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

NOVEMBER 28, 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

Guidewire, Swiss Re Partner To Reduce Operational Friction
Guidewire is pleased to announce a new partnership with Swiss Re Reinsurance Solutions to help build a more interconnected insurance industry through the use of technology. Read more.

CFC Launches SME Management Liability Solution
CFC is pleased to announce the launch of a new management liability solution designed specifically for Canadian small to mid-size businesses, including a number of new coverages which are non-standard in the Canadian market. Read more.

Players Health Selects Cloverleaf Platform Integrated With Socotra
Already a customer of Socotra's insurance technology, Players Health has selected Cloverleaf Analytics' Insurance Intelligence platform to further enhance their capabilities, leveraging advanced analytics for optimal business performance to support its mission of providing the safest environments for athletes. Read more.

Relativity6 Launches AI Product For Business Activity Detection
AI solutions provider Relativity6 has released their latest innovative product designed to revolutionize the way underwriting teams operate and make critical risk decisions by providing insurance and financial institutions with the key data insights they need to stay ahead in the competitive product landscape. Read more.

Protecting Society From An Unprecedented Cyberattack: Geneva Association
Growing geopolitical tensions and use of digital technologies are amplifying cyber risks, and although the dedicated cyber insurance market has grown rapidly over recent years, a huge protection gap persists – especially if an unprecedented, extreme cyber incident were to occur. Read more.

Westland, BOXX Partner For Personal Cyber Safety
Westland Insurance is pleased to announce it has joined forces with global InsurTech BOXX Insurance to offer a new comprehensive cyber insurance product to provide individuals and families with the protection they need in the digital age. Read more.

Westland Partners With Prime Benefits Group
Westland Insurance, Canada’s largest independently owned insurance broker, is pleased to announce its new partnership with Prime Benefits Group Inc., an Ottawa-based provider of employee benefits and retirement solutions. Read more.

McDougall Welcomes M.B. Kouri Insurance Brokers
McDougall Insurance Brokers Limited is pleased to announce that we have merged with M.B. Kouri Insurance Brokers Ltd. in Tamworth, Ontario, effective November 1st. Read more.

Electronic Health Records Can Speed Up Underwriting
Studies from Swiss Re and leading life carriers reveal that electronic health records can have a transformative impact on the traditional life & health underwriting process, resulting in quicker decisions and more personalized risk assessments. Read more.

Commercial Lines Data Standards Gaining Momentum: CSIO
CSIO is pleased to advise that brokers actively using its Commercial Lines Data Standards which have the Minimum Data Set have reported that their average quote response time from insurers has decreased from a matter of days to an average of 14 seconds. Read more.

Messagepoint Expands Generative AI Capabilities
Messagepoint is pleased to announce enhancements to its generative AI capabilities to further support organizations in creating communications that are easy for customers to understand. Read more.

Companies (Wrongly) Believe They Aren’t Ransomware Targets
OpenText is pleased to announce the results of its 2023 Cybersecurity Global Ransomware Survey. Findings show a similarity in how small-to-medium sized businesses and enterprises think about ransomware attacks, including a disconnect about who is a target and growing concern about the use of AI by threat actors. Read more.

Exploring The Rapid Growth Of Broker-MGA Partnerships
Gary Hirst, CEO & President of CHES Special Risk, a leading MGA, delves into the burgeoning phenomenon of Brokers increasingly forging strategic alliances with MGAs. Read more.

Assureful Pre-Seed Round Raises Funds To Reinvent Insurance For eCommerce Sellers
Assureful, the first insurance provider built exclusively for Amazon and eCommerce sellers, is pleased to announce it has closed a USD 1.5 million pre-seed funding round, led by Markd, with participation from Greenlight Re Innovations. Read more.

Aviva Expands Access To EV Charging Stations
Aviva Canada is pleased to announce it is expanding its Charged for Change program across Canada for 2024, to benefit even more communities without sufficient access to electric vehicle public charging stations. Read more.

Hudson Restoration Announces New Franchise In London, Ontario
Hudson Restoration, a leading boutique restoration firm, is excited to announce that London, Ontario will soon be home to a new Hudson Restoration franchise. Read more.

Why Legal Risks Need To Be Addressed: ARAG Whitepaper
ARAG Legal Solution Inc., the Canadian Legal Expense Insurance market leader, is excited to announce the release of its latest whitepaper, titled “Legal Life Events: When They Happen, They Hurt!” Read more.

Philanthropic Financing Solution Makes It Easy To Donate Life Insurance
Groupe Cloutier is pleased to announce the launch of an innovative program called J’assure┬áma┬ácause, offering donors the opportunity to purchase life insurance to benefit the causes they care about. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Crash Detection: Real Transformation For Auto Claims – No, Really
By Stephen Applebaum & Alan Demers
The word “transformation” has been severely overused in relation to the auto insurance claims process. That is not the case here. It is our opinion that the sophisticated Crash Detection defined here will indeed be transformative to auto claims in multiple senses of that word. Read more.


Insurance-Canada.ca Technology Awards (ICTAs)

Last call for nominations: There's still time to start your ICTA2024 nomination!

Reward your team; highlight your achievements.
The deadline is this Friday, December 1st.

ICTA Awards

For complete details, visit the ICTA homepage.


InsurTech Spotlight

In the InsurTech Spotlight this week:

BobTrak
BobTrak builds enterprise software for Insurance and Financial Services providers to help them manage and analyze their distribution channels’ books of business. The application is most cost-effective for carriers and large brokers, especially if they have a number of legacy systems. Learn more.

Calling all InsurTechs! Click here to participate.


Announcing the Insurance-Canada.ca Technology Awards


Insurance Works

Featured job opportunities:

Personal Insurance/Private Client Services - Account Manager
KRGInsure, A Division of RRJ Insurance Group Limited
Toronto, ON

Financial Security Advisor, Insurance
RBC
Montreal, QC


From Doug

Celebrating Innovation

Celebrate your innovation in P&C insurance in Canada: the deadline to submit a nomination for the 2024 Insurance-Canada.ca Technology Awards is this Friday, December 1st.

There is a wealth of change, driven by a continuing stream of underlying technology innovations. The InsurTech revolution and wake-up calls by digital startups such as Lemonade increased executive awareness that innovation was essential. The competitive nature of our insurance business has induced a never-before-seen speed of change.

Many ICTA nominations and the emerging/growing use cases represent process improvements.

Is the stage set for greater innovation in insurance product, its delivery and associated services? Will the likes of embedded insurance, parametric insurance, and “predict and prevent” represent an insurance renaissance?

The #ICTA2024 winners will be announced February 27th at the 2024 Insurance-Canada.ca Technology Forum.

The day's program will consider applications of insurance technology which are being developed and implemented now, emerging and growing use cases based on technologies such as AI, mobility, IoT, cloud, APIs, ecosystems, analytics, and more. Join us to explore how the insurance industry is adapting and evolving.

Mark your calendar (registration opens soon), and join us at ICTF2024 to celebrate today and explore tomorrow.

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