"Chronicle" weekly newsletter - Where insurance and technology meet

JANUARY 3, 2023

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Introducing Quotey, Canada's First Commercial Insurance Quoting & Product Comparison Platform For Brokers
Commercial insurance brokers face a barrage of complex hurdles when trying to find the right coverage for clients. Quotey wants to change that. This revolutionary new platform is Canada's first multi-insurer commercial lines quoting and product comparison tool for brokers, and has now officially launched in all provinces except for Quebec, where it will be available in 2023. Read more.

ACORD Study Highlights Drivers Of High Performance Among Top Insurers
ACORD, the global standards-setting body for the insurance industry, is pleased to announce the release of its 2022 U.S. Property & Casualty Value Creation Study, which measures and analyzes value creation among the top 100 U.S. P&C insurance carriers over a 20-year period. The study leveraged in-depth financial analysis, data-driven research, and interviews with industry leaders to assess carrier performance and the strategies that support success. Read more.

Westland Continues Growth With Acquisitions In Ontario, Nova Scotia
Westland Insurance, Canada's largest independent insurance broker, is pleased to announce it has acquired Halifax-based Gateway Insurance Group and Ontario-based Hutcheson, Reynolds & Caswell Insurance, effective as of December 1st. Read more.

Travel Chaos Sparks Extraordinary Travel Delay Insurance Claim Volumes For Insurers
Holiday travel chaos sparked by severe weather conditions has resulted in more than 11,000 flight cancellations and more than 30,000 delays in a single week, leading to thousands of traveller claims and huge claims processing costs for travel insurers. Amid increasing claim processing costs, many travel insurers will be hit hard on the back of recent storms in this peak travel period. Read more.

THIA, BlueDot Partner To Improve Industry Preparedness For Health-Related Disruptions
The Travel Health Insurance Association is pleased to announce a new partnership with BlueDot, Inc., a global leader in infections disease intelligence that empowers public and private sector organizations to rapidly identify, understand, and effectively respond to global infectious disease threats. Through this collaboration, THIA members will receive near-real-time intelligence on important health threats emerging around the world, so that they can make informed decisions to mitigate travel risks and preserve business continuity. Read more.

Custard Companies Expands Into Canada
Custard Companies is pleased to announce its expansion into the Canadian market with the acquisition of Toronto-based SIAdvisers Consulting & Solutions, and its subsidiary, Desktop Solutions. Read more.

Theft-From-Vehicle Claims Spike During Holiday Season
Gifts waiting in your car during the holiday shopping season make an enticing target for thieves. After analyzing internal claims data, Square One found that claims for personal property stolen from vehicles increased by 70% during November and December compared to the rest of the year. Read more.

GUS Network Adds First Call Restorations Ltd.
GUS is pleased to announce that First Call Restorations Ltd. has successfully partnered with GUS, further growing GUS's network of full-service restoration companies with the addition of a fifth location in Alberta as the banner continues its expansion plans across Canada. Read more.

IBM To Open Client Innovation Centre In NB
IBM Canada is pleased to announce an IBM Client Innovation Centre for Fredericton which will support businesses to accelerate digital transformation through increased access to talent and innovative technologies including cloud, machine learning, robotic process automation, the Internet of Things, blockchain, and more. Read more.

The Intersection: Blog

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

Are Insurers Satisfied with Their Digital Offerings for Mid/Large Commercial Distribution?
By Mark Breading, Strategy Meets Action
In recent years, the mid/large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. Additionally, carriers in the segment have been deploying new technologies for distribution to not only enhance internal operations and processes but to further support the success of distributors, whether retail agencies, brokers, wholesalers, or MGAs. However, according to new SMA research, not all solutions meet the expectations of carrier executives today. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

HelloSafe is an international online insurance policy comparison platform. It is a completely free site, made available to consumers with the aim of helping them to facilitate their choice of insurance, and to bring more transparency to the market. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Every insurance business today is using technology to better serve insurance customers and improve its competitive position.

And while those businesses are innovating – reengineering and digitalizing processes to better support staff, connect with partners and serve customers – technology itself is changing, and insurance is responding to take advantage.

For you and your business, my wishes for 2023:

1. That you implement an innovation, or preferably many;

2. That each is successful, not just that it works, but that it contributes meaningfully to your business;

3. That each innovation fosters more steps in your transformation;

4. That by the end of 2023 you are more competitive in your peer group than today.

Although not all innovation uses technology directly, technology most assuredly touches every innovation in some way.

May your 2023 business journey be successful.

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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