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JUNE 6, 2023

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INSURANCE INDUSTRY NEWS

Consumers Want Humanized Experiences With Insurance
Duck Creek Technologies, the intelligent solutions provider defining the future of P&C and general insurance, has proudly published its second annual Global Consumer Insurance Insights benchmark survey, which reveals strong demand from global consumers for humanized insurance purchasing, switching and communication experiences through digital channels. Read more.

Sonnet Partners With Tangerine Bank
Tangerine Bank, Canada's leading digital bank, and Sonnet Insurance, Canada's first coast-to-coast fully online home and auto insurance company, have teamed up to provide simple, transparent, and customized home and auto insurance, exclusively for Tangerine Clients. Read more.

Major Players Launch Digital Identity Whitepaper
Beneva, Desjardins, IDLab and KPMG have joined forces to publish a white paper with the objective to develop a common understanding of digital identity in order to answer basic questions that citizens, consumers and business leaders may have and to promote its integration into everyday life. Read more.

JSON API Standards Published For Three More Use Cases: CSIO
CSIO is pleased to announce that the InnoTech Advisory Committee and API Working Groups continue to make headway, publishing API Standards in JavaScript Object Notation (JSON) for three more use cases: deletion of coverage, policy cancellation, and creation of first notice of loss. These use cases cover four lines of business: personal automobile, habitational, Individually Rated Commercial Automobile, and Commercial General Liability. Read more.

InsurTech Ohio Partners With InsurTech Canada
InsurTech Ohio and InsurTech Canada are pleased to announce a partnership to establish a pipeline for startups to enter the US market. Ohio will become the exclusive landing spot for these companies, providing them with connections to resources, networking events, advisors, and capital to continue to grow. Read more.

BrokerLink Acquires Woodmar Insurance
BrokerLink is pleased to announce it has completed its acquisition of Burlington-based T.K. WoodMar Insurance & Financial Group Inc., effective June 1st. Read more.

Assuris Upgrades Policyholder Protection
Assuris, in partnership with its member life and health insurance companies, is pleased to announce higher levels of policyholder protection. Assuris's mission is to protect Canadian policyholders if their life and health insurance company fails. Read more.

A.I. Cited As Reason For Job Losses In May
Nearly 4,000 people in the U.S. tech industry lost their jobs in May because of artificial intelligence, marking the first time layoffs have been directly attributed to AI, according to a monthly report from Challenger, Gray & Christmas. At the same time, AI is creating new jobs. Read more.

Quadient Inspire Release 16 Offers New Customer Experience Possibilities
Quadient is pleased to announce Quadient Inspire Flex Release 16, the latest advancement of its enterprise omnichannel CCM software solution. The release adds new features and capabilities designed to help organizations advance their cloud strategy, automate omnichannel orchestration and improve operational efficiencies and employee productivity while delivering a better total customer experience across channels. Read more.

Business & Technology Trends: Specialty Lines
The specialty market requires significant operational flexibility to accommodate a wide variety of risks and meet the needs of the insurer and the insured. Specialty insurers are prioritizing cloud data warehouses, reporting tools, and data science investments to optimize their portfolios and improve underwriting, according to a new report from Aite-Novarica Group. Read more.

Definity Partners With Green Communities Canada To Support Local Climate Resilience
Definity Financial Corporation is proud to announce a new partnership with Green Communities Canada in support of the Living Cities Canada Fund, an initiative that provides local partner organizations across the country with training, funding, and logistical support to engage their community and implement green (natural) infrastructure projects where they are needed most. Read more.

Young Canadians Lack Investing Confidence: Co-operators
Younger Canadians are feeling uneasy about investing, according to a new survey of Canadians aged 18-44 by Co-operators which uncovered that only one quarter are confident in their ability to choose investment opportunities that will make money. Nearly half say they feel like they don't have enough money to invest. Read more.


InsurTech Social – June 6, 4:30-6:30pm at The Fox on John in Toronto


Insurance-Canada.ca ‘Technology In Action’ Series
Developing A Niche and Adding To It
WebinarThursday, June 22

Instant Risk Coverage (IRC), an MGA, provides digital insurance products, on-demand. Their first niche – venue insurance – addressed the needs of both venue providers and their clients. Newer products include Open Patio, Real Estate agents and more. Insurance can be white-labelled, offered through a broker's website.

President Jonathan Di Pasquale will present and discuss the IRC story.

Register now or learn more about the webinar.


The Future of Insurance Canada 2023 by Reuters Events


From Doug

Is your business an InsurTech, yes or no?

Why did you select the answer you did?

In 2016, Matteo Carbone predicted that “every insurance business will be an InsurTech” – not because start-ups will take all the business, but because incumbents will respond and also take advantage.

I have four criteria for InsurTechs:

Culture: can cope with and take advantage of change

Agility: can respond to change and opportunity quickly.

Customer: has an intense focus on customers ie everyone who does business with you, including your people

Technology: watches technology innovations and takes advantage, when warranted

Rate your business in each dimension against the best of breed in your space; how do you measure up as an InsurTech?

Each dimension will evolve over time, of course.

The objective is not to be a highly-rated InsurTech but to be competitive or a leader and remain so. Ranking well should help you meet objectives and execute your strategy.

Hope to see you at the InsurTech Social this evening (4:30-6:30pm) in Toronto – one topic for discussion.

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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