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SEPTEMBER 25, 2018

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INSURANCE INDUSTRY NEWS

Lloyd's Could Lead InsurTech ‘Arms Race’
A new report, launched at the Insurance 3.0 Conference, highlights the advantages for Lloyd's in the InsurTech ‘arms race’: The global reach of Lloyd's, combined with the nimble nature of its carriers, means the market has the opportunity to lead from the front when it comes to gaining advantage from new technologies. Read more.

InsurTech Transactions Reach New High
InsurTech funding transactions during the second quarter reached a record high, but the total amount invested is down 20% against the prior quarter, according to the latest InsurTech Briefing from Willis Towers Watson. Q2 also set a new record for the volume of incumbent participation in InsurTech investments. Read more.

Marsh & Mclennan To Acquire JLT Group
Marsh & McLennan Companies has reached an agreement to acquire Jardine Lloyd Thompson Group plc, a leading provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the directors' board of each company. Read more.

Policy Works, RSA Introduce Data Exchange API
Re-entering data into commercial lines quoting portals and underwriting systems has been a challenge for brokers and underwriters alike. Policy Works Inc. and RSA Canada aim to reduce the pain of duplicate entry with their new commercial lines data exchange initiative with straight-through processing technology built on Policy Works' Smart Doc™ API. Read more.

Personal Lines Carriers Focus On Digitalization
Personal lines carriers are investing in InsurTech to get ahead, with an emphasis on the digitalization of processes, products, and consumers. In a new report, Novarica provides and overview of business and technology issues, market trends, and more than 50 examples of recent technology investments. Read more.

WTW Launches Property Loss Modeling Platform
Willis Towers Watson has announced the launch of Property Quantified, a first-of-its-kind technology platform to help organizations analyze potential property losses across a global portfolio with the aim of optimizing risk transfer and insurance strategies. Read more.

AIR Worldwide, Capsicum Re Partner On Cyber
Catastrophe modeling firm AIR Worldwide is collaborating with Capsicum Re, a full-service global reinsurance broker, as part of a joint effort to enhance the insurance industry's modeling of what are called “silent” cyber incidents. Read more.

Urgent Need To Curb Natural Infrastructure Loss
A new report by Insurance Bureau of Canada, the Intact Centre on Climate Adaptation and the International Institute for Sustainable Development urges communities to consider natural (or “green”) infrastructure to help prevent flooding and address economic risks associated with climate change. Read more.

Claims Capabilities Improve Customer Perception
New claims capabilities represent key opportunities for carriers to improve customer perception and claims results. Unlocking the value of the vast amounts of unstructured claims data carriers have amassed, for instance, is increasingly important for more effective claims management beyond claims fraud and severity indication. In a new study, Novarica examines the uses and challenges of unstructured data in claims. Read more.

PetLine launches Peppermint Pet Insurance
Petline, the first and only licensed insurance company in Canada to focus solely on pet health insurance, is launching Peppermint, a new pet insurance solution that will help budget-conscious pet owners protect their pets – available now to Canadian pet owners. Read more.

Keal Announces ClearPay Integration
Vertafore's Canadian unit, Keal Technology, the leader in broker management solutions, is proud to announce their partnership with ClearPay. SIG users now enjoy a dramatically simplified payment process for paying their monthly premium payables and collect direct bill commissions. Read more.

Insurance Needs Employees With Digital Skills
The Insurance Institute of Canada has released two studies that reveal the dramatic changes underway in the property and casualty insurance sector in Canada, including important insights on the current and future workforce and how technology is redefining the industry's talent needs. Read more.

APRIL Launches Landlord Protection Product
APRIL Canada is delighted to announce the launch of our innovative Landlord Protection, covering Unpaid Rents and Damage caused by tenants, in Ontario and Quebec. APRIL's product insures landlords against unpaid rents and theft or damage caused by tenants. Read more.

ClearPay Completes SOC2 Certification
ClearPay, the Canadian leader in automating payment settlements and reconciliation for the Insurance Industry, has completed its SOC2 Type 1 reporting certification, giving customers added assurance of its core application's security. Read more.

Machines To Perform More Tasks Than Humans
By 2025, more than half of all current workplace tasks will be performed by machines, as opposed to 29% today, and this transformation will have a profound effect on the global labour force, according to new research by the World Economic Forum. Read more.

Distraction-Related Fatal Collisions: TIRF
Although the number of distraction-related fatalities has not increased substantially, the percentage of all fatalities in which distraction was a contributing factor has increased. This fact sheet, sponsored by Desjardins Insurance, examines the magnitude and trends in the role of driver distraction in motor vehicle fatalities in Canada from 2000 to 2015. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Will InsurTech Models and Core Systems Align?
“Traditional” insurance programs generate the vast majority of P&C insurance revenue, profit, and resources. And major insurers continue to buy and update core systems to improve functionality and manage “main street” insurance programs. But new digital tools are changing methods and roles. Can these two approaches come to fully support the digital future? Read more.


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

The impact of InsurTech is dramatic – culture, product innovation, new tech, re-imagined processes. What do insurance and technology analysts see?

Customer Experience Is The Product
Jim Klotz, Vice President - Research & Consulting, Novarica

Digital Insurance: Changing Models to Align Business and IT
Mike Fitzgerald, Senior Analyst, Celent

Plus:
InsurTech Startup Pitch Competition
InsurTech start-ups will pitch their ideas for a technology-enabled insurance innovation or solution. Our expert judges are:
Andrew Lo, InsurTech Innovator
Adam Mitchell, Mitchell & Whale
John Rocco, Travelers Canada

Register now or learn more.

Want to pitch your InsurTech? Apply here.
 

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


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

ICEF2018 is now available on-demand!


From Doug

In preparation for InsurTechTO on November 7, I have put forward our definition of an InsurTech. Here is a summary.

It is an organization with an “innovative” culture which has implemented, and continues to improve, digital processes using current best practices. It is using, or exploring, new technologies.

It is an insurance practitioner – insurer, distributor, claims provider, or data & services provider.

An InsurTech[nology] provider offers technology and related services to any of the above, but does not perform any insurance functions.

We have also defined four levels of development - Incubating, Emerging, Startup and Mature.

There will be a pitch competition. InsurTechs and InsurTech[nology] providers in the early stages (incubating, emerging, startup) can apply here. The prize is a booth at our 17th Annual Technology Conference in February (valued at $4,500!).

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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