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Insurance-Canada.ca - Where insurance and technology meet

JULY 5, 2022

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INSURANCE INDUSTRY NEWS

Quadient Introduces Pre-packaged Digital Solutions
Quadient, a leader in helping businesses create meaningful customer connections through digital and physical channels, is pleased to announce the launch of DigitalBOOST, a pre-packaged suite of digital solutions that enables businesses to easily implement digital, self-service customer processes without IT dependency or investment in expensive platforms. Read more.

Betterview Announces Partnership With OneShield
Betterview, an InsurTech provider of actionable property intelligence to property & casualty insurance companies, is pleased to announce a new partnership with leading core system provider OneShield Software. Read more.

Duck Creek To Acquire Prima XL Cloud Solution
Duck Creek Technologies is pleased to announce it has agreed to acquire Prima XL, France-based Prima Solutions' flagship commercial reinsurance technology solution. Prima XL will further enhance Duck Creek's value to customers by simplifying reinsurance management. Read more.

Vertafore Acquires MGA Systems
Vertafore is pleased to announce it has acquired MGA Systems, a leading provider of purpose-built software for MGAs. The acquisition gives Vertafore customers access to policy administration and rating solutions that will be integrated into Vertafore's suite, strengthening Vertafore's offering for MGAs. Read more.

Consumers Look To Cut Insurance Spending Over Cost Concerns
In the face of economic pressure, insurance customers may cut back on certain types of insurance coverage, according to the results of Guidewire's annual EMEA Insurance Consumer Survey. The survey also found that insurance customers are choosing flexible insurance policies due to lifestyle factors instead of price. Read more.

Centralized Metrics Team Now Necessary For Success As CX Complexity Increases
Customer experience is an area in which a company can differentiate itself, but some budgets and headcounts are stagnant, and companies risk falling behind in meeting rapidly changing expectations. In a new report, Aite-Novarica Group looks at insights from a 2022 flagship survey of CX stakeholder professionals at financial institutions and insurance companies. Read more.

Telematics Has Kept The Promise: Allstate’s Journey Continues
Allstate's David MacInnis and the IoT Insurance Observatory's Matteo Carbone respond to insurance professionals skeptical that telematics is gaining traction with hard evidence on take-up rates and an explanation of the benefits of telematics for society and for insurers. Read more.

SMA Expands Advisory & Research Services
Strategy Meets Action, a ReSource Pro company, is pleased to announce the expansion of its research and advisory services to cover the entire P&C insurance ecosystem. Read more.

Canadians Reconsidering Where, How They Live Post-Pandemic: Aviva
Aviva Canada's new How We Live Report looks at results from a national survey that asked Canadians about their lives and aspirations along with additional data sources relating to current and post-COVID habits. The report shows that Canadians are considering moving to more rural locations and prioritizing backyard renovations, but are not protecting their homes as much as they should, despite spending more time in them than ever before. Read more.

Lumino Health Virtual Care EAP Service Launches For Sun Life Group Benefits Clients
Sun Life's Group Benefits is rolling out a new Employee Assistance Program (EAP) to its clients throughout Canada. The new EAP platform available on Lumino Health Virtual Care, powered by Dialogue, gives Sun Life's plan members fast and confidential support. Read more.

Debris Removal Gets Underway In Lytton, BC
One year after the devastating and tragic wildfire that swept through the village of Lytton, British Columbia, Insurance Bureau of Canada is pleased to see debris-removal work begin for residents of insured homes and businesses damaged by the fire. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance Vendors’ Competition for Talent Heats Up
By Karen Furtado, Strategy Meets Action
Talent has been a central topic in boardrooms amid the pandemic, widespread resignations, and other trends challenging the recruitment and retention of employees. Yet companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry. A new SMA report offers a fresh view of how companies are approaching talent in 2022 and how they are shaping their talent strategies this year and beyond. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Setter
Setter was founded in 2016 and born as a home management concierge. As a technology company from Toronto, the team's expertise lies in home construction and services, technology, and systems building, and has evolved their product offerings around Virtual Home Ownership with a mission to take the hassles out of homeownership. Owning a home is overwhelming, but Setter puts homeowners in control with tools, experts, and personalized plans to get their homes on autopilot. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Claims Assistant
SGI CANADA
Toronto, ON

Junior Claims Adjuster
Gallager Bassett Canada Inc.
Scarborough ON


From Doug

Telematics recently reached a tipping point; it is a necessary capability for the future success of any auto insurer in the U.S. market.

Matteo Carbone of the IoT Observatory and David MacInnis of Allstate USA authored “The Journey to Build the Auto Insurer of the Future” (in August 2021) and “Telematics Has Kept the Promise: Allstate’s Journey Continues” (June 2022) for Carrier Management.

They noted that active customer engagement complete with service offerings and incentives to promote safer driving are hallmarks of Allstate’s Drivewise and Milewise telematics programs, which benefit society and the insurer. The key driver is value sharing with customers.

They follow up with hard evidence on take-up rates and double down on their efforts to explain the benefits of telematics.

In Canada, Insurance Business noted (in November 2021) that UBI is available in AB, NB, NS, ON, PEI and QC, and is offered by insurers including Allstate, Belair Direct, CAA Insurance, Desjardins, Intact, Onlia, Pembridge, TD Insurance, and Travelers. Aviva recently joined the group.

Looking ahead, will more insurers in Canada come on board, and when? Will autonomous vehicles make it all a moot point (or not)?

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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