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AUGUST 22, 2023

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INSURANCE INDUSTRY NEWS

Small Businesses Feel ‘Surprisingly’ Secure: Zensurance Survey
After weathering the COVID-19 pandemic, soaring interest rates and a perceived recession, a new national survey commissioned by Zensurance has uncovered unexpected optimism. Read more.

Q2 Commercial Lines Premium Rate Index Findings
Applied Systems is pleased to announce the second quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry's premium rate index. Read more.

Arthur J. Gallagher & Co. Acquires Horn
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Toronto-based A.H. Horn & Associates Ltd., d/b/a Horn. Terms of the transaction were not disclosed. Read more.

Roam & Onlia Team Up To Bring Personalized Insurance To Car Subscriptions
Onlia Insurance, a foremost digital insurance provider in Ontario, is pleased to announce it has teamed up with Roam, Canada's premier car subscription service. The partnership aims to offer car subscribers personalized insurance rates and a streamlined checkout experience. Read more.

Crawford Technologies Partners With Blue Raccoon On Accessible Document Solutions
Crawford Technologies is pleased to announce it is expanding the availability of its AccessibilityNow® platform by establishing a partnership with Blue Raccoon Software, a South Africa-based provider of innovative solutions that optimize and automate document processes. Read more.

Cover Whale, Aon's CoverWallet Expand Trucking Insurance Access
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing InsurTech, is pleased to announce its strategic agreement with global professional services firm Aon's CoverWallet, a leading digital insurance platform for small business owners. Read more.

Red Rock Insurance Services, ICPEI Partner On Trade Credit Insurance
Red Rock Insurance Services and The Insurance Company of Prince Edward Island (ICPEI) have announced a capacity partnership aimed at addressing the shortfalls in the Canadian Trade Credit Insurance Market. This groundbreaking collaboration brings together two industry leaders with a shared vision of enhancing financial security and supporting businesses across Canada. Read more.

L’Unique General Insurance Completes CSIO Commercial Lines Certification Program
CSIO congratulates L'Unique General Insurance for meeting the requirements of the Commercial Lines (CL) Certification Program and achieving Level 3 Certification. By completing this program, L'Unique has demonstrated its commitment to implementing CSIO CL Data Standards to create greater value for broker partners and customers. Read more.

Helping Consumers Get Fair Access to Auto Insurance: FSRA
The Financial Services Regulatory Authority of Ontario has issued a report detailing systemic non-compliance with the “Take-All-Comers” requirement by large auto insurance companies operating in the province. Read more.

InsurTech BOXX Recognized For Cyber Insurance
BOXX Insurance is pleased to announce it has been named one of the world's 50 most promising InsurTech companies. CB Insights' prestigious annual InsurTech 50 list recognizes BOXX Insurance's significant strides in utilizing innovative technologies to revolutionize the insurance industry and rates the company in the top five in the Cyber Insurance category. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Covergence And The Insurance Ecosystem
By Stephen Applebaum & Alan Demers
The disruptive and confusing shifts we are all experiencing are in large part a result of accelerating convergence, which is taking place across all industries, products, services and technologies. Its influence extends to the blurring of the previously clear separation of our work and personal lives, giving rise to the current focus on “work-life balance.” Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Finaeo
Finaeo is building the digital fabric to connect and power the life insurance industry, globally. We believe in the value of advice and are dedicated to providing advisors, their clients and carriers the technology needed to thrive in a digital era. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Broker-Company Collaboration

The future of insurance is personalized, streamlined, and automated.

Innovation within a department is relatively easy, as opposed to implementing a change across all departments within a business, and more difficult still is the challenge of industry-wide innovation.

Broker-company transaction processing is one such beast.

In P&C insurance, I have watched the waves of innovation for processing transactions between broker and insurer through mail, courier, fax, company terminals, batch EDI, common network to real-time EDI and now APIs.

What next?

The volumes will grow as more lines of business and the types of transactions which can be processed digitally increase. Ditto as more insurance companies and more brokers become more digitally enabled. Industry (CSIO) standards will expand, old ones will be refined, more governance will be applied.

And innovators will continue breaking ground.

Even today, some transactions flow from consumer/customer self-service input straight through broker to company, company and broker data are both updated, and a policy is issued and delivered – truly once and done, signed sealed and delivered.

Meanwhile the 'wild ducks' will continue to innovate, looking for that competitive edge.

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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