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Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 9, 2018

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INSURANCE INDUSTRY NEWS

Canada's First Consumer Home Cyber Coverage
The Boiler Inspection and Insurance Company of Canada (BI&I), part of Munich Re, has announced the launch of Home Cyber Protection, the first personal lines cyber insurance product for consumers in Canada which offers a suite of coverages and services for cyber attacks, cyber extortion, online fraud and the breach of personal information involving smart phones, computers and connected home devices. Read more.

The TIC Reveals “The D/X Initiative”
The Toronto Insurance Council has celebrated the launch of the Data Exchange Initiative with a demonstration of how D/X principles are used to achieve real-time data integration between insurer technology platforms and Broker Management System platforms at an accelerated pace. Vertafore and its Canadian-focused solution, Keal Technology, were one of the few BMS vendors involved early on in this project, demonstrating their commitment to the Canadian broker community. Read more.

InsurTech Transactions Reach New Peak in Q2
The number of 71 InsurTech funding transactions during the second quarter of 2018 reached a record high, and set a new record for the volume of incumbent participation in InsurTech investments. However, the total invested is down 20% against the prior quarter, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, the leading global advisory, broking and solutions company. Read more.

CMO Collaborators Driving Business Growth
New global research released by Accenture and conducted by Forrester Consulting reveals an opportunity for chief marketing officers (CMOs) to expand their remit by assuming the role of “CMO Collaborator” to drive customer experience, a proven source of growth in modern organizations. Read more.

InsureTech Connect 2018: Where Will It All Lead?
There's no doubt about it. InsureTech Connect has become the biggest and most influential tech event in the insurance industry. The entire ecosystem of insurance is well represented – you name it, they are here. Insurance is transforming, and the questions are: Why is this happening? Why now? How long will this continue? And most importantly, where will it all lead? Read more.

Symbility Integrates HOVER Platform Into Claims
Symbility Solutions, a software company focused on modernizing insurance, and HOVER, a platform that provides an interactive 3D model of any property, have announced their full product integration. This enables insurance adjusters using Symbility's cloud-based claims management system to pull in HOVER's powerful data package in order to process claims quickly and accurately. Read more.

Sovereign Launches New Manufacturing Cover
The Sovereign General Insurance Company is launching new and enhanced coverage features for its manufacturing solutions as it continues to refine its industry-based approach to product management. These coverages will be available for renewals and new business starting December 1st. Read more.

WILMIC Goes Live with ISI Enterprise
Insurance Systems Inc., a provider of enterprise software solutions to the property and casualty insurance industry, is excited to announce that Wisconsin Lawyers Mutual Insurance Company has gone into production on the ISI Enterprise solution. WILMIC, the premier provider of lawyer's professional liability insurance in Wisconsin, will be using ISI's software solution for its core insurance operations. Read more.

Geomni, DroneBase Partner On Property Inspections
Geomni, a Verisk business, and DroneBase, the world’s largest global drone operations company, has announced a strategic alliance that adds DroneBase’s pilot network and API to Geomni’s fleet of fixed-wing aircraft to expand property inspections globally. Read more.

Co-operators Acquires Robert Poirier Insurance
The Co-operators announced today it has purchased Robert Poirier & Associés, Courtier d'assurance inc. (Assurance Robert Poirier) in Gatineau, Quebec. The brokerage's portfolio includes personal and commercial insurance policies. Any existing insurance coverage a client has will remain in effect for the current term of their policies. Read more.

Totten Acquires Anderson McTague & Associates
Totten Insurance Group Inc., a leading national insurance managing general agency, has announced that it has acquired Anderson McTague & Associates Ltd. Terms of the transaction were not disclosed. Read more.

Robotics To Be Mainstream In Finance By 2020
Corporate controllers are set to dramatically increase their adoption of robotic process automation (RPA), according to new research by Gartner, Inc. Today, RPA is used by just 19 percent of controllers, but that number is set to grow to 73 percent of controllers by 2020. Read more.

Millions Of Canadians Have Driven High
With the legalization of cannabis less than two weeks away, CAA South Central Ontario (CAA SCO) is releasing new research showing that millions of Ontario motorists have driven under the influence of cannabis, and more than 735,000 have done so in the last three months. Read more.

Cannabis & Impaired Driving: Canadians Concerned
With the legalization of cannabis approaching, the vast majority (84%) of Canadians are concerned about cannabis-impaired drivers on the road, according to a recent poll conducted by Leger on behalf of Insurance Bureau of Canada (IBC). Read more.

​ICBC Cautions Drivers Over Road Conditions
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.


The Intersection: Insurance-Canada.ca Blog

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

Thanks For The Previously Unthinkable
I have been lucky to witness major milestones in the insurance / technology environment over the last 35 years. Last year, I suggested that technology belongs to what I call “previously unthinkable.” This seems to be true, and there are bigger changes yet. Are we ready?
Borrowing heavily from Thomas Kuhn's The Structure of Scientific Revolution, I suggest that, to date, there have been four generations of previously unthinkable technology, each of which has had significant alterations to the business of insurance. Read more.


OneSpan
Digital Trends & E-Signatures
for Canadian Insurance

Free webinar hosted by Insurance-Canada.ca
Thursday, October 18, 12pm (Noon) ET

Get digital. Your customers want it; you need it.

Learn about the role the of e-signatures in completing the digital process, with usage examples (including ROI).

Solve another piece of the transformation puzzle.

Presenters:
Mary Ellen Power, VP Marketing, OneSpan
Fred Onorato, Regional Sales Manager, OneSpan

Click here to register or for details.



MGA Symposium
“Technology: The Heart of Your Enterprise”

Tuesday, November 27 — Malaparte, Toronto

Three converging forces – consumer expectations, agile culture, and new technologies – created InsurTech.

As a result, the insurance industry is changing more rapidly than ever before.

Join with the Canadian MGA community to explore, November 27 in Toronto!

Visit insurance-canada.ca/mga for complete details or to register now.


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



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


From Doug

I hope you enjoyed our Canadian Thanksgiving celebration, and gave appropriate thanks. In spite of personal and collective challenges, I believe we are in one of the best countries in the world.

In insurance, we are part of a hugely exciting time.

The confluence of rapidly emerging and adopted technologies with a growing rapid-response culture and an increasing digital insurance consumer has created our evolving "InsurTech" state.

We feared that incumbent insurance practitioners would be displaced by InsurTech startups; instead incumbents and startups alike are seeking a competitive leadership position by being InsurTech.

Providers of insurance technology are moving quickly too, with their growing share of investments.

SMA Partner Mark Breading blogged after InsurTechConnect, asking: Why, and why now? For how much longer? And where will it all lead? Read his comments.

Join us for Canadian perspectives at InsurTechTO on November 7. This segment of the transformation journey is far from over.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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