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SEPTEMBER 4, 2018

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INSURANCE INDUSTRY NEWS

Ontario Teachers’ To Acquire Kanetix Ltd.
Ontario Teachers’ Pension Plan announces it has agreed to acquire Kanetix Ltd., Canada's largest digital customer acquisition platform and marketplace that provides quote comparison search tools for insurance and financial products. Read more.

7 Technologies To Reach Mainstream Adoption
Speech recognition will reach the Plateau of Productivity within the next two years and six other technologies will reach mainstream business adoption in the next two to five years according to the 2018 Gartner, Inc. Hype Cycle for the digital workplace. Read more.

BPO-BPaaS Vendors Grow Interest From Carriers
BPO (business process outsourcing) and BPaaS (business process as a service) encapsulate critical enterprise functions, from technology hosting and horizontal services to core insurance processes. In two new reports, research and advisory firm Novarica provides an overview of BPO-BPaaS offerings for both P&C and L&A insurers and profiles vendor solutions to help carriers understand their options. Read more.

Trufla Launches Carrier-To-Broker API
Trufla Technology is pleased to announce the successful launch of their Broker Auto Insurance Application Programming Interface (API) between Aviva Canada and Calgary-based Sharp Insurance. Read more.

SCM Launches ParioQuantify Brand To Market
SCM Insurance Services, Canada's largest independent, privately owned insurance services provider, today announced the launch of its new brand, ParioQuantify. Read more.

Canadians Ready To Embrace Technology For Personalized Insurance Discounts
A new belairdirect survey found that one-third of vehicle owners drive less than 10,000 kilometres a year. belairdirect's updated telematics tool, automerit, offers customers a personalized discount on their insurance for safe driving, and those in Ontario may now be eligible for a discount for low kilometres. Read more.

Intact, Sun Life Host Climate Resilience Forum
Two of Canada's leading insurance providers, Intact Financial Corporation and Sun Life Financial, will co-host a global forum on climate-resilient critical infrastructure in Toronto this month. The event is organized by The Geneva Association, the leading international think tank of the insurance industry. Read more.

Munich Re Acquires Tech Company relayr
Munich Re is taking a further key step to create new business models in the industrial Internet of Things. The Group will acquire the software company relayr via its subsidiary, Hartford Steam Boiler, and will therefore play an active role in shaping business opportunities in this rapidly expanding sector. Read more.

NJM Insurance Group Selects IMS Telematics
Intelligent Mechatronic Systems, a leading connected car services and analytics provider, has been selected by NJM Insurance Group for its new smartphone-based insurance telematics program. NJM's program will leverage IMS mobile telematics technology to help policyholders become safer drivers. Read more.

Keep Kids Safe As School Returns: ICBC
With children returning to school, roads are very busy. ICBC is asking drivers to give themselves extra travel time so they aren't rushing and more likely to ­speed. Drivers should be completely focused on the road and be watching for children, especially in or around school zones. Read more.

Speeding Near Schools Is Dangerous & Expensive
It's the first day of school, and school zones are once again buzzing with activity. During September, SGI and law enforcement are focusing on school zone safety and some important lessons we all need to keep in mind. Read more.


Free webinar:
“Modern Data Platforms: Dealing with Disruption in the Era of Advanced Analytics and AI”

Wed., September 12, at 12pm Noon

X by 2 will share practical strategies and tactics for adapting traditional data platforms to cope with emerging new paradigms in the field of data and analytics. Subject matter experts will focus on:

• Enterprise Architecture strategies that enable your data infrastructure to serve both traditional and more advanced algorithmic use-cases.

• Patterns to bridge the Business-IT divide for efficient and timely delivery of strategic data capabilities.

Register today or learn more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance vs. Amazon – Does Risk Differentiate?
If you read enough insurance trade magazines, you would swear that 75% of agents / brokers / insurers would be on the dole in the next year, The balance of survived insurers would have to compete with large, technology organizations which will eliminate underwriters and claims managers in favour of AI and blockchain tools. Read more.


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

The rapid changes in insurance around InsurTech are both a threat for those who don't adopt and an opportunity for those who seize the moment to act.

Keynote presentation:Disruption In The Insurance Industry—Are We There Yet?” by Sharon Ludlow, Executive in Residence, Global Risk Institute.

New entrants are changing the landscape, but what does the end game look like?

For online registration or more details, visit www.insurance-canada.ca/itto.


MGA Technology Symposium — Tuesday, November 27, 2018 — Malaparte, Toronto


From Doug

“What is [an] InsurTech?” Now that the term is a few years old, we should all know what it is. I suspect there is agreement in general but nothing yet terribly specific.

In preparation for InsurTechTO on November 7, we have developed a framework for our purposes. Bearing in mind that beauty is in the eye of the beholder, each of us may have a different definition. Our intent is to further the discussion.

The focus of InsurTech – the marriage of insurance and technology – is to improve an insurance process by applying digital tools and/or data to improve it, in that sense make it more digital.

The improvement could be to:
• reduce the number of steps in a process;
• add data to a process to make it richer, or more precise;
• automate a process which previously required manual intervention; etc.

As described then, anyone by becoming more digital – moving along, or extending, the digital transformation path – is becoming an InsurTech.

We think so. More next week.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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