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OCTOBER 24, 2017

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INSURANCE INDUSTRY NEWS

FinTech Disrupting Finance, Strategies Lag
As emerging technologies disrupt traditional financial services value chains, many institutions are lagging in implementing effective strategies, according to a new report from KPMG that surveys more than 160 financial institutions in 36 countries. Read more.

Industry's First A.I. Claim Review Solution
Mitchell International has launched Mitchell WorkCenter™ Assisted Review, the first integrated workflow solution to leverage artificial intelligence for the estimate review process. Read more.

Progressive Launches Messenger Chat Bot
Progressive Insurance is bringing a chatbot experience to Facebook Messenger, enhanced by artificial intelligence and quoting technology. With the Flo Chatbot, Progressive is the first top 10 US insurance company to let users start the auto insurance quoting process in Messenger. Read more.

Automated Insurance Makes Brokers Redundant
Front Row Insurance Brokers has launched a fully automated system that allows small business owners to buy and download business liability insurance and office contents insurance policies online, without ever having to talk to a broker. Read more.

Equisoft Delivers SaaS Claims Solution for ivari
Equisoft is pleased to announce its very first implementation of a SaaS claims solution for ivari, a major player in the Canadian insurance space based in Toronto. Read more.

Businesses Failing To Prepare For Cyberattacks
Massive cybersecurity breaches have become almost commonplace, but many organisations worldwide still struggle to comprehend and manage emerging cyber risks in an increasingly complex digital society. Read more.

CargoNet RouteSearch Visualizes Theft Risk
Verisk's CargoNet business has released a significant upgrade to its proprietary database of supply chain cargo crime and fraud prevention information. RouteSearch is a new tool to prevent cargo theft with customized route mapping that identifies potential risk to reduce exposure to theft losses. Read more.

Policy Works, Surety Source Partner On Surety
Policy Works and Surety Source are pleased to announce the release of an integrated surety solution that allows brokers easy access to a full suite of surety bonds directly from the Policy Works platform. Read more.

Co-operators Launches Privacy Breach Protection
To help protect companies from the rapidly growing threat of privacy breach, Co-operators General Insurance Company has introduced a new product to provide insurance coverage and risk management solutions for Canadian businesses. Read more.

Totten Selects Policy Works For Commercial
Policy Works, Inc., is pleased to announce that Totten Insurance Group has selected Policy Works as its commercial policy production system. Read more.

Cloud-Based Deployment Solution For MFI
The Mutual Fire Insurance Company of British Columbia has officially migrated their on-premise deployment of Insurance Systems Inc.'s ISI Enterprise solution to Amazon Web Services. Read more.

Munich Re To Provide Instantaneous Pricing
weatherXchange, the platform which helps companies access index-based weather risk protection, is pleased to announce that Munich Re will be providing indicative pricing as part of the forthcoming weatherXchange Instantaneous Indicative Pricing service. Read more.

Frank Cowan Launches Terrorism Coverage Suite
Frank Cowan Company has launched a new suite of terrorism products that will be available to new and existing clients, effective immediately. Read more.

BHSI Launches Truck Cargo Liability Insurance
Berkshire Hathaway Specialty Insurance has expanded its inland marine product line in Canada with the launch of the Motor Truck Cargo Legal Liability Policy, which protects against the liability exposure commercial truckers face when carrying third-party goods. Read more.

Munich Re Partners With Hyperloop
Hyperloop Transportation Technologies and Munich Re have carried out a comprehensive risk analysis of HTT's Hyperloop technology, marking a milestone for the future success of HTT's Hyperloop technology and of the company itself. Read more.

InsurTech Startup Covera Seed Round
Covera Technologies Inc. has raised CAD 1M as part of its seed financing round led by Ferst Capital Partners with participation from FinTech angel investors, bringing the total capital raised to CAD 1.5M. Read more.

Quebec Still Unprepared For Earthquake: IBC
Although Quebec has taken part in the Great ShakeOut, an international earthquake preparedness drill, for the past five years, Quebecers still do not know how to protect themselves adequately if there were a quake, warns Insurance Bureau of Canada. Read more.

Ontario Auto Rates, Q3 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 third quarter of 2017. Read more.

MPI Opens Auto Research & Training Centre
Manitoba Public Insurance is pleased to announce the opening of its new, state-of-the-art centre for automotive research and training at the J.W. Zacharias Physical Damage Research Centre in Winnipeg. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Are InsurTechs and Insurance Execs Reaching Common Ground?
At the outset, the InsurTech movement has focused on disruption of the insurance industry and its organization. However, InsurTechs may be finding that it is easier to join the insurance incumbents, not fight them. Does this mean insurers are drinking the kool-aid, or that they are reaching into their innovative insurance core? Read more.


InsurTechTO - Monday, November 6, 2017

Only two weeks to go! We are nearing capacity!

Don't miss hot insurance InsurTech topics, including:

  • Blockchain use cases;
  • Digital transformation and innovation;
  • Deeper insights from Artificial Intelligence and next-gen analytics.

Details and registration at www.insurance-canada.ca/itto

Plus, get an early taste of InsurTech in T.O.!
Last week's webinar – a preview of the live event – is now available to watch on demand: InsurTechTO: Canadian Perspectives, Eh?

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


From Doug

Last Wednesday, during our webinar preview of InsurTechTO on Nov. 6, I polled the audience to ask what ‘InsurTech’ is, giving them three options:

• ‘Insurance Technology,’ contracted;
• A provider of digital technology applications to insurance practitioners;
• An insurance practitioner using digital systems to improve.

I was surprised that the results were in that same sequence.

To quote influential InsurTech observer Matteo Carbone, “insurance companies will still be relevant in the future, or will become even more relevant than they are now – but they will have to be InsurTechs, players who use technology as the main enablers for reaching strategic objectives.”

I prefer his definition, whereby ‘InsurTech’ refers to an insurance practitioner who is focused on continuous digital improvements in efficiency, customer service / experience / engagement, managing risk, and more.

Don't agree? Let me know, or better yet, let's discuss at InsurTechTO.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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