Insurance-Canada.ca "Chronicle" weekly newsletter
Insurance-Canada.ca - Where insurance and technology meet

AUGUST 9, 2022

Connect with us:  Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter

INSURANCE INDUSTRY NEWS

Poor Claims Experiences Put Billions Of Global Insurance Premiums At Risk: Accenture
Up to USD 170 billion of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another USD 160 billion over the same period, according to new research by Accenture. Read more.

HUB, RESAAS Partner To Simplify Home Insurance
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce its partnership with RESAAS Services Inc., a technology platform for the real estate industry, for clients of RESAAS agents to access VIU by HUB, a digital brokerage platform for transactional personal insurance created for customers who want a digital-first experience with human interaction and advice. Read more.

The Future of Large Commercial Insurance: KPMG
Despite strong market performance, traditional commercial insurance business models are coming under pressure from the acceleration transformation of the business landscape. For its new report, KPMG spoke with more than 400 decision-makers from commercial insurance organizations across the globe to better understand the evolving trends and their impacts on the future of the sector. Read more.

Relay Equips Appalachian Underwriters With Next-Gen Cyber Insurance Connectivity
Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance submissions, is pleased to welcome Appalachian Underwriters, Inc. (AUI) to its award-winning insurance placement platform, Relay Cyber. Read more.

Gallagher Re Global InsurTech Report Q2 2022
Arthur J. Gallagher & Co. is pleased to announce the release of the Gallagher Re Global InsurTech Report for Q2 2022. In addition to profiling various InsurTech businesses and individuals, this report provides the most current InsurTech investment data and view on the general market. Read more.

It's Not All Doom and Gloom Say Majority of Canadian Small Business Owners
The results of a new survey from Zensurance find that a majority of small business owners are confident about the second half of 2022. That confidence eclipses the pandemic's negative impact on their revenues in the first six months of the year and Canada's record-high inflation. Read more.

Deloitte Expands Detection & Response Platform
Deloitte, a leader in global security services and incident response services, has expanded its Managed Extended Detection and Response (MXDR) platform to include enhanced cybersecurity industry intelligence, as well as four new modules for dynamic adversary intelligence, digital risk protection, threat hunting and mobile device security. Read more.

Westland Insurance Acquires The Winch Group
Westland Insurance Group is pleased to announce its acquisition of The Winch Group Inc., one of the largest and most respected employee benefits consulting firms in Ontario. Read more.

Benecaid, GSC Launch Honeybee Select
Benecaid and Green Shield Canada, both part of the GSC group of companies, are pleased to announce the launch of Honeybee Select, a simple and innovative health benefits solution for small businesses new to workplace benefits. Read more.

CHES Construction Offerings Can Help During Economic Uncertainty
With the number of construction projects mounting as we return to normal, it's critical to acknowledge and learn more about the issues insureds are currently facing – whether it is delays with permits, increased material costs, or finding the right insurer to provide flexible cover for all manner of uncertainties. Read more.

SGI August Traffic Spotlight On Distracted Driving
Scrolling through or posting to your social media channels is not a priority when you're driving. It's not even an option. Offenders face tickets or demerits for using a cell phone while driving. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Applied Systems Partners with Humber College to Secure P&C Talent for the Future
By Steve Whitelaw, Applied Systems
Before the pandemic struck, the short supply of skilled candidates joining the broker channel was one of the biggest threats to the industry's future. The skills gap dilemma hasn't left us, and, in many ways, the pandemic made the gap a wider chasm to cross. Humber College recognized early on that knowledge of Applied technology is an enabler within the insurance industry and Applied partnered with Humber College's Insurance Management Program for that reason. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
Marketing Automation:
Lessons Learned On The Path To Success

Webinar – Wednesday, Aug. 24

Ai Insurance Organization Inc. is Canada's leading surety bond broker and contractor insurance provider, headquartered in Mississauga, Ontario.

In 2020 they added a full in-house marketing team and Act-On, a marketing automation and communications platform to enhance the sales team's efforts.

Register now to hear about their journey to success and the lessons learned along the way.
Learn more about the webinar and speakers.

Featuring:
Ai Insurance Organization Inc.


From Doug

After the term “InsurTech” joined our lexicon, Matteo Carbone – an InsurTech influencer – declared that every insurance business would become an InsurTech.

Simple; after all, everyone in insurance used technology already.

But he meant more than that. An InsurTech:

  • Is agile, and not just in technology;
  • Has a collaborative, innovative culture;
  • Is focused on “the experience” (customer, partner, employee);
  • Uses modern technologies to advantage.

Most startups take on these characteristics as part of their early experience in innovation centres, accelerators, and other coaching forums.

Most incumbents have joined the journey – some early adopters are fully fledged already, others are progressing.

At Insurance-Canada.ca, we are renewing our emphasis on:

Studies show that incumbents which adopted InsurTech characteristics early are leading in business results and appear to be pulling away from the pack.

As InsurTech forges ahead, we hope you enjoy the ride – we are all going in the same direction!

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].

insurance-canada.ca

Connect with us: Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter