"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 18, 2022

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WTW Launches Risk Intelligence Quantified Platform
WTW, a leading global advisory, broking and solutions company, is pleased to announce the launch of Risk Intelligence Quantified. The Risk IQ portal provides on-demand and direct access to WTW's modelling tools, allowing businesses to quantify and analyse ever-changing risks and all major insurable renewals, while also dynamically assessing and evaluating combinations of risk transfer efficiency and risk levels.
Read more.

New Report Shows Speed-to-Market Advantage For Insurance Carriers
Coretech Insight, an independent advisory firm focused on core technology for the insurance industry, has released a report finding that insurers that launch products faster by deploying cloud agile technology are able to generate a revenue gain of as much as USD 25 million over five years.
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Lockton Launches New Digital Asset Custody Insurance Facility
Lockton, the world's largest independent insurance brokerage, is pleased to announce the creation of a new, industry-leading custody insurance facility available exclusively to its digital asset clients.
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Westland Insurance Makes Triple Acquisition
Westland Insurance is pleased to announce that it has acquired Arrow Insurance Agency, Emsland & Associates Insurance, and IBMG Canada Inc., effective October 1st. All three are P&C brokerages and represent Westland's continued expansion across Canada.
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Brokerlink Marks 20 Acquisitions This Year
BrokerLink continues to grow in Ontario with two new acquisitions, L & M Dallaire Insurance Ltd. and Cryderman Insurance Brokers Ltd, bringing its total number of acquisitions to 20 so far this year.
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Majesco Acquires Global IQX, Bringing Unmatched Solutions To L&AH Industry
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce the acquisition of Global IQX, a SaaS-based insurtech who delivers market-leading solutions insurers rely on to streamline, automate, and transform the way they do business. Majesco adds 16  new customers as well as a powerful underwriting workbench, and enrollment & artificial intelligence solutions to their market-leading core and absence management solutions.
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Ing & McKee Comes Together With Fellow Alberta Brokerage Hunley Insurance
Ing & McKee, a Navacord Broker Partner with multiple locations across Alberta, is pleased to announce the addition of Hunley Insurance to their bench. Hunley is a locally owned and operated brokerage with locations in Rocky Mountain House and Caroline, Alberta.
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ADT Announces Closing Of Equity Investment By State Farm
ADT Inc., the most trusted brand in smart home and small business security, is pleased to announce that it has issued and sold in a private placement to State Farm 133.3 million shares of ADT common stock for a gross purchase price of USD 1.2 billion.
Read more.

Blink Parametric Teams Up With Saskatchewan Blue Cross
Blink Parametric is pleased to announce the further expansion of its real-time flight disruption service through its partnership with Canassurance to include Saskatchewan Blue Cross as part of a major initiative set to enhance travel insurance cover for travelling Canadians.
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Clyde & Co Opens New Office In Calgary
Global law firm Clyde & Co is pleased to announce that it has opened an office in Calgary, consolidating the firm's presence in western Canada and across the country's major commercial and legal centres.
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The Intersection: Blog

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

Canadian Mental Health Resources for Employers
By Cindy Danielson, Simply Benefits
October is Canada's Healthy Workplace Month, a time when employers and employees are encouraged to take the Healthy Workplace Challenge. It's a busy month to raise mental health awareness, so we consolidated a cheat sheet with links to free or low-cost resources for employers and advisors Read more.

Canadian Broker Network

CBN members are independent. Some say fiercely independent.

Through CBN guiding principles of innovation, collaboration, and commitment to growth, our members leverage the tremendous value of independence into best possible value propositions for clients, employees and insurer partners.

Visit us at

InsurTech Spotlight

In the InsurTech Spotlight this week:

Insurego Inc.
Insurego is an insurance broker that puts a real focus on the customer experience. To make that as good as possible, we have developed a unique customer portal supported by a customized Fortus rater and custom integration to our Broker Management System. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Innovation involves making “changes in something established, especially by introducing new methods, ideas, or products.”

Most insurance businesses innovate their internal processes, some innovate a new process within an industry segment, and a few innovate something new across all of Canadian insurance.

There have always been startups. The InsurTech revolution combined new approaches and applied them to enhance the customer experience, agility, culture, and technology.

In 2017, Matteo Carbone predicted that “every insurance business will become an InsurTech.”
How did it play out? Some were better than others at adapting and adopting those principles. Among incumbents, the pace of change quickened, for some more than others.

At our 2019 Executive Forum, Denise Garth, SVP at Majesco, identified three segments in insurance: leaders, followers and laggards. The continuing study shows the leaders pulling away from the pack.

Matteo at ITC noted some incumbents serious about innovation came well-prepared to learn and share. Those not serious about innovation have happily canceled insurtech from their agenda. To quote Warren Buffet, “Only when the tide goes out do you learn who has been swimming naked.”

Conclusion: don't swim without a swimsuit; innovate for your future.

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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