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SEPTEMBER 6, 2022

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INSURANCE INDUSTRY NEWS

Aquanomics: The Economics Of Water Risk And Future Resilience
New research by global professional services company GHD reveals that droughts, floods, and storms could result in a total loss of CAD 139 billion to Canadian GDP by 2050, equivalent to an average annual GDP loss of 0.2%. Read more.

Duuo launches Easy-Estimate API In Partnership With Tenantcube
Duuo, an online insurance distributor, has partnered with property management software Tenantcube to launch their new embedded insurance feature. Duuo's new Easy-Estimate API allows tenants to get a quick tenant insurance quote within the Tenantcube platform. Read more.

Reinsurers See More Stable Results Away From Property Catastrophe Risks
Given increased losses from not only natural catastrophe events, but from so-called secondary perils as well, along with the pandemic impacts and economic uncertainty, many global reinsurance companies have shifted their business mix into casualty and specialty primary lines where pricing movement is still positive, according to a new AM Best report. Read more.

New Report Advances Canada's First National Flood Insurance Program
Communities and governments are working together to prepare for and adapt to impacts of climate change, helping to improve quality of life for Canadians in higher-risk areas, and reduce the costs of disasters. In Canada, flooding is the most common and costly natural disaster, with residential property owners bearing approximately 75% of uninsured losses each year. Read more.

National Flood Insurance Program One Step Closer: IBC
Canada must increase its resilience to residential flood risk to keep people safe and alleviate the financial hardship that would come with widespread uninsured flood damage. IBC commends the federal government for showing critical leadership in appointing the Task Force on Flood Insurance and Relocation and guiding its work to conclusion in a new report. Read more.

Small Business Insurance Customer Satisfaction Bounces Back
A toxic combination of business disruption and economic uncertainty strained the relationship between small businesses and their commercial line insurers during the pandemic, but the J.D. Power 2022 U.S. Small Commercial Insurance Study indicates that trend has reversed, with overall small business customer satisfaction climbing back nearly to its pre-pandemic high. Read more.

iA Dealer Services Partners With Hyundai, Genesis To Provide Protection Programs
iA Financial Group is pleased to announce that its iA Dealer Services division has been selected as the new administrator of the Hyundai and Genesis Extended Protection Programs. The programs fully integrate all branded products, including extended warranties, replacement insurance, guaranteed asset and payment protection programs, together with a full range of ancillary products. Read more.

More Drivers Admit To Using Their Phone While Driving: ​​​​​ICBC
A new survey reveals that more drivers are using their phones to talk or text while they're behind the wheel. While three in four respondents recognize they could be caught by police for holding or handling an electronic device, nearly half admit to using their phone at least once out of every 10 trips. Read more.

Slow And Steady In School Zones Gets An ‘A’ Grade: SGI
As kids across the country head back to classes, drivers are reminded to obey reduced speed limit in school zones. Drivers who obey the adjusted limit and avoid distractions like cellphone use when passing through school zones will find themselves at the head of the class. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Adapting to Change: The Next Era of Underwriting in Mid/Large Commercial Lines
By Deb Smallwood, Strategy Meets Action
The past two years are clear evidence of how commercial lines adapted to a rapidly changing world, especially underwriting. However, another phenomenon was also occurring as insurers pushed their underwriting initiatives forward: many also realized that their digital capabilities were not as far along as previously thought. Now, insurers are accelerating their plans to move their underwriting departments into the next era. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
Digitally Transforming The Commercial Lines Application Process
WebinarTuesday, Sept. 13

Calefy is using technology to improve the customer-enabled application process. It validates data and creates a request for quote which is reviewed by a broker who submits to selected markets, either by email or through an API – dramatically improving front-end process for both customer and broker.

Register now or learn more about the webinar and speakers.

Featuring:
Calefy


From Doug

“Innovation” is the introduction of something new – whether new in the world, new in insurance, new in Canadian insurance, or new in your insurance organization.

That something could be a completely new element or a revision to an organization (including its culture), a product (new or enhanced), process (streamlined or automated), a “look” (an aesthetic), etc. Technology is not essential.

However, given the omnipresence of technology today, it is often an enabler of innovation. Still, it is people who initiate, design, implement and measure change.

InsurTech: Given the definition we like (a business with an innovative culture, agility, customer focus and modern technology), most every insurance business in Canada is on an open-ended journey to become more of an InsurTech.

Personal lines has long led the way in terms especially of process innovation, but there is much opportunity for yet more improvement.

Claims and commercial lines are key focus areas today.

After recently talking to Ai Insurance about Lessons Learned in Marketing Automation, we look forward to featuring more InsurTech innovation through the fall season.

Don't miss Digitally Transforming The Commercial Lines Application Process next Tuesday, Sept. 13, featuring Calefy.

I hope you are enjoying the innovation ride.

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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