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MARCH 12, 2019

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INSURANCE INDUSTRY NEWS

Survival Of The Fittest In The Digital Age
Technology-driven disruption is accelerating, and the industry has entered a new phase: the transformation of underlying operational processes and business models. The initial impact was felt in distribution channels, but more recently has begun to seep into the very infrastructure of the business – product development, pricing, rating, underwriting, loss reporting and claims management. Read more.

Credit Insurance: Helping Your Business
What if someone told you about a product that could reduce your risk of catastrophic financial losses – similar to how a home insurance policy protects you from fire – but also increase your company's access to capital while additionally having the potential to contribute to an increase in sales? Read more.

Blockchain In Insurance: A Market Overview
A new report from Aite Group helps insurance executives identify the best potential blockchain solutions that are being developed and prepare to incorporate those into the overall business process. Read more.

World's First Battery Performance Coverage
Munich Re is the world's first insurer to offer a product that covers battery performance. The product allows manufacturers in the booming battery market to offer long-term performance guarantees – whose value is backed by the insurance coverage. Read more.

Empire Life Launches Retirement Savings Tool
The Empire Life Insurance Company has developed a new interactive tool to help Canadians achieve their retirement and savings goals and determine if they are on track to meet their desired income in retirement. Read more.

Insurance Fraud Costs More Than You Think
This month – Fraud Prevention Month – Insurance Bureau of Canada is highlighting ways to help everyone limit the personal and financial costs of auto insurance fraud. Read more.

Next-Level Fraud Detection & Prevention
Health benefits fraud is increasingly sophisticated, but Green Shield Canada (GSC) and its health benefit management solutions division HBM+ are staying a step ahead with a multi-layered strategy centred on artificial intelligence and housed under the new Claim Watch banner. Read more.

Augmented Analytics To Convert Big Data
Augmented analytics automates data insights and provides clearer information than traditional analysis tools. Companies such as Datameer, Xcalar, Incorta, and Bottlenose are already focusing on developing end-to-end smart data analytics solutions to obtain valuable insights from Big Data. Read more.

Poor Personalization Costs Brands Customers
The price of getting personalization wrong is steep. While most marketing leaders continue to strive for one-to-one personalization, achieving this type of tailored messaging falls short, causing most personalization efforts to fail, according to a new survey by Gartner. Read more.

Half Of Insurers Improving IT Governance
As insurers expand on Agile development and cloud adoption, implement DevOps, and continue to drive IT organizations to greater efficiency, CIOs are finding that the old methods of IT governance need updating as well. In a new report, Novarica reviews key changes and challenges. Read more.

1 In 3 Insurers To Expand Data Science Programs
With increased focus on analytics and big data initiatives, insurers are realizing they must invest in more effective uses of data science. In a new report, Novarica discusses the benefits of investment in this key area, as well as the challenges that arise around organization, new data, and talent. Read more.

Aon, Skytek Partner To Track Marine Risk
Aon plc, a leading global professional services firm providing a broad range of risk retirement and health solutions, is partnering with software company Skytek to provide real-time monitoring of insurers' marine risks and identify accumulations for enhanced underwriting and reinsurance programmes. Read more.

Burns & Wilcox Acquires Toronto-based MGA
H.W. Kaufman Group and Burns & Wilcox Canada have announced their acquisition of Toronto-based TRU Transportation Risk Underwriters Ltd., a Toronto-based MGA with unique transportation expertise in providing risk solutions for truck and taxi commercial fleets. Read more.

Tribal First Acquires AFN Insurance Brokers
Tribal First, a division of Alliant Underwriting Solutions, has acquired AFN Insurance Brokerage. The acquisition pairs Canada's First Nations insurance leader with the largest provider of insurance solutions to Tribal Nations in the U.S., expanding Tribal First's geographical reach and service profile. Read more.

Rogers Insurance Acquires A-WIN Insurance
Sharp Insurance and Rogers Insurance are pleased to announce that Rogers Insurance has acquired 100 percent of the shares of A-WIN Insurance Ltd. Together, Sharp Insurance and Rogers Insurance will use their respective areas of expertise to enhance the customer experience at A-WIN Insurance. Read more.

BrokerLink Acquires Nicolet Insurance Ltd.
BrokerLink is pleased to announce the acquisition of Nicolet Insurance Ltd., a 40-year-old family brokerage in northern Alberta, effective March 1, 2019. Terms of the transaction were not disclosed. Read more.

ClaimsPro Acquires New West Adjusters
ClaimsPro/IndemniPro is pleased to announce that it has acquired New West Adjusters, an independent adjusting firm that has been providing claims services to the insurance industry throughout Alberta since 2004. Read more.

Canadian Broker Network Expands Membership
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce that Group Deslauriers has joined CBN. Read more.

First General Adds 13 Locations In Toronto Area
First General has expanded its capacity in the GTA by adding 13 new affiliate locations. Read more.

IBAO Brokers Awareness Campaign, Phase 2
The Insurance Brokers Association of Ontario has relaunched its broker hub OntarioBrokers.ca and the next iteration of a social media campaign with the aim of bringing brokers to the forefront of the public consciousness. Read more.

Benefits Fraud Is A Crime With Real Consequences
The Canadian Life and Health Insurance Association is raising consumer education and awareness around health and dental benefits fraud through the Fraud=Fraud campaign. Read more.

SGI's Top Five Insurance Fraud Schemes
March is Fraud Prevention Month in Canada! SGI's Special Investigation Unit works to identify fraudulent claims so they aren't paid out, which helps keep insurance rates low. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Brokers And The Adoption Of Digital Insurance
There appears to be progress for brokers keeping up with new products, methods, and tools. But it seems this progress involves no more than a quarter of the brokers.

In Canadian Underwriter's 2018 National Broker Survey, in October, the statement that earned the highest level of agreement from participating brokers (88%) was: “Brokers need to become more specialized to withstand changing technology and sales models.”

Disruption is ubiquitous. Other industry sectors are teaching consumers that digital can make consumers' lives easier, better, and cheaper. Insurers and brokers will have to develop tools and platforms that will expand options and offer flexible insurance products through a “fully digital brokerage.” The investment is non-trivial, with “higher operating costs because of the technology required to run the business.”
Read more.


Insurance-Canada.ca “Technology In Action” Series
AI: The Foundation of Next-Gen Insurance
Insurance-Canada.ca Seminar – May 30

Webinars are a great way to promote a product or service to an audience.

Insurance-Canada.ca can assist you create, promote and execute a webinar geared toward your insurance practitioner customers – insurers, MGAs, Brokers, and/or services suppliers.

Contact [email protected] – we are ready to help.



From Doug

“Make it faster, easier, better, more engaging ...” The focus on customers grows ever more intense. In response, insurance players – insurers, MGAs, brokers – are boosting their performance capabilities to new levels.

As was amply demonstrated at ICTC2019, new technologies such as artificial intelligence / machine learning, Voice, blockchain, and more are playing a key role in raising the bar.

But it is more than just technology. The key elements to a successful customer focus are a combination of people (staff) in a revitalized culture, speed through agility across the business, and new technologies.

These enable innovation – new/better products, faster more efficient processes – culminating in happier employees and more satisfied customers.

But the innovators also come from outside, as suppliers to the insurance industry offer more and better products and services to assist.

We see the bundling of the above best techniques in the emerging insurance platforms. Think of Amazon, which took all its best-of-breed capabilities and opened them up to product suppliers who can now provide their products with best practices without having to develop them.

How will this evolve in insurance? We won't have to wait long to find out.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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