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Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 30, 2018

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INSURANCE INDUSTRY NEWS

New Digital Era: New Business Models, Products
The digital era shift is realigning fundamental elements of business that require major adjustments from insurers in order for them to survive and thrive, according to a new thought leadership report released by Majesco, a global provider of core insurance platform software and consulting services for insurance business transformation. A new digital era of insurance focused on innovation and growth requires platform-based business models and solutions to succeed. Read more.

Growing Reliance On Cyber Insurance: Zurich
Zurich Insurance has released the eighth annual Advisen cyber survey revealing the current state of and trends in information security and cyber liability risk management. The findings indicate a growing reliance on cyber insurance. The percentage of companies that purchase cyber insurance, either via stand-alone policies or endorsements, has increased 40 points since the survey began in 2011. The results of this year's study show a 10 percentage point uptick from 2017, the largest year-over-year increase since its inception. Read more.

M&A Insurance Growth Shaping Deal Execution
The recent growth in the use of insurance for M&A deals has created greater opportunity and cost savings for all stakeholders. According to Aon's new global M&A Risk in Review report, M&A insurance has changed the way deal professionals distribute risk and how insurers view the risk. Read more.

Global ILS Market Survey: Willis Towers Watson
End investors, Insurance-Linked Securities (ILS) funds, and buyers – the three groups active in ILS – have predominantly weathered 2017 loss activity with a view that reinsurance products backed by ‘alternative’ capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson, the global advisory, broking and solutions company. Read more.

Accenture Enables Blockchain Platform Integration
Accenture has developed and tested two technology solutions that enable two or more blockchain-enabled ecosystems to integrate, solving a critical challenge for broad adoption of blockchain technology. Read more.

KPMG Names Leading Fintech Innovators
KPMG is pleased to announce the 2018 Fintech100, highlighting dynamic fintechs from around the world that are transforming the financial services industry, from digital payments and lending, to insurtech, to neo-banking, as they attract investment at a record pace. The 2018 Fintech100 is the fifth edition of the annual report, a collaboration between fintech investment firm H2 Ventures and KPMG Fintech. Read more.

Crawford Cannabis Loss Management Solution
As of October 17, 2018, recreational use of cannabis is legal in Canada. In response, Crawford & Company (Canada) Inc., has developed a service solution to address potential risks including residential and commercial property losses, automobile losses, employee risk management, forensic accounting and legal services. Read more.

InsurTech Startups & Broker-Carrier Automation
InsurTech startups are starting to address the need for automation of new and renewal business with solutions that gather data, track submissions and quote status, enable informed underwriting, and more. In a new brief, Novarica discusses two solution categories: Digital Broker Platforms (DBPs) and Automated Application Intake solutions (AAIs). Read more.

Homeshare Insurance Launches In Alberta, BC
The Co-operators' new digital insurance brand, duuo by co-operators™, is pleased to announce it has launched its on-demand, pay-per-use insurance product in British Columbia and Alberta, powered by Slice Insurance Cloud Services (ICS). Read more.

Marsh Launches Global Social Unrest Solution
Marsh, a global leader in insurance broking and innovative risk management solutions, has launched a new standalone insurance solution that provides financial protection to global businesses following any denial of access to their properties as a result of social unrest – addresses market gaps in non-damage business interruption cover. Read more.

Concirrus, Marsh Harness Behavioural Analytics
Concirrus, the UK-based InsurTech company leading the Marine Analytics market change, has announced that it has entered a multi-year agreement with Marsh, a global leader in insurance broking and innovative risk management solutions. The agreement will see the two companies working together to drive the use of behavioural data in the global marine market through Concirrus's ground-breaking Quest Marine platform. Read more.

AIR Launches Probabilistic Cyber Risk Model
Catastrophe risk modeling firm AIR Worldwide is pleased to announce it has developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. The new model will be included in the latest release of ARC (Analytics of Risk from Cyber), AIR's cyber risk modeling and analytics platform, due for general release on October 31st. Read more.

Auto Policyholders Still Resist Digital FNOL
Automobile insurers are achieving high levels of customer satisfaction when handling claims, but they are struggling to transition claimants to digital claims reporting solutions, according to the J.D. Power 2018 U.S. Auto Claims Satisfaction Study. Read more.

HSB Closes Acquisition of relayr
HSB Group, Inc., part of Munich Re, has announced the close of the acquisition of relayr, Inc., a global Industrial Internet of Things technology company. HSB acquired 100 percent of relayr's shares and equity interests. The transaction was funded through a capital contribution from Munich Re. Read more.

OneEleven, Aviva Host Safety Hackathon
OneEleven and Aviva Canada will host the Safer Neighbourhoods Hackathon on November 23-25, with a focus on developing technology-based solutions to make Canadian neighbourhoods safer and more connected. Read more.

DKI CANADA Expands With New Member In Sask.
DKI Canada is proud to announce the addition of Saskatoon Disaster Services DKI to the organization. Saskatoon Disaster Services has provided property restoration services in Saskatoon and surrounding areas for over 15 years. Read more.

Chris Floyd Appointed IBAC President
The Ontario Teachers Insurance Plan is pleased to announce that Chris Floyd, President of Individual Insurance Services for the OTIP Group of Companies, has been appointed President of the Insurance Brokers Association of Canada (IBAC) for 2018-19. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTechTO: A ‘Really Big Shoe’
Starting in 2015, InsurTech went from zero to 220 in two short years. New technologies allowed greater flexibility and power to allow existing insurance carriers and distributors more flexibility in coverages and better customer experience in for clients.
For progressive insurance carriers and brokers, developers were given free rein to develop tools and processes to meet the new product needs. And it took hold.
InsurTechTO, next Wednesday at the Toronto Sheraton Centre, will offer an important update and a look ahead. Read more.


InsurTechTO
Next Wednesday, November 7, in Toronto

Take away insights from newly added sessions:

InsurTech For Claims: Current Trends And Future Opportunities
Greg Smith, SVP, Crawford & Company (Canada), Inc.

Insurance In Transition: Agile or Waterfall?
Emily Horsman, AVP Programs, Markel

Plus an updated lineup for the Startup Pitch Competition – learn more about the niches that InsurTech startups are developing.

Join your peers for a full day of valuable insights and innovation expertise.

Register now or find all the details at
www.insurance-canada.ca/itto.

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

As discussed last week, insurance micro-services seem rather straightforward. But what is an insurance platform?

The Co-operators recently announced an agreement with Slice Labs to create solutions that address unmet insurance needs in the fast-evolving digital economy – insurance products with exceptional customer experiences.

Slice provides The Co-operators with an agile, flexible platform using artificial intelligence and analytics capabilities to create non-traditional on-demand insurance products for customers.

Slice ICS is fully embeddable via API and includes pricing, rating, licensing, real-time and automated underwriting, servicing and capacity, making it easy to quickly integrate, deploy and test insurance products that offer deeper customer engagement through advanced cloud technology. ICS helps insurers build new on-demand insurance products and services without having to invest in costly IT infrastructure upgrades in order to become a digital insurer.

It sounds rather like an insurance platform lets you plug in your insurance product parameters, add a marketing program, and go.

That seems like a reasonably good definition of an insurance platform. I am sure there are others. Any comments?

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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