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FEBRUARY 12, 2019

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INSURANCE INDUSTRY NEWS

New Techs & Models Shake Up The Competition
Led by InsurTech disruptors, novel business models are causing disintermediation in the insurance industry and altering power dynamics. The rise of technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and smart devices is placing the spotlight on flexible services based on usage-based insurance, on-demand insurance and Prevention-as-a-Service models, which are redefining the role of insurance.
Read more.

Aon Global Catastrophe Report 2018
Winter storms and extreme cold led to 45 fatalities and a billion-dollar economic cost in the United States, according to Aon's January 2019 Global Catastrophe Recap, which evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
Read more.

Challenges For Small Commercial Carriers
LexisNexis Risk Solutions, a technology, data and analytics company, has released the findings of a new commercial insurance study, which reveals the challenges small commercial insurance carriers face and how to turn these challenges into opportunities in order to maintain profitability and gain a competitive advantage.
Read more.

Synergy Between IT & Analytics Is Key: Novarica
Given how critical data and analytics are in insurance, it is essential for technology leaders to ally with analytics partners to gain a competitive edge. In a new CIO Checklist report, research and advisory firm Novarica provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations.
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Life Insurance Fraud: Technology Is The Shield
Life and annuity carriers struggle to mitigate fraud, with the primary issue being detection. Analytics tools, including the use of artificial intelligence and machine learning, have advanced the detection of fraud, but life and annuity carriers have been committed to developing internal tools that limit their ability to mitigate fraud to a large scale. Aite Group's latest report examines some of the key trends driving fraud as well as the different types of fraud life and annuity carriers are detecting today.
Read more.

Trip Cancellation Insurance Not A Priority
From flights to hotels, rental cars and pre-paid excursions, going on vacation is expensive. Yet 65 per cent of Canadians do not buy – or know if they have – trip cancellation insurance when they make plans to go on holiday, according to a new Kanetix.ca survey.
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Aon Enters Strategic Alliance To Digitize Claims
Aon plc, a leading global professional services firm providing a broad range of risk solutions, has established a strategic alliance with global InsurTech firm Claim Central to digitize and streamline claim management capabilities and enhance the customer experience using transformative technology and services developed specifically for property & casualty insurance organizations.
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Lawyers' Mutual Launches ISI Enterprise
Insurance Systems Inc. is excited to announce that Lawyers' Mutual Insurance Company has gone into production with all ISI Enterprise modules, including a complete data migration.
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BrokerLink Acquires Bridge Financial Insurance
Alberta-based Bridge Financial Insurance Ltd. have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. The transaction was effective February 1, 2019. Terms of the transaction were not disclosed.
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Foxquilt Launches Community Pool
Foxquilt is pleased to announce the launch of the Foxquilt Community Pool to support local organizations and will provide a grant to their first community endowment recipient as part of a new initiative called “Share Together. Win Together.” Foxquilt is asking Ontarians to help decide which of four nominees will receive the first grant.
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Aon Partners With Jaguar Land Rover Canada
Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, is pleased to announce brand-specific insurance coverage, in a strategic partnership with Jaguar Land Rover Canada ULC. Customers of the world's leading premier and luxury vehicles will now have privileged access to insurance policies fueled by Aon Reed Stenhouse.
Read more.

RCMP Focus On Repeat Break-And-Enters
Alberta RCMP Deputy Commissioner Curtis Zablocki and Minister of Justice and Solicitor General Kathleen Ganley have announced the launch of Project Lock Up, a new victim-focused initiative that brings law enforcement agencies and citizen-led crime prevention groups together to provide an enhanced and escalating response to Albertans who have been hit hardest by break and enters.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

Going With Millennials And Beyond Underwriters
For as long as I can recall, insurance products and services have been developed and supported by internal insurance company resources. With the exception of large commercial insurance buyers, clients don't have the interest or the time to go beyond fiddling with premiums and coverages.
This might be changing. In widespread events, insureds might find themselves negotiating with multiple insurers to arrange the most important replacements while giving up less significant paybacks.
Read more.


People's Choice ICTA Award!

ICTA2019 – The People's Choice

It's your turn to be the jury!

Review the contenders for the 2019 People's Choice ICTA Award, and vote for up to three.

Cast your ballet by Friday, February 22.

Discover the winners on Feb. 26 at ICTC2019 in Toronto. Follow along on Twitter: #ICTA2019.


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

Every aspect of insurance is changing – product, marketing, claims, technology – and you are in the middle of it.

Catch up, get new insights, discuss and debate. Hear about innovations.

Getting A.I. Right The First Time
Stephen Piron, Dessa

Applying A.I. To Improve Policy Lifecycle Management
Dan Donovan, Shift Technology

Sensing The Driving Scene: Making Driving Safer
Julie Bernadou, Mobileye

Millennials & Tech: Re-Shaping Broker Service Delivery
Sean Morrow, Virtual Insurance Office

Cybercrime and The Eventual Cyber Claim
Neal Jardine, Crawford & Company

Join your colleagues, your peers, and maybe some competitors, in preparing for success tomorrow!

Register now, or for complete details, visit insurance-canada.ca/ictc.


From Doug

What is the “New Insurance Order” (aside from the theme for ICTC2019)?

When I first joined insurance on the vendor side, the focus was back-office computerization – the first digital transformation?

Today is different. Transformation, innovation, speed, agility, and the threat of disruption are part of everyday business operations and planning.

Explore this “new order” at ICTC2019.

Day One (Feb. 26): three disparate areas of the business come into focus.

With an emphasis on Brokers, Tuesday will flow from “a look ahead” at clean sheet startups addressing the new consumer, through developments in better broker-insurer connectivity, to insurance company projects, with a look at insurance product innovation.

Claims is seeing dramatic attention. Explore the broader trends, including new tools to address fraud, improving claims satisfaction through digital collaboration, dealing with cyber and leading technologies in the larger policy lifecycle.

Auto insurance is a challenging space! Today's telematics – the first real IoT in insurance – opens a new world, but what will the dramatic changes in the broader mobility scene mean to insurance? Find out February 26!

And Day Two (Feb. 27)? Details next week.

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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