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MAY 10, 2022

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INSURANCE INDUSTRY NEWS

Global Commercial Insurance Rates Continue To Moderate With Q1 Pricing Uptick: Marsh
Global commercial insurance prices increased 11% in the first quarter of 2022, according to the Global Insurance Market Index released by Marsh, the world's leading insurance broker and risk advisor, continuing a trend of moderating rate increases that began in Q1 2021. Read more.

Relay Launches Next-Gen Digital Quoting Solution
Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance placements, is pleased to announce the launch of the company's next-generation agent and broker API solution, Relay Cyber Fit for Retail Agents and Brokers. Read more.

InsurTech Startup ennabl Partners With Relativity6
InsurTech startup ennabl and data classification specialist Relativity6 have signed a partnership allowing insurance brokers to utilize Relativity6's revolutionary search and classification technology to identify accurate customer industry classifications from within ennabl. Instead of looking through out-of-date and static company databases, Relativity6 empowers ennabl users with machine learning technologies to get the best information about their customers and give them tailored insurance advice. Read more.

EY Canada Acquires Gensquared Inc.
EY Canada is excited to welcome Gensquared, an information technology and services provider that helps businesses tackle their biggest data and analytics challenges with a business-centric approach allowing clients to gain more meaningful and actionable insights. This acquisition strengthens EY Canada's Data, Analytics and AI practice, while evolving its suite of data and technology service offerings. Read more.

BrokerLink Makes Dual Acquisition In Ontario
BrokerLink is excited to announce that Nickel City Insurance Brokers and Atto & Associates Insurance have joined the company, bringing its total number of acquisitions to 10 since the beginning of the year. Read more.

Significant Innovation & Adoption Gaps Remain
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce the availability of its annual research report on Changes in Insurer's Strategic Priorities. The report, based on primary research, underscores the market changes and industry dynamics that have shaped the direction and strategies of companies and insurers over recent years. Read more.

IMG Partners With Roamly To Cover RV Renters
International Medical Group has announced a new partnership with Roamly, the first embedded InsurTech for travel enthusiasts with unique RV insurance offerings. IMG is excited to offer three travel and health safety products created for Roamly, which will initially be available to travelers booking trips on RV rental marketplace Outdoorsy. Read more.

Chubb Survey Explores Ownership Behaviors & Attitudes of Homeowners, Renters
A new Chubb survey measures the attitudes, behaviors, and purchasing decisions of homeowners and renters on their current and future residences and has found that unintentional damage – especially water risk – continues to be an overlooked risk. Read more.

BMO, EDC Partner On Sustainable Finance Solutions For Canadian Businesses
BMO Financial Group and Export Development Canada are pleased to announce an agreement to bring sustainable finance solutions to Canadian exporting businesses, to help them transition their carbon-intensive operations to eliminate or significantly reduce emissions. Read more.

Employers To Tackle Employee Healthcare Affordability Amid Rising Costs: WTW
The vast majority of employers say managing healthcare benefit costs will be their top priority over the next two years, followed by enhancing mental health benefits, according to a new survey by WTW. And with health costs increasing, employers are boosting efforts to make benefits more affordable and accessible. Read more.

Wawanesa Helping Canadians Adapt To Climate Change
The Wawanesa Mutual Insurance Company has introduced two new insurance products that help Canadians make their homes more resilient to climate change, Stronger Home coverage and Eco-Friendly coverage. Read more.


ICTA NOMINATIONS

Giving the Police A Helping Hand
Accident Support Services International Ltd. has upgraded its Collision Reporting & Occurrence Management System (CROMS) to give our police partners the ability to complete full collision reports roadside more accurately and effectively via a user-friendly web-based application. Read more.

Improving The Employee Experience
The Simply Benefits digital benefits management platform was officially launched January 1st, 2021, and is the first benefits provider to fully digitize the entire onboarding and enrollment process. We offer tailored portals for three unique users: Canadian Benefits Advisors, Employers, and Employees. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Digital Transformation Acceleration Relies on Core Systems
By Karen Furtado, Strategy Meets Action
In today's digital-first environment, insurance companies need state-of-the-art systems to support every aspect of their businesses. These core systems have been foundational to the digital transformation of insurers and MGAs for years, and the pandemic only elevated the need for companies to provide digital experiences to customers and employees. Recent research suggests that this need is influencing how insurers and MGAs are purchasing core systems. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

ProNavigator
ProNavigator is an InsurTech company that helps leading carriers and brokerages overcome information barriers. The platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly and accurately retrieve answers to customers and employees’ questions. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Claims Administration Support Representative – Commercial Lines
KRGInsure Toronto
Toronto, ON

General Insurance Agent
Flight Express
Calgary, AB


From Doug

The Insurance Claims Ecosystem Expands

The ICTA nomination from Accident Support Services in this issue (“Giving the Police A Helping Hand”) illustrates our ongoing digital transformation and the expanding insurance [digital] ecosystem.

ASSI has provided an improved tool to help police to capture data for an accident report: it is typed, features driver and vehicle information from government databases, and incorporates a diagram drawing tool.

As a result, the report is more accurate and readable, therefore more valuable.

Steps in this process:

1. Police create report at scene;
2. Police supervisor reviews;
3. ASSI receives, assembles FNOL;
4. Delivered via API to Insurer.

From a 2019 ICTA Nomination, “Connecting to Improve Customer Claim Service,” jointly with AVIVA Canada:

5. Insurer receives FNOL;
6. Claim is set up;
7. Adjuster assigned;
8. SMS/email message delivered to policyholder with claim number and adjuster contact.

Aside from the police supervisor and ASSI setup, this is straight through processing.

With advanced tools like AI and ML, it may be possible to automate those two manual steps in certain cases.

Digital transformation continues; the insurance ecosystem expands.

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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