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NOVEMBER 30, 2021

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INSURANCE INDUSTRY NEWS

Canadian Broker Network partners with Applied Systems to accelerate automation and data insights
Applied Systems is pleased to announce a partnership with Canadian Broker Network to drive best practice processes and build structured data sets. As part of the partnership, member brokers will extrapolate powerful business intelligence and participate in innovation initiatives to drive greater opportunity in Personal and Commercial lines, simplifying workflows by eliminating manual administrative tasks and creating growth opportunities for all stakeholders. Read more.

FaithLife Financial Unveils New Product Suite
In order to diversify our client base and better position our advisors for success, FaithLife Financial has developed four new, customizable life insurance products, including a bereavement counselling benefit for beneficiaries of the insured. Read more.

BitSight, Marsh McLennan Collaborate To Bolster Cybersecurity
BitSight, the Standard in Security Ratings, and Marsh McLennan, the world's leading professional services firm in the areas of risk, strategy, and people, are pleased to announce a collaboration to help organizations better understand, measure, and manage their cyber risks. Read more.

Growth of Predictive Analytics & Shift Toward Cloud Computing: Global InsurTech Market Report
With the global InsurTech market expected to reach USD 60 billion by 2028, ResearchAndMarkets.com is pleased to announce the availability of its new Global InsurTech Market Report, featuring analysis by type (Auto, Business, Health, Home, Specialty, Travel), by service, by technology, by end-use, by region, and segment forecasts. Read more.

Swiss Re, Baidu Partner To Advance Autonomous Driving Ecosystem
Swiss Re has entered into a partnership with Chinese tech giant Baidu to provide risk management expertise and innovative insurance products for Baidu's autonomous driving business. The partnership aims to further develop the autonomous driving industry and create a new paradigm, allowing reinsurers to tailor autonomous driving insurance products to meet the needs of technology companies. Read more.

Interest In Travel Surges Year Over Year
As pandemic restrictions ease, Canadians' interest in travel quotes has surged 293% year over year, according to a report from RATESDOTCA. While still far from pre-pandemic numbers, it's clear Canadians are once again ready to pack up and go, though the destinations they are planning to visit have changed. Read more.

Morning Data Donates Data Model Assets to Insurance Industry Via ACORD
Leading specialist London Market insurance software provider Morning Data is pleased to announce that it is making its Conceptual Data Model assets available to the industry at large by donating them through ACORD, the standards-setting body for the global insurance and related financial services industries. Read more.

Sun Life Partners With CloudMD To Expand Mental Health Coach
The need to support Canadians and their mental health has never been greater. To help more people access care, Sun Life is expanding its partnership with CloudMD, the creators of Mental Health Coach. Following a successful seven-month pilot program, Sun Life will begin rolling out Mental Health Coach as part of its Group Benefits offering. Read more.

Totten Group Unveils Pandemic Revenue Protector Program
Totten Insurance Group is pleased to announce the Pandemic Revenue Protector Insurance Program for the hospitality industry, developed by Totten Insurance Group to enhance the value of Business Interruption coverage for businesses with exposure to forced closure by a government authority in the Hospitality sector.
Read more.

Apollo Partners With RateGalaxy To Offer Access To Immediate Digital Insurance
Apollo Insurance, Canada's leading online insurance provider, has partnered with RateGalaxy to offer immediate digital insurance products specifically tailored to Canadians who use their website each year.
Read more.

IBC Statement: Speech From The Throne
The federal government's Speech from the Throne committed to strengthening action to prevent and prepare for floods, wildfires, droughts, and other extreme weather worsened by climate change by developing Canada's first National Adaptation Strategy. Read more.

StoneRidge Partners With J.M. Johnson
SIB Corp., operating as StoneRidge Insurance Brokers (SIB), a leading independent provider of insurance and consulting services, whose platforms include an insurance brokerage, MGA/MGU, group benefits and an adjusting firm, has entered into a partnership with J.M. Johnson Insurance Agencies, expanding the company's presence into the Manitoba market. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Why Automation In P&C Creates The Need For More Human Experts
By Mark Breading, Strategy Meets Action
The P&C industry has been on an automation path for many years. When the pandemic hit, it became a catalyst for accelerating automation and digital transformation. Straight-through processing, self-service portals, virtual inspections, and digital payments are just a few of the areas that insurers put a sharper focus on. But automating tasks and workflows does not mean that machines will take over and leave industry professionals out in the cold. In fact, the opposite may be true. I believe that a case can be made that automation initiatives will increase the need for skilled professionals with deep industry domain knowledge. Read more.


CSSI offers innovative solutions for Brokers, MGAs and Companies


InsurTech Spotlight

In the InsurTech Spotlight this week:

Betterview
Betterview's mission is to assist insurance carriers to better understand property risks and avoid preventable losses. Betterview accomplishes this goal in significantly less time than traditional methods (physical inspections, surveys, agent visits) and at a fraction of the traditional cost. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Our Meatless Future

Decades ago my spouse and I gave up red meat, then became largely vegan, and recently added some seafood, eggs, etc., back into our diet, which is largely vegetables, fruit, and legumes (beans and lentils). I include some “fake meat.”

Seeing opportunity for disruption, huge investments are being made in meat alternatives.

Why the interest?

• Environmental impact of meat production;
• Ethical questions around traditional meat;
• Alternatives can be healthier;
• Rapid growth in sales of alternatives.

The meat value chain could be simplified dramatically, as “clean meat” labs could take the place of farms, feedlots, and slaughterhouses.

What does this mean to insurance? If traditional means of meat production shrink, there is a loss in insurance premiums.

But new opportunities for insurance for people (life, health) and things (property) could match or even exceed that loss.

Regardless, what is being insured and the accompanying risk-management services will all change, bringing competitive opportunity to those who seize the moment.

For my part, I look forward to more variety and choice in my diet.

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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