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NOVEMBER 2, 2021

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INSURANCE INDUSTRY NEWS

Record-Breaking 9-Month InsurTech Investment
Consolidated global investment into the InsurTech sector has broken all previous records to reach new highs this year, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. With three months left to go, the total capital invested in insurance technology start-ups in 2021 is now approaching the entirety of what was invested into InsurTechs globally in 2018 and 2019 combined. Read more.

Businesses Sharpening Focus On Cyber Security
Zurich North America and Advisen have released theĀ 11th Annual Information Security and Cyber Risk Management Survey of corporate risk managers and insurance buyers. This year's survey indicates that risk professionals are increasingly aware of their intensifying cyber risks and the need to manage themĀ – but there is significant room for improvement in building cyber resilience. Read more.

Applied Rating Index Q3 2021 Released
Applied Systems® has announced the third quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. In Q3 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to Q2 2021. Read more.

CCC Launches Recovery Assistant To Accelerate Third-Party Casualty Claims Experience
CCC Intelligent Solutions Inc. is pleased to introduce Recovery Assistant, the industry leader's first mobile experience for casualty claims resolution. Recovery Assistant creates a mobile channel to quickly and efficiently capture information to accelerate third-party claims resolution. Read more.

Opta Partners With HOVER To Deliver New Virtual Inspection Service
Opta Precise Services, a leading provider of loss control services, is pleased to announce an exclusive Canadian partnership agreement with HOVER to deliver a new virtual inspection service – the first of its kind for the insurance industry in Canada. Read more.

Apollo, Entreflow Partner On Immediate Digital Insurance For Small Business
Apollo Insurance has partnered with Entreflow to offer access to immediate digital insurance products to small businesses, specifically the thousands of start-ups who visit their website each month. Read more.

GroupAssur Acquires Eagle Underwriting
GroupAssur, a Canadian MGA specializing in P&C insurance lines, is pleased to announce the acquisition of Eagle Underwriting, an independent managing agent who has been writing insurance for "Things That Move", delivering superior products, underwriting expertise, and first class claims service to brokers and their clients in Canada and the United States. Read more.

Sedgwick Introduces Enhanced End-To-End Automotive Claims Solution
Sedgwick has launched a comprehensive, end-to-end automotive loss adjusting, claims administration and product recall offering. Read more.

2021 Global Modeled Catastrophe Losses: AIR
Extreme event modeling firm AIR Worldwide has released its 2021 Global Modeled Catastrophe Losses report, detailing key global financial loss metrics based on AIR's latest suite of models that reflect the near-present climate risk. The report reaffirms that recent years are not outliers: while there has been justifiable concern about extreme event losses, actual yearly global insured losses (except for 2017) have been below the modeled long-term average. Read more.

Insurer Priorities Include Distribution, Digital Experiences, Data Insights
Insurer IT spending levels and priorities for 2022 remain similar to previous years, according to the 14th annual Insurer IT Budgets and Projects reports for both Property/Casualty and Life/Annuity/Benefits from research and advisory firm Aite-Novarica Group. The findings are designed to help understand peer behavior, budgets, and priorities for the coming year. Read more.

Broadridge Partners With Equisoft To Enhance Wealth Technology Platform
Equisoft is pleased to announce a strategic partnership with Broadridge Financial Solutions, Inc. in line with both firms' efforts to empower and support the digital transformation of leading wealth and financial services institutions. Equisoft's flexible front-end solution suite that includes financial planning, CRM, and investment proposal generation will complement the Broadridge Wealth Platform designed to help firms gain agility with an open API design. Read more.

U.S. Auto Claim Satisfaction Rises: J.D. Power
A surge in used vehicle prices has given an unexpected boost to auto insurance customers who experience a total loss. Combined with advancements in straight-through-processing, this has driven customer satisfaction with auto insurance claims to a record high in the J.D. Power 2021 U.S. Auto Claims Satisfaction Study. But the industry is facing new challenges as increasingly complex vehicles contribute to rising repair and replacement costs. Read more.

Building A Positive Customer Experience
Quadient, a leader in helping businesses create meaningful customer connections, is hosting its annual Inspire Days customer experience conference Nov. 17-18. The virtual event promises a wealth of information for building a positive customer experience. Read more.

BIG Continues Growth In Ontario
Billyard Insurance Group is expanding in multiple Ontario regions with the launch of three new branch offices in London, Meadowvale, and Peterborough. Read more.

Ontario Storms Insured Damage Total Revealed
Storms that hit southern Ontario on Sept. 7 and Sept. 22 brought heavy wind, rain and flooding, causing extensive property damage. IBC has revealed the initial estimate of insured damage from Catastrophe Indices and Quantification Inc. Read more.


The Intersection: Insurance-Canada.ca Blog

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

How UBI (Almost) Turned Me Into A Dangerous Driver
By Deanna Breading, SMA Guest Author
I'm a senior citizen, and my pedal-to-the-metal foot was gone long before usage-based insurance (UBI) became widely available. My brief fling with a telematics device was motivated mostly by curiosity; I figured I was a shoo-in for reduced premiums. But what I discovered about myself led me down a path of frustration and into a sea of self-doubt. Read more.


Don't miss Steven Van Belleghem presenting as part of Quadient Inspire Days, Nov. 17-18


InsurTech Spotlight

In the InsurTech Spotlight this week:

Coalition Inc.
Coalition's comprehensive insurance coverage uses a technology focused approach to mitigate, measure and respond to cyber risk. Our integrated data driven outlook on the cyber risk landscape takes an adversary perspective to help insureds better prepare for and remediate from cyber incidents. Learn more.

Calling all InsurTechs! Click here to participate.


CSSI offers innovative solutions for Brokers, MGAs and Companies


Insurance Works

Featured job opportunities:

Intermediate Adjuster (Accident Benefit) Personal Lines
SGI
Toronto, ON

Product Management Specialist (P&C Insurance)
HSB Canada
Toronto, ON


From Doug

Creative thinking and application of technology are bringing dramatic improvements to the claims process. Three Insurance-Canada.ca Technology Awards submissions by Aviva Canada illustrate the changes.

A digital FNOL from Accident Support Services Collision Reporting Centres through an AI enabled Aviva to automatically set up a claim, assign an adjuster and send a notification to the claimant.

By leveraging Machine Learning and AI, Aviva was frequently able to determine at time of FNOL if a damaged auto is repairable or salvage.

When a vehicle is determined to be salvage, an API connection to AutoTrader retrieves sufficient detail to enable an adjuster to offer a settlement immediately.

Each of these transformations of a formerly manual process resulted in more efficient claims processing, shorter times to closing a claim and improved customer satisfaction.

Similar advances in so many areas – photo estimating, for example – are improving the claims process across the entire insurance industry. Exciting times!

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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