"Chronicle" weekly newsletter - Where insurance and technology meet

MAY 31, 2022

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Slice, Eastern Underwriting Managers Partner to Protect Small Businesses
Slice Labs Inc., a technology company with the first on-demand insurance platform, is pleased to announce a new partnership that will give Eastern Underwriting Managers agents access to Slice's 100% digital platform for small business coverage. The partnership will give agents access to fast, easy, digital quotes and coverage for small businesses across the United States. Read more.

Munich Re Launches Validation Service For Trustworthy Artificial Intelligence
Munich Re is enhancing the acceptance of artificial intelligence with its new validation service, paving the way for the responsible use of AI applications. CertAI independently and objectively validates the trustworthiness of AI in new product solutions and demonstrates its quality to clients, investors and supervisory authorities. Read more.

Guidewire Elysian Accelerates Insurers’ Speed to Market
Guidewire is pleased to announce Elysian, the latest in a series of market-defining cloud releases. Elysian innovations equip insurers to quickly connect third-party apps, including insurtech solutions, with Integration Gateway, launch lines of business fast with Guidewire GO and Advanced Product Designer (APD), and expand distribution with a new Embedded Insurance Solution for travel. Read more.

Decoding Digital Trust: An Insurance Perspective
Digital trust is complex and non-linear. Customers want protection but do not want to read the small print. They want to shop carefully but can be easily ripped off. They do not want digital surveillance yet are careless with their social media. How do insurers negotiate these challenges in launching digital processes and products? Read more.

Applied Rating Index Q1 2022 Released
Applied Systems has announced the first quarter of 2022 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. In Q1 2022, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Read more.

FIRST Pay For Applied Epic Certified Integration Expands Functionality
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, is pleased to announce expanded functionality for their certified integration. FIRST Pay™ for Applied Epic® makes it even easier for brokers to provide their clients with innovative payment solutions. Read more.

FMI Releases InsurTech Market Outlook To 2032
According to Future Market Insights (FMI), the InsurTech market is forecast to reach a net worth of US$ 165.4 Bn in 2032 from a total market value of US$ 12.5 Bn in 2021. It is predicted to achieve an impressive CAGR of 25.9% during the forecast period. Read more.

Westland Announces Two New Acquisitions
Westland Insurance Group is pleased to announce that it has acquired MCR Insurance in Aurora, Ontario, and Walter Roberts Insurance in Richmond Hill, Ontario, extending its reach in commercial and personal insurance lines across Canada. Read more.

Gore Mutual Deploys Claims Team After Derecho Storm
The fallout from the derecho storm that hit Southwestern Ontario on May 21 continues to impact thousands of property and automobile owners. In the hardest-hit areas of Ottawa and the Town of Uxbridge, Gore Mutual Insurance Company (Gore Mutual) immediately deployed its claims team to personally assist customers in need. Read more.

Resilience Introduces New Head Of Underwriting
Resilience, which provides cyber insurance and security solutions to mid-market enterprises to help them holistically evaluate, manage, and quantify their cyber risk, continues its global expansion with the addition of Miki Ho as Head of Underwriting for Canada. Read more.

Co-operators Renews Commitment To Building Flood Resilience
The increasing frequency and severity of extreme weather and its devastating impacts are top of mind for Canadians, and Co-operators has renewed its multi-year funding commitment to Partners for Action, a flood resilience research initiative at the University of Waterloo. Read more.

PolicyAdvisor Reaches Coverage Milestone, a leading digital insurance brokerage which has placed more than CAD 2.5 billion in insurance coverage since their 2019 launch, is pleased to announce it is the recipient of an award recognizing its significant growth in revenue despite its relatively short time in the marketplace. Read more.

The Intersection: Blog

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

From ‘Policy-Driven’ To ‘Customer-Centric’ Approach In The Insurance Industry
By Sebastien Forget, Solutions Metrix
Customers are the lifeblood of any business, and the insurance industry is no exception. Many insurers are turning to CRM tools to reshape their business from a policy-driven to a customer-centric organization to stay competitive and keep up with changing customer needs. By tracking customer interactions and data, insurers can personalize policies and services for each individual, improving customer satisfaction and loyalty. A CRM tool can help your insurance company improve its bottom line. Read more.

Solutions Metrix webinar: ‘Policy-driven’ to ‘customer-centric’ transformation in insurance Technology Awards (ICTAs)

All of the 2022 ICTA nominations have been posted, and the ICTA jury is deliberating to select the finalists.

Voting for the People's Choice Award is open! Cast your ballot by Friday, June 17.

Join us on June 22 to discover the winners.

InsurTech Spotlight

In the InsurTech Spotlight this week:

GeoMate is a mapping service that uses AI to analyze the accessibility and safety conditions of sidewalks in near real-time. GeoMate provides safer local travel for everyone traveling by foot or wheelchair.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Cast Your Vote!

Each year since 2010, we have presented the Technology Awards (ICTAs).

The ranking of nominations is based on the “value derived from technology in the processing of insurance business by the nominee.”

The members of the jury bring a mix of different backgrounds, roles, perspectives and experience.

We direct the jurors to base their voting exclusively on the content of each nomination to minimize other influences.

Still, with the differing scope, the diversity of nominee businesses, and varying level of benefit descriptions, ranking the nominations is a challenge. Our thanks to the jury for their work.

Again this year, you too can be a juror – cast your vote for the People's Choice Award: judge the nominations, then vote by June 17.

The winners will be announced at the awards ceremony on June 22. Registration will open soon.

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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