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Insurance-Canada.ca - Where insurance and technology meet

JANUARY 25, 2022

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INSURANCE INDUSTRY NEWS

Cyber Perils Outrank Pandemic, Broken Supply Chains As Top Global Business Risk
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year. Read more.

Improved Customer Experience, Efficiency Have Amplified Insurance Fraud Risk
As technological advancements have made crimes such as identity theft and claims manipulation easier to commit and harder to detect, digitalization is creating a variety of new data sources that insurers can use to identify fraudulent behavior. In a new report, Aite-Novarica Group examines the state of the claims fraud detection solution market and lists key market trends affecting fraud detection specific to P/C claims as well as the vendors serving this space. Read more.

Insured Damage Total For Severe Weather In 2021 Surpasses CAD 2 Billion
Severe weather across Canada continues to highlight the financial costs of a changing climate to both insurers and taxpayers. Insured damage for severe weather events across Canada reached $2.1 billion last year, according to CatIQ. Noteworthy severe weather events last year included the November flooding in British Columbia and summer hailstorms in Calgary, and 2021 now ranks as the sixth highest in insured losses since 1983. Read more.

New Guidewire Marketplace App From Risk Control Technologies
Guidewire and Risk Control Technologies have announced that RCT's new Ready for Guidewire validated accelerator for PolicyCenter is now available to users in the Guidewire Marketplace. RCT provides an end-to-end loss control platform to help insurers maximize claims reduction, increase customer retention, and harness data insights for better decision making. Read more.

Crawford Technologies Launches Training & Education Platform
Crawford Technologies, provider of innovative document solutions, is pleased to announce the launch of CrawfordTech Academy, a learning platform available to all Crawford Technologies software users and partners. CrawfordTech Academy provides valuable insights, instruction and demonstrations from technical experts to help solve common and complex challenges. Read more.

Swiss Re Receives World-First Digital Responsibility Designation
Swiss Re is pleased to announce that it is one of two pioneers to have a digital product tested and successfully certified by the Digital Trust Label, the first-ever label for digital responsibility launched by the Swiss Digital Initiative. Swiss Re has successfully certified Magnum Go, an automated L&H underwriting solution. Read more.

New Study On Interactive Personalized Video Solutions
Madison Advisors is pleased to announce the availability of its newest research report on interactive personalized video (IPV). Viewing IPV solutions as the next stage in the evolution of customer communications, Madison Advisors sees opportunities for IPV to grow significantly as more customers opt into electronic communications and high-speed internet access continues to expand. Read more.

SNAP Premium Finance Rebrands As Imperial PFS Canada
SNAP Premium Finance, the leader of payment solutions in the finance industry, is pleased to announce it has completed a rebranding. The rebrand to Imperial PFS Canada strengthens the connection between their parent company, Imperial PFS (IPFS) while reflecting the way the company has grown and expanded throughout Canada and cross-border. This rebrand also helps solidify IPFS' commitment to the Canadian market place. Read more.

Insurers Have A Role To Play In Easing Geopolitical Climate Tensions
Lloyd's has released a new report to help insurers and risk managers navigate the significant overlap between geopolitical risks and climate change. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Commercial Insurers Are Shifting Their Transformational Tech Priorities
By Heather Turner, Strategy Meets Action
Policyholders faced innumerable challenges within the past two years, resulting in unprecedented changes to their consumer behavior. Personal lines insurers responded swiftly to meet insureds' new and evolving needs. They went all-in on digital self-servicing capabilities for customers, agents, and employees, but recent market activity suggests that insurers' top technology priorities of the past year may be different in 2022. New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes Read more.


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From Doug

Although the insurance industry has a not-unfounded image of being slow to change, in my time there have always been new initiatives. Certainly the rate of change has increased dramatically over the latest generations of new technologies – internet, email, social, AI, cloud computing, and so on.

Although technology was an enabling force, improvements in development processes (e.g. hackathons, agility, MVP, fail-fast, continuous improvement) helped move change more quickly.

InsurTechs brought a new "corporate culture" to the fore.

Both InsurTech and more recently COVID have accelerated change further still.

The new imperative for most insurance businesses to really succeed go beyond general corporate culture to the top of the business. Leaders need to determine the key to their strategy and then focus fully on executing that strategy while pushing aside initiatives that don't support it directly.

Marie Carr nails this focus in "Key to Competitive Carrier Strategies" for Insurance Thought Leadership.

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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