place to get inspired and travel smarter. Read more.

Applied Systems Releases Q2 Rating Index
Applied Systems has announced the second quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. In Q2, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, the average premium rate change decreased for Personal Auto and increased for Personal Property compared to Q1. Read more.

BrokerLink Acquires Archway, Subsidiaries
BrokerLink is excited to announce it has acquired Archway Insurance Inc. and its subsidiaries, as well as South Coast Insurance Agency Ltd. Through these acquisitions, BrokerLink doubles its size in Atlantic Canada, to become one of the largest insurance brokerages on the Canadian east coast, with over 65 locations and more than 400 employees. Read more.

Westland Insurance Acquires Brokerages in Ontario and B.C.
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is pleased to announce the acquisition of two brokerages with three branches in total – National Brokers Insurance Services Inc in Ontario and Lambert Insurance Agencies Ltd. in B.C. Both acquisitions are effective as of Aug. 1, 2021. Read more.

McLarens Acquires Top Loss Adjusting Firm
McLarens, a leading, global independent insurance services provider, is pleased to announce the strategic acquisition of MGB Claims Consultants Inc., a well-established complex commercial claims adjusting firm headquartered in Toronto, with additional employees in Calgary and Vancouver. Read more.

Chubb Acquires StreamLabs From RWC
Chubb is pleased to announce that it has acquired the business of StreamLabs from Reliance Worldwide Corporation Ltd. StreamLabs offers leading Internet of Things (IoT) enabled water monitoring, leak detection and water shut-off products.  The addition of StreamLabs, which uses patented and proprietary ultrasonic technology to monitor waterflow and alert property owners to potential water damage, advances Chubb's strategy to offer best-in-class "predict and prevent" risk engineering services to its consumer and commercial clients. Read more.

Calgary Hailstorm Insured Damage Total Revealed
The hail, rain, and windstorm that hit Calgary on July 2 caused CAD 247 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. Calgary experienced extensive flooding of streets, underpasses, and parking lots. There were also reports of a damaged gas line, downed trees, and sewer backup in basements and commercial buildings. Read more.

Lytton Wildfire Insured Damage Total Revealed
Severe weather across Canada continues to contribute to the financial costs borne by insurers and taxpayers as a result of a changing climate. The wildfire that devastated Lytton, British Columbia, on June 30 is now estimated to have caused CAD 78 million in insured damage, with roughly 300 claims, according to initial estimates from CatIQ. The majority of insurance claims have been related to residential properties. Read more.

Verisk And Duck Creek Enhance Integration
Verisk, a leading global provider of predictive analytics and decision-support solutions, is pleased to announce its claims management solution, XactAnalysis®, now has a prebuilt integration with the Duck Creek Platform, enabling insurers to simplify and streamline claims workflows. Duck Creek Technologies is a leading provider of core system solutions for the property/casualty insurance industry. Read more.

Empire Life Digital Capabilities To Help Power Group Benefits Solutions
benefitsConnect has chosen Empire Life as its first insurer to fully integrate with their benefitsConnect OS mobile and desktop human capital management platform. Leveraging Empire Life's real-time digital capabilities, benefitsConnect OS makes it easy for administrators of employee benefits plans to manage plan details and updates. Read more.

Poll Results On Dangerous Driving In Ontario
A recent survey indicates that 55 per cent of Ontario drivers admit to engaging in unsafe driving, while 95 per cent say they have witnessed dangerous driving from other motorists. Some of the most common dangerous driving behaviours over the last year include speeding, distracted driving, unsafely changing lanes and aggressive driving. Read more.

Protect Your Businesses Operations From Wildfire
As the West coast endures record heat and severe drought often associated with a changing climate, the risk of wildfires to property and equipment is greater than ever. FM Global, one of the world's largest commercial property insurers, recommends businesses prioritize five actions to reduce the risk of business interruption and loss from wildfire. Read more.

The Intersection: Blog

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

Relay Facilitates $3Bn in limits in Commercial Lines
By Greg Boutin, Relay Platform
Relay is growing faster than it ever has, and we were already growing fast! We have now facilitated over 412 placements and close to three billion in coverage limits in both insurance and reinsurance. That's almost triple the 1.25 billion we had facilitated only five months ago, which itself was double the volume from five months prior. All from paying customers who understand that we have entered a new era of time-based competition, and value the importance of instant quotes and capacity in Commercial Lines.
Read more.

Technology Enables, But People Innovate
Join us today, at 11:30 this morning!

Don't miss an in-depth discussion of the latest and most significant global insurance & InsurTech trends, featuring Caribou Honig, Chairman and Co-Founder of InsureTech Connect, and Danish Yusuf, Founder and CEO of Zensurance. Register now!
How To Bring The Human Connection
To Digital Insurance

Webinar with OneSpan — August 17

Everything may have been done through Zoom during pandemic lockdowns, but 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.

Register now, or learn more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

Zensurance is an online commercial insurance brokerage obsessed with making the process of purchasing small business insurance simple and fast. With a strong focus on technology, and a national footprint, Zensurance has enjoyed phenomenal growth since its founding in 2016. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Personal Lines: Account Manager
Trehan & Associates Insurance Brokers Ltd/
Mississauga, ON

RIBO-Licensed Commercial Lines CSR
Hope & Harder Insurance Brokers
St. Catherines, ON

From Doug

Bitcoin is regarded by many as the original cryptocurrency – the Bitcoin network was created in early 2009 – but today there are many others, too.

“The crypto asset class has ballooned. As of early August, this asset class purportedly is worth about $1.6 trillion, with 77 tokens worth at least $1 billion each and 1,600 with at least a $1 million market capitalization.” – US SEC Chair Gary Gensler

InsurTech and FinTech lead the way to potential disruption of insurance and banking, and cryptocurrency may be the wedge into currency.

Where in insurance?

Insurance products for cryptocurrency providers, and for businesses and individuals for this asset.

Payments – premiums received or claims and other outflows paid – in cryptocurrency.


• Metromile plans to adopt Bitcoin to offer drivers more choice in how they pay premiums and receive claim payouts

• Bloomburg reports cryptocurrency insurance could be a big industry in the future: Investopedia

• Michigan-based Universal Fire & Casualty accepts cryptocurrency premium payments: Insurance Journal

Regulation. Given the volatility of cryptocurrencies, regulators are all involved. Don't get offside.

When did (or will) you do your first cryptocurrency insurance transaction?

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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