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FEBRUARY 22, 2022

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INSURANCE INDUSTRY NEWS

2022 Global Insurance Report: McKinsey
The past two years may have been the most peculiar recession and recovery in living memory. The pandemic triggered a global economic downturn in 2020, followed by a strong economic recovery in 2021. Global financial markets took a roller-coaster ride, and the impact on the insurance industry was noticeable. The insurance industry faced challenges even before 2020, but now those issues have taken on greater urgency. Read more.

Economical Partners With Turo In Canada
Economical Insurance and Turo – the world's largest peer-to-peer car sharing marketplace – are pleased to announce a new partnership. Economical has been selected as the insurer of choice to provide commercial auto coverage for Turo's host and guest community in Ontario, Québec, Alberta, and Nova Scotia. Read more.

Zurich Canada Teams With Blink Parametric To Strengthen Post-Pandemic Travel Solutions
CPP Group's parametric platform, Blink Parametric, has announced its collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group – a top-three provider of travel insurance in the world. This deal marks another significant milestone for Blink as it tracks the ongoing recovery of the global travel industry. Read more.

Life & Health Insurers Turn To A.I. To Tackle Benefits Fraud
The Canadian Life and Health Insurance Association (CLHIA) is pleased to announce the launch of an industry initiative to pool claims data and use advanced artificial intelligence tools to enhance the detection and investigation of benefits fraud. Read more.

Intelligent Decisioning: How A.I. Is Automating Insurance Business Processes
The industry is turning to new technology solutions that automate and streamline everyday tasks to complement and enhance the productivity of skilled knowledge workers and customer service representatives. In a new Impact Report sponsored by Shift Technology, research and advisory firm Aite-Novarica Group explains what intelligent decisioning is and explores its applicability in automating processes across the insurance life cycle. Read more.

BrokerLink Announces Largest Acquisition In Alberta To Date
BrokerLink is off to a strong start this year, closing the company's largest acquisition in Alberta to date with Bow Valley Insurance Services, effective February 1st. This acquisition provides BrokerLink with an opportunity to expand its services to more community members in Calgary and the surrounding area. Read more.

Disaster Rx DKI expands to Burlington and Brockville
DKI Canada is pleased to announce the opening of two new Disaster RX DKI locations this spring, serving Burlington and Brockville, and the surrounding area. Read more.

Utica First Insurance Company Selects Betterview
Betterview, an InsurTech provider of actionable property intelligence to property & casualty insurance companies, is pleased to announce Utica First Insurance Company has selected Betterview's market-leading Property Intelligence Platform to improve underwriting efficiency, increase profitability, and reduce loss adjustment expenses. Read more.

Brokers: Take Control Of Your Receivables
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, is encouraging brokers to explore how they can proactively implement automated solutions to make managing outdated receivables a thing of the past. Read more.

More Canadians See Mental Illness As A Disability
As attitudes around health and wellness among employees and employers continue to shift, the number of working Canadians who view mental illnesses as a disability has hit a new high, according to an RBC Insurance survey. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Nine Disability Management Services to Help Employees Return to Work
By Cindy Danielson, Simply Benefits
What happens when an employee leaves work due to an injury or illness? Research says that prolonged absence from normal roles, including absence from the workplace, is detrimental to an employee's mental, physical, and social well-being – not to mention the impact it has on the organization and other employees. Read on to learn what you can do to help your employees return to work quickly and safely. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Micruity
We're partnering with life insurers and fund managers to transform the way employees save for retirement. We aim to be the unbiased, central clearinghouse to provide the real-time and secure data exchanges needed by plan sponsors and recordkeepers to add life annuities to their defined contribution plans. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Senior Underwriter, Healthcare & Life Science
Totten Insurance Group
Toronto, ON

Insurance Manager
Northern Savings Insurance Agency
Terrace, BC


From Doug

Data underpins all areas of insurance: product definition and pricing, marketing, underwriting, claims processing, fraud detection, reporting, etc.

The quality of any decision we make, big (strategy) or small (a simple claim settlement offer), depends on accurate, clean and current data.

Today's emphasis on straight-through processing, with a focus on optimizing and streamlining the customer experience, makes every moment critical.

Simple decisions have been digitally enabled – and are therefore quicker.

But more complex decisions rely on more data, some of which may be unstructured. Increasingly, state-of-the-art technology tools are being applied in real-time to enable instantaneous decision-making.

Customer expectations and competition are driving the push for faster decisions, for better and more granular decisions, and the need for tools to make those decisions.

Good decisions require good data – today's gold.

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 info@insurance-canada.ca.

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