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Insurance-Canada.ca - Where insurance and technology meet

NOVEMBER 8, 2022

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Insurance-Canada.ca Blog - The Intersection

INSURANCE INDUSTRY NEWS

Insurers Struggling To Manage Auto Claims Process Expectations
The volume of vehicle collisions is returning to pre-pandemic levels, repair costs are at an all-time-high, and repair shops face historic backlogs and limited replacement parts availability; consequently, it is costlier and more time-consuming than ever to get customers’ vehicles back on the road after a collision. The J.D. Power 2022 U.S. Auto Claims Satisfaction Study reveals customer satisfaction has declined from 2021 as customers start to lose patience with the claims process. Read more.

Businesses Need To Do More To Stay Cyber-Safe
Cyber Awareness Month may be over, but the need for vigilance to guard against cyber attacks is greater than ever. IBC's research shows that many businesses need to do more to prevent cyber attacks, particularly when it comes to educating employees about the risks. Read more.

BrokerLink Expands Again With Three Acquisitions in Ontario and Alberta
BrokerLink continues to grow in Ontario and Alberta with the acquisition of Ontario-based D. G. Smith Insurance Brokers and Teck Insurance Brokers Limited, and Alberta-based Robinson Insurance Centre, all of which closed November 1st. Read more.

Équité Association Welcomes New Members
Équité Association, Canada’s first independent, not-for-profit organization dedicated to detecting and preventing insurance fraud, is pleased to announce it welcomed Groupe Promutuel Federation and Industrial Alliance as new members in Q2. Read more.

Accident Support Services Officially Opens In Ottawa
Accident Support Services International Ltd., in partnership with Ottawa Police Service, is pleased to announce their grand opening of three Collision Reporting Centres (CRCs) in Ottawa. Read more.

FSRA Resolves Hundreds Of Complaints In Its Regulated Sectors
The Financial Services Regulatory Authority of Ontario (FSRA) is pleased to announce it has released its annual Complaints Report for the 2021-2022 fiscal year. Read more.

In the InsurTech Spotlight this week:

Apollo Exchange
Apollo Exchange is a digitally enabled insurance marketplace, empowering brokers, consumers, and underwriters to apply for, quote, and bind insurance policies online. Our vision is an industry in which our computers do the work so our people can build relationships. Learn more.

Calling all InsurTechs! Click here to participate.

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 2)
By Steve Pieroway, Benevolent Marketing
Identity similarity, distinctiveness and prestige help to form strong relational bonds. But enduring relationships (be it with a company, brand or person) need other elements to endure – namely, trust and commitment. Read more.

From Doug

Insurance with your auto?

Premium increases and other factors such as the appeal of telematics move people to shop, potentially breaking apart the “Robinson Bundle”.

The dynamic comes not just from other insurers pitching lower prices or other appealing reasons to move.

Now auto manufacturers too are pitching a better way.

They are gathering all sorts of vehicle data already and could tweak their technology to gather more to underwrite the vehicle owner’s insurance needs.

They can appeal to their vehicle customers, at time of purchase (an example of insurance embedded) or as a follow-on purchase.

Three main ways this insurance involvement has been unfolding sees the auto manufacturer becoming:

• a broker;
• a fronting agency partner;
• an insurance company.

As data and technology pervade the car manufacturing industry, automakers have made fresh inroads into insurance and the trend continues.

How could this evolution affect you? What actions should you be taking now?

For a much deeper analysis of this meshing of two major industry verticals, see “Automakers Build New Insurance Future” by Renee Kiriluk-Hill in Insurance Thought Leadership.

Change is never-ending; be prepared.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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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