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NOVEMBER 15, 2022

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INSURANCE INDUSTRY NEWS

Climate Change The Number One Concern Around The World: AXA
AXA is pleased to announce it has released the ninth edition of its Future Risks Report. For the first time, climate risk tops the list of experts' concerns in all regions of the world and becomes the main concern of the general public in the United States. Read more.

Complex Market Begins to Focus on Profitable Growth: Aon Market Report
Aon's 2022 Canadian Insurance Market Report, published to help Canadian clients make better decisions about risk management and insurance programs, finds that the market continues to remain complex; however, increased competition, along with positive underwriting results and loss activity, has resulted in a transition from a market experiencing significantly challenged results to one focused on profitable growth. Read more.

Coalition Introduces New APIs To Power Executive Risks Insurance
Coalition is pleased to announce newly available application programming interfaces for management liability through Executive Risks Insurance. These APIs will enable more agencies to embed Coalition into their platform of choice for more efficient quoting and an easier path to bind coverage. Coalition APIs are now available for Coalition's United States Directors & Officers (D&O) Insurance and Employment Practice Liability (EPL). Read more.

Hub International Launches Professional & Executive Risk Practice
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce the launch of its Professional & Executive Risk (ProEx) Specialty Practice. The new practice brings together over 100 HUB specialists with executive liability, professional liability, tech/cyber, and transactional risk insurance placement capabilities, and specialized risk and claims services. Read more.

BOXX Insurance Acquires Templarbit
Toronto-based global cyber InsurTech BOXX Insurance is pleased to announce the acquisition of Templarbit, a cyber threat intelligence platform that makes it simpler for businesses to stay ahead of digital threats. Read more.

Texas Lawyers' Insurance Exchange Launches ISI Enterprise
Insurance Systems Inc., a provider of enterprise software solutions to the property and casualty insurance industry, is pleased to announce that Texas Lawyers' Insurance Exchange has successfully implemented ISI Enterprise for its insurance operations. TLIE is a leading provider of lawyers' professional liability insurance throughout Texas. Read more.

Ecclesiastical Introduces Enterprise Risk Management Resources
Ecclesiastical is pleased to announce it has created a collection of tools, resources and an Ecclesiastical Specialist School training module which introduce our customers and brokers to the positive benefits of enterprise risk management and how it can help them navigate through a volatile risk landscape. Read more.

Celyeste Power Appointed IBC President & CEO
After an extensive search, the Board of Directors of Insurance Bureau of Canada has appointed Celyeste Power as President and CEO of IBC effective January 1st, 2023, following the planned retirement of Don Forgeron at the end of this year. Read more.

Solar Revenue Put Protects Matrix Renewables Solar Projects For 26 Years
kWh Analytics, the market leader in climate insurance, is pleased to announce that it has structured a Solar Revenue Put supporting back-leverage financing with Matrix Renewables, the TPG Rise-backed global renewable energy platform, insuring solar production on new-build utility-scale solar projects. Read more.

Operation Red Nose Back On Saskatchewan Roads
Operation Red Nose has enthusiastically launched its 14th annual road safety campaign. From November 25 to December 31, motorists in a total of 75 communities in Canada will benefit from the safe ride service offering an additional option to get home safely after a festive night out. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Automation Accelerates in Small Commercial Lines Underwriting
By Deb Smallwood, Strategy Meets Action
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers' efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Vita Assure
Vita Assure is a full service brokerage and consulting firm specializing in employee benefits for small and medium size businesses located in Canada. We provide tailored solutions that enhance the value of benefits programs, including group insurance, group retirement savings, wellness and non-traditional benefits. We go beyond the typical brokerage services with personalized advice for the workplace, customer-centric support and value-added software tools. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Every insurance business has digital tools to help operate. The degree of “being digital” varies dramatically. Undoubtedly, most have a long list of improvements to invest in. Which ones get priority?

The decisions are more difficult because:

• Advanced technologies, such as APIs, AI, RPA, ML, Cloud, and more, keep improving;
Solutions using those can be developed, but are also available from vendors who keep increasing in numbers.

What to you tackle next? Each option has competing benefits.

Do you build, or do you buy and from whom? Regardless, integration is mandatory.

Decisions are a huge challenge, especially with so much rapid change around us.

Those who lead successfully seem to be ahead of the problem:

• Anticipating what will make a difference now and will also set the stage for competitive advantage tomorrow;
• Understanding the resources available to assess what is possible;
• Fostering a culture which can absorb and take advantage of change.

Where are you on the spectrum? Are you improving?

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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