"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 4, 2024

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Insurance At A Crossroads For Operating Model, Technology Foundation: Majesco
Majesco is pleased to announce a new thought leadership report, Realignment in Insurance: Business Models, Products, Value-Added Services, which underlines the importance for insurers to have a strategy to transform their operating model and technology foundation to remain relevant and growing in the face of continuous change. Read more.

Websites, Apps Driving Customer Acquisition Puts Pressure On Digital Experience: J.D. Power
Digital channels have become a critical component of the insurance shopping and service experience, and most auto insurance websites and apps are doing a good job delivering on foundational functional capabilities, but few are delivering the type of value-added services that set them apart. Read more.

AI Fueling Job Creation, Competitive Risk-Taking: IBM
A study by the IBM Institute for Business Value has found that AI is fueling new job creation and risk-taking among surveyed Canadian CEOs as they prioritize generative AI to maintain and enhance their competitive edge in the global market while simultaneously transforming their workforce to meet new demands. Read more.

Claim Handling Performance Emerges As Key Market Differentiator: Aon
Aon plc, a leading global professional services firm, and Mergermarket, an esteemed provider of intelligence, data, and analysis on global M&A activities, have unveiled the latest edition of their Global Transaction Solutions Claims Study. Read more.

Applied Releases Q1 Commercial Lines Premium Rate Index Findings
Applied Systems is pleased to announce the first quarter 2024 results of the Applied Commercial Index™, the Canadian insurance industry's premium rate index. Read more.

Wind Tre Taps Capgemini To Transform Customer Engagement Program
Capgemini is supporting Wind Tre, an Italian operator that offers connections, energy and insurance products, in its transition towards a contextual marketing automation model to implement a new “one-to-one customer engagement” approach. Read more.

Apollo To launch Buy-Now-Pay-Later Subsidiary
APOLLO, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, is pleased to announce the creation and launch of FinShore, a wholly owned buy-now-pay-later subsidiary. Read more.

EY Assurance Releases New Technology Capabilities
The EY organization is pleased to announce new technology capabilities and a global Artificial Intelligence Assurance framework for EY professionals as part of a multi-year, technology driven audit transformation program which is supported by plans to align approximately 9,000 Technology Risk professionals to the Assurance service line. Read more.

Navacord Further Expands Specialization
Navacord is excited to announce their recent partnership with Vancouver-based Navis Marine Insurance Brokers, effective May 1st. Read more.

Leadership, Benefits, Technology Risks Top Of Mind: Survey
Mercer and Marsh have released their US People Risk 2024 Report, which reveals that ineffective leadership is viewed as the biggest people risk facing organizations, followed by improper rewards decision-making, and increasing health and benefit costs. Read more.

Allianz Partners Launches Allyz Cyber Care
Allianz Partners is pleased to announce the launch of allyz Cyber Care, a digital solution to protect users against cyber threats which compliments physical wellbeing with digital security and protection as the real and digital worlds merge to expose people to new threats. Read more.

Insurance Struggles To Realize Analytics Benefits
According to a new survey result from WTW, companies reveal slower-than-expected progress in their efforts to implement advanced analytics, even as nearly half of insurers say they are incorporating artificial intelligence into their analytics processes. Read more.

Summer Travel Spending Rising For 2024: Deloitte
Despite high costs and ongoing economic pressures, Deloitte's 2024 summer travel outlook report reveals that Canadians are eagerly making travel plans to make up for missed travel time. Read more.

CAA Survey Reveals An Increase In Distracted Drivers Across Ontario
A recent survey conducted on behalf of CAA South Central Ontario indicates nearly half of Ontario drivers admit to driving distracted at one point – up four per cent compared to last year. Read more.

The Intersection: Blog

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

Simplifying Risk Analysis With VIN Data
By Jim Vecchio, J.D. Power
The insurance industry needs dynamic auto pricing symbols. VIN level data has been used in ratemaking for decades. As vehicles get less homogeneous at the make and model level, there is more opportunity to add precision to rating not just using the first 8 digits of the VIN, but the entire 17-digit VIN. Read more.

ICEF2024: “Winning With Innovation” – August 28, 2024

InsurTech Spotlight

In the InsurTech Spotlight this week:

Prodigy Labs
Prodigy Labs is a Canadian professional services company that is leading the way in fintech innovation. Our service solutions include digital identity, payments modernization, workforce solutions and more.
Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Commercial Insurance Broker
Northern Savings Insurance Agency
Prince Rupert / Terrace, BC

Intermediate Underwriter (Commercial Auto)
Toronto, ON

From Doug

Macro Trend: (Hyper-) Personalization

Fundamentally, personalization consists of customizing a service or product in order to accommodate a specific individual.

From day one, insurance has been personalized with certain details: name of the insured; location; description of what is insured and against which perils.

In marketing, personalization involves “using data to target and retarget leads with a brand message that speaks directly to their specific interests, demographics, and buying behavior” (as defined by customer relationship management and marketing automation platform Salesforce).

Of course, insurance depends on personalization across the board – well beyond marketing – for underwriting, service, claims, payments, etc. For example, underwriting an insured's home or business depends on numerous characteristics of the building, contents, and location (is it on a flood plain or in a wildfire zone?).

Customer experience: Most of the channels where customer interactions happen can be personalized. These channels include websites, mobile apps, emails, online self-service apps, chats (live and bots), call centres, etc.

Personalization goes beyond simple name customization. It's about understanding user goals and helping them achieve those goals through tailored experiences, where innovators will push the envelope.

Discuss the personalization trend and more at ICEF2024: “Winning Through Innovation.

Doug Grant, CIP

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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