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FEBRUARY 21, 2023

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INSURANCE INDUSTRY NEWS

Global Insurers Shift From Delivering Risk Coverage To Reducing, Preventing Risk
Several years of turbulence have radically changed the risk landscape, and consumers want their insurance companies not just to help them when there is disruption, but help them reduce and prevent risk too. Bain & Company's new report on Customer Behavior and Loyalty in Insurance gives insight into the changing approaches of insurers and needs of consumers. Read more.

Relay Launches Management Liability Digital Quoting Solution
Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance placements, is pleased to announce the launch of the company's latest next generation API solution, Management Liability (ML) for Retail Agents and Brokers. Read more.

IBAC Demonstrates API Connectivity Benefits
The Insurance Brokers Association of Canada is pleased to announce the results of a study that demonstrates and quantifies the tangible benefits of API connectivity for insurance brokers and carriers. Read more.

Mitchell Publishes Electric Vehicle Collision Insights Report
Mitchell, a leading technology and information provider for the P&C claims and Collision Repair industries, is pleased to announce the availability of its latest trends publication, Plugged-In: EV Collision Insights. The quarterly report provides auto insurance and collision repair executives with up-to-date information on electric vehicle claims and market data. Read more.

Navacord Enters Specialty Travel Insurance Space Through New Partnership
Navacord Corp. is pleased to announce their first partnership of 2023 with Travel Guardian Insurance, AwayCare Ltd., and Colibri Assurance Voyage, effective February 1st. Read more.

Coalition Cyber Insurance Now Available To Large Enterprise Businesses
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the expansion of its cybersecurity insurance offering to enterprise businesses with revenues up to USD 5 billion. Read more.

Equisoft Acquires CompuOffice Software
Equisoft, a leading global digital solutions provider to the financial industry, is proud to announce the acquisition of Canadian technology firm CompuOffice Software Inc., a leading developer of independent multiple carrier life insurance analysis and research software. Its suite of products and deep market penetration in Canada enhance Equisoft's end-to-end advisor technology capabilities and re-affirm Equisoft's commitment to maximizing advisor effectiveness. Read more.

Gallagher Re Global InsurTech Report For Q4 2022
Arthur J. Gallagher & Co. is pleased to announce the release of the Gallagher Re Global InsurTech report for Q4 2022. The report continues this year's theme of “Geographic Trends and Regional Idiosyncrasies,” with a review of global activity and conclusion of the 2022 series through an InsurTech lens. Read more.

Intact Public Entities, ClearRisk Partner To Enhance Ontario Municipalities’ Risk Management
Intact Public Entities (IPE) is pleased to announce their new partnership with ClearRisk to help bring automated risk management solutions to Ontario municipalities. Read more.

Teachers Life Partners With Greenstone
Teachers Life is pleased to announce a significant partnership with Greenstone, a growing multi-national provider of direct life and pet insurance brands that has recently entered the Canadian market. Read more.


The Intersection: Insurance-Canada.ca Blog

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

New Trends in the Evolution of Mobility and Transportation
By Mark Breading, Strategy Meets Action
CES has become one of the biggest auto shows in the world – but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. Among the many sessions and exhibits featured this year, I spotted four interrelated themes. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

InsureVue by Click Capital
InsureVue is a technology platform that enables organizations to fully digitize their products and workflows. InsureVue allows your insurance products and programs to be offered online so insureds can quote/bind/issue in a completely self-service manner. InsureVue is a full policy administration system which digitizes all your internal processes. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Innovating To Address A Risk

The objective: to insure Ukrainian grain shipments in a war zone.

The challenge:

• Offer competitive rates in a war zone;
• Insurance for port storage and inland grain cargo had been deemed too high-risk;
• Ships waiting at port to load typically require an inspection;
• Ship hulls are tracked, but not cargo;
• Disabled ships could float out of the safe corridor into minefields.

The solution:

• Involve a large number of insurers and spread out the risk (a safe-passage agreement was a prerequisite);
• Cover begins only when the ship is loaded (once loaded, ships won't hang around);
• Waive the pre-loading inspection;
• A provider of hull tracking agreed to track cargo as well;
• Make tugboats available to assist disabled ships.

The collaboration among many parties enabled this insurance to be announced within a week of the safe-passage agreement.

Where there is an insurance need, the innovators in the industry can often find a way to help meet the need.

Read more at the Insurance Institute's Winter 2023 Quarterly review.

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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