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NOVEMBER 9, 2021

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INSURANCE INDUSTRY NEWS

Risk Management Must Address Shifting Business Volatility: Aon Client Study
Aon plc has announced the results of its 2021 Global Risk Management Survey, which gathers input from thousands of risk managers to identify key risks and challenges their organizations are facing. The past two years have proved to be incredibly volatile, with the global pandemic having had a ripple effect across other types of risk, such as heightened awareness of reputation and cyber, as long-tail risks have become increasingly important to manage. Read more.

Employee-Related Concerns Top of Mind For SMEs
Financial, digital, business interruption and pandemic concerns top the list of macro risks for mid-sized business leaders, according to the second annual Mid-Sized Company Risk Report from QBE North America and the Association for Corporate Growth. Read more.

FRISS Secures Investment From Guidewire
FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide, and Guidewire PartnerConnect Solution partner are pleased to announce they have secured an investment from Guidewire, who are adding onto the recently announced Series B led by Accel-KKR. Read more.

CCC Launches Touchless Auto Estimates
CCC Intelligent Solutions Inc., a leading SaaS platform for the P&C insurance economy, is pleased to announce it has made touchless estimating a reality, using advanced AI and insurer-driven rules to automatically initiate and populate detailed and actionable estimates in seconds. Read more.

GuideOne National Chooses Relay F1 Platform For Superior Reinsurer Connectivity
Relay Platform is pleased to announce that GuideOne National Insurance Company, one of the most progressive cedents in the United States, has selected their “F1” reinsurance platform as its official electronic placement system to support its facultative arm for all lines of business. Read more.

APOLLO Partners With Orr Development
Apollo Insurance, Canada’s leading online insurance provider, has partnered with Orr Development to offer immediate digital insurance products specifically tailored to the needs of their tenants. Read more.

Top Tips To Reduce Insurance Premiums: IBC
Understanding your insurance policy is an important element of financial literacy. Insurance Bureau of Canada is sharing ways for home, auto and business insurance customers to help lower their rates. Read more.

Navacord Continues To Build In Ontario
Navacord Corp., one of Canada's top commercial insurance brokerages, is pleased to announce the addition of Ives Insurance Brokers Ltd. and Northern Insurance Brokers. Together the two deals deepen Navacord's reach and expand its presence across Ontario. Read more.

RAISE Underwriting To Acquire United Surety
RAISE Underwriting, one of Canada's leading specialty insurance managing general agencies, is pleased to announce it has reached an agreement to acquire United Surety, a Mississauga-based independent MGA. The acquisition is scheduled to close on January 1, 2022. Read more.

CAA MyPace Expands In Ontario
CAA Insurance Company is proud to announce the expansion of Canada's first and only pay-as-you-go auto insurance payment program, CAA MyPace™, in Ontario. Read more.

AcordPay Expands Integrated Payments with Applied Epic
AcordPay, the leading digital payments platform for the insurance industry, has announced that it is expanding its payment integration with Applied Epic. Brokerages will be able to pay vendors, refund premiums to customers, and send other payables from Applied Epic with the ClearPay service functionality enabled. Read more.

StoneRidge Partners With UAI
StoneRidge Insurance Brokers, a leading independent provider of insurance and consulting services, whose platforms include an insurance brokerage, MGA/MGU and an adjusting firm, has entered into a partnership with Underwriters Alliance, Inc. to expand its service offering in group benefits and HR services. Read more.

Global Climate Policy Acceleration Means Sink-Or-Swim Decade For Canada’s Economy
Canada's economy faces a “sink-or-swim” decade, according to the first study to assess Canada's economic prospects in the face of accelerating global market shifts responding to climate change. Read more.

Co-operators Partners With PrevTech Innovations
Canadian farmers can now access a new on-farm fire risk reduction program through Co-operators powered by the latest in detection solutions by PrevTech Innovations Inc. The PrevTech Solution provides electrical monitoring, fault detection and diagnostic services to reduce the risk of fire and operational interruptions on farms caused by electrical faults. Read more.

Westland Acquires New Brokerage In Manitoba
Westland Insurance Group Ltd., Canada’s largest independent Canadian-owned brokerage, is pleased to announce the acquisition of Harvest Insurance, based in Steinbach, Manitoba. Read more.

iA Financial Acquires Majority In Surex
iA Financial Corporation Inc. is pleased to announce the acquisition of 70% of the shares of two Canadian companies specializing in insurance technology: Surexdirect.com Ltd. and Surexdirect.com (Ontario) Ltd. – collectively "Surex." As a leading player in digital Property & Casualty insurance distribution in Canada, Surex combines online self-serve capabilities with experienced advisors. Read more.

AXA Extends Oil And Gas Exclusions
In the run-up to COP26, AXA is extending its commitment to fight climate change and protect biodiversity. AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Read more.

Barrie Tornadoes Insured Damage Total Increases
The estimated total insured damage of the six tornadoes that hit the Barrie region on July 15 – resulting in 10 injuries, 71 uninhabitable homes, and more than 2,000 insurance claims – has increased by 25 percent, based on surveys from Catastrophe Indices and Quantification Inc. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTech Is Real And Important – It Is Not “Just Hype”
By Stephen Applebaum
Onstage at ITC 2021, Chubb CEO Evan Greenberg commented that InsurTech promises of transformation are “just hype.” There is no way to know whether this was meant to provoke and engage the audience (made up mostly of entrepreneurs, InsurTechs, investors and insurance industry leaders), or whether he meant exactly what he said as dismissively as it sounded. Either way, he was mostly wrong – but also a bit right. Read more.


CSSI offers innovative solutions for Brokers, MGAs and Companies


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


InsurTech Spotlight

In the InsurTech Spotlight this week:

FRISS
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Our AI-powered fraud detection solutions have helped 175+ insurers grow their business. FRISS detects fraud, mitigates risks, helps you stay compliant and supports digital transformation while helping lower loss ratios, grow profitable portfolios and improve the customer experience. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Insurance Account Representative
Desjardins Insurance
Burlington, ON

Personal Lines Customer Service
BST Insurance Brokers Ltd.
Pickering, ON


From Doug

Technology Improving Claim Estimating

Traditionally, a claims adjuster looked at a damaged car and developed a quick assessment of the probable cost to repair based on personal experience and reference information.

An auto repair centre can make the estimate more precise by looking deeper.

Digital tools and available reference information to support the estimate have become increasingly sophisticated over the years.

Rather than physical examination, can photos of the damaged vehicle suffice? This practice is widely used now, especially for less extensive damage.

Image recognition technology, machine learning and AI have been applied to the analysis of the photos of the damage. These tools are now capable of producing a line-by-line estimate of a repair.

By using machine learning and AI to compare estimates of a repair with the final results when the damage has been repaired, the estimating function continually improves. The more claims, the better the estimates.

When running in the cloud and serving many insurers, the volumes enable even better results.

Technology innovations – image recognition, cloud, AI, Machine Learning etc. – are contributing significantly to the improvement of claims handling – and by extension the customer experience.

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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