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OCTOBER 26, 2021

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INSURANCE INDUSTRY NEWS

Companies need to strengthen cyber controls to counter ransomware pandemic: Allianz
During the pandemic another outbreak has happened in cyberspace: a digital pandemic driven by ransomware. In a new report, cyber insurer Allianz Global Corporate & Specialty (AGCS) analyzes the latest risk developments around ransomware and outlines how companies can strengthen their defenses with good cyber hygiene and IT security practices. Read more.

Doxee, Messagepoint Enter Tech Partnership
Doxee and Messagepoint are pleased to announce they have signed a global agreement that will enable enterprise customers to leverage the CCM capabilities of the Doxee Platform® enriched with Messagepoint's intelligent cloud-based content hub. Read more.

Hardbacon Partners With ClickInsurance
Hardbacon, a personal finance application, is pleased to announce a partnership with insurance comparison company ClickInsurance to introduce a better way to shop home and auto insurance in Quebec. Read more.

Sedgwick Selects CCC For Digital Auto Appraisal
Sedgwick, a leading global provider of technology-enabled solutions, and CCC Intelligent Solutions Inc., a leading SaaS platform, are pleased to announce a multiyear agreement whereby CCC's leading mobile and artificial intelligence (AI) claims capabilities will power Sedgwick's auto appraisal offering and related workflows. Read more.

Insurers Modernizing Systems Must Consider CX
As insurers think beyond digital underwriting and claims to help sell products and maintain the loyalty of policyholders and agents, they have access to a wide range of customer experience tools and solutions. In a new report, Aite-Novarica Group profiles and categorizes 100 vendors and their CX solutions to help insurance companies optimize the customer experience. Read more.

Marsh McLennan Launches Global Cyber Risk Analytics Center
Marsh McLennan is pleased to announce the launch of its Cyber Risk Analytics Center, an enterprise-wide resource that brings together cyber risk data, analytics and mitigation expertise to provide clients with a comprehensive view of their cyber threats, the maturity and availability of their existing and future controls, and the economic impact of their risk. Read more.

Guidewire Launches InsurTech Vanguards Program
Guidewire Software is pleased to announce the launch of Insurtech Vanguards, its new program dedicated to identifying and highlighting the hottest insurtech companies of interest to the P&C industry. Read more.

Hub Launches Complex Risk Practice
Hub International Limited is pleased to announce the launch of its North American Complex Risk Practice, bringing together Hub's extensive network of specialists from its industry practices, placement, claims, analytics, captives and risk control teams, to address the growing need of clients seeking guidance on complex risk issues. Read more.

BOXX Insurance Partners With Asceris
BOXX Insurance is pleased to announce a new partnership with security consulting firm Asceris. Under BOXX's Hackbusters banner, the Asceris partnership will add to BOXX's incident response capabilities. BOXX's new service with Asceris includes 24/7 incident response and new services that have been customized for BOXX's consumer and employee benefit clients. Read more.

FQCS Joins The Co-operators Group Limited
Co-operators has welcomed its newest member organization, Health Co-operatives Federation of Quebec, which represents the health co-operative sector providing front-line, non-profit health services across Quebec. With this new addition to its membership, The Co-operators Group Limited is now governed by a total of 46 member organizations from across Canada. Read more.

CoverGo Strengthens Presence In America
CoverGo, Asia's no-code insurance technology leader, is expanding to the USA, Canada, and Latin America to help insurance companies digitize to remain agile and relevant in this high-tech era. CoverGo offers a no-code platform for insurance firms to streamline their ecosystem from building products to managing claims. Read more.

Hub Strengthens Employee Benefits Capabilities
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired the assets of Vancouver-based Rogersworks Inc. Terms of the transaction were not disclosed. Read more.

IBAO Convention Highlights Broker-Channel Talent
The Insurance Brokers Association of Ontario congratulates this year's Awards of Excellence Winners, who were announced at their second Virtual Convention. Awards recognize outstanding achievement in the broker channel. Read more.

GM’s OnStar Insurance Expanding To All 50 States
General Motors has announced that the automaker's OnStar Insurance service will be available in all 50 U.S. states by early 2022, arriving as one of roughly 20 new startups GM currently has in the pipeline. Read more.

High Expectations For Employer Benefits: RBC
As Canadian businesses emerge from challenges of extended pandemic-related lockdowns, they now face the hurdle of attracting and keeping their workers amid record-high labour shortages. In this increasingly competitive job market, many employees are prioritizing workplace benefits plans. A recent Ipsos poll conducted by RBC Insurance signaled that a majority of Canadians (68 per cent) would rather take a job with a good benefits plan, over another job that pays more, but does not have a benefits plan. Read more.

Great-West Lifeco Partners With Sagard Holdings
Great-West Lifeco Inc. has announced it has agreed to enter into a long-term strategic partnership with Sagard Holdings which includes the sale of its Colorado-based subsidiaries, EverWest Real Estate Investors and Everwest Advisors, to Sagard, and a capital commitment by Lifeco into certain Sagard funds. In exchange, Lifeco will acquire a minority stake in Sagard Holdings Management Inc., a subsidiary of Sagard. Read more.


The Intersection: Insurance-Canada.ca Blog

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

ITC2021: It’s All About The People
By Mark Breading, Strategy Meets Action
Participating in Insuretech Connect 2021 was a blast! It was great to see so many people in person for the first time in a couple of years. But aside from the joy everyone was experiencing in just being together, there was a very serious undercurrent to the event. If nothing else, ITC2021 demonstrated that innovation is alive and well in insurance, and the transformation of the industry is accelerating. Read more.


CSSI offers innovative solutions for Brokers, MGAs and Companies


Don't miss Marci Maddox presenting as part of Quadient Inspire Days, Nov. 17-18


InsurTech Spotlight

In the InsurTech Spotlight this week:

aha insurance
aha insurance is on a mission to make it easier for Ontario's drivers, homeowners and renters to buy insurance. We have created a brand-new experience for Ontarians to buy insurance online in minutes, providing full transparency about coverage options and pricing with full omni-channel support.
Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Commercial Insurance Specialist
Foxquilt Insurance Services Inc.
Toronto, ON

Bilingual Technical Assistant
Totten Insurance Group
Montreal, QC


From Doug

More than a dozen years ago, Airbnb (2008) and Uber (2009) emerged as prime examples of innovation and disruption. They and their peers reinvigorated the model that had been originally set by the likes of Amazon and Google:

Determine an opportunity for improvement (efficiency, an unsatisfied need, a growth opportunity); define a potential solution; and apply technology to bring it to fruition.

It has worked across most industries, including insurance. But the (r)evolution of InsurTech has produced both winners and losers.

Sometimes, the winners breed more success.

Using Airbnb as an example, CBInsights crunched the numbers: Airbnb alumnae have founded 100 companies. The cohort has raised a combined $2.5B in equity funding. Three companies have attained unicorn status and one – former Airbnb employee Brian Armstrong's Coinbase – has gone public via a direct listing on Nasdaq.

Has the “Airbnb seed” for insurance already germinated? What might it be?

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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