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Insurance-Canada.ca - Where insurance and technology meet

AUGUST 16, 2022

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INSURANCE INDUSTRY NEWS

Measured Insurance Joins Forces With Relay Platform To Provide Brokers With Additional Cyber Capacity
Relay Platform is pleased to welcome Measured Analytics & Insurance to their robust suite of carriers, MGA-MGUs and reinsurers offering API connectivity through the platform. The integration with Relay Platform offers brokers instant quotes, augmented communication and seamless access to Measured's industry leading cyber insurance policy. Read more.

Socotra App MarketPlace Gains Momentum With 12 InsurTech Partners
Socotra, the modern core platform provider for innovative insurers, is pleased to announce that twelve leading InsurTech providers have joined its breakthrough App MarketPlace to publish modern software apps connected to Socotra policy core, making the platform the fastest way for insurers to bring new products and features to market. Read more.

Synatic, Relativity6 To Accelerate Underwriting
Synatic, a leader in data integration and automation, is pleased to announce a partnership with Relativity6, an AI-powered company focused on industry classification, to leverage data integration and automation to enhance industry detection technology – helping insurance carriers accelerate their underwriting processes. Read more.

Navacord Welcomes Insurance Store
Navacord Corp. is excited to announce a new partnership with Ontario-based Insurance Store, effective as of August 1st. Read more.

Hub International Acquires Jaimac Risk Management Inc.
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Ottawa-based Jaimac Risk Management Inc. Terms of the transaction were not disclosed. Read more.

Businesses Need Help Paying Ransomware Demands: BlackBerry Cyber Study
BlackBerry Limited and Corvus Insurance have released the results of a cyber insurance coverage study revealing businesses are increasingly concerned about how they will meet ransomware demands. Read more.

CyberCatch Partners With Ridge Canada
CyberCatch and Ridge Canada Cyber Solutions (RCCS) are pleased to announce a strategic partnership to enable Canadian SMOs an easy but smart way to obtain cyber insurance. There are approximately 1.2 million SMOs in Canada and the majority do not have cyber insurance today, or those that do are having difficulty renewing due to the increased level of cyber risk posed to them in today's environment and the risk transfer impact to the insurance providers due to lack of required controls. Read more.

U.S. Agents, Brokers Shatter Single-Digit Growth Ceiling: Reagan Consulting
American independent insurance agents and brokers have posted a fifth consecutive record-setting quarter of organic growth, according to a survey by Reagan Consulting. Read more.

Lemonade Selects Mitchell To Support Entry Into U.S. Auto Insurance Market
Mitchell is pleased to announce that Lemonade has selected its claims workflow, automation, and total loss solutions to support Lemonade Car, the insurer's latest product offering. Mitchell's solutions, which span auto physical damage and auto casualty, will help Lemonade streamline and optimize claims handling. Read more.

DataStream Expanding Cyber Policy Options To Canadian MSPs, SMBs
DataStream Cyber Insurance is broadening its offering to now include policy coverage north of the U.S. border. The company's move into Canada advances its international efforts to help MSPs better protect their diverse clientele from today's online risks. Read more.

Investors Back YouSet With CAD 2.1M In Funding
YouSet, a startup which has optimized the process of buying and comparing home and auto insurance, is pleased to announce it has raised an oversubscribed CAD 2.1 million pre-seed round. The company also announces its awaited expansion into the lucrative Ontario market. Read more.

BIG Opens New Office In Orangeville, ON
Billyard Insurance Group is pleased to announce it has expanded to the charming town of Orangeville, Ontario, partnering with Mike Yestal as Managing Partner. Read more.

Watch For Farm Machinery On The Road During Harvest: SGI
Harvest is underway in many parts of the country. Each year, there are a small number of collisions between motor vehicles and farm equipment. SGI is reminding drivers to avoid distractions and just drive. Read more.


The Intersection: Insurance-Canada.ca Blog

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

How Good Are You At Growing Your Insurance Business In a Riskier World?
By Damien Philippon, Zelros
Our world has become a riskier place. Individuals and companies face a different risk landscape today, one impacted by factors including climate change, cyber security threats, health risks in an aging population, and uncertainty about new and harmful global viruses. These dynamic risks are creating an increasingly complex, new era of risk management for insurers. Read more.


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

WebinarWednesday, Aug. 24

Ai Insurance Organization Inc. is Canada's leading surety bond broker and contractor insurance provider. In 2020 they added a full-fledged 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.

Featuring:
Ai Insurance Organization Inc.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Wisedocs
Wisedocs is a software platform that makes it easy to sort, understand, and organize unstructured medical records through proprietary Intelligent Optical Character Recognition and machine learning. We are on a mission to erase the headache of manual work to create a more positive experience. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

InsurTech’ refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model and enable new models.

In the definition we prefer, an InsurTech is a business organization, either an insurance practitioner – insurer, MGA, Broker, etc. – or a technology provider which offers technology products and services specifically geared to the insurance business.

The same definition would apply to a MarTech.

The marketing landscape continues to shift because MarTech is becoming more sophisticated, enabling brands to better keep up with the ever-evolving – and fragmented – customer journeys. In short, marketing technology is essential to the future of modern marketing.

All InsurTechs do marketing, using a combination of MarTech technology and outside MarTech services.

With today's increasing focus on customers, maturing practices like privacy, evolving practices like engagement and omnichannel communications, emerging practices like personalization are faced by all industries. They are essential to effective marketing for insurance.

The relationship between InsurTechs and MarTechs will grow stronger; where will it lead?

Join the webinar on August 24 to hear about Ai Insurance Group's marketing journey.

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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