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Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 4, 2018

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INSURANCE INDUSTRY NEWS

Annual Global View Of Risk: AIR Worldwide
Catastrophe modeling firm AIR Worldwide (AIR) has released its 2018 Global Modeled Catastrophe Losses report, detailing key loss metrics from AIR’s global industry exceedance probability (EP) curve. Based on the report, AIR estimates that the 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is nearly USD 271 billion, and the global insured average annual loss is about USD 86 billion. Read more.

Cyber Risks Top Priority For Senior Managers
Cyber-attacks and data loss/breach top the list of the most concerning risks for directors, overtaking regulatory and other investigations, according to the sixth annual Directors’ liability report launched by Willis Towers Watson in conjunction with Allen & Overy. Read more.

Insurance Trends Report: Nov. 2018
The Globe & Mail's latest Insurance Trends special report features an article on cyber-crime by Debbie Coull-Cicchini, EVP at Intact Insurance, plus thoughts about industry focus areas (including product innovation and the customer experience) from Insurance-Canada.ca partners Patrick Vice and Doug Grant. Read more.

Data Prefill: Now You See It, Now You Don't
What does the phrase “now you see it, now you don't” have to do with insurance? It relates to the vast quantity of questions on an application for commercial lines insurance. Data prefill certainly isn't new – personal lines insurers have employed it for some time. But the impetus to utilize the capabilities in commercial lines has not been present until now. Read more.

Enterprise Architecture—Strategy Needed: Xby2
The practice of Enterprise Architecture has taken a pounding over the past several years. Many consider it hopelessly outdated in this era of ‘fail fast.’ But an effective EA practice is an essential ingredient for any insurer modernizing, innovating and otherwise transforming itself to stay relevant in an industry whose main strategic thrust seems to be to invest in and deploy InsurTech platforms and applications. Read more.

Foxquilt Launches Innovative Group Insurance
Ontarians feel they are paying too much for insurance. Foxquilt, a growing insurance technology company leveraging big data and machine learning to transform consumer buying power, has introduced an innovative group insurance model to shift this mindset. Read more.

Consumers Are More Anxious About Data
A new KPMG study shows that while consumers are enthusiastically embracing new technology, they are more anxious than ever and more aware of the risks and benefits of handing over their data to businesses, including social media platforms. Read more.

Aon Choice Offering Expands With Insurer Partners
Aon is pleased to announce it has partnered with six of Canada’s largest national insurance providers to offer traditional and flexible benefits through the innovative Aon Choice platform, improving employee engagement by providing more choice and flexibility in benefits offerings. Read more.

Billing Becoming Central To Growth & Innovation
Majesco, a global leader of cloud insurance technology, has released new thought leadership report which highlights how the growing customer demands and expectations for new, innovative products and services such as on-demand, parametric, telematics, value added services, and more are moving billing to front and center in the shift to Digital Insurance 2.0. Read more.

Brokers Adopt Social Media To Meet Goals
The second annual national social media Pulse Check survey by Economical Insurance reveals Canadian P&C insurance brokerages that self-identify as “ahead of the curve” on social media marketing reap the rewards when it comes to achieving their business goals. Read more.

Cowan Fills Mid-Market Supply Chain Gap
Cowan Insurance Group is pleased to announce the launch of Cowan Supply Chain Insurance, the first mid-market supply chain product of its kind in Canada, bridging the gap in standard commercial insurance policies. Read more.

Cyber, D&O Liability Increasingly Linked
Cyber incidents are dramatically on the rise, with AIG reporting as many cyber claims in 2017 as in the previous four years combined. There has been another significant jump so far in 2018, even before the impact of the General Data Protection Regulation. Read more.

Lemieux, Ryan & Associates Joins Aon
Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, is pleased to announce that the team of Lemieux, Ryan and Associates will join the Aon Public Sector Practice in Montreal, effective of Jan. 1, 2019. Read more.

Consumer-Facing Companies Risking Irrelevance
Consumer-facing companies must change how they are transforming their businesses and take bold steps in order to remain relevant to the data and technology-enabled smart consumer, according to EY FutureConsumer.Now research that identified five business imperatives for consumer-facing companies to act on now. Read more.

Majesco Acquires Cloud Software Leader Exaxe
Majesco is pleased to announce the acquisition of Exaxe, an Ireland-based cloud software leader in the life, pensions and wealth management segment. Exaxe serves a growing list of top European insurers, and this acquisition will strengthen and expand Majesco's EMEA software offerings for the individual life, pensions and wealth management market. Read more.

Autonomous Delivery Will Skyrocket: KPMG
KPMG predicts the development of autonomous delivery vehicles will drastically revolutionize the current consumer e-commerce environment, drive consumer demand for more and faster goods deliveries and lead to an entirely new product delivery ecosystem for shoppers and buyers of goods and services. Read more.

PACICC Names Alister Campbell President & CEO
The Property and Casualty Insurance Compensation Corporation is pleased to announce that Alister Campbell has been appointed President and Chief Executive Officer, effective February 4, 2019. Read more.

WTW Launches Software To Simplify IFRS 17
IFRS 17 is one of the most complex changes to insurance accounting requirements in decades, and Willis Towers Watson is set to launch new software in early 2019 to help businesses implement it. ResQ Financial Reporter provides an efficient framework to generate financial statements, while saving insurers time and effort in their reporting processes. Read more.


The Intersection: Insurance-Canada.ca Blog

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

InsurTech: Time is of the Essence
Maybe I'm looking with skeptical eyes, but it seems that some insurance organizations are viewing InsurTech more as “saying” than “doing.” While there are new approaches by brokers and insurers, there is not an even approach. I'd be very interested in your thoughts. Read more.


17th annual Insurance-Canada.ca Technology Conference – “A New Insurance Order” – Feb. 26-27, 2019
17th annual Technology Conference
“A New Insurance Order”
Feb. 26-27, 2019 — Beanfield Centre, Toronto

“Compete or partner?” The InsurTech era is digital innovation at its best. Explore the options – to compete, partner, or both – at ICTC2019.

The evolution continues: Transformation ⇒ Innovation ⇒ InsurTech ⇒ Disruption

But disruption rarely comes from an expected direction. Is there something else lurking?

Mark your calendar for Feb. 26-27 – registration will open soon.

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


Technology Awards

Discover the winners at ICTC2019!
Follow on Twitter: #ICTA2019

Nominations for the ICTAs are now closed. Thanks to everyone who submitted a nomination!

Watch for the nominee details to be published in January – real insurance innovation at play.

Join in the People's Choice voting in February.

Join us at #ICTC2019 on Tues 26 Feb. for the awards.

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


From Doug

After working in this industry for many years and running the Insurance-Canada.ca Technology Awards for a decade – the 2019 ‘ICTAs’ are the tenth iteration – nothing much should surprise me.

This year, as usual, we announced the ICTA program in late August, with a nomination deadline on Nov. 30.

Earlier in November, we received a few queries, mostly about eligibility for those in the gray area between “insurance practitioner” and “technology provider.”

Here is where the stress levels go up.

Nov. 23: No nominations received yet.
Nov. 28: One arrives – we have a winner! (But not much competition ...)
Nov. 29: Two more – now there are runners-up.
Nov. 30: The deluge begins!

We do have a competitive field after all – and I have a lot more grey hairs.

On first review, there appears to be lots of innovation, with hot spots in the areas of inter-connectivity and automated functionality.

The industry is really stepping up to technology opportunities. Watch for the nominations as they are published through January!

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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