"Chronicle" weekly newsletter - Where insurance and technology meet

NOVEMBER 16, 2021

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“Insurance’s New Era”: Insurers Aim To Augment Protection With Prevention
Global insurance premiums could reach USD 10 trillion by 2030, according to a new report from Bain & Company exploring the evolving risk landscape for insurers. Risks are declining or flatlining in mature areas, such as personal auto and mortality, while expanding in new areas, such as cyber-crime, and growing more severe in others, including climate change. These changes are propelling the insurance industry to take on a new role incentivizing behaviors to reduce overall risk. Read more.

Relay Adds CapriCMW To Placement Platform
Relay Platform is pleased to welcome CapriCMW to its award-winning insurance placement platform Relay I5. Launched first with cyber insurance, Relay I5's sleek interface offers CapriCMW access to cutting-edge functions designed to save time and increase renewal and close rates. Read more.

Applied Releases Commercial Lines Premium Rate Index Findings For Q3 2021
Applied Systems has announced the third-quarter 2021 results of the Applied Commercial Index, the Canadian insurance industry's premium rate index. Overall, the magnitude of rate increases was up across all lines relative to average premium renewals in the same quarter last year. Read more.

Trufla Technology Offers Platform Free To Brokers
Trufla Technology is excited to announce their boldest move yet: the company is now offering their truMobile platform for free to all brokers. truMobile's new integrated 360° communications platform allows for automated and customized messaging, including emails, push notifications and SMS. As a result, brokers can interact with their clients whenever and wherever they want on any device. Read more.

Goose Insurance App Announces New Partnership with AIG Canada
Goose Insurance Services, an innovative insurance technology company making it easier and faster for consumers to get the coverage they need through a self-serve mobile app, has announced a partnership with AIG Canada to provide new protections for the growing gig economy. Read more.

CIOs Cite Digital Roadblocks As Causing Policy Approval Delays: Equisoft & Aite-Novarica
In a new research report commissioned by Equisoft, Aite-Novarica presents the findings of a study conducted with US life insurers to identify the bottlenecks that distributors are facing across the policy application cycle, and what could be done to help them gain more visibility into the process, avoid unnecessary delays and, ultimately, improve advisor and customer satisfaction. Read more.

Cloud Will Be The Centerpiece Of New Digital Experiences: Gartner
The ongoing pandemic and the surge in digital services are making cloud the centerpiece of new digital experiences, said Gartner, Inc. In 2022, global cloud revenue is estimated to total USD 474 billion, up from USD 408 billion in 2021. Over the next few years, Gartner analysts estimate cloud revenue will surpass noncloud revenue for relevant enterprise IT markets. Read more.

Brokerlink Announces Triple Acquisition
BrokerLink is pleased to announce that Alberta-based Blue Circle Insurance Brokers Ltd., as well as Ontario-based Stevenson Insurance Brokers Ltd. and McVey Bros. Insurance Brokers Ltd., have joined the company, effective November 1st. These acquisitions enable BrokerLink to extend its local, personalized insurance service and solutions to even more customers in these communities. Read more.

Lemonade To Acquire Metromile
Lemonade, the insurance company powered by AI and social good, and Metromile, the data science company focused on auto insurance, have entered into a definitive agreement pursuant to which Lemonade will acquire Metromile in an all-stock transaction. Read more.

NFP Acquires Foster Park Brokers Inc.
NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement and individual solutions, is pleased to announce its acquisition of Foster Park Brokers Inc. The transaction closed on November 1st. Read more.

Ontario Teachers First To Support Underwriting Through London Bridge Risk PCC
Lloyd’s has announced Ontario Teachers’ Pension Plan Board, administrator of Canada's largest single-profession pension plan, as the first investor to provide capital through the London Bridge Risk (LBR) Protected Cell Company (PCC). Read more.

Majesco Partners with Larsen & Toubro Infotech
Majesco, a global leader of cloud insurance software solutions, for insurance business transformation, is pleased to announce a partnership with Larsen & Toubro Infotech (LTI) to help clients accelerate their digital transformation journey, unlock new opportunities, and deliver personalized customer experiences. Read more.

AXIS Enters Pet Insurance Market With Petplan
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, is pleased to announce it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with Managing General Underwriter Petplan. AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada. Read more.

IBM To Establish State-Of-The-Art Cyber Range With University of Ottawa
IBM Canada and the University of Ottawa are pleased to announce a multi-year partnership to build and operate a Cyber Range: a fully immersive, interactive, and experiential learning facility that will enable state-of-the-art research and training in cybersecurity and cyber safety. Read more.

Risk/Cover Disconnect: Willis Towers Watson
A new survey from Willis Towers Watson highlights a key disconnect between risks and insurance cover. Over 50 percent of luxury brands surveyed outlined D&O liability as one of the top risks to financial success, yet only 37 percent actually had obtained corresponding coverage. Similarly, business travel and environmental risks also rank highly, but very few have specific insurance for these. Read more.

The Intersection: Blog

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

Building Advanced Digital Solutions with Standardized APIs
Centre for Study of Insurance Operations (CSIO)
What if brokers could serve their clients much faster, easier and more efficiently? It is entirely possible. CSIO and its InnoTech Advisory Committee are working to advance digital experiences for brokers and their clients by moving information faster – with policy data available in real-time. In this blog, CSIO outlines how it will support the broker channel with digital solutions to streamline how brokers do business. Read more.

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

CSSI offers innovative solutions for Brokers, MGAs and Companies

InsurTech Spotlight

In the InsurTech Spotlight this week:

Trufla Technology
Trufla delivers a 360° digital strategy – a complete suite of digital solutions for modern insurance brokerages. From SEO and web design to lead management, branded mobile apps, data & analytics, and APIs, Trufla Technology helps brokerages take full advantage of their data to make data-driven decisions that will grow their business Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Account Manager – Commercial Mid-Market
Excel Insurance Group (Metro Vancouver)
Burnaby, BC

Insurance Account Representative
Desjardins Insurance
Burlington, ON

From Doug

In P&C insurance digital transformation, commercial lines is one focus area. Advances in technology, connectivity, and availability of reference data have enabled an increasing number of process steps to be automated.

The objective is to quote, underwrite, issue and pay, when appropriate, quickly and efficiently.

The InsurTech Spotlight has examples:

Zensurance and Foxquilt as B2C providers have smoothed the way for businesses to purchase and service insurance.

Apollo Exchange offers instant quote, pay, bind and issue documents for brokers, and interestingly through the broker's website, directly to customers.

Relay Platform and Quotey enable a broker to enter details, request quotes from multiple insurers by immediate API or delayed email, and present details back to the broker.

These and other innovators have broken numerous barriers.

Like any industry sector, innovation precedes standardization. That said, it is great to see CSIO leading industry working groups to develop standards in commercial lines.

The result is a win for everyone, more efficient processing and faster service, a better customer experience.

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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