"Chronicle" weekly newsletter - Where insurance and technology meet

JULY 19, 2022

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Québec Businesses View Risk In A Unique Way
Businesses in Québec have a very different perspective on the top risk concerns from their counterparts in the rest of Canada, according to a new report from Aviva Canada. Read more.

Global Premium Volumes To Reach New High
The global economy is slowing sharply and inflation is at a multi-decade high: Swiss Re anticipates “inflationary recessions” in many major economies as central banks hike interest rates, targeting price stability over economic growth. For insurers, rising interest rates are a silver lining to the current inflation crisis, with investment returns set to improve. Read more.

StoneRidge Partners With Knight Archer
SIB Corp., operating as StoneRidge Insurance Brokers (SIB), one of Canada's leading independent providers of insurance and consulting services, is pleased to announce it has entered into a partnership with Knight Archer Insurance, a full-service insurance brokerage with 17 offices in Saskatchewan, Manitoba and Alberta. Read more.

BrokerLink Expands Again With Triple Acquisition
BrokerLink continues its expansion in the regions it operates with the acquisition of New Brunswick-based McTague Insurance, Ontario-based DPM Insurance Group, and Alberta-based Crowsnest Insurance Agencies. These three additions bring BrokerLink's total acquisitions to 15 so far in 2022. Read more.

Arthur J. Gallagher Acquires Four Corners Group
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Toronto-based Four Corners Group Inc. Terms of the transaction were not disclosed. Read more.

Mosaic Opens For Business In Canada
Mosaic Insurance is pleased to announce it is opening an office in Toronto and has hired underwriting specialist Ian Fraser to spearhead the company's expansion into the Canadian specialty insurance market. Read more.

BlackBerry, L-SPARK Announce Connected Car Accelerator Cohort
BlackBerry Limited and L-SPARK, Canada's largest software-as-a-service accelerator, have announced the four winning companies that will make up the third cohort of their joint accelerator program, which aims to grow Canadian technology companies that are focused on connected vehicle technologies. Read more.

NFP Forms Captive Management Corp., Strengthens Complex Risk Solutions Group
NFP, a leading property and casualty broker, benefits consultant, wealth manager and retirement advisor, is pleased to announce it has established the NFP Captive Management (Alberta) Corp. and augmented its Complex Risk Solutions Group (CRSG) with the addition of two industry veterans in the captives and alternative risk space. Read more.

Beazley Cyber Snapshot Reveals Evolving Extortion Techniques
Cyber risk remains a persistent threat to organizations with no appreciable change in incidence, but a new sophistication in threat actors' approach is emerging, according to data released by Beazley in a new report. Read more.

OTIP Selects Digital Mental Health Platform
Ontario Teachers Insurance Plan has selected Starling Minds, a leading digital Cognitive Behavioural Therapy training platform to deliver personalized mental health programs for Ontario educators. Read more.

Travel Tips To Consider Before Flying This Summer
CAA SCO has compiled a list of ten things that Canadians should be aware of if they are considering travelling this summer – both inside and outside the country. Read more. ‘Technology In Action’ Series
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From Doug

Have we only just begun the transformation?

Over the course of my Canadian insurance career, more and more data has become digital, more manual processes automated. Astonishing changes have occurred in a few decades.

Data: Much better-governed data is accessible to underwrite coverages, settle claims & market.

Connectivity: Myriad devices can access information of all kinds from anywhere.

Digital Ecosystem: Interconnected insurance practitioners (brokers, MGAs, Insurers) and providers (third-party data) enable automated functions, instantly.

Experience: Continually improving user experience – customer, partner, employee - make life easier.

These changes have all arrived as part of the digital (data + process) transformation.

This transformation will undoubtedly continue.

But the higher level transformation is in earlier stages.

• Indemnification transitioning to loss prevention;
• Embedded insurance changing distribution;
• Parametric insurance simplifying claims;
• On-demand insurance providing the right coverage at the right time.

How will the transformation of these and other more fundamental characteristics of insurance as we have known it change the industry in the next few years?

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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