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

NOVEMBER 1, 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

Guidewire Flaine Release Powers Speed, Agility For P&C Insurers
Guidewire is pleased to announce Flaine, its latest market-defining cloud release. New platform, application, and content updates in Flaine increase speed and improve agility for P&C insurers across the complete insurance lifecycle. Read more.

Stanley Mutual Selects Cognition+ To Modernize Their Insurance Business Operations
Cognition+ is pleased to announce they haven been selected by Stanley Mutual Insurance Company to modernize their insurance operations and drive their next phase of growth. The Cognition+ Platform incorporates best practice across Policy Administration, Claims Management, Insurance Analytics & Accounting modules, with customizable workflows and APIs to better collaborate with sales channel partners and deliver an end-to-end digital insurance experience. Read more.

Entegral Launches Cutting-Edge Vehicle Claims Triage Product
Backed by the trusted brand and world-class service of Enterprise Rent-A-Car, Entegral has announced the launch of Smart Assist, a vehicle claim assistance product designed for use with mobile devices. This new SaaS offering puts more control directly into the customer's hands after a collision and helps to digitize and automate the claims journey from first notice of loss. Read more.

Wawanesa Completes CSIO Commercial Lines Certification Program
CSIO congratulates The Wawanesa Mutual Insurance Company for achieving Level 3 Certification and meeting the requirements of the Commercial Lines Certification Program. By completing the Program, Wawanesa earns recognition for their commitment to implementing the CL Data Standards according to industry best practices to create greater value for their broker partners and customers. Read more.

Approaches To Core Systems Expanding With Point Solution Ecosystem
Insurers have always worked with point solutions to help provide capabilities outside of their core administration systems. The difference today is an increase in options. As the point solution ecosystem continues to grow and core system solutions dominate insurer IT roadmaps and budgets, this Aite-Novarica Group report will help CIOs make sense of new options for leveraging point solutions in their infrastructure. Read more.

2022 Advisen-Zurich Survey Illuminates Growing Cybersecurity Concerns
Good news for cybersecurity: more risk managers have purchased cyber insurance to help protect their businesses and customers from breaches and hacks. The bad news: increasing premiums and restrictions for cyber coverage are creating frustration for some business leaders. Read more.

Madison Advisors Explores the Future of the ADF Market in New Research
Madison Advisors has published a brief on the current state of the automated document factory (ADF) model and the need to break free of the traditional page-based paradigm to support communications in multiple formats. Read more.

More Consumers Are Protecting Themselves From Cyber Attacks: Chubb
For the first time, the Chubb annual study on cyber risk finds that more people are taking concrete steps to protect their personal information and data from cyber-attacks. But while the progress is encouraging, poor cyber-security behaviors remain far too common. Read more.

Risk Disclosure Via Climate Score Recommended To Combat Natural Disaster Losses
New research by Insurance Bureau of Canada (IBC) finds that the disclosure of natural hazard and climate risk is urgently needed in the Canadian housing market because of the increasing frequency and severity of natural disasters. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Birds of a Feather Brand Together: How social identity and trust can help brokers build stronger brands (Part 1)
By Steve Pieroway, Benevolent Marketing
We want customers and prospects who are aware of us, like us, and think we do such a good job that they'd risk their reputation with friends and family to recommend us. It's easy to understand. And a lot harder to implement. But that doesn't mean we can't point ourselves in the right direction. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Farmers Edge
With the most comprehensive data management platform on the market, Farmers Edge is a global leader in digital agriculture, delivering cutting-edge solutions powered by a unique combination of field-centric data, artificial intelligence, and complete integration Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Many consumers have both a home and a car. Some insure both with one insurer.

This market segment has been named “The Robinsons. The likelihood of a stronger relationship, better customer loyalty and a higher lifetime value drives a premium discount.

In “The Death of 'The Robinsons'?” Marty Ellingsworth notes that this segment may be at risk.

(Disclaimer: I have been a “Robinson” since I first needed car and tenant insurance. I did switch insurers once; the affinity group discount was significant.)

Several market forces are at play:

• When insurance costs increase, consumers are more likely to shop;
• To move one product, the savings would need to offset the bundle discount;
• Telematics – UBI or behaviour-based insurance may reduce insurance costs;
• Increasing volumes of data and improving analytics enable insurance to better understand the relationship between premium and profitability by segment;
• More personalization is enabling insurance to better engage consumers, to attract and retain.

Such forces are driving increased complexity in all aspects of insurance; the cost of competing successfully escalates.

A singular “Robinsons” market segment is indeed at risk – of becoming a multitude of segments.

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