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AUGUST 7, 2018

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INSURANCE INDUSTRY NEWS

Larger Insurers Pulling Ahead In Analytics
Predictive analytics capabilities are widespread (if not uniformly mature) at large insurers, while midsize insurers are far less likely to have these capabilities at all. Larger insurers are also much more likely to be piloting the use of artificial intelligence, according to the 3rd annual Novarica New Normal 100. Read more.

Today's P&C Digital Distribution Response: SMA
Discussions around insurance distribution channels are in perpetual motion. Everyone has an opinion as to where it's going. But where is it today? What has changed? What hasn't? And where are the investment dollars going? These are great questions, so SMA conducted research about today's distribution trends, and the findings are presented in a new report. Read more.

Solera Launches GoTime Autosource In Canada
Solera Canada (Audatex) has announced the availability of GoTime Autosource, a mobile app designed to speed up the process of vehicle conditioning for insurance staff and independent appraisers which features advanced vehicle identification, one-thumb conditioning, and the market-driven valuations of Solera's industry-leading Autosource. Read more.

Ageas Adopts Symbility Desk Adjusting Solution
Symbility Solutions is pleased to announce that they have signed a multi-year agreement with Ageas Insurance Limited, a recognized leader in the United Kingdom insurance sector, under which Ageas will implement Symbility's desk adjusting solutions across their Household Claims operations. Read more.

Majesco Updates Test Automation Framework
Majesco, a global provider of core insurance software and consulting services for insurance business transformation, announced the release of a new version of the Majesco Insurance Test Automation Framework, iTAF 2.0. The new version contains significant enhancements and new capabilities, and is immediately available for use. Read more.

Execution Planning Critical For Digital Strategies
Significant gaps exist between insurers' current digital capabilities and the expectations of the marketplace. To remain competitive, carriers must develop digital strategies to re-align their organizations, focus their IT investments, and guide them through the numerous decisions required across digitization efforts. In a new brief, Novarica explores best practices digital leaders leverage to effectively shape their digital strategies. Read more.

Wawanesa Discontinues Direct Sales In Quebec
Building on nearly 90 years of history in Quebec, Wawanesa will discontinue direct sales of its residential and auto insurance and will instead sell its insurance products exclusively through independent Quebec insurance brokers, the company has announced. Read more.

Hub Acquires Cypher Systems Group Insurance
Hub International Limited has announced it has acquired the Property & Casualty insurance business of Cypher Systems Group Inc., an insurance broker servicing large Canadian Group and Affinity programs. Terms of the acquisition were not disclosed. Read more.

Hub Acquires Southland Insurance Broker
Hub International Limited, a leading global insurance brokerage, announced today that it has acquired Southland Insurance Brokers Inc. Terms of the acquisition were not disclosed. Read more.

ScotiaLife, Johnson Partner On Home & Auto
BNS Insurance Agency Inc., the insurance administrator and distributor for Scotiabank, has selected Johnson Insurance as its exclusive partner for the distribution of Home and Auto insurance products under the ScotiaLife Financial brand. BNS Insurance Agency Inc. chose Johnson, part of the RSA Insurance Group plc. group of companies, following an RFP for its business. Read more.

Paisley-Manor Newest Navacord Broker Partner
Navacord Inc. is pleased to announce the addition of Paisley-Manor Insurance Brokers Inc. to their growing organization. Paisley-Manor is the third Broker Partner to join Navacord in 2018 and will continue to operate under the current management team. Read more.

Western Financial Group Acquires DMW Insurance
Western Financial Group Inc. continues to expand its operation through the acquisition of another Ontario-based brokerage. DMW Insurance Ltd., located in Toronto, has joined Western's brokerage team, which serves customers across Canada. Read more.

Q&A On How They Are Changing The Industry
Investorideas.com, a leader in Blockchain content with its Bitcoin and Blockchain portals, has released an exclusive Q&A interview with Risto Rossar and Mart Parve from the Black Insurance Team and Bundeep Rangar of Fineqia International. Read more.

‘Customer Experience Pyramid’ Drives Loyalty
More than four in five customer experience leaders report they will compete mostly or entirely on CX, but less than half have established the rationale for why CX drives business outcomes, and just one in five reports their efforts exceed customers' expectations, according to Gartner. Read more.

Auto Insurance Rates Rise In Three Regions
LowestRates.ca, an online rate comparison site for insurance, mortgages, loans and credit cards, has released its Q2 2018 Auto Insurance Price Index, which uses proprietary data to track the average cost of car insurance in Canada on a quarterly basis. Read more.

Manulife, Shoppers Launch Medical Marijuana
Manulife has announced it will launch this fall the first medical marijuana program in Canada, in collaboration with Shoppers Drug Mart Corporation. The program will be available as an option for participating Group Benefits plans and individual health insurance plans in Canada. Read more.

Police Can Tell If You're Driving Stoned!
There are plenty of misconceptions floating around regarding marijuana use and driving. The truth is that it's illegal and will continue to be illegal to drive while impaired (whether by drugs or alcohol) even once marijuana use becomes legal in Canada on October 17. Read more.


The Intersection: Insurance-Canada.ca Blog

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

A Tale of Two Standards
Data exchange has been an important topic for insurers and brokers for the past 51 years. By and large, the implementations have been complex due, in large part, to complex structures.
I recently attended a demo by the Insurance Brokers Association of Canada, which caught my attention. Instead of thinking big, the demo had but one data field as a start.
It occurred to me that instead of thinking big and complete, we might do well to think small and prepare to expand, based on the customers' requirements. I'm interested in your thoughts.
Read more.


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

Tuesday, August 28, 2018

The challenge: to “make insurance not suck” by improving CX toward the level offered by other industries.

The solution: Dramatically improve the speed of progress along the digital transformation and innovation paths.

Effective collaboration is no longer an IT responsibility. Today it is necessary – within and among organizations – to “open the door of opportunity.”

Learn more with Cookhouse Lab at ICEF2018.

Register today or see complete details.


InsurTechTO - Monday, November 6, 2017
November 7, 2018 – Toronto Sheraton Centre

InsurTechs can be a competitive threat to traditional insurance practitioners – insurers, brokers, and providers.

But InsurTechs can also provide transformational technologies – as partners – to help you become an InsurTech.

Explore the current state of InsurTech in Canada; learn how you can take advantage of what comes next.

Register now. For the latest details, visit www.insurance-canada.ca/itto.


From Doug

Change in the insurance industry is not new. Insurance-linked securities (ILS) have been around for some time; someone was bound to look at more innovation on the capital side of the business.

Add some pizzazz with a technology darling (blockchain), and get people's attention with the suggestion that insurers themselves be disintermediated. When the company developing the concept (Black Insurance), with a history of successful innovation, announces an investment by a capital platform (Finequia), there would appear to be some serious activity.

At InsurTechTO on Nov. 7, Sharon Ludlow will ask: “Disruption In The Insurance Industry—Are We There Yet?

We definitely aren't “there” yet, but the enormity of insurance innovation led by the insurTech wave indicates a lot more change coming to the Canadian insurance scene.

The ride will be interesting; Enjoy!

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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