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Insurance-Canada.ca - Where insurance and technology meet

MAY 29, 2018

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INSURANCE INDUSTRY NEWS

World Insurance Report 2018: Capgemini
While insurance companies struggle to deliver a superior customer experience, BigTech firms are poised to enter the industry. By enhancing their digital agility and developing future-ready operating models, insurers have an opportunity to with this disruption, finds the latest World Insurance Report. Read more.

CAA Unveils Pay-As-You-Go Auto Insurance
CAA's new insurance program, MyPace, gives motorists the choice and control they are looking for when it comes to auto insurance, empowering motorists to monitor how much they drive and pay for auto insurance based on that mileage. Read more.

World's First Open Source Insurance Policy
Lemonade has rewritten the generations-old insurance policy, making it simple, relevant – and written in plain English. The new insurance policy 2.0 will be open for edits from the wisdom of the public in the world's first open-sourced insurance policy. Read more.

To Be Or Not To Be InsurTech—Isn't The Question
Some five years into the InsurTech movement, one question that has most likely gone by the board is, "Is it real?" You can debate whether we are at the beginning of the InsurTech cycle or at the end, but there are several strong points in favor of the fact that it is real. Read more.

Q1 InsurTech Deals Reach Record High
InsurTech investment deals in Q1 2018 reached a new high of 66, as transaction sizes continued to increase and the line between InsurTech funding by incumbent (re)insurers and traditional venture capital was blurred by newer ‘hybrid’ investment funds. Read more.

Mennonite Mutual Implements MCCG Solution
Mennonite Mutual Insurance Co. (Alberta) Ltd. has become a member of the MCCG Community and commenced their Insurance Business Solution implementation project, partnering with MCCG to launch their digital transformation to provide greater benefit to their policyholders, volunteer representatives, their Insurance Advisors and their team. Read more.

Wynward Selects ISI Enterprise
Insurance Systems Inc. is pleased to announce that Wynward Insurance Group has selected ISI Enterprise for its insurance back office operations. Read more.

Canadian CEOs Confident On Growth, Technology
Canadian CEOs are far more bullish on their ability to harness technology and grow their business than their global counterparts, finds KPMG's 2018 Global CEO Outlook. Read more.

Boxx Insurance launches Cyberboxx
Boxx, a new Toronto-based MGA, has launched its flag-ship product Cyberboxx™ to help make the internet a safer place for small- to medium-sized enterprises and to help them become compliant with new data privacy legislation. Read more.

Personal Lines Core Systems For Digital Native
Insurers have made tremendous progress in core modernization, implementing new core systems and adapting to take full advantage of new capabilities. But a core system that was top-of-the-line in 2013 may be showing its age unless it has been continually upgraded to serve the capabilities needed in 2018 and beyond. Read more.


“AI: The Foundation of Next-Gen Insurance”

Last call for a morning seminar tomorrow!

Artificial Intelligence will touch every part of insurance and everyone in it. But how? And how can you prepare? Learn about:

Opportunities and Threats
— from Benjamin Von Euw, Industrial Alliance

A Case Study
— from Andrew Lo, Kanetix

AI and the Future of Insurance
— from Nick Milinkovich, McKinsey

Plus deeper analysis by panels of industry experts. Join us at BrainStation in Toronto!

Register today or see complete details.


The Intersection: Insurance-Canada.ca Blog

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

Platforms, Ecosystems, and the Metamorphosis of Insurance
Platforms and ecosystems are hot topics these days. At first blush, these could appear to be the next generation of expansive over-enthusiasm. However, when we look at the constructs and the players using the tools, this appears as critical components for the next generation of insurance. Read more.


From Doug

Summery weather has arrived, but for insurance, the wildfire season is now underway, while flood cleanup is still ongoing elsewhere.

The political stage is as turbulent as the climate, with examples at municipal, provincial, national and global levels. For instance, what will be the impact of cannabis regulation? Pick any area of politics and you will find some insurance implications.

Rapid, endless innovation continues in technology. GDPR is in force. Has the wild west of social media run its course?

Even autonomous vehicles were unfettered by oversight for a while. California now writes its rules for the next phase, attempting to balance tech innovation with societal considerations.

We complain about regulation, but it has a benefit to offset its cost. Responsive regulators help keep us safe, while allowing innovation and progress.

Doug Grant, CIP
Partner
Insurance-Canada.ca

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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