"Chronicle" weekly newsletter - Where insurance and technology meet

SEPTEMBER 28, 2021

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Canadian P&C Segment Resilient Amid Pandemic
Canadian insurance companies' ability to absorb the volatility caused by the pandemic has led AM Best to maintain its stable outlook on the country's property/casualty segment and revise its life/annuity outlook back to stable from negative. Additionally, according to AM Best's annual review of Canada's insurance industry, short- to medium-term economic prospects are positive, with government measures likely to cushion any future jolts. Read more.

HSB Canada Launches Cyber Suite, Small Business Coverage
HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion.
Read more.

Apollo Insurance Partners With Homewise
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with Homewise to offer immediate digital insurance products, specifically tailored to Canadian home buyers that use their website each year. Read more.

Rethinking Insurance Fraud In The Digital Age
​​​​​​​​​The recent mass adoption of digital platforms and processes, driven by the pandemic, is a double-edged sword for insurers. It helps improve customer experience, increases speed of policy issuance or service, and reduces cost. But it also expands the means and opportunities for fraudsters to steal identities and commit financial fraud. As a result, insurers need to make sure their fraud mitigation and identity verification capabilities appropriately guard against fraudulent activities.​​
Read more.

Landmark Underwriting Expands Into Canada
London-based underwriter Landmark is delighted to announce the opening of its latest office location, in Toronto. Landmark Underwriting is a specialist Managing General Agent focused upon building long-term business relationships with individuals and teams by working in close partnership with them. Landmark provides innovative insurance solutions and is committed to offering the highest levels of service and efficiency to its global strategic broking partners. Read more.

BOXX Insurance Announces Series A Round
BOXX, the leading cyber insurance provider for small businesses, individuals and families, is pleased to announce that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
Read more.

CRU Group Announces Expansion with New Canadian Business Unit
CRU Group is pleased to announce the next steps in the company's expansion with the opening of a new Canadian business unit based in Edmonton, Alberta. This carefully planned strategic initiative adds a new segment to CRU Group's established Canadian positions in catastrophe services and their Maltman International specialty claims subsidiary. Read more.

Global Reinsurers Grapple With Climate Change
If re/insurers are not properly accounting for the impact of climate change in their catastrophe modelling and pricing today, it could lead to significant unexpected volatility in their earnings and capital, resulting in pricing corrections that could have implications for the cost of reinsurance purchased by primary writers, thereby hitting their profitability and risk profiles as well. Read more.

Vertafore Launches Orange Partner Program
Vertafore® Canada, a leader in modern insurance technology, is pleased to announce the launch of the Vertafore Canada Orange Partner Program, providing Canadian brokers the opportunity to take advantage of high-quality, pre-built integrations with strategic third-party technology providers. The program allows brokers to further optimize their processes and enhance the digital experience they offer their customers.
Read more.

IT Teams Feel Pressure To Compromise Security
HP Inc. has released its HP Wolf Security Rebellions & Rejections report, a comprehensive global study highlighting the tension between IT teams and employees working from home (WFH) that security leaders must resolve in order to secure the future of work. Read more.

Youth Mental Health Partnership Launched
Z Zurich Foundation and UNICEF are pleased to announce a three-year partnership to promote mental well-being among young people worldwide. Read more.

The Intersection: Blog

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

Midsize/Large Commercial Distribution: Digital Capabilities on the Rise
By Mark Breading, Strategy Meets Action
Traditionally, success in the middle-market and large commercial segments relied on deep expertise regarding customer risks and deep relationships with a network of distributors with access to those markets. Those capabilities are still fundamental to success, but lately, the carriers' digital capabilities have become increasingly essential.
Distribution partners want to do business with carriers that reduce the friction, shorten the quote-to-bind time, and provide a good appetite match for the business they want to submit. Naturally, distributors are also interested in product fit and commission structure, but business tends to gravitate to carriers that feature ease of doing business. And all of these things are taken into account as carriers' channel strategies evolve in the mid/large commercial segment. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

Duuo is a digital insurance brand that provides on-demand solutions to meet the needs of Canadians participating in a fast-paced digital economy. Powered by Slice Insurance Cloud Services, Duuo's digital platform uses AI technology to process claims and provides comprehensive cyber security protection of client and insurer information. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Commercial Lines CSR
KRGInsure Toronto
Toronto, ON

Financial Services Specialist
Desjardins/State Farm
Toronto, ON

From Doug

How much can "embedded" insurance save a consumer?

From Sønr's Sept. 24 e-newsletter:

“Tesla's projecting that drivers will be able to save 30% on the quotes from other insurance companies. The reason for this is simply down to knowing their vehicles better than anyone else.”

What would – does – Tesla know?

• They built it; they obviously know the vehicle.
• The cars are internally monitored and "connected"; they know how the auto is running.
• They also know how it is being driven; when, where, how and more.
• When the vehicle is damaged, they do the repairs (I believe).
• From repairing the car, they can tweak the design to help reduce future repair costs.
• And more...

But, is that enough to have thirty percent lower premiums AND still be a profitable insurance operation?

Even if the premium savings are exaggerated, is this a portent of the future for auto manufacturers, alone or in partnership?

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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