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

FEBRUARY 14, 2023

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

Coalition Releases First-Ever Cyber Threat Index for 2023
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, has published its first-ever Coalition Cyber Threat Index, detailing insights on cybersecurity trends from 2022 and what emerging cyber threats are on the horizon to better prepare businesses for 2023. Read more.

Coterie Insurance Partners With Relativity6
Coterie Insurance, a small business insurance disruptor with a cutting-edge automated underwriting engine, and Relativity6, Inc., the best-in-class industry classification platform that provides accurate 6-digit NAICS predictions and company existence checks based on a real-time web search, are pleased to announce that Coterie Insurance has selected Relativity6's API to provide predictions related to industry classifications. Read more.

BrokerLink Acquires Myrnam Insurance
BrokerLink has kicked off its first acquisition of the year with Alberta-based Myrnam Insurance Ltd., effective February 1st, expanding its presence in St. Paul, Alberta and the surrounding areas. Read more.

Battleface Debuts In Canada Via Partnership With Hunter McCorquodale
Travel insurance provider battleface is pleased to announce its debut into Canada with an all-new travel insurance product as part of a new partnership with Hunter McCorquodale. The expansion into the Canadian market offers comprehensive, affordable travel insurance for single-trip travellers both domestically and internationally. Read more.

CSIO Welcomes Two New Insurer Members
CSIO is pleased to welcome Wynward Insurance Group and Maple Mutual Insurance Company as its two new insurer members. Read more.

Westland Acquires Niche Assurance, Heritage Insurance
Westland Insurance is pleased to announce that it has acquired Niche Assurance Inc. and Heritage Insurance, effective February 1st. The addition of these brokerages in Quebec and Saskatchewan, respectively, to the Westland family furthers its expansion across Canada. Read more.

Brookfield Reinsurance Acquires Argo Group
Brookfield Reinsurance and Argo Group International Holdings Ltd. are pleased to announce they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire Argo in an all-cash transaction valued at approximately USD 1.1 billion. Read more.

HSB IoT Subsidiary Meshify Joins Amazon Sidewalk Network
Water leak and freeze sensors designed by Meshify, the Internet of Things subsidiary of specialty insurer HSB, will connect through the new Amazon Sidewalk shared community network, making it easier and more affordable to help prevent property damage, HSB has announced. Read more.

NB Approves Electronic Proof of Auto Insurance
The New Brunswick Registrar of Motor Vehicles has approved the use of electronic motor vehicle liability insurance cards, also known as eSlips. Insured drivers may present the eSlip from a mobile device as proof of auto insurance. Read more.

IBC Encourages Ontarians To Prepare For Heavy Rainfall, Mid-Winter Thaw
With Environment Canada issuing special weather statements and alerts in advance of forecasted strong winds and heavy rainfall, Insurance Bureau of Canada is sharing tips to help Ontarians mitigate risk of damage to their property. Read more.

Erie Insurance Earns Top Ranking In J.D. Power Independent Agent Satisfaction Study
Erie Insurance is ranked highest among personal lines insurers in the J.D. Power 2022 U.S. Independent Agent Satisfaction Study. This is the second year in a row that independent P&C insurance agents have rated Erie highest in satisfaction. Read more.

Time To Get Out The Roof Rake: SGI
Wildly changing temperatures combined with heavy snowfalls this winter could leave your house vulnerable to ice damming. This is an issue homeowners should be aware of and take steps to manage now – before it becomes a huge problem. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Major Themes In Technology From CES 2023
By Mark Breading, Strategy Meets Action
The CES event in Las Vegas always provides a good window into technological advancements and innovation. Thousands of exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities. As usual, it was also a bit overwhelming – but I have distilled the event into five major themes with a lens on what is most relevant to insurance. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Boardwalk Insurance
Boardwalk Insurance is an innovative insurance brokerage focused on improving the client purchase experience. We have developed a cutting-edge back-end system that enables our industry experts with the much-needed tools to serve our clients better. Legacy broker management systems are inadequate in today's market, so Boardwalk ditched the out-of-the-box, "one size fits all" system for a completely custom-tailored, product-specific solution. This translates to increased transparency, accessibility, and responsiveness for our customers. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

The Value of InsurTech

My preferred definition of an InsurTech is “an insurance player using technology as the key enabler for achieving its strategic goals.”

I divide InsurTechs into two categories:

• those who use technology in their insurance business, and
• those who provide technology.

At an IoT Insurance Observatory discussion, a participant addressed their telematics-based approach to achieving a 20 percentage points better loss ratio than the average US commercial auto business:

• continuous underwriting obtaining relevant up-front self-selection, and more accurate pricing of the risks;
• risk mitigation through real-time risk mitigation actions while drivers are driving, and a structured driving behavior change program;
• usage of the telematics data for a proactive and enhanced claim process.

The company's processes are designed to exploit the value of the telematics data, the telematics competencies are further developed, and this positively impacts the key profitability drivers of their commercial auto insurance business.

From an InsurTech insurer:

• Technology is a core competency
• Technology and Innovation
• Focusing on Third-Party Data

To quote Matteo Carbone, “The job of an insurer is about assessing, managing, and transferring risks.” Be creative elsewhere (e.g. embedding), but the [insurance] foundation – the basics – must be solid.

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