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JANUARY 8, 2019

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INSURANCE INDUSTRY NEWS

Connected Insurance Ecosystem Comes Of Age
The insurance industry's next major inflection point will be its most impressive and game-changing yet, as the power of networks comes of age in insurance. Artificial intelligence will turn information collected by billons of connected things into actionable insights and decisions; claims will actually be prevented, turning carriers into risk managers in the truest sense. Read more.

2018 Global Insured Losses 4th Highest On Record
2018 was the fourth costliest year on sigma records in terms of losses covered by the insurance industry. According to preliminary sigma estimates, total economic losses from natural and man-made catastrophes in 2018 declined to USD 155 billion from USD 350 billion in 2017. Global insured losses are estimated to be around USD 79 billion, higher than the annual average of the previous 10 years. Read more.

Contrasting Realities For 2019 Renewals
Reinsurance placements at 1 January 2019 highlight a pricing gap between accounts with peak peril exposures or poor loss records and the rest, with many reinsurers placing emphasis on the quality of client counterparties, according to the latest 1st View renewals report from Willis Re, the reinsurance division of Willis Towers Watson. Read more.

Mission Accomplished For ORBiT Canada
ORBiT Canada has dissolved after ten years of promoting the implementation of Real Time technology within Canada's broker ecosystem. ORBiT will donate its remaining funds to the Grand River Regional Cancer Centre. Read more.

Boutique Construction Brokerage Launched
Five leading insurance professionals have formally announced the establishment of a boutique insurance brokerage focused on providing cutting edge solutions for the construction and real estate markets in Manitoba and Western Canada. Apex Surety & Insurance Ltd. brings together five partners with over sixty years of experience in building risk management solutions for contractors. Read more.

Lawyers Mutual Digitizes CX With ISI Platform
Lawyers Mutual Liability of North Carolina is pleased to announce the launch of a new consumer portal, providing policyholders easy online access to their information. The consumer portal was developed by Insurance Systems Inc. (ISI), a leading provider of enterprise solutions for the property and casualty insurance industry. Read more.

Merlin Underwriting Partners With DAS
Merlin Underwriting Inc. announces its partnership with DAS Legal Protection Inc. to offer further protection to their construction and contractor customers. Legal Expense Insurance coverage is now included on the Merlin Trades program – on a Mandatory basis for small, less complex risks, and on an Offer and Acceptance basis for large, more complex constructions and contractor risks. Read more.

The Co-operators Acquires Assurances Madelein
The Co-operators is pleased to announce that it has purchased Assurances Madelein Inc. in Laval, Quebec.The brokerage's portfolio includes personal and commercial insurance policies. Any existing insurance coverage will remain unchanged and in effect for the current term of the policy. Read more.

Slice Labs Opens Toronto Launch Studio
Slice Labs Inc., a leading on-demand insurance cloud platform provider, has announced the opening of the Slice Launch Studio in downtown Toronto, which is designed to be an innovation hub for Slice and its partners to ideate, experiment, test and deploy new on-demand insurance products on the Slice Insurance Cloud Services (ICS) platform. Read more.

Navacord Continues Expansion In Western Canada
Navacord continues expansion into Western Canada with the acquisition of a team of industry veterans and their book of business from BMS Canada. The Vancouver team, led by Shaun Johnston, BMS Canada's Managing Director, Construction & Development, joined Navacord's Vancouver-based Broker Partner, Wylie-Crump Limited. Wylie-Crump are experts in providing innovative insurance solutions and leading client service to the construction and development industries. Read more.

Storm Surge Cover Launched In Quebec
For the first time in Quebec, homeowners can purchase storm surge insurance. The Co-operators Comprehensive Water insurance is the only product of its kind in Canada that provides protection from the most common causes of residential flood and water damage including storm surge, overflowing lakes, rivers and creeks, and sewer or septic backup. Read more.

Overland Flood Insurance Launched In Manitoba
The Co-operators Comprehensive Water, which covers overland flood damage, is now available to homeowners in Manitoba. It is the only insurance product of its kind in Canada that provides protection from the most common causes of residential flood and water damage including storm surge, overflowing lakes, rivers and creeks, and sewer or septic backup. Read more.

CoreLogic Completes Acquisition of Symbility
CoreLogic, a leading global provider of property information, insight, analytics and data-enabled solutions, is pleased to announce the closing of its acquisition of Symbility Solutions Inc. Read more.

South Simcoe Police To Open CRCs: ASSI
Accident Support Services International Ltd. (ASSI) is proud to partner with the South Simcoe Police Service on the implementation of Collision Reporting Centres (CRCs) in the towns of Bradford West Gwillimbury and Innisfil, Ontario. The Innisfil CRC will open January 8th, 2018 at 9:00 a.m, followed at 11:00 am by the Bradford West Gwillimbury location. Read more.

New Tools To Combat Impaired Driving
With 2018 in the rearview mirror, SGI and law enforcement remain focused on the issue of impaired driving, which kicks off 2019's Traffic Safety Spotlight for January. The battle against impaired driving is as relevant as ever, with the legalization of cannabis in the fall and a host of new federal and provincial laws introduced throughout 2018. Read more.

Be A Safe Driving Advocate In 2019
It is back to work for many people today and while many of us have made resolutions for the New Year, Insurance Bureau of Canada (IBC) encourages everyone to put safety first. An easy resolution to make, and keep, is to focus our attention on the road when driving and to spread the word about the dangers of distracted driving. Read more.

ICTA NOMINATIONS

aha insurance: The Online Purchase Experience
At aha, we don't sell insurance; we sell the experience of buying insurance. Our customers can get a quote in minutes with minimal effort, empowering them to make confident, informed decisions when buying a policy online. Read more.

CAA MyPace For Lower-Distance Drivers
To meet the needs of today's consumer, CAA Insurance developed Canada's first “pay-as-you-drive” insurance offering, CAA MyPace, that provides unparalleled control and choice for consumers, by giving them greater control over their premiums. Read more.


The Intersection: Insurance-Canada.ca Blog

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

New Insurance & Tech For A New Year?
With the new year, insurers and brokers are introducing new insurance products tied in to new technologies. Pretty slick. The outstanding question is simple: Will users take the digital bait? Read more.

Driving Disruption
We are setting up a deep dive into the changes around vehicles & insurance at the 2019 Insurance-Canada.ca Technology Conference (ICTC2019). If you are working on automotive coverage or technology, in particular, you need to read more. Read more.


Insurance Works

Featured job opportunities:

Executive Director, Insurance and Trust
BC Public Service Agency
Vancouver, BC

Director, Business Development (Life Insurance & Investment)
HUB International
Vancouver, BC  •  Woodbridge, ON


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

New technologies are re-imagining insurance products, processes and customer experiences. Learn about some of the latest with a longtime “new tech” enthusiast and insurance industry leader:

Insurance Potential of Tech Reveals at CES
Andrew Lo, InsurTech Innovator

As new insurance coverages are introduced, and old ones recalibrated, hear from a veteran analyst about how the product will catch up with the new world:

Product Development: Managing Obsolescence
Mike Fitzgerald, Senior Analyst - Insurance, Celent

Join your peers and discover the essence of change. See all the topics.

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

Thanks to our 2019 sponsors, including:
X by 2
FRISS
MCCG
Symcor
Canadian Underwriter
IBAO
CAA Insurance


ICTC2019: “A New Insurance Order” — 17th annual Insurance-Canada.ca Technology Conference — Feb. 26-27, 2019 — Beanfield Centre, Exhibition Place, Toronto


From Doug

Happy New Year! I trust that your resolutions have survived intact through the first week of 2019. My own major resolutions won't kick in until March, so on the bright side, they will remain unbroken until at least then.

But what about your business resolutions?

All around us, we see change, innovation, and digital improvements – both big and small.

What is your contribution? The idea of a singular leader is diminishing; teamwork and collaboration are ascendant. We can each contribute to success by accepting and fostering change, trying new approaches, and taking the time to learn from things that didn't work quite as well as expected. Learn by doing.

We are bringing together a great group of participants for our Technology Conference in February; they live this mantra.

Come and learn from them; network with them. They are people who appreciate your insights too.

May 2019 be a rewarding year.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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