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Insurance-Canada.ca - Where insurance and technology meet

JULY 30, 2024

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INSURANCE INDUSTRY NEWS

CSIO Publishes Quote & Bind Requirements For New Segments
CSIO is pleased to announce that the Commercial Lines Working Group is driving CL Data Standards forward by publishing business requirements to quote and bind four more industry segments: Wholesale, Manufacturing/Processing, Education and Member Organization Services. Read more.

Blink, Heymondo Launch New Parametric Travel InsurTech Solutions
Blink Parametric has launched its Flight Disruption assistance solution with the travel insurance specialist Heymondo. MAWDY, a global insurance, reinsurance and services company and part of the MAPFRE Group, will underwrite the coverage. Read more.

Applied Systems Acquires Planck
Applied Systems is pleased to announce that it has acquired Planck, the leading Artificial Intelligence company for the insurance industry. Read more.

Tractable Partners With Saputo Capital Collision
Saputo Capital Collision, a Canadian-based MSO with four locations across Ontario, is partnering with Tractable to use its artificial intelligence solutions for vehicle repair. Read more.

Logiciels Deltek First BMS Vendor To Earn eDocs Certification
CSIO is pleased to congratulate Logiciels Deltek Inc. on being the first Broker Management System vendor to earn CSIO's eDocs Certification, confirming they have implemented all 40 updated eDocs codes and descriptions for personal and commercial lines. Read more.

Hub Announces Latest Acquisitions
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce the acquisition of 2837932 Ontario Inc. from Bradley Beer. Read more.

Sun Life Recognized For GenAI Chatbot
Sun Life has been named a 2024 CIO Awards Canada winner for Sun Life Asks, an internal GenAI chatbot that enables employees to find quick answers and general assistance with daily tasks. Read more.

First Collision Reporting Centre Opens In Prince Edward Island
Accident Support Services International is pleased to announce the opening of Prince Edward Island's first Collision Reporting Centre, in partnership with Charlottetown Police Services. Read more.

CHES Special Risk Launches Specialized Insurance Solution for Vacant Property Fire Protection
Vacant properties often face heightened risks due to their lack of supervision, making them prime targets for criminal activities and vulnerable to accidents. CHES Special Risk comprehensive Fire Damage Coverage for Vacant Properties ensures that property owners can effectively manage risks and safeguard their investments. Read more.


Insurance Works

Featured job opportunities:

Adjuster (Auto)
SGI CANADA
Toronto, ON

Account Manager - Personal Lines
AIM Insurance
Burlington, ON


The Intersection: Insurance-Canada.ca Blog

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

How Will Embedded Insurance Affect Agents And Brokers?
By Mark Breading, ReSource Pro
Agents and brokers are no strangers to whispers that their role may one day disappear. However, thus far, they continue to be a mainstay in insurance distribution and have successfully navigated significant industry transformation. But could the recent rise in embedded insurance solutions tip the scales? Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Eleviant vBots
vBots, powered by Eleviant Tech (CTG Group), is a suite of automation bots that act as Digital Assistants to insurance agencies & brokerages. Our solution enables insurance agencies & brokerages to assign repetitive, manual processes to the Digital Assistants, and let their staff focus instead on high-value, revenue-generating activities Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Embedded insurance refers to insurance which is bundled into the purchase of a non-insurance product or service.

The concept is far from new; warranties are an example. But modern digital technology is creating new opportunities.

Insurance businesses are increasing their underwriter, bind and issue real-time capabilities. To do so, data is needed. For simple cases, the retailer may be able to pass all that is required. For complex coverages needing more data, a more sophisticated transaction path from insurer to retailer to customer must be implemented.

So who benefits?

The customer gets the convenience of two products – the retail product and the insurance – in one transaction.

The retailer, by helping the customer, provides more value, and receives a fee.

The insurer reduces sales and marketing expenses and receives business that would probably not otherwise be realized.

The value proposition to all participants is driving growth; one prediction suggests ten percent of all insurance transactions could be embedded by 2035. That is significant.

Some questions: How well will brokers participate? Might the customer have a choice of insurers? How could the insurer-retailer agreement evolve?

The interest is strong; embedded insurance is growing; it too will evolve.

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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