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Insurance-Canada.ca - Where insurance and technology meet

JUNE 28, 2022

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Insurance-Canada.ca Blog - The Intersection

INSURANCE INDUSTRY NEWS

Swiss Re SONAR Highlights Emerging Risks
Crypto assets are challenging established financial norms and climate change is changing the very substance of our physical environment. New risks are arising while the world deals with a pandemic, war, economic turbulence, and failing trust in institutions. Swiss Re's 10th SONAR report scans the horizon for emerging risks for the insurance industry. Read more.

IMS Partners With Aviva Canada To Launch Aviva Journey
IMS, the leading global vehicle and driving data business, is Aviva Canada's partner behind the launch of a new app-based telematics product for the Canadian auto insurance market. Aviva Journey, currently distributed via brokers in Ontario and downloadable to a smartphone, will help safe drivers significantly lower their premiums. Read more.

Less Than 25% Of Top Global Insurance Carriers Have Truly Digitized The Value Chain
ACORD, the standards-setting body for the global insurance industry, has released its 2022 Insurance Digital Maturity Study of the world's 200 largest insurance carriers. A rapidly evolving insurance ecosystem and disruption from a global pandemic have led to a more urgent need than ever for insurers to modernize, yet the study indicates that much work remains to be done. Read more.

P&C Have Increased Investment In Claims Management Solutions
With insurers seeking new ways to improve adjuster efficiency and manage increasing loss costs due to inflation, activity for new claims platforms has steadily increased since the beginning of the pandemic. In a new report, Aite-Novarica Group provides an overview of the current vendor marketplace with profiles of stand-alone core claims solutions. Read more.

New Research Uncovers Importance Of Fast TTFC For P&C Claims
Hi Marley has released the results of new research that studied time to first contact and its effect on the customer experience and claims handling process. Time to first contact (TTFC) is defined as the length of time it takes for an adjuster to contact a claimant once they've opted-into text messaging. Read more.

Hardbacon Partners With Securiglobe To Help Canadians Save On Travel Insurance
Hardbacon, a personal finance application, is pleased to announce a new partnership with Securiglobe, a travel protection and health insurance distributor, to help Canadians save on travel insurance. Read more.

Axis Insurance Acquires BMG Insurance Brokers
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, is pleased to announce that, effective June 1st, Axis Insurance Managers completed their acquisition of BMG Aviation Ltd., operating as BMG Insurance Broker, a western-based, privately owned insurance brokerage firm specializing in aviation and aerospace risks. Read more.

Intact Specialty To Acquire Highland Insurance Solutions
Intact Insurance Group USA, dba Intact Insurance Specialty Solutions, is pleased to announce that it has entered into a definitive agreement to acquire Highland Insurance Solutions, the U.S. construction division of Tokio Marine Highland. Highland is a managing general agent specializing in the builders risk segment of the construction market. Read more.

Équité Association Publishes 1st Annual Report
Équité Association, Canada's first independent, not-for-profit organization dedicated to detecting and preventing insurance fraud, has released its inaugural 2021 Annual Report. Read more.

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

How Personal Lines Insurers are Addressing Digital Transformation Gaps
By Deb Smallwood, Strategy Meets Action
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic. From digital underwriting submissions and virtual inspections to digital FNOL and other capabilities, personal line insurers were poised to meet the new digital needs of customers and employees when other industries struggled to adapt to the virtual era. However, in enhancing processes and workflows to adjust to the pandemic's demands, insurers also uncovered gaps in their digital capabilities, forcing them to reexamine their existing projects and identify new opportunities. Read more.

Congratulations to the 2022 ICTA winners!

The virtual 2022 Insurance-Canada.ca Technology Awards ceremony, featuring appearances from all of the finalists, is now available on-demand.

From Doug

Assorted thoughts in the aftermath of four months overseeing our annual technology awards.

New business model: With all the buzz about evolving and innovative insurance business models, no nominees addressed this topic.

Customer UI: Improvements to the online consumer user interface have been common, but only one this year by Fuse Insurance ddressing data submissions for small business quotes.

Partner UI: More attention is being paid to partner and employee ease of use. Two nominees did so: Saskatchewan Mutual for brokers and Accident Support Services for police services attending at the scene.

Three used advanced technologies, with Crawford Canada and Aviva noting advanced analytics and machine learning while Gore Mutual implemented cloud.

Ai Insurance organized a dedicated marketing unit with advanced tools to increase marketing automation for lead and account management;

Across the board, much of the focus was on process improvements through digital transformation, yielding better productivity, shorter cycle times and an improved customer experience and satisfaction.

Insurance continues to improve, to the benefit of the customer.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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.

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