"Chronicle" weekly newsletter - Where insurance and technology meet

JULY 26, 2022

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Top Causes Of Insurance Claims For Business: Allianz
Every day, companies around the globe, together with their insurers, experience losses, in multiple forms, in the millions of dollars. Over the past five years, fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims, according to the Global Claims Review 2022 from Allianz Global Corporate & Specialty. Read more.

Cover Whale, Swiss Re To Improve Auto Accident Risk Assessment
Cover Whale Insurance Solutions, Inc., a leading InsurTech for commercial auto insurance, is pleased to announce it is using Swiss Re's Motor Market Analyzer to enhance its risk predictions for auto accidents based on highly granular data and detailed accident statistics. Read more.

Cognition+ Empowering Sales Channel Connectivity For Canadian Mutual Insurers
Cognition+ has launched a next-generation solution across its client community in collaboration with Broker Management System (BMS) vendors to better enable connectivity solutions in support of the CSIO and IBAC Data Exchange Initiatives. Read more.

Applied Systems, Wawanesa Expand Partnership To Enable Real-Time Commercial Lines Rating
Applied Systems is pleased to announce an expanded partnership with the Wawanesa Mutual Insurance Company to automate commercial lines quoting. Together, Applied and Wawanesa will leverage CSIO commercial lines data standards and question sets to simplify the quoting process via Applied Policy Works, increasing Wawanesa's quote volume, automating the application process for brokers, and creating a better customer experience. Read more.

HTM Insurance, McKillop Mutual Go Live on Cognition+ Claims Solution
HTM Insurance Company and McKillop Mutual Insurance Company are pleased to announce the completion of their collaborative project to implement the Cognition+ Claims solution, extending their Cognition+ Platform and further delivering on their digital transformation. Read more.

Hub International, NBIF Announce Strategic Group Insurance Agreement
Hub International Canada West ULC, a leading global insurance brokerage and financial services firm, has entered into a strategic agreement with National Bank Insurance Firm Inc. This partnership involves the transfer of NBIF's group insurance activities based in Edmonton to Hub. Terms of the transaction were not disclosed. Read more.

Novacap Completes Investment In Online Marketplace For Financial Services
Novacap, a leading North American private equity firm, is pleased to announce that it has entered a partnership with, a Toronto-based online financial marketplace that provides Canadians with price comparisons on financial products like mortgages, credit cards, insurance products and more. Read more.

Mobility Data Gives Drivers Insight to Stay Safe on the Road In Time for Hurricane Season
Arity, the mobility data and analytics provider, is pleased to announce that it is partnering with MyRadar, the live weather and forecasting app, to launch MyDrives, a new feature that allows users to avoid dangerous weather and road conditions for smarter and safer driving. This new feature will be available for drivers just in time for summer travel and hurricane season. Read more.

Blink Parametric Expands Partnership With Blue Cross
Blink Parametric's longstanding relationship with Blue Cross has expanded with the announcement that the benefits provider and wellness leader Alberta Blue Cross is rolling out its flight delay service. Read more.

Fidelis To Separate Its Business To Create New Managing General Underwriter
Fidelis Insurance Holdings Limited is pleased to announce its intention to create a new Managing General Underwriter (MGU) which, subject to regulatory approval, will be separated from the existing balance sheet insurance companies. This new structure will allow each entity to focus on its core functions and specialisms, and provide clients, brokers and other stakeholders with continued levels of industry-leading service. Read more.

The Intersection: Blog

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

Embedded Insurance: A New Route To Growth And Value
By Simon Torrance and Chris McMahon
The rapid emergence of new digital technologies, consumers' heightened expectations for more personalized service, and a new and growing wave of more complex risks have put pressure on insurance companies to enhance their products and find new ways to stay compelling and relevant
 in a fast-evolving insurance market. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

Talem Health Analytics
Talem Health Analytics is an AI-driven claims management company, providing injury causation solutions for automotive insurers. Talem specializes in early insight of injury and connecting the right injury to medical necessity and appropriate billing for a connected, streamlined, and value-based approach to care. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Client Service Broker
Josslin Insurance
Kitchener, ON

Corporate Underwriting Specialist (Commercial Property & Casualty)
Offices across Canada

From Doug

The aim of embedded insurance is to allow any developer or product manager at any brand in any sector to quickly and easily test and integrate innovative digital risk solutions into their own propositions, either to generate new revenue or to make their products more attractive with the added value of insurance.

A new whitepaper distributed by EIS Group notes that the world-wide premium for embedded insurance in 2022 is in the order of 90b US$ GWP, projected to grow to $720b in 2030.

Some of this will be newly captured insurance (currently part of the insurance gap) and part will be insurance previously purchased in traditional ways.

Should you participate?

Opting in gives the potential for growth, but with some implications. Success will require managing new partnerships in other verticals, designing new products and managing more technology. Risks include meaningful customer relationships, engagement, and brand leverage.

Threat or opportunity? Embedded insurance is on insurance executives' agendas.

For more depth, read the whitepaper by Chris McMahon, EIS Group, and Simon Torrance, Embedded Finance & Super App Strategies.

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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