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Insurance-Canada.ca - Where insurance and technology meet

JULY 17, 2018

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INSURANCE INDUSTRY NEWS

Digital In Insurance: Transformation Strategy
Insurance carriers are challenged to create a complete digital strategy which encompasses not only the their own needs but also those of consumers. Aite Group's newest report is intended to support a well-rounded digital strategy and identifies areas in which many carriers fall short. Read more.

The Future of P&C Insurance Distribution
How much will the distribution of P&C insurance change in the next five years? It is anything but an academic question. SMA's latest research report takes a look at how insurance executives believe distribution is likely to evolve. Read more.

Commercial Lines Insurers Growing Analytics
Commercial lines carriers are expanding their business intelligence capabilities to operationalize predictive analytics, increasingly leveraging third-party data. In a new report, Novarica provides an overview of commercial lines carriers' business and technology issues, marketplace data, and recent technology investments. Read more.

US Cyber Insurance Profits & Performance: Aon
Aon plc has launched the third edition of its US Cyber Market Update report, providing insights, benchmarks, and analyses for established and prospective cyber insurers. Read more.

CSIO Advances Commercial Lines Data Standards
The Centre for Study of Insurance Operations has announced a national working group to advance the implementation of commercial lines data standards in the broker channel to drive efficient workflow, improve the speed of information exchange, and strengthen the value proposition for the industry. Read more.

CAA Pay-As-You-Go Auto Insurance In Ont.
CAA MyPace™, Canada's first pay-as-you-go auto insurance payment program, is now officially available in Ontario. The new program is helping modernize insurance by giving motorists the power to monitor how much they drive and pay for auto insurance based on that mileage. Read more.

Policy Works To Launch CSIO eSlips For Fleets
Policy Works Inc. is pleased to announce they've partnered with the Centre for Study of Insurance Operations to integrate the My Proof of Insurance eDelivery solution for commercial auto electronic pink slips into the next Policy Works product update, scheduled for September. Read more.

Benefits Of Actively Managing Technical Debt
Most insurers accrue a substantial amount of technical debt as their business technology systems evolve. By understanding how it arises and how to manage it, insurers can reduce the burden of their technical debt and use it to their benefit. Read more.

iXledger: UK Blockchain Insurance Innovation
iXledger, a leader in powering next generation InsurTech solutions, has announced the launch of a Blockchain Insurance product in partnership with a market leading London based broker operating in the International Specialty Insurance Markets. Read more.

Hub Nabs Independent Financial Concepts Group
Hub International Limited, a leading global insurance brokerage, has acquired the shares of Independent Financial Concepts Group (IFCG), a Toronto-based MGA. Terms of the acquisition were not disclosed. Read more.

Rogers Insurance Partners With ANHWP
Rogers Insurance and The Alberta New Home Warranty Group are pleased to announce they have entered into a new strategic partnership to deliver for the membership by ensuring customers have access to a range of innovative services and products. Read more.

Fineqia Announces Stake In Blockchain Company
Fineqia International Inc. is pleased to announce it is taking an equity allocation in Black Insurance, a digital insurance startup on the blockchain. Read more.

SSQ Selects Xpertdoc For Document Generation
Xpertdoc Technologies, a leader in document automation and customer communications management solutions, has announced that SSQ Insurance will use Xpertdoc's platform to streamline their document generation and delivery processes. Read more.

Applied Systems Releases Q2 Rating Index Results
Applied Systems® has announced the results of the second quarter's Applied Rating Index™, revealing that in 2018 Q2, nationwide average premiums for both Personal Auto and Property lines increased vs. the same quarter in 2017. Read more.

Willis Towers Watson Updates Pricing Software
Willis Towers Watson has launched an updated version of its pricing software; users of the new Radar 4.1 will benefit from enhanced features which harness the latest technology to improve commercial lines pricing and underwriting. Read more.

Driving Behavior & Safety Insights: IMS
Have you ever wondered how safe other drivers are around you? Or how safe your own driving really is? IMS has published a new infographic summarizing its analysis of 5 trillion data points to provide real-time data insights on safe driving behavior. Read more.

9 In 10 Drivers May Be Too Distracted
Could in-car technology be pushing road safety to the back seat? According to a new poll conducted for Allstate Canada, 91 percent of drivers surveyed engage in risky behaviour while driving, but only 22% actually recognize or admit that they are distracted drivers. Read more.

IBC Launches Home Resilience Pilot In Toronto
Insurance Bureau of Canada is joining forces with the Intact Centre on Climate Adaptation at the University of Waterloo and the City of Toronto to launch a home resilience pilot program. Read more.


The Intersection: Insurance-Canada.ca Blog

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

A.I.: Do It Easy Or Do It Right
Artificial intelligence is a prime mover for new opportunities in the insurance community. From marketing and underwriting to risk and claims management, insurers are deploying AI functionality. But casual implementations can eliminate value. However, according to a recent report, Canadian businesses are implementing with rigor and commitment. Read more.


“The Digital Future of Insurance: Is Risk Passé?”

Tuesday, August 28, 2018

It is obvious that the parameters of insurance risk all around us are changing. How does insurance not only respond but seize the opportunity? Innovation is mandatory.

Industry leaders will discuss paths to success in “Innovation Drives Change In Insurance Risk” – don't miss perspectives and insights from:
 •  Alice Keung, Chief Transformation Officer, Economical Insurance
 •  Neil Mitchell, InsurTech Advisor & Investor
 •  Lorie Phair, Managing Director, Canadian Broker Network

Register todayEarly-bird rates end this Friday!

Visit insurance-canada.ca/icef for the latest details.

ICEF2018 — “The Digital Future of Insurance: Is Risk Passé?” — August 28, 2018 — Insurance-Canada.ca Executive Forum


From Doug

In Canada, especially in the city, there are two seasons: winter and construction.

Our condo is across from a sizeable park, where a new children's playground has been under construction for a few months.

It is fascinating to watch the incremental steps, sometimes seemingly illogical in sequence. Appropriate preparation and suitable tools are key to reasonable progress – in building as well as insurance.

Meanwhile, Toronto as a whole competes against other cities to attract talented, hard-working people. It helps to have vibrant businesses which offer stimulating jobs – and comfortable, accessible green spaces in the urban centre.

From that perspective, how competitive is your business? The people, culture, tools, the space? Even a motto can be a memorable point of differentiation: for Mitchell & Whale, it comes down to “Making insurance not suck – one customer at a time.”

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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