"Chronicle" weekly newsletter - Where insurance and technology meet

APRIL 25, 2017

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A.I. Set to Transform Insurance Industry
Insurance executives believe that artificial intelligence will significantly transform their industry in the next three years, empowering agents, brokers and employees to enhance the customer experience, according to Accenture's Technology Vision for Insurance 2017.
Read more.

Insurance Industry To Grow More Strongly By 2018
The global insurance industry is likely to see slightly increased growth by 2018, as better economic prospects in the USA and emerging markets offset negative factors such as declining growth in the Chinese market.
Read more.

Global Protectionism Could Stunt Economic Growth
A new report from the Atlantic Council and Zurich Insurance Group examines best-, worst- and base-case scenarios for three geopolitical trends and the potential impact for businesses and the world at large. It also highlights the risk mitigation solutions for each scenario. Read more.

Aon 2017 Global Risk Management Survey
Damage to brand reputation remains the top-ranked risk by businesses worldwide, with cyber risk topping the list in North America, as trends in economics, demographics, geopolitics and technology transform traditional risks for global businesses, adding new urgency and complexity to old challenges, Aon's 2017 Global Risk Management Survey reveals. Read more.

CxOs Set Sights On Traditional Targets
Despite traditional industry boundaries blurring in the face of digital disruption, CxOs are now saying that future competition is more likely to come from within their own industry, according to new findings from IBM.
Read more.

Allianz Invests in Lemonade
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, has nnounced a strategic investment by Allianz, the world's largest insurance company. Read more.

Introducing Cookhouse Lab
A new Toronto insurance innovation lab has opened its doors exclusively to insurance industry participants. Cookhouse Lab welcomes life and property & casualty insurance and reinsurance experts from around the globe to join in on developing solutions to address current and future needs and trends. Read more.

Allied World Expands Offerings to Drones Services
Allied World Assurance Company Holdings is expanding risk management offerings to policyholders to include access to discounted Unmanned Aerial Systems (drones) services through DataWing, a UAS service provider led by former U.S. Air Force fighter pilots. Read more.

Opta Launches iClarify Farm Solution
Opta Information Intelligence is expanding its suite of services with the launch of iClarify Farm Solution, designed in partnership with Reeds Construction, which provides customers with the ability to quickly generate a functional replacement cost on multiple farm structures at point of sale. Read more.

The Co-operators Extends Guidewire Relationship
The Co-operators Group Limited has selected Guidewire Data and Digital products to enhance customer experience and service. Guidewire PartnerConnect™ Consulting member EY has been selected to team with The Co-operators and Guidewire on the implementation project. Read more.

BlackBerry Expands CyberSecurity Services
BlackBerry Limited is expanding its channels of distribution through a new initiative with Allied World Assurance Company Holdings, which will provide its cyber policyholders with direct access to BlackBerry's cybersecurity expertise through an online self-assessment tool that will identify areas of weakness.
Read more.

Intact Ventures Invests In Alert Labs
Alert Labs, designer of cell-connected home protection technology, is thrilled to announce an investment by Intact Ventures, the strategic venture arm of Intact Financial Corporation, Canada's largest provider of property and casualty insurance. Read more.

Edge Mutual Announces Broker Integration
Edge Mutual Insurance Company and Custom Software Solutions Inc. (CSSI) are pleased to announce the release of New Business and Policy Change integration functionality for both Private Passenger Vehicle (PPV) and Habitational (Hab) lines using CSSI's I-Company solution. Read more.

Optimum General Obtains eDocs Certification
The Centre for Study of Insurance Operations is pleased to announce that Optimum General Inc. has obtained CSIO Certification for Commercial Lines eDocs. Optimum is now eDocs Certified for both lines of business.
Read more.

CSIO Highlights Consumer Engagement and Emerging Trends at 2017 Members' Meeting
The Centre for Study of Insurance Operations 2017 Members' Meeting celebrated the broker channel's recent successes and recognized the accomplishments of several of its members. Read more.

IAA Launches Comprehensive Fast Search Tool
Insurance Auto Auctions has announced the launch of IAA Fast Search, the salvage vehicle industry's most most comprehensive search tool, a smart, mobile-friendly tool with more than 30 vehicle search and filter options that delivers more efficient and more accurate search results. Read more.

Ontario Releases Report on Auto Insurance
Ontario continues to move ahead in making auto insurance more affordable for almost 10 million drivers. The provincial government has released a new report which recommends transformative steps to strengthen consumer protection, improve health outcomes for those injured in collisions and reduce insurance costs.
Read more.

Auto Insurance Rates For Q1 2017
The Financial Services Commission of Ontario (FSCO) reviews filings from insurance companies which offer auto insurance in Ontario. FSCO has provided an overview of the filings which were reviewed in the first quarter of 2017. Read more.

The Intersection: Blog

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

Are InsurTechs Defining the Next Generation of Enterprise Systems?
Since the mid-1970s, there has been a core group of suppliers who provide enterprise systems specifically designed for P&C insurers. The group changes periodically, with mergers, acquisitions, and new technology. However, the basic functions haven't changed much. InsurTech may be the catalyst for disruption. Read more.

ORBiT Real Time Day
Monday, May 15; Mississauga

Get ready to “Write the Next Chapter,” embrace change and realize your potential.

Keynote: “Bot. Bot. Bot. Goose: Winning the self-service war today and tomorrow”.

Hear from outside experts, broker leaders and BMS vendors.

Register now or learn more.

ORBiT Canada

“Insurance: Connected”
2017 Executive Forum
Tuesday, August 29, in Toronto

Millennial and Gen Z consumers run their personal and professional lives off mobile platforms. Their message to insurers is simple: “Insurance must be as connected as we are.”

Matteo Carbone, founder & director of the Connected Insurance Observatory, will deliver the keynote, “The Future of Insurance is InsurTech.”

Full details and registration.

Mark your calendar for Tuesday, August 29!

ICEF2017: 'Insurance: Connected' - 5th annual Executive Forum - August 29, 2017

From Doug

Two beautiful weekends here in the heart of downtown Toronto. The greening grass and contrasting daffodils, early tulips, hyacinth, scilla, and more in the park across from our condo really bring Spring to life.

Not only flowers are blossoming, innovation and InsurTech are as well.

On Friday Patrick and I visited the CookHouse Lab just down the street. Recently opened, it addresses only the insurance community with services to facilitate open collaboration and innovation - they feel the best ways to drive the change that the industry needs.

Given that there are many other initiatives across Canada, it was interesting to read the article “Canada is North America's Up-And-Coming Startup Center,” by Conrad Egusa in TechCrunch.

Not a bed of roses for insurance, but opportunity is here in Canada, in spades.

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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