"Chronicle" weekly newsletter - Where insurance and technology meet

JANUARY 29, 2019

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Is The InsurTech Wave Hitting A Riptide?
Has the InsurTech wave hit a riptide? At Strategy Meets Action, we think it has. Headlines show the hype around InsurTech(s) is settling down. We see fewer startups in the US, and it is not for the lack of a strong economy. In fact, Strategy Meets Action estimates investment in new technology to be at high levels. So what's happening? Investment spending has become more focused. Read more.

Weather Catastrophes Drive Cost Of Natural Perils
Aon plc is pleased to announce the launch of Weather, Climate & Catastrophe Insight: 2018 Annual Report, evaluating the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. The report reveals that 394 natural catastrophe events generated economic losses of USD 225 billion in 2018. Read more.

Human Capital As Critical As Innovation Initiatives
In two new industry briefs, research and advisory firm Novarica reviews organization and investment, best practices and benefits, and key challenges in technology innovation, as well as discusses some of the major challenges for insurers looking to hire new talent, including examples of companies actively addressing these challenges. Read more.

2019 Commercial Lines Strategies: SMA
SMA's latest report, 2019 Strategic Initiatives: P&C Commercial Lines, exposes three significant areas where commercial lines organizations are planning major strategic initiatives: the customer experience, innovation, and digital transformation. Read more.

New Zurich Travel Insurance For Canadians Abroad
Zurich Insurance is pleased to announce the launch of Zurich Travel Insurance, a new travel protection proposition for Canadians travelling abroad. Coverages are available for emergency medical and dental care, trip cancellation and interruption, baggage loss and damage, flight and travel accident, and 24/7 travel assistance services. Read more.

ASSI, Aviva Launch Real-Time, Automatic Claims
Accident Support Services International and Aviva Canada have officially launched Canada's first automatic First Notice of Loss (FNOL) service at all Collision Reporting Centre locations. Effective immediately, customers may report their collisions to Aviva and automatically create a claim right from their CRC location. Customers will also be signed up to receive SMS and email notifications for key information such as their claim number, the contact information of their assigned claims adjuster, and the status of their claim as it progresses. Read more.

Insurers Plan To Expand Use Of Blended IT Staffing
Insurance IT organizations and those who run them face numerous challenges, including the need for IT resource capacity and specialized skills. It's no surprise that most insurer IT groups use a "blended staffing" model that combines internal staff with external resources. According to research and advisory firm Novarica's Insurer IT Budgets and Projects 2019 report, 30% of insurers are planning to increase their use of blended staffing in 2019. Read more.

Besurance Corporation Acquires Fenchurch
Besurance Corporation, a Calgary-based insurance and technology company, announces it has entered into an acquisition agreement to purchase Fenchurch General Insurance Company. Through this acquisition Besurance aims to bring insurance back to its communal roots and strengthen the relationships between the insured, insurance brokers and Fenchurch. Read more.

The Co-operators Acquires Redfords
The Co-operators is pleased to announce it has purchased Redfords Insurance Brokers, based in Pickering, Ontario. Read more.

Ontario Expands Automated Vehicle Pilot
Ontario has updated its Automated Vehicle Pilot program to allow for more testing of emerging technologies and to support future sales of the next generation of autos. The province will allow vehicles equipped with higher levels of automation to be driven on Ontario roads once they are eligible for purchase in Canada. Read more.

Wildfire Resiliency Funding For Canadians
Canadians can now apply for funding to support their local Wildfire Community Preparedness Day activities, and join municipalities from coast to coast in a national effort to reduce wildfire risk to local homes and environments. Read more.

CSIO Cyber-Security eLearning Success
Just two months after the launch of its new eLearning program, CSIO has received tremendous response, with more than 450 registered users. The first course on cybersecurity was designed in response to broker feedback requesting more educational resources to better prepare them for cybersecurity threats. Read more.

Emergency Management Strategy For Canada
Federal, provincial and territorial Ministers responsible for emergency management met yesterday and today to release the first ever Emergency Management Strategy for Canada and to discuss progress made on a number of shared priorities in emergency management in Canada. Read more.


Surex Direct Improves Broker Efficiency With A.I.
Surex Direct is doing in-house development of artificial intelligence systems that automate many internal processes. From insurance document processing to auditing, these intelligent systems learn our brokerage's processes by observing staff members and can adapt to industry changes. Intelligent automation has significantly increased efficiency at our brokerage, allowing us to focus on our rapid growth. Read more.

Connecting To Improve Customer Claim Service
Aviva Canada Inc. and Accident Support Services International Ltd. implemented the first real-time claims First Notification of Loss (FNOL) integration service for customers reporting their vehicle collisions at Collision Reporting Centres across Canada. Read more.

The Intersection: Blog

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

Inflection Point 2019: 8 Tech Essentials Digital Insurers Can't Do Without (Part 1)
By Brad Worth, EIS Group
2019 is shaping up to be the inflection point where insurers will make the fundamental technology pivot toward supporting new platform-based business models to compete in the experience-driven digital economy, with its new and evolving B2B and B2C ecosystems.
Let's look at eight essential next-generation platform elements you should be bringing on board for 2019 and beyond. Read more.

Is InsurTech All Of What We Need?
Even after 5 years, nary a day passes without an announcement about new InsurTech tools and techniques, each making yesterday's nirvana obsolete.
Don't get me wrong – I'm keen on new approaches, methods and systems. Where it goes south for me is rejection of other systems that have served existing products and services well. Two recent perspectives illustrate the range of interest in InsurTech, and a view beyond ... Read more.

17th annual 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

Innovation has morphed from an occasional stab at an opportunity to a well-managed (but never-ending) business process.

Take a deep dive and hear about innovations throughout the insurance industry at ICTC2019:

The Three Biggest Innovation Challenges
Simon Chan, Head of Corporate Innovation Thought Leadership, Communitech

Starting From Scratch: Customer First
Steve Livingstone, President & CEO, aha insurance

The Collaborative Future Of InsurTech
Peter Primdahl, VP - Emerging Business Models, The Co-operators
Philippe Lafreniere, Chief Growth Officer, Slice

Early-bird rates end this Thursday, Jan. 31! Register now and join your peers!

Thanks to our 2019 sponsors, including:
Shift Technology
Travelers Canada

From Doug

The Technology Awards (ICTAs) celebrate the use of technology to create value in the business of insurance.

This annual competition draws nominations from every reach of P&C insurance in Canada and from all types of participants – insurers, distributors, and service providers. The key qualifying point is that the nominee must be using the technology to conduct insurance business.

The nominations vary each year:

• Mix of insurers, brokers, suppliers;
• More or fewer technology providers;
• Different focus points for the technology.

What was different this year?

• Slightly fewer nominations overall;
• A higher proportion in the insurer category;
• More innovation generally.

Screening the nominations, I felt that any reduction in effort by the jurists (due to fewer nominations) would be more than offset by the consistently high quality of submissions.

They have all been published; browse the 2019 ICTA nominations.

The finalists will be announced this week.

Thanks to all the nominees; you exemplify the drive for transformation and innovation in our industry.

Doug Grant, CIP

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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