"Chronicle" weekly newsletter - Where insurance and technology meet

MAY 17, 2022

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The Top 5 Cyber Insurer Groups Worldwide
By the end of 2021, more than 180 insurance groups around the world were underwriting cyber risks with the top 100 of these taking over 98% of global GDPW, a new report by Insuramore has found. Read more.

ClaimsPro Specialty Risk Division Partners With Integra Technical Services
ClaimsPro's Specialty Risk Division, Canada's largest loss adjusting firm, and Integra Technical Services, a leading specialty loss adjuster, have entered into a new strategic alliance partnership. The combined resource enhances ClaimsPro's global service offering to the Lloyds, international and domestic insurance, and reinsurance markets. Read more.

Echelon Insurance Deploys Guidewire InsuranceSuite
Echelon Insurance is pleased to announce it has successfully deployed Guidewire's InsuranceSuite and DataHub as its new underwriting, policy administration, claims, billing, and enterprise-wide data management solution. Guidewire PartnerConnect Consulting members Cognizant and Infosys supported the implementation project. Read more.

SCM Supporting Its Mobile & Hybrid Workforce With RingCentral
SCM Insurance Services, the parent company of Canada's largest independent claims management firm, is enabling its employees and clients to stay better connected and productive with RingCentral Inc., a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions making it easier for SCM's mobile and hybrid workforce to respond to clients and deliver outstanding customer service. Read more.

Hub Launches Nonprofit Specialty Practice
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce the launch of its Nonprofit Specialty practice. The formation of the practice formalizes HUB's capabilities in serving the unique risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations. Read more.

Solera Survey Reveals Surge in Trust and Adoption of AI-Driven Claims and Repairs
New global market research released by Solera, the global leader in vehicle lifecycle management, reveals the increasing demand for digital-first automated claims, with soaring trust in AI-driven claims and repairs. The annual survey also identifies rapid acceleration of AI adoption among global car insurers, enterprise body shops and OEM dealer networks to deliver on consumer expectations. Read more.

Covering E-commerce Sellers On Amazon, Etsy
With any business, online or brick and mortar, there are significant risks associated. In the case of online stores, along with traditional risks comes online threats such as cyber-attacks, property damage, product liability, general liability, and data breaches. Online business owners need comprehensive insurance policy that can withstand financial obligations and liabilities arising from mishaps related to such risks. Read more.

CSIO Board Of Directors Welcomes Aviva CIO
CSIO chairman Cam Loeppky is pleased to announce that Zoey Todorovic, CIO at Aviva Canada, has been appointed to CSIO's Board of Directors Read more.


Placing Commercial Insurance Easily
Apollo delivers a people-first insurance experience through time-saving technology and a deep understanding of the communities we serve. Our proprietary platform, the Apollo Exchange, allows insurance agents and their customers to purchase policies immediately, from anywhere, on any device. Unlike traditional paper-based processes, Apollo leverages extensive data and sophisticated algorithms to quote, collect payment, and issue documents for thousands of small businesses and individuals without human intervention. Through agents and embedded finance partnerships, Apollo is making insurance effortless. Read more.

Advantage In The Cloud
Gore Mutual Insurance Company launched a radical and accelerated strategy in 2019 to transform from a financially strong but under-performing regional insurer with outdated operating models to an agile, purpose-driven, digitally-led national insurer, with an entirely new operating model in automobile and personal lines and a highly automated and scalable national contact center. Gore Mutual streamlined process flow for brokers, decreased time to quote, and increased straight-through processing. The company added significant volume in new business each month and increased overall growth by the end of 2021, becoming one of the fastest-growing insurers in the country. Read more.

The Intersection: Blog

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

Emerging Weather Science Supercharges A New Generation Of Risk & Insurance Solutions
By Stephen Applebaum & Alan Demers
Before the climate change debate focused the world on meteorological threats, insurance companies were well aware of the risks associated with extreme weather events. What is less understood is how technology and weather science have evolved to help predict and warn of approaching events, giving advanced notice to alter course and relocate to safety. And now, when sophisticated highly specific weather data is integrated with high-resolution geospatial imagery, artificial intelligence and telematics, the results are exciting and unprecedented. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

CloudAdvisors is an online platform that puts you in charge of your employee benefits plan. We are the first end to end digital platform to shop, compare, and analyse employee benefit plans. Through our network of benefit advisors, Canadian benefit providers, and marketplace solutions, we make it easy to build the right benefits plan, at the right price. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

All of this year's ICTA nominations reflect the dynamic change in Canadian P&C Insurance.

The two featured in this issue are quite different:

• New vs. old;
• Insurer vs. MGA;
• Relatively large vs. small (both growing).

But there are major similarities:

• Digital and technology key to their strategy;
• Bold strategies, pushing the bounds.

Advantage In The Cloud:
Gore Mutual developed an accelerated strategy called Next Horizon to be an agile, purpose-driven, digitally-led national insurer. With partners Guidewire and Deloitte, they streamlined process flow for brokers, decreased time to quote, and increased straight-through processing.

Placing Commercial Insurance Easily:
Apollo developed the Apollo Exchange, which allows policies to be purchased immediately, from anywhere, on any device. They leverage extensive data and sophisticated algorithms to quote, collect payment, and issue documents without human intervention.

Such strategies only yield results if you are then superb at executing the steps in the plans. Great people, leading technology and quality leadership can help out-perform the competition.

Join us to discover the winners in a virtual ceremony on June 22; details to follow.

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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