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JULY 24, 2018

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INSURANCE INDUSTRY NEWS

Veterans, Innovators Found OneWorld Instech
Recognizing a need for a simpler way to innovate, implement and leverage advanced technologies such as blockchain and IoT, a group of insurance veterans and innovators founded OneWorld Instech to offer a core platform built as microservices, supporting core insurance processes and additional capabilities designed to address industry needs. Read more.

InsurTech Partners Offer On-Demand Insurance
The Co-operators and Slice Labs have signed an exclusive agreement to leverage the Slice Insurance Cloud Services™ platform to launch The Co-operators' new digital insurance brand in Canada. Read more.

Blockchain In Insurance Market To Surge
The global blockchain in insurance market is expected to grow from USD 64.5 million in 2018 to USD 1,393.8 million by 2023 – a CAGR of 84.9% – fuelled by growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and focus on reducing total cost of ownership. Read more.

Zurich To Launch Travel Accident Business
Zurich Canada has appointed John Thain, a 25-year veteran of the travel insurance industry, as Vice President, Travel, Accident & Sickness. He will be responsible for launching personal leisure travel, business travel accident and supporting accident and sickness products in Canada Read more.

New Era For Geographic Information Systems
Geographic Information Systems have been around for decades. Although GIS can hardly be called an emerging technology, it could be considered a resurging technology. This is a new era for GIS, and there are good reasons why insurers should be considering an enterprise location strategy as an important element of their overall business strategy. Read more.

Hidden Costs Increase Data Breach Expenses
The hidden costs in data breaches – such as lost business, negative impact on reputation and employee time spent on recovery – are difficult and expensive to manage, according to a global study examining the full financial impact of a data breach on a company's bottom line conducted by Ponemon Institute and sponsored by IBM Security. Read more.

Quadient Named A Top CCM Vendor Solution
Quadient has announced that it is listed as a top vendor solution for the insurance industry in the latest Novarica Market Navigator report which provide an overview of stand-alone customer communications management and enterprise content management systems currently available to U.S. insurers. Read more.

Cyber Risk Tops (D&O) Liability Concerns
Cybersecurity is ranked as the top Directors & Officers liability concern for U.S. organizations, while claims brought by employees (including for harassment or discrimination) and regulatory enforcement risks were also identified as critical exposures, according to Willis Towers Watson’s 2018 Management Liability (Directors and Officers) Survey. Read more.

Agent Portals Part Of Larger Insurer Strategy
In its latest Novarica Market Navigator, P/C Agent Portals, Novarica provides an overview of the available agent portal systems and suites for US property & casualty insurers and profiles of 13 vendor solutions to help P/C carriers understand their options. Read more.

Gore Mutual Launches E&O For Contractors
Gore Mutual is pleased to announce its new Errors and Omissions coverage created specifically for contractors and professionals. The company is one of the few Canadian carriers to offer E&O coverage for contractors and saw an opportunity to bring a high quality and cost-effective program to its national network of broker partners. Read more.

EFI Global And Unified Join Forces
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has announced that its EFI Global and Unified Investigations & Sciences divisions will come together and operate under the brand name EFI Global, solidifying EFI Global's position as a premier global consulting firm in engineering, fire investigation, environmental health and safety, and specialty services. Read more.

SSQ Partners With Allianz Global Benefits
SSQ Insurance is proud to announce a partnership with Allianz Global Benefits, a leader in international employee benefits plans. This exclusive agreement represents an important step in SSQ Insurance's pan-Canadian development plan. Read more.

Arthur J. Gallagher Acquires Belton Boisselle
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Winnipeg-based Belton Boisselle Ltd. Terms of the transaction were not disclosed. Read more.

SCM Acquires Affirmative Risk Management
SCM Insurance Services, Canada's largest independent and privately owned insurance services provider, has announced that it has acquired Affirmative Risk Management (ARM), a leader in third-party administration to the Lloyd's marketplace with an emphasis on trucking/cargo and liability claims. Read more.

Telematics Can Help Improve Engagement
Novarica summarizes the state of automotive telematics for the auto insurance industry and surveys major players in the vendor landscape in its new brief, Beyond UBI: Auto Telematics In Insurance. Read more.

Kingsway Sells Non-Standard Auto Business
Kingsway Financial Services Inc. has announced it has entered into a definitive agreement with Premier Holdings, LLC, to sell its non-standard automobile insurance companies: Mendota Insurance Company, Mendakota Insurance Company and Mendakota Casualty Company (collectively “Mendota”). Read more.

Average Auto Insurance Premiums By Province
British Columbia drivers continue to pay the highest auto insurance premiums in the country, according to the latest figures released by the General Insurance Statistical Agency. Ontario placed second. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Doubling Down on the Crypto-Heist Game
Back in February, Business Insider released information on ‘Crypto-heist insurance.’ Only a few insurers had the stomach to take on the risk. Fast forward six months, and we see the appetite increasing. So, what is crypto-heist insurance, and who cares, and why? Read more.


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

Tuesday, August 28, 2018

From analytics and AI to sensors and omni-channel communications, new technologies are enhancing the opportunities for insurance practitioners to helped customers manage risks.

ICEF2018 will feature Tyrre Burks, Founder & CEO of Player's Health, discussing “New Elements to Helping Customers Manage Risk.” Learn how Player's Health, an InsurTech startup, is helping address the injury risks associated with youth sports.

Register today or see complete details.


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


From Doug

After the shooting in Toronto's Danforth neighbourhood this weekend, it is a struggle to write this.

Every violent incident is a tragedy, first and foremost to those involved. Coming out of the blue, incidents that involve a number of casualties are more than sad, they are horrifying.

Global digital communications and social media transmit the shock citywide, across the country, and beyond, almost instantaneously.

Despite the spike in shootings in Toronto (this year is on track to rival 2005, the “year of the gun”), Ontario experienced a drop in violent crimes in 2017. Across Canada, the rate of homicides is dramatically lower now than a generation ago.

‘Two steps forward, one step backward’? Perhaps. Frustration is valid, but there is progress being made.

Risk is everywhere, in everything we do. Thankfully, society strives to address it on many fronts. Insurance is deeply involved, often leading the charge or at least at the forefront, from mental health to climate change, from texting while driving to healthy safe living.

Individually we can contribute; together we can make 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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