"Chronicle" weekly newsletter - Where insurance and technology meet

FEBRUARY 8, 2022

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How Many Organizations Have Achieved A 360° View Of The Customer?
Just one in seven organizations has achieved a 360-degree view of the customer, according to the results of a recent Gartner survey. But more than four-fifths of respondents said they still aspire to attain this goal. Read more.

Betterview Launches Defensible Space Feature
Betterview is pleased to announce the immediate availability of a new Defensible Space feature which will enable insurers using the company's Remote Property Intelligence Platform to better protect vulnerable properties against catastrophic weather damage. Read more.

Westland Acquires Campbell, Roy & Eldridge
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is pleased to announce the acquisition of Campbell, Roy & Eldridge Insurance Services, heardquartered in Markham, Ontario. Read more.

Canadian MGA Adopts New Brand Nationally
Agile Underwriting Solutions is pleased to announce that effective immediately, Guardian Risk Managers and Exhale Insurance will be rebranded under the Agile name. Read more.

Coalition Launches Tech-Powered Executive Risks Products With Personalized Risk Assessment
Coalition, the world's largest commercial InsurTech provider, announced the launch of its executive risks insurance products with new personalized risk assessments for all clients, offering broader protection for small and midsize businesses. With insurance coverage provided by Zurich North America (A+ rating from A.M. Best), Coalition is now offering Directors & Officers (D&O) and Employment Practices Liability (EPL) with new tools and features to all broker partners, furthering its breadth of offerings to protect businesses against modern risks. Read more.

CAA SCO Partners With Virtual Healthcare Platform
Getting medical care for you and your family just got faster and easier. CAA South Central Ontario and Maple are proud to announce a new partnership that offers members discounted or free 24/7 online access to Canadian-licensed general practitioner and healthcare professionals. Read more.

Great American Insurance Group Enters Canada
Great American Insurance Group's Professional Liability Division is pleased to announce it has expanded its Primary and Excess Errors and Omissions (E&O) coverage offerings into the Canadian market. Read more.

Canadians’ Stress Worsens Even As Finances Improve
Manulife Investment Management has announced the results of its second Canada Retirement Study. The survey provides a timely snapshot of how plan members are feeling about their well-being, overall financial security and retirement preparedness. It reveals most Canadians want to be more confident in their financial decisions and are interested in receiving help from their employers. Read more.

Key Trends For Group Benefits In 2022
Mental health supports, technology and the digital delivery of services, and strategic plan design to keep benefit plans affordable will be key trends in group benefits in 2022 according to leaders at CLHIA and Empire Life. Read more.

No Excuses, Wear Your Seatbelt: SGI
What's your excuse for not wearing your seatbelt? Whatever your reason, it's not a good one, and it won't get you out of a ticket. The RCMP is sharing a list of excuses from drivers who failed to buckle up. Read more.

Traffic Fatalities Rose At Record Pace In 2021
The U.S. Department of Transportation's National Highway Traffic Safety Administration released its early estimate of traffic fatalities for the first nine months of 2021, projecting the highest number of fatalities since 2006 and the sharpest increase in the history of the Fatality Analysis Reporting System. Read more.

The Intersection: Blog

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

Four Steps For Improving The Policyholder’s Customer Experience
By Andi Dominguez, Quadient
Organizations engaging in personalized communications are seeing great results across the entire customer lifecycle; particularly, an increase in engagement. Customer engagement is powerful and impacts every touchpoint for insurers, from reducing policyholder churn to keeping up with evolving expectations of agents and customers. Engagement is crucial in determining the overall policyholder experience and the depth of relationship they have with your brand. Read more.

Quadient Apex ebook

InsurTech Spotlight

In the InsurTech Spotlight this week:

Zelros is the industry's first AI-driven platform dedicated to advancing insurance distribution. It enables incumbent industry leaders to compete with both fast-growth, technology-first insurance startups and tech behemoths heavily investing in InsurTech. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Embedded Insurance (Cont’d)

Traditionally, insurance embedded at point of sale of another product (warranty, travel) needed no underwriting, although a minimum number of questions might be asked to determine premium.

Why is this such a hot topic today?

I see five major factors:

Communications: The internet connects everything and continues to improve speed and reliability even as it expands to include new devices and functions.

Digital Transformation: Core insurance processes are increasingly digital, without manual steps other than exceptions.

Connectivity: Rather than using APIs for only internal connections, exposing them to other businesses enables a multi-party digital real-time process.

Innovation: With modern technology in place, the mindset or culture changed from doing old things better to looking at doing new and different things.

Data: One key to good underwriting is quality data. More information is becoming available digitally and the tools to process information continue to improve.

How are you leveraging these advances in your business?

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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