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JUNE 14, 2022

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INSURANCE INDUSTRY NEWS

2021 Global Insurance Broking Totals Revealed
According to the latest rankings and analyses updated by Insuramore, the value of the worldwide market for insurance broking in terms of fees and commissions earned in 2021 was up 12.5% from 2020 without adjusting for inflation, an increase of about 8% as an inflation-adjusted measure. Read more.

Howden Group, TigerRisk Deal Creates New Force In Global Broking
Howden Group Holdings, a leading international insurance group, is pleased to announce the acquisition of TigerRisk Partners – the leading risk, capital and strategic advisor to the global insurance and reinsurance industry – subject to regulatory approvals. Read more.

Increasing Attacks Temper Confidence In Cyber Preparedness: Marsh & Microsoft Survey
The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago, according to a new report by Marsh and Microsoft Corp. Read more.

Three Governing Themes For Approaching CX Strategy
There is widespread consensus about the importance of customer experience (CX) but little agreement as to how it should be organized, implemented, measured, and improved. In a new report, Aite-Novarica Group presents three high-level themes that emerged from a recent survey of financial institutions and insurers about CX practices. Read more.

HSB Canada Announces New Commercial Service Line Coverage
HSB Canada is pleased to announce the introduction of Commercial Service Line, a new coverage bridging a potentially costly gap so building owners can minimize losses resulting from service line breakdowns. Read more.

P&C Insurer Digital Investments Not Enough to Offset Rising Rates
The streamlined user experience, seamless customer support and improved navigation that was supposed to define the digital transformation of the property & casualty insurance industry – and improve customer satisfaction – has been overpowered by rising rates, according to the J.D. Power 2022 U.S. Insurance Digital Experience Study. Read more.

Fenris Announces Partnership With Sureify
Fenris Digital, an insurance data sourcing innovator providing a suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with enterprise life insurance platform Sureify to deliver Life Events Monitoring and Alerts (LEMA) to users of Sureify's LifetimeENGAGE to increase customer engagement and satisfaction. Read more.

Players Health Continues Growth With MGA
Player's Health is pleased to announce the launch of its MGA with additional underwriting capacity from SiriusPoint. This endeavor marks the latest growth milestone for the innovative sports platform focused on risk management and insurance capabilities in the rapidly expanding world of youth sports. Read more.

MGB Claims Consultants Expands Offerings In British Columbia
MGB Claims Consultants Inc., a McLarens Company, is pleased to announce its expansion into the Kelowna region of British Columbia, effective June 1st. Read more.

Guidelines For Developing A Safety & Protection Policy
Ecclesiastical is pleased to announce it has developed Guidelines for Developing a Safety and Protection Policy for Children, Youth, and Vulnerable Adults, which highlights relevant issues surrounding abuse and serves as a guideline to assist in the development of an abuse prevention policy. Read more.

BC, StatCan partners with Statistics Canada to prevent fire-related deaths
British Columbia has announced it is partnering with Statistics Canada to create a Community Fire Risk Reduction Dashboard to help B.C. fire services prevent fires, reduce injuries and save lives. This is crucial given the increasing trend in fire-related deaths. Read more.

InsurTech Pioneer Awarded US Patent
Travel and health InsurTech leader PassportCard has been granted a US patent for its real-time claims payout through debit card which gives customers access to a global cashless insurance service. The patented technology, driven by AI, predictive analytics and a vast medical services database allows customers to facilitate automated, instant processing of insurance claims. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Digital Transformation In Commercial Lines: A Frenzy Of New Activity
By Deb Smallwood, Strategy Meets Action
Although the pandemic has helped accelerate innovation in some areas, many commercial lines insurers have realized how unprepared they were for the digital demands resulting from the global crisis. A recent SMA survey found that fewer insurers consider themselves to be in transformation mode today compared to the pre-pandemic era, so it is no surprise that a sense of urgency to transform and innovate is now driving a frenzy of new activity. Read more.


Solutions Metrix webinar: ‘Policy-driven’ to ‘customer-centric’ transformation in insurance


InsurTech Spotlight

Boosting Employee Happiness in Insurance
Webinar – June 16 at 1pm (ET)

A conversation with Jennifer Moss, acclaimed author and expert in workplace wellness and an industry panel of insurance executive leaders.
Details and registration.

Presented by ProNavigator.


Insurance-Canada.ca Technology Awards (ICTAs)

Last chance to cast your vote for the People's Choice Award by this Friday, June 17.

Join us next Wednesday, June 22, to discover the winners live!


From Doug

Embedded insurance is offered when an item is purchased, either automatically (like a basic warranty) or optionally (like an extended warranty). Beyond that it is like a normal insurance policy.

On-demand insurance can be turned off and on. An example is shared accommodation. Regular property insurance is essential all the time, but commercial insurance is required only when that extra room is rented out. The commercial coverage could be turned on only when the room is rented.

Parametric insurance pays a specified amount when a set threshold is reached, such as a weather service reporting hail surpassing a certain level in your neighbourhood. No claim required.

Technology advancements in communications, sensors, connectivity, etc. have enabled an extended digital ecosystem tying together businesses and objects.

As the world adapts, these in turn allow insurance innovators to extend or rewrite the traditional business models.

Looking ahead, which of the categories noted do you think will have the greatest impact? On the insurance consumer? On the industry?

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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