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Insurance-Canada.ca - Where insurance and technology meet

MARCH 29, 2022

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INSURANCE INDUSTRY NEWS

Cognition+ Launches Claims Management Solution
Cognition+ Inc., a leading insurance technology provider, has announced the launch of a next-generation claims management solution for its Policy Administration System which enables property & casualty insurers to digitally transform their claims management processes. The Cognition+ Claims solution, in conjunction with Cognition+ Policy and Underwriting functions, delivers an enterprise-level experience in managing policyholder relationships in a digital world. Read more.

Wellness Report Illustrates Pandemic Fallout
Manulife's 2021 Wellness Report highlights how the pandemic is affecting employee health, and underscores that two years into the pandemic, Canadian workers continue to struggle to take care of their health and wellbeing. Read more.

Introducing The Nature Force: Canada's Largest P&C Companies Collaborate On Conservation
As Canadian communities continue to grapple with extreme weather events, 15 leading insurance companies operating in the property and casualty (P&C) space have joined forces with Ducks Unlimited Canada, a leading environmental non-profit organization specializing in wetland conservation and climate resilience. Read more.

INNOTECH API Working Groups Break New Ground
CSIO is pleased to announce that the Innovation and Emerging Technology (INNOTECH) API Working Groups have published API Standards using JSON for Individually Rated Commercial Automobile (IRCA) and Commercial General Liability (CGL) policy inquiry. This marks the first publication of an industry standard for Application Programming Interface (API) Standards in Java Script Object Notation (JSON) for commercial lines. Read more.

Apollo, Livelii Collaborate To Cover Canada's Independent Workforce
Apollo Insurance Solutions, Canada's leading online policy provider, is pleased to announce it has partnered with Livelii to offer immediate digital products specifically tailored to the independent workforce of Canada. Read more.

HUB Announces Strategic Group Insurance Agreement With National Bank Insurance Firm
HUB International Quebec Ltd. is pleased to announce that it has entered into a strategic agreement with National Bank Insurance Firm. This partnership involves the transfer of group insurance activities from NBIF to HUB. Read more.

Blink Parametric Partners With MNK Re
Blink Parametric, a CPP Group InsurTech, is pleased to announce a strategic partnership with MNK Re, a specialist Lloyd's of London insurance and reinsurance broker serving large institutions in over 70 countries. Read more.

Insurers Investing In AI-Based Fraud Detection
To assist claims professionals and special investigation unit (SIU) teams in identifying suspicious claims activities, insurance companies are investing heavily in AI and advanced technology to analyze both structured and unstructured data to prevent claims fraud. In a new report, research and advisory firm Aite-Novarica Group evaluates the AI-based P&C claims fraud detection solution market, lists key market trends affecting fraud detection specific to P&C claims, and profiles key vendors. Read more.

Gallagher Acquires PCI Compensation Consulting
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Montreal-based PCI-Perrault Consulting Inc. (doing business as PCI Compensation Consulting). Terms of the transaction were not disclosed. Read more.

Siriuspoint Partners With Players Health
SiriusPoint Ltd., a global specialty insurer and reinsurer, is pleased to announce a strategic partnership in Players Health, an amateur sports insurance and risk management platform. Read more.

SGI's Top 2021 Insurance Fraud Cases
Insurance is there when you need it, but some people try to get it even when they don't. When people try to defraud insurance providers, that's where SGI's Special Investigation Unit comes in. In 2021, SIU busted hundreds of people attempting to make fraudulent claims, helping to keep insurance rates low for honest customers. Here is a round-up of the top five insurance frauds last year. Read more.

Flooding, Mould Top Concerns For Canadians
First Onsite Property Restoration, Canada's leading property restoration company, marks the end of winter with the release of the first in a series of consumer surveys set to examine Canadians' concerns, perceptions, and property readiness amid ever-changing weather patterns. Read more.


Insurance-Canada.ca Technology Awards (ICTAs)

ICTA deadline approaching!

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The last day to submit is coming up next week on Thursday, April 7!

Start your ICTA nomination today!

Highlight your achievements – reward your team – with an Insurance-Canada.ca Technology Award!

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For details, visit insurance-canada.ca/icta.


The Intersection: Insurance-Canada.ca Blog

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

The InsurTech Revolution: Don’t Get Left Behind
Insurers are transforming the way they do business by leveraging technology, and the pandemic has accelerated changes in healthcare, creating an InsurTech revolution. InsurTech companies broke records in 2020, raising more than $2.5 billion through more than 100 deals during the third quarter (marking a 63% increase in funding from the second quarter to the third quarter). Read more.


Insurance Works

Featured job opportunities:

Insurance Quality and Assurance Coordinator
Howard Mutual Insurance
Ridgetown or Blenheim, ON

Agribusiness Underwriter
Nova Mutual
Jarvis, ON


InsurTech Spotlight

In the InsurTech Spotlight this week:

Relativity6
Relativity6's platform is able to retrieve up-to-the-second information about a business in order to automatically detect its 6 digit NAICS code, verify its existence, and flag any need-to-know keywords about the business. Insurance carriers, brokers and agents, comparative raters and MGAs use Relativity6 to surface the best possible NAICS codes for better automated commercial submissions. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Cryptocurrency

A cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it (that's the current Wikipedia definition).

Bitcoin, developed in 2008, began trading at US$0.0008 in July 2010, climbing to US$0.08 by month's end. Today it trades in the USD $45,000 range.

Some 20% of US adults report owning crypto, according to a recent survey referenced in CB Insights: “Millennials are the most likely to say they own crypto at 36%, compared to just 6% of Baby Boomers. As crypto goes mainstream, $1 in every $4 of blockchain funding goes to exchanges and brokerages facilitating the buying and selling of crypto.”

Insurance and Crypto?

Crypto is the standard for ransomware payments.

Some insurers are willing to receive and make premium and claim payments in crypto. Is this common?

It is doubtful that regulated insurance activities (investments, assets, etc.) allow much crypto activity.

With central banks now developing plans for crypto, will it become more mainstream, or is it just a matter of time? And if so, what might the time frame be?

The future unfolds, sometimes slowly.

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 in[email protected].

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