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Insurance-Canada.ca - Where insurance and technology meet

APRIL 26, 2022

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INSURANCE INDUSTRY NEWS

Koïos, Applied Systems Digitizing Sales & Service Workflows
Applied Systems is pleased to announce a new collaboration with Koïos Intelligence to optimize and simplify insurance sales and service processes with artificial intelligence and natural language processing. The integration between Koïos Intelligence and Applied Epic and Applied Rating Services will enable brokers to deliver a voice-enabled virtual assistant for customer quoting, creating a faster and more digital customer experience. Read more.

Foxquilt Launches eCommerce Insurance Product
Foxquilt, a leading North American InsurTech focused on empowering small businesses with customized insurance products uniquely matched to their needs, announced the launch of a new eCommerce insurance product. Business owners will be able to secure coverage tailored to their specific needs, entirely online, on their own time and at better prices than they are used to. Read more.

Mitchell, Tractable Delivering On Promises Of Touchless Estimating
Mitchell, a leading technology and information provider for the P&C insurance and collision repair industries, is pleased to announce the debut of its end-to-end claims automation solution which allows North American carriers to use Mitchell Intelligent Estimating with Tractable AI for straight-through processing in automotive insurance claims, helping to expedite payments and meet consumer expectations for a seamless, digitally driven experience. Read more.

CSIO Publishes Industry-First API Security Standard
CSIO is pleased to announce that its INNOTECH Committee and API Security Working Group have achieved an important milestone by finalizing and publishing the insurance industry's first API Security Standard, which provides a standard authentication and authorization API model for vendors and insurers. Read more.

InsurTech Innovators Blink Parametric, baoba Enter Partnership
Blink Parametric is pleased to announce it has entered into a partnership with baoba, a global travel InsurTech with offices in the US, Canada and Hungary. baoba serves as a B2B marketplace for travel sector organizations looking to add innovative solutions for their customer base including online travel agents (OTAs), travel insurance companies and airlines. Read more.

Ecclesiastical Launches Online Specialist School
As a specialist provider of unique insurance solutions, Ecclesiastical Insurance is committed to ensuring that our brokers and customers have access to resources and tools that will keep people safe, and facilities protected.  As part of that ongoing commitment Ecclesiastical has created the Ecclesiastical Specialist School™, an online series of courses designed to help brokers and customers navigate complex scenarios with tools and best practices. Read more.

Mailtropolis Selects Quadient Impress to Automate Transactional Mail Capabilities
Quadient is pleased to announce that high-security mail service provider Mailtropolis has chosen Quadient Impress to expand its transactional mail capabilities. Quadient Impress is a user-friendly, cloud-based SaaS solution that automates the customer communication workflow for small and medium businesses (SMBs). Read more.


ICTA NOMINATIONS

Focusing on Marketing & Lead Management
Ai Insurance Organization Inc. developed a tailored BMS/CRM solution using APIs to applications such as PowerBroker for EDI uploads and downloads, QuickBooks for Accounting, premium financing partners for express quoting, etc. We invested in a full-fledged, in-house marketing team in 2020 and in Act-On. Our CRM syncs with Act-On to allow our marketing team to produce tailored communications. Read more.

Determining Where A Damaged Vehicle Should Be Repaired
Aviva Canada has deployed an analytics-based real-time decision support tool to help its Auto Claim Adjusters select the best possible repair shop for their customers' damaged vehicles. The tool is plugged directly into the Adjuster's workflow in Guidewire ClaimCenter and uses over 30 predictive variables to rank the repair shops that are likely to produce the best possible customer and carrier outcomes. Read more.


The Intersection: Insurance-Canada.ca Blog

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

“Want Cyber Insurance With That?”
By Greg Boutin, Relay Platform
Relay Platform is delighted to share that our growth rate has accelerated to unprecedented levels as we establish ourselves as the preferred cyber insurance quoting solution for wholesale and retail brokers. Given the rise of cyber risk everywhere, brokerages increasingly see it as a requirement to provide cyber insurance quotes to their clients. It minimizes their own exposure, and it is good for business. But until recently, there was no good, channel-neutral tool to do this well and fast. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
Last call – free webinar:
How Broker Tech Can Unlock the Potential of Your Commercial Distribution Team
Wednesday, April 27, 1-2pm

Tomorrow afternoon, don't miss Relay Platform share how their platform can help brokers of all sizes improve the quoting, winning and placing of commercial lines business.

Register now and hear about how you can improve your productivity and create a competitive edge as the digital transformation of commercial insurance continues. More details.

Featuring:
featuring Relay Platform


InsurTech Spotlight

In the InsurTech Spotlight this week:

Relay Platform
Relay is an online SaaS solution helping ceding teams, underwriters, MGAs and brokers to structure and secure reinsurance and large insurance placements faster and more simply. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Insurance has always been data-dependent. Automating insurance functions depends on digital data.

Access to data and related processing functions has evolved from mail to telecommunications to the internet, from in-house to partner to customer.

The digital insurance ecosystem expands and gets richer in terms of both access and function.

The key to functional innovations – underwriting, for example – has been access to third-party data in digital form when needed – data such as VIN data to understand more about the vehicle, motor vehicle reports, industry shared loss histories and so much more.

Innovation requires digital data. Telematics data has given a window into when, when and how a car is driven improving underwriting and rating.

Innovation leaders have reached beyond UBI to coach the driver in order to improve driver behaviour.

New (detailed, meaningful, digital) data has enabled the product innovation journey to automate processes and decision-making.

How we have changed!

What is the next frontier of data-based insurance innovation?

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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