"Chronicle" weekly newsletter - Where insurance and technology meet

SEPTEMBER 27, 2022

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MIB, DigitalOwl Partner To Tailor Electronic Medical Data For Use In Life Insurance Underwriting
MIB is pleased to announce an agreement with DigitalOwl, a provider of AI-powered data analysis software, to present electronic medical data in an underwriting-driven format. MIB clients will be able to obtain information across multiple electronic health records, health information exchanges, and patient portals, with a user-friendly standardized output. Read more.

Chubb Study First To Explore Consumer Attitudes On Insurance Across Five Generations
A new Chubb survey is the industry's first to explore the attitudes on insurance-related matters across five generations of consumers. The findings reveal differences in how each generation searches for and purchases insurance, their current coverages, how they engage with insurance agents, and more. Read more.

2021 Saw Record Payout In Life & Health Benefits
Canada's life and health insurers paid out more benefits to more people than ever before in 2021, according to the Canadian Life and Health Insurance Association. Read more.

CapriCMW, Rogers Insurance Announce Merger
CapriCMW and Rogers Insurance are pleased to announce that they have merged and will be known as Acera Insurance. Read more.

Earnix Expands Product Suite Of Agile Solutions For Intelligent Insurance Operations
Earnix, a global provider of real-time AI-driven rating, dynamic pricing, product personalization, and fully operationalized telematics solutions for insurance and banking, is pleased to announce a new purpose-built underwriting solution in the Intelligent Insurance Operations suite that brings the full power of analytics to underwriting. Read more.

PolicyMe Raises Funding To Scale Product Suite, B2B2C Distribution
PolicyMe, the digital-first insurance provider on a mission to deliver simple and affordable insurance for Canadian families, is pleased to announce it has raised CAD 18 million in Series A financing. New investors RGAX, Securian Financial and SiriusPoint joined existing investors HCS Capital and Westdale Properties in the raise. Read more.

HelloSafe To Accelerate Deploying Its Financial Comparison Solutions In Canada
HelloSafe, a fintech company that develops insurance, investment, savings and credit product comparison solutions for individuals and businesses, is pleased to announce CAD 4.2 million in seed funding, led by OneRagtime and Kima Ventures, to further improve the user experience on its platforms and expand into new product categories in Canada. Read more.

ProNavigator Raises Funding To Accelerate Platform Expansion For The Insurance Industry
ProNavigator is pleased to announce it has closed CAD 10 million of growth financing, co-led by Graphite Ventures and previous investor Luge Capital, and is opening a new second headquarters in Raleigh, North Carolina to oversee its U.S. expansion. Read more.

Just One-Third Of SME Employees Received Mandatory Cyber Security Training
New Insurance Bureau of Canada research has found that small and medium-sized Canadian businesses have been slow to adapt to increasingly frequent and sophisticated cyber attacks. The results are featured in IBC's first Cyber Savvy Report Card, which assigned Canadians a “C” letter-grade for cyber safety actions and knowledge. Read more.

Hub To Provide Tenant Default Captive Insurance For Real Estate Owners
Hub International Limited is pleased to announce it has developed HUB Tenant Default Captive Insurance for real estate owners, operators and managers in the U.S., available in Canada in 2023. As a landlord-controlled captive program, it eliminates the hassle of security deposits, lowers barriers for prospective tenants to improve occupancy rates and creates an additional revenue stream for property owners. Read more.

Cyphercor Enters Strategic Partnership With BOXX
Cyphercor Inc., a cybersecurity startup that provides simple and secure multi-factor authentication (MFA) solutions under their flagship product LoginTC, has today announced a strategic partnership with BOXX Insurance, the first cyber MGA of its kind to offer Canadian businesses all-in-one cybersecurity and cyber insurance solutions. Read more.

Earnix Joins Guidewire PartnerConnect
Guidewire and Earnix are pleased to announce that the two companies have launched a collaborative effort to facilitate faster adoption and increased ongoing performance of their shared offerings. Earnix has joined Guidewire PartnerConnect as a Solution partner at the Select level. Read more.

Sunwing Updates Travel Coverage, Launches Worry Free Plus Option
Sunwing is helping its customers prepare for the unexpected this winter with even more options to travel with peace of mind. The tour operator has updated its Worry Free insurance offerings and introduced Worry Free Plus, a new coverage option to further meet the travel needs of customers and ensure they can vacation in paradise with confidence. Read more. Launches Mechanical Breakdown Insurance in Canada™, the leader in online vehicle protection plans, is pleased to announce the brand's launch in Canada to provide Canadians with vehicle protection plans that cover mechanical failure after their auto manufacturer's warranty has expired. Read more.

Summer Storms Across Western Canada: Insured Damage Total Revealed
Storms that hit Western Canada this summer are expected to result in more than CAD 300 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. In addition, the July 2 hailstorm and flooding in Calgary resulted in more than CAD 600 million in insured damage, making it one of the top 10 costliest weather events in Canadian history. Read more.

The Intersection: Blog

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

Connecting The Insurance Ecosystem
By Stephen Applebaum & Alan Demers
More than any other area of insurance operations, Claims is best positioned to benefit from a digitized, unified, and continuous ecosystem in order to meet the needs and exceed the expectations of today's consumer, support management's key strategic objectives, and bring compelling new value to policyholders. Read more. ‘Technology In Action’ Series
Applying A.I. to Transform the Processing of Medical Claims Records
WebinarWednesday, Sept. 28

Wisedocs allows your claims department to automate the medical record review process and ensure accurate, timely, and organized records.

The platform applies artificial intelligence, machine learning and optical character recognition trained to organize and understand unstructured medical data. Find out how this digital process saves time and enables better results.

Register now or learn more about the webinar and speakers.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Instant Risk Coverage Inc.
Instant Risk Coverage (IRC) is a digital insurance provider with on-demand solutions built to support the needs of venues, professionals and their clients. While still allowing Insurance Brokers to own their relationship with their clients, IRC does the heavy lifting of quoting, issuing policies, and processing claims. This allows us to provide insurance in minutes with no calls, no emails, and no more waits.
Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Claims Adjuster
HSB Canada
Toronto, ON / Montreal, QC

Associate Underwriter
Guelph, ON

From Doug

An insurance customer's overall experience has many variables. You are being measured against that person's expectations based on their experiences elsewhere, preferences and biases.

Being knowledgeable, appropriately engaging, suitably responsive, and personal contribute to satisfaction. Such characteristics apply to any “transaction,” whether entirely person-to-person, entirely digital, or a hybrid mix.

A transaction may extend beyond your business into the insurance ecosystem, whether that “partner” is a broker, insurer (underwriter), service provider (inspection, claim repair, etc.), or other. Your exemplary service may be impaired or downgraded due to poor service from a partner.

The increasingly connected and integrated insurance ecosystem is enabling any participant (a person or a digital transaction) to respond to more questions.

Regardless, a given person can't have all the answers and must draw on reference information or another's experience. Here too technology is helping by storing and giving good access to reference information.

New tools and services, such as Sage from ProNavigator, are helping to improve the customer experience.

Interestingly they also make working from home more feasible. We are creating – and living – the “future of [insurance] work”; how will it unfold?

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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