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Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 13, 2022

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INSURANCE INDUSTRY NEWS

Auto & Home Insurance Claims Processes Suffer Digital Growing Pains
The ongoing digital transformation of the property & casualty insurance industry has hit some speed bumps when it comes to customer satisfaction among those who use insurers' digital channels to manage their claims. According to the J.D. Power 2022 U.S. Claims Digital Experience Study, overall satisfaction with the digital claims process declines for a second consecutive year as insurers struggle to manage longer cycle times via digital channels. Read more.

Westland Insurance Launches Digital Platform
Westland Insurance, one of Canada's fastest-growing independent insurance brokers, is pleased to announce the launch of its digital platform, Westland Express Insurance Services Limited. Read more.

Desjardins Acquires Assets From Guardian Capital Group Limited
Desjardins Group and Guardian Capital Group Limited are pleased to announce that they have entered into definitive agreements for Desjardins to acquire Guardian's life insurance, mutual fund and investment distribution networks. Read more.

Westland Insurance Acquires Hyndman Insurance Group
Westland Insurance, Canada's largest independent insurance broker, is pleased to announce its acquisition of Hyndman Insurance Group, Sears Insurance, Hyndman & Company and Hickey & Hyndman. This group of affiliated companies is one of the largest and oldest insurance brokers in Canada, and this acquisition represents Westland's entry into PEI and New Brunswick. Read more.

USAA Leverages CCC To Streamline First Party Casualty Claims Experience
CCC Intelligent Solutions has introduced the CCC® First Party Claim Portal, a new digital capability to streamline and improve the casualty claims process for insurance customers and their policyholders. Read more.

CSIO Advisory Committee, Working Group Advance API Data Standards
CSIO is pleased to announce that the Innovation and Emerging Technology (INNOTECH) Committee and Application Programming Interface (API) Working Group have finalized the business requirements for all 40 use cases on CSIO's 2022 API roadmap. Read more.

TravelTech, InsurTech Providers Team Up in Global Partnership
Blink Parametric is pleased to announce an exciting partnership with travel wellness subscription platform Sanctifly. The two industry leaders in the global InsurTech and TravelTech markets respectively, have joined forces to offer a technology-driven real-time Flight Delay Benefit to Sanctifly travellers across the globe. Read more.

Forward Insurance Managers Launch Cyber Risk Insurance Product
Forward Insurance Managers Ltd. is pleased to announce the launch of a Cyber Risk Insurance product which provides a first- and third-party cyber coverage for small to mid-sized Canadian firms seeking broad protection against loss due to a cyber event. Read more.

CNA Canada Launches Asset Managers Liability Solutions
CNA is pleased to announce the launch of Asset Managers Liability Solutions, designed with clients' evolving and complex needs in mind, written with broad definitions and key extensions, and backed by in-house claims professionals experienced in handling complex claims. Read more.

Desjardins Partners With TELUS Health To Expand Health & Wellness Access
Desjardins Insurance and TELUS Health are pleased to announce a new collaboration that will bring TELUS Health's leading health and wellbeing services to members and other eligible individuals from group insurance plans administered by Desjardins. Read more.

MBC, FGSNA Partner To Expand EcoClaim Certification
MBC Group, a leading Canadian specialty engineering firm announced today their official partnership with First General Property Restoration Services, one of North America's largest restoration networks to train & certify their entire organization on the EcoClaim® Program. Read more.

Pario Acquires Contrast Engineering
Pario Engineering & Environmental Sciences LP, an SCM company and Canada's national provider of forensic engineering and environmental sciences, is pleased to announce its expanded presence in Canada's Atlantic region with the acquisition of Contrast Engineering Ltd. Read more.

WTW Launches Geopolitical Risk Research Programme
WTW, a leading global advisory, broking, and solutions company, has announced the launch of a new research programme focusing on the most significant drivers of geopolitical risk and what global businesses can do to proactively manage these threats. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Outsourcing 2.0: Suddenly A P&C Best Practice For A New World
By Stephen Applebaum & Alan Demers
We have all been living through a period of intense uncertainty for almost three years and the pace of disruption shows few signs of slowing; instead it is morphing. The degree to which the post-COVID world in which the Property & Casualty insurance industry operates has changed, and how quickly, cannot be overstated. The impact has been pervasive and has affected the entire social, economic and political world in which we live and work. Nothing and no-one has been spared. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

BrokerLift
BrokerLift is an eCommerce Platform purpose-built for Insurance Brokers to digitally sell “transactional” products to their customers from their preferred Insurance Partners. The platform integrates digital products (20+ to choose from!) into the Broker's website, email and other branded experiences. BrokerLift is NOT an insurance entity; Brokers earn full commissions and can swap product providers without losing their data or digital customer experience. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Senior Commercial Marketer, Special Risks
KRGInsure Toronto, A Division of RRJ Insurance Group Limited
Toronto, ON

Claims Operational Analyst
HSB Canada
Toronto, ON


From Doug

The InsurTech Journey So Far

The term InsurTech emerged circa 2016, as a separate group but still often included in the broader FinTech umbrella.

An InsurTech is an organization which strives to compete better by:

• Focusing diligently on the customer;
• Engendering an agile inclusive culture;
• Using advanced technologies.

InsurTechs fall into one of two camps:

• Insurance practitioners (Brokers, MGAs, Insurers, Reinsurers);
• Providers of technology to insurance practitioners.

Over the six years, major improvements or developments have improved:

• The client experience broadly speaking, with personal lines leading the way;
• Connectivity among insurance practitioners and services providers with faster internet and APIs;
• Computing, using Cloud and Software as a Service;
• Data quality (better governance) and quantity (e.g. from IoT sensors).

Although personal lines may have been the first to benefit, developments following a similar track are underway across the board, including claims and commercial lines.

InsurTech will live and grow, but might this be considered the end of InsurTech 1.0?

If so, what is different about InsurTech 2.0?

Insurance-Canada.ca wishes you a happy holiday season and a break from work. We will return with our next issue on January 3rd.

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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