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Insurance-Canada.ca - Where insurance and technology meet

JULY 12, 2022

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INSURANCE INDUSTRY NEWS

Porsche Insurance Launches In Canada
Porsche Financial Services Canada is proud to introduce Porsche Insurance, the customized insurance program developed for vehicles offered by the premium sports car brand. The first of its kind for the brand in Canada, this comprehensive offering will help Porsche drivers design personalized insurance solutions tailored to their unique needs.
Read more.

Chainproof Launches World-First Regulated Smart Contract Insurance Provider
Chainproof is please to announce its launch as the world's first regulated smart contract insurance provider. Incubated by Quantstamp, with seed investment and foundational support from SOMPO Light Vortex and reinsurance backing from Munich Re, Chainproof bridges the worlds of traditional insurance and decentralized finance (DeFi).
Read more.

Betterview Property-Level Analytics To Accelerate Catastrophe Response
Betterview, an InsurTech provider of actionable property intelligence to Property & Casualty insurance companies, is pleased to announce the launch of the company's new Catastrophe Response System designed for claims teams, which solves many of the greatest challenges they face when responding to natural catastrophe (CAT) events such as hurricanes, wildfires, and more.
Read more.

ICEYE Launches Geospatial Analysis Platform
ICEYE, a world-leading provider of SAR data and natural catastrophe analysis solutions, is pleased to announce the launch of ICEYE Insights, a powerful geospatial platform which allows insurance companies to combine unique flood observation data and analysis with their property insurance information to better understand the impact of flood events.
Read more.

Foresters Financial Insurance Products Now Protected By Assuris
Foresters Financial is pleased to announce that The Independent Order of Foresters (IOF) is the first fraternal life insurer to become a member of Assuris.
Read more.

Improving Canadian Insurance Through Big Data
A new statement from the Canadian Institute of Actuaries, titled Big data and risk classification: Understanding the actuarial and social issues, indicates that using big data derived from new technologies can contribute to the healthy functioning of insurance markets.
Read more.

Canadians To Drive Further Daily After Relocating Amid Pandemic
Return to work means Canadians plan to drive their car longer distances as a result of having moved during the pandemic, a new Aviva Canada report shows. And as the housing market begins to show signs of slowing amid rising interest rates, about half of Canadian homeowners think the value of their home is higher than it actually is.
Read more.

Westland Insurance Acquires National Truck League Insurance Brokers
Westland Insurance Group is excited to announce its acquisition of National Truck League Insurance Brokers, a specialty transportation brokerage that operates across Canada and is headquartered in London, Ontario.
Read more.

Betterview Launches Hurricane Risk Insights
Betterview, an InsurTech provider of actionable property intelligence to Property & Casualty insurance companies, is pleased to announce the addition of Hurricane Risk Insights to its property intelligence & risk management platform.
Read more.

Coalition Closes Series F Funding Round
Coalition, the world's first Active Insurance company designed to prevent digital risk before it strikes, is pleased to announce it has secured additional funding to accelerate its rapid growth, power international expansion, and broaden its services to help organizations manage digital risk.
Read more.

Financial Institutions Struggle To Keep Up With Evolving Insurance Needs
New research has found that collaboration across distributors, underwriters and regulators of Credit Protection Insurance (CPI) is key to delivering the type of "best-in-class" digital experience that Canadian consumers have increasingly come to expect.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

Personal Lines Distribution: From “Agents First” to “Agents Last”?
By Mark Breading, Strategy Meets Action
Direct distribution models in personal lines have gained traction and market share over the last two decades. The InsurTech movement presented new options for digital distribution. And now, all the talk is of the potential for embedded insurance that incorporates insurance at the point of sale. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
Transforming Employee Health Benefits
Free webinar – Wed., July 20, 1:00pm

Simply Benefits works with advisors to deliver health benefits 100% digitally to Canadian employers. Simply set out to solve the 25 most common pain points within the group benefits industry for the users they serve. To provide a better experience to all, they built a brand-new platform.

Register now to find out how your commercial insurance customers can benefit. More details.

Featuring:
Simply Benefits


InsurTech Spotlight

In the InsurTech Spotlight this week:

Calefy
Calefy is fully-optimized, client-facing quoting software that improves the experience for brokers, MGAs and insurers. Our state-of-the-art technology helps take away the most tedious 20% of the insurance broker's job. Calefy's intelligent workflows automate the repetitive, manual data collection processes and put more time and money back into your business' hands. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Transforming Employee Benefits

The most important component of any insurance business is its people. Strategic planning, project implementation, and process management all require good people. Most important, though, is people skills: collaboration with peers, relationships with partners, and empathy with customers.

Organization culture and business success help to attract and retain good people. Employee benefits is a piece of the puzzle, one that seems to be growing in importance. Like the rest of insurance, it is subject to digital transformation.

Three key audiences: the benefits advisor, the administrator, and the employee.

Giving these people digital access to a common system, and layering in third party services providers, insurer of record, claims adjudicators, and others, makes benefits an expanding digital ecosystem.

It offers speed, efficiency, and self-service via a vastly improved user interface and experience. Every step can be impacted, from quoting by a new supplier through onboarding new staff, monitoring performance and processing and paying claims.

Join us next Wednesday, July 20, to see how InsurTech Simply Benefits has entered this digital ecosystem, and how it is “Transforming Employee Health Benefits.”

Being digital opens new doors for more fundamental changes, perhaps to benefits themselves. I wonder what they might be.

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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