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Insurance-Canada.ca - Where insurance and technology meet

SEPTEMBER 18, 2018

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INSURANCE INDUSTRY NEWS

New Cybersecurity Collective Gathers Expertise
With cyber threats such as fraud, identity theft and data theft proliferating and the skilled talent pool in computer security diminishing, Desjardins Group, National Bank, Deloitte and RHEA Group are teaming up to support the creation of CyberEco, a new organization that will lead to the establishment in Québec of a talent and expertise collective in cybersecurity. Read more.

Financial Services Improving Cyber Resilience
Despite the volume of cyber attacks increase, financial services firms are closing the gap, having stopped four in five of all breach attempts last year, up from two-thirds in 2016, according to new research from Accenture. But the study also notes that firms will need to improve their security procedures to ward off increasingly sophisticated attacks. Read more.

Expect Higher Cyber Losses Over The Next Year
Insurance companies expect increased cyber-related losses across all business lines over the next year, driven by increasing reliance on technology and high-profile cyber-attacks, according to Willis Re's Silent Cyber Risk Outlook global survey. Read more.

InsurTech Seen As Opportunity More Than Threat
The wave of investment in InsurTech continues, and InsurTechs are increasingly seen as chances for insurers to partner, license technology, or to learn. In a new report, research and advisory firm Novarica outlines the InsurTech landscape today and profiles more than 150 startups, focusing on the relevance of each to incumbent insurers. Read more.

Insurance Faces a Platform-Fueled Future
Deep-rooted paradigms in the insurance industry are shifting. With bespoke legacy systems impeding innovation, leading carriers are looking to industry platforms – often powered by entrepreneurial InsurTechs and other technology providers – to reduce cost, enhance flexibility and most importantly, improve customer experience and engagement. Read more.

CNA Canada Launches Suite Of Tailored Products
CNA Canada, a leading specialist commercial insurance provider, has announced the launch of oneworld+SM, a tailored suite of products, designed to reflect the evolving needs of today's businesses. Read more.

Successful MCCG Integration With Risk Control
Mutual Concept Computer Group Inc. (MCCG) has successfully integrated the Insurance Business Solution (IBS®) with Risk Control Technologies' Loss Control Management Software in collaboration with Farm Mutual Re. This integration simplifies the process of ordering one or many inspections by mutual insurance companies using the IBS® thus removing the need for manual duplicate entry within both systems and ensuring a higher level of data quality. Six Ontario mutual insurers have adopted this process in production with many more expected to follow. Read more.

Claims Is A People Business: The New Definition
Claims executives are at a crossroads where many questions arise. SMA’s new research report into Claims Transformation explores emerging technologies and trends in claims operations. Relative to the people business theme there are several areas of innovation where concerns, expectations, and answers merge! Read more.

Symbility Streamlines Claims Connect
Symbility Solutions has introduced a completely revamped interface to its marquee product, Symbility Claims Connect®, which makes the complex property insurance claims process easier, faster, and more efficient than ever before for carriers and the supply chain vendors that support them. Read more.

Allied Insurance Services Joins BrokerLink
Allied Insurance Services Ltd., an Alberta brokerage, has joined BrokerLink. The brokerage joined BrokerLink because of the company's customer-service approach and scale to handle customer needs. Read more.

The Art of InsurTech Naming: SMA
What is it with InsurTech brand names? Among the 1,000+ InsurTechs SMA is tracking are a wide range of names, ranging from the clever to the practical to the bizarre. There is also functional naming – hearing the name Insuresoft, it is clear that they create software solutions for the insurance industry. Read more.

PCS Launches Global Cyber Industry Loss Index
Property Claim Services®, a Verisk business, is excited to announce the enhancement of PCS Global Cyber™ with coverage for cyber catastrophe events. Read more.

Crawford To Launch A.I. Solution For Auto Claims
Crawford & Company and ClaimGenius are collaborating on AI Mobility solutions that will improve the processing speed and accuracy of automobile insurance claims by integrating Crawford’s state-of-the-art WeGoLook service and ClaimGenius's AI predictive image analytics product to provide virtually instant damage analysis and claim estimates. Read more.

Ironshore Rebrands As Liberty Mutual Canada
Liberty Mutual Insurance is pleased to announce that Ironshore Canada and Liberty International Underwriters (LIU) are being rebranded as Liberty Mutual Canada. Liberty Mutual Insurance completed its acquisition of Ironshore in 2017. Read more.

Hurricane Tips For Residents And Businesses
Hurricanes season is underway, and while the United States tends to bear the brunt of these events, they can still have a significant impact on Canadian communities. FirstOnSite Restoration offers these tips to minimize a hurricane's impact on your home or business and keep flood damage at bay. Read more.

Drivers ‘Witness’ Distraction, Don't Admit To It
Many things can distract drivers behind the wheel (including smartphones, passengers, food, and technology) but the latest Desjardins survey reveals these obvious dangers – especially those related to smartphone use – are still not clearly recognized by many Canadian drivers. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTechs, Ecosystems & Consolidation
InsurTech has emerged over the past ten years, with a rapid acceleration in the last three. One feature has been a “no holds barred” approach, where insurers, brokers, InsurTechs and others seek new insights and opportunities. In some cases, there have been collisions of different tools. However, consolidation is taking control under the banners of “ecosystems” and “platforms.” Read more.



MGA Symposium
“Technology: The Heart of Your Enterprise”

Tuesday, November 27 — Malaparte, Toronto

Are you a provider of products or services to the MGA community? Are you an MGA? Do you depend on MGAs for insurance product?

Change is upon us, and much of what's happening is enabled – or even driven – by technology.

Join us Nov. 27 in Toronto to explore the evolving MGA scene in Canada.

Visit insurance-canada.ca/mga for complete details.


Insurance-Canada.ca Technology Awards

Nominations are now open for the 2018 ICTAs – start your nomination today! The submission deadline is November 30, 2018.

Insurance practitioners: strut your stuff! Technology vendors can join in, too!

Discover the winners on Feb. 26, 2018, at the 17th annual Insurance-Canada.ca Technology Conference.


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

ICEF2018 is now available on-demand!


InsurTechTO 2018: Driving Advantage From InsurTech — Wednesday, November 7, 2018, at the Toronto Sheraton Centre — #InsurTechTO


From Doug

Recapping prior weeks, an InsurTech can be described as either an insurance practitioner or an InsurTech[nology] provider which makes an insurance process more digital.

There seems to be a sense that InsurTechs should be startups.

That, however, does not give credit to a traditional business which is doing the same innovative things as a startup.

For our purposes, then, an InsurTech could essentially be any insurance and related business.

However we would like to differentiate new entrants from longer-term players, and to that end we have a classification, if an arbitrary one, for the business:
Incubating (not yet in the market)
Emerging (actively in the marketplace but product is not in production)
Startup (less than 3 years since product went into production)
Mature (more than 3 years since product went into production)

More next week.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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