"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 7, 2022

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Messagepoint Unveils Headless CCM Capabilities
Messagepoint is pleased to announce the availability of new headless customer communications management capabilities to support dynamic digital experiences with highly personalized content delivered via RESTful APIs. Read more.

FRISS, Legentic Partner To Fight Insurance Fraud
FRISS and Legentic are pleased to announce a partnership to fight insurance fraud. The partnership seamlessly integrates Legentic’s Mohawk Fraud Detection real-time and historic data into FRISS’s end-to-end software solutions. Read more.

CSIO INNOTECH API Working Group Finalizes Requirements For Creating A Quote
CSIO is pleased to announce that the Innovation and Emerging Technology (INNOTECH) Advisory Committee and Application Programming Interface (API) Working Group have finalized business requirements for creating a quote. This represents the team's first major achievement since the Insurance Brokers Association of Canada (IBAC) joined forces with INNOTECH earlier this year. Read more.

Business & Technology Trends: Specialty Lines
“Specialty insurance” is a broad term that describes various insurance types covering surplus lines, program business, and business written through wholesalers and many other types of business. The common factor is that the business is not typically written through standard markets. In a new report, Aite-Novarica Group provides an overview of specialty lines insurer business and technology issues, data about the marketplace, and examples of recent insurer technology investments. Read more.

Mobility Technology Center Established In Munich
All systems are go for the Mobility Technology Center (MTC) as the new partnership between ERGO, Munich Re, in-tech, and MaLiBu was given the green light. The MTC will provide services for the development of innovative automotive insurance products and risk management solutions, placing a focus on electromobility, automated and autonomous driving, new mobility concepts, and digital and integrated services. Read more.

BrokerLink Makes Dual Ontario Acquisition
BrokerLink is pleased to announce it is growing again in Ontario through its acquisition of Insurance Executives Brokers & Consultants Inc. and Goodison Insurance and Financial Services Limited, effective June 1. Read more.

McDougall Merges With Brown & Brethour
McDougall Insurance and Financial is pleased to announce that they have merged with Brown & Brethour Insurance Brokers Ltd., effective June 1, and to welcome the employees of Brown & Brethour into the McDougall organization. Read more.

StoneRidge Enters Sask. With K5 Insurance
SIB Corp., operating as StoneRidge Insurance Brokers, a leading independent provider of insurance and consulting services, whose platforms include an insurance brokerage, MGA/MGU, group benefits and an adjusting firm, has partnered with K5 Insurance Inc., expanding its personal and commercial insurance presence in Manitoba and into Saskatchewan. Read more.

CatIQ Updates Insurance Exposure Database
Catastrophe Indices & Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, has released the annual update of its Canadian insurance Industry Exposure Database (IED). Developed with the support of the Canadian P&C industry, the IED now contains 2021 year-end estimates of Canadian industry property sums insured. Read more.

Reinsurance Aggregate Performs Well In 2021
Aon plc is pleased to announce the launch of the latest edition of its Reinsurance Aggregate report series tracking the financial performance of leading reinsurance carriers in the global market. Read more.

On Side Acquires Craft Restoration Services
On Side Restoration Ltd. is pleased to announce it has completed the acquisition of Craft Restoration Services Inc. This Toronto-based property restoration company is a key addition to On Side's growth in Ontario to help expand their service offerings throughout the Greater Toronto Area. Read more.

IBAO Releases eLearning Course With Conservation Ontario
The Insurance Brokers Association of Ontario (IBAO) and Conservation Ontario have teamed up to further awareness of what conservation authorities do and how their expertise can help brokers to become more familiar with flooding and erosion in Ontario in order to better advise their clients. Read more.

OSFI Consults On Expectations To Advance Climate Risk Management
The Office of the Superintendent of Financial Institutions (OSFI) has issued a draft version of Guideline B-15: Climate Risk Management. This guideline proposes a prudential framework that recognizes the impact of climate change on managing risk. The draft Guideline sets the stage for OSFI's expectations of federally regulated financial institutions. Read more.

The Intersection: Blog

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

Preventing Employee Burnout in Insurance: A Virtual Conversation with Jennifer Moss
By Mitja Alexander Linss, ProNavigator
Is employee well-being on your organization's radar? It should be. Burnout is a serious problem in any work environment. Frontline insurance workers such as underwriters or sales and support staff at large insurers are no exception. Many insurance staff struggle with information overload and a constantly changing information landscape that makes their onboarding and retention difficult. Read more.

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

With the 2022 ICTA Finalists selected, the jury is deliberating on the winner.

Meanwhile, cast your vote for the People's Choice Award before Friday, June 17.

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

InsurTech Spotlight

In the InsurTech Spotlight this week:

ProNavigator is an insurance technology (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.

From Doug

Auto insurance is effectively fully automated today because data (MVRs, loss history, driver information and more) became digitally accessible.

The 2022 ICTA nominations illustrate the importance of good data.

Saskatchewan Mutual enabled simple broker inquiry, but to really help, the data must be good, dependable and current.

Fuse attained better turnaround time by markets on commercial quotes by submitting good data.

Crawford improved the property estimating process by automating 1200+ rules, presumably based on historical data and continually updated with current data.

Aviva recommends an auto repair shop from a list ranked for each claim based on 30 predictive variables, presumably a mix of current internal and external data.

Ai Insurance includes in their marketing process data from Act-On, Google Analytics, TruConversion and heatmap technology.

The internal and external data pool is growing dramatically. Those who identify and utilize data to differentiate pricing, underwriting and service have a competitive edge.

Takeaway advice: Mind your data!

Read the ICTA nominations for more details. And don't forget to vote for your choice in the PICTAs.

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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