"Chronicle" weekly newsletter - Where insurance and technology meet

APRIL 4, 2017

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Insurance Companies Must Face Digital Reality
Regulation, product complexity, and insurers' large balance sheets have kept digital attackers from insurers' gates. That is changing, but in ways incumbents should embrace. They can flourish in the digital age – if they move swiftly and decisively. Read more.

SVIA Launches InsurTech Innovation Lab
From the InsurTech Silicon Valley Summit, Silicon Valley Insurance Accelerator has announced the launch of its InsurTech Innovation Lab (Lab), a research, design and development center available to insurance companies, InsurTech startups, and established solution providers through SVIA's Membership program. Read more.

Symbility Sees Success In InsurTech And Beyond
On the heels of a successful application deployment for a major global carrier in 2016, Symbility Solutions has announced their completion of another InsurTech project for their fourth insurance brand of 2017. Read more.

A.I., IoT Make Up Half of InsurTech Funding
Artificial intelligence and the Internet of Things now account for almost half of total investment in insurance technology startups globally, according to new research from Accenture. Read more.

Ontario Opens Artificial Intelligence Institute
The Vector Institute will work to produce, retain and attract top talent in the field and generate further investment from companies looking to hire experts and expand their AI divisions. Read more.

Law Firms Launch New Global Insurance Law Network
Four founding law firms from the UK, Spain, Canada and the USA have launched a new multi-jurisdiction legal network, Insurance Law Global (ILG), to provide a global service to insurance clients. Read more.

AGCS Global Claims Review 2017
Modern corporate liability exposures can arise from a growing number of sources and have the potential to result in larger and more complex losses for businesses than ever before, warns Allianz Global Corporate & Specialty (AGCS) in a new report. Read more.

2016 Global Disaster Losses Rose 42% From 2015
Total economic losses from natural catastrophes and man-made disasters in 2016 amounted to almost twice the 2015 total, according to the latest sigma study from the Swiss Re Institute. Read more.

OneShield Partners with GhostDraft on
“As-A-Service” Offering

OneShield Software and GhostDraft are pleased to announce they have formalized an alliance focused on driving implementation costs down while improving integration timeframes for joint customers.
Read more.

All-Risks Partners With Keal SIG solutions
Keal Technology has announced that All-Risks Insurance Brokers Limited, one of the largest independent brokerages in Ontario, has selected Keal's SIG platform to manage their operations and future growth.
Read more.

The Guarantee In New Strategic Partnership
The Guarantee Company of North America is excited to announce the latest member to its strategic partnership roster. A new partner of The Guarantee Transportation Solution's (GTS) innovative Transportation program, DOD Tech offers clients of the GTS program with innovative dash camera technology at a fraction of the cost. Read more.

NB Brokers Suspend Aviva Partnership
The Insurance Brokers Association of New Brunswick board has voted to suspend a longstanding sponsorship partnership with Aviva Canada for activities that, in the opinion of IBANB, are detrimental to both consumers and brokers. Read more.

Securian Closes Purchase of Canadian Companies
Securian Financial Group is expanding beyond the United States. The financial services company has completed its purchase of a group of companies that are leading providers and distributors of insurance products to Canadian banks, credit unions and retailers.
Read more.

Will Self-Driving Cars Eliminate Distracted Driving?
A recent national survey commissioned by Erie Insurance finds a majority of licensed U.S. drivers (6 in 10) think that self-driving cars will eliminate the problem of distracted driving. Experts say that time is likely a long way off. Read more.

iA Financial Digitizes Enrolment With e-Signatures
iA Financial Group is pleased to announce that it has completed the process of totally digitizing RESP enrolment, with its enrolment tool for financial advisors now including electronic signature capability.
Read more.

Keal eSIGN Gaining Momentum
Technology brokers are realizing positive impact on their workflow efficiencies and paperless capabilities through adoption of Keal eSIGN Read more.

EY Launches Wavespace™ Global Network
EY has launched its global network of growth and innovation centers to help clients catch the next wave in radical breakthroughs in business transformation by tapping into innovative thinking across EY disciplines, experience and industry sectors. Read more.

PwC Canada Launches Digital IQ Report
Canadian organizations are struggling to keep pace with technological change. Although they are harnessing the power of technology to transform and deliver results, organizations today are no better equipped to handle coming changes than they were 10 years ago, according to PwC Canada's latest Digital IQ report. Read more.

Combatting Canada's Costliest Weather Challenge
The Standards Council of Canada (SCC) and the Intact Centre on Climate Adaptation (ICCA) at the University of Waterloo will join forces to develop a new report on best practices for making new residential communities flood-resilient. The partnership comes as a result of the growing number of costly and severe flooding events in various parts of the country. Read more.

Petline, N.S. SPCA Launch Pet Insurance Product
Every pet guardian who adopts a dog or cat from the Nova Scotia SPCA now has the opportunity to purchase lifelong protection for their new pet through a new Pet Health Insurance product launched by the Nova Scotia SPCA in partnership with Petline. Read more.

ICEF2017, 'Insurance: Connected' - Executive Forum - Tuesday, August 29, 2017, at the Toronto Sheraton Centre

The Intersection: Blog

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

Will InsurTech Break the Two Solitudes?
An increasing number of insurance practitioners are looking seriously at using InsurTech solutions for competitive advantage.

At the same time, InsurTech suppliers are looking at our industry and developing solutions and constructs with little or no understanding of modern insurance.

My spider sense tells me the “two solitudes” approach – which has never worked particularly well – will continue to perpetuate misunderstanding. Read more.

ORBiT Real Time Day
Monday, May 15

ORBiT Canada has announced that its annual Real Time Day event will be on Monday May 15 at the Hilton Meadowvale hotel in Mississauga.

This year’s theme of “Write the Next Chapter” is a call to action for brokerages to embrace the changing environment to seize upon the potential the future holds!

By popular demand, last year’s keynote speaker, Tara O'Doherty, will be returning with a session entitled “Bot. Bot. Bot. Goose: Winning the self-service war today and tomorrow”.

Learn more and register here.

From Doug

Spring in the Netherlands is in full swing, with magnolias, daffodils and forsythia in full bloom. But the tulips are only just beginning; in the fields at Keukenhof, just a few early beds have blossomed.

Tulips have quite a history. First introduced into Holland around 1594 from mountainous regions of the Middle and Far East, they became increasingly popular to the point of a speculative trading frenzy beginning in 1634. At its height, a prize tulip bulb might change hands 10 times in a day, and prices peaked at the value of a house.

“Tulip mania.” Could we see some of the same overheating of the market with InsurTech? However the valuations evolve, one thing seems certain: insurance will never again be quite the same.

Doug Grant, CIP

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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