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SEPTEMBER 19, 2017

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INSURANCE INDUSTRY NEWS

Insurance Faces Digital Disruption On All Fronts
The 2017 World Insurance Report finds that a wave of new digital technology is confronting most insurance sectors, and InsurTech, while disruptive, presents more technology-related opportunities than ever. Read more.

Insurance Banana Skins 2017: PwC & CSFI
The 2017 Insurance Banana Skins Survey by PwC and CSFI identifies the top risks facing the insurance industry in Canada and globally. Read more.

Open Architecture Innovation Will Drive Growth
Aon plc, the leading global professional services firm, has launched its annual Global Insurance Market Opportunities (GIMO) report, which examines key areas of potential growth for insurers. The study highlights that InsurTech could be an enabler rather than a disruptor of the traditional insurance model. Read more.

Silent Cyber Risk Outlook: Willis Towers Watson
Cyber risk is growing as both a threat and a market segment. But insurers are increasingly concerned about silent cyber exposure: potential cyber-related losses due to silent coverage from insurance policies not specifically designed to cover cyber risk. Read more.

B3i Launches Reinsurance Blockchain Prototype
The Blockchain Insurance Industry Initiative has announced the launch of market beta-testing of its reinsurance blockchain prototype. For the first time, the group has publically showcased a functional beta-version of its integrated blockchain solution for the re/insurance industry. Read more.

Sun Life Introduces Interactive Digital Coach
Sun Life is launching another Canadian life insurance first with the introduction of ‘Ella,’ an interactive digital coach who will help Clients fully utilize their benefits and pension plans. Read more.

OneEleven, Aviva Plan DisasterTech Hackathon
North America's largest scaleup innovation hub and Aviva Canada will host the DisasterTech Hackathon to create innovative, technology-based solutions to mitigate the impact of natural disasters on urban communities. Read more.

Endeavour & Advent Claims Support Lloyd's
Advent Claims has entered into a partnership arrangement with Lloyd's broker Endeavour to implement Advent's Advantage claims management system to support London market coverholders operating in Canada. Read more.

CEOs Optimistic About Industry Growth
More than three-quarters of U.S. insurance company CEOs are confident about the growth prospects of their organizations over the next three years, as they look to innovate processes and implement new technologies in response to the rapid disruption of the sector. Read more.

CSIO Offers Free Digital Document Solution
The Centre for Study of Insurance Operations is pleased to announce that its industry-wide solution to deliver digital policy documents to consumers, including proof of auto insurance (eSlips), will be made available to members at no additional charge. Read more.

Hub Makes Two Canadian Acquisitions
Hub International Limited, a leading global insurance brokerage, has announced that it has acquired Delisle Agencies and certain assets of Banco Management related to its managing general agent business. Terms of the acquisitions were not disclosed. Read more.

XL Catlin Enhances Design Professional Coverage
XL Catlin has added two optional coverages to its professional liability insurance for architects, engineers and other design businesses in Canada: Employment Practices Liability (EPL) Insurance and Cyber Insurance coverage. Read more.

Know Your Policy: IBC
Insurance Bureau of Canada has launched a new online campaign designed to promote insurance literacy among Canadian consumers with a series of online tips and videos across Facebook, YouTube, Twitter, and Instagram. Read more.


InsurTechTO - Monday, November 6, 2017 - The Premier Event Showcasing the InsurTech Community in Toronto

InsurTechTO is the premier event showcasing how technology is transforming the insurance industry, featuring ample networking opportunities and insightful, informative content, including:

  • Leaders' panel: “Lessons Learned”;
  • Panel: “The Transformed Insurance Broker”;
  • Start-up pitch competition;
  • CXOs on “Creating an Innovation Ecosystem”;
  • “Innovating through Partnerships” panel.

Summer early-bird pricing
ends Friday, Sept. 22!

www.insurance-canada.ca/itto


The Intersection: Insurance-Canada.ca Blog

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

Digital and Analogue: Tails and Heads on a Single Coin
Insurance organizations have been tagged as laggards and luddites. But the challenge for the industry was for a time the continued reliance on “legacy” technologies. Separate systems for underwriting, claims, finance, marketing, and distribution – and the difficulty of communicating between these silos – made us sitting ducks for disruption. Read more.


From Doug

We are following the Martin Luther Trail in eastern Germany, where celebrations of the 500th anniversary of the Protestant Reformation are underway.

Luther's changes caused nunneries and monasteries to close; he helped nuns find husbands. One nun, Katarina, married Luther, and they had many children. Katarina managed the household and the gardens, whose crops included figs, sour oranges, and other items now only found closer to the Mediterranean.

It seems climate change has not yet warmed things to the level of the early sixteenth century. Interesting – we were warmer not only in the dinosaur age, but as recently as the early Renaissance.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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