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Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 11, 2016

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INSURANCE INDUSTRY NEWS

Slice Launches First U.S. On-Demand Insurance
Slice Labs Inc., an insurtech startup, has launched their first on-demand insurance product to support the on-demand economy in the United States. Read more.

Insurers Failing To Deliver On Digital CX
Despite the growth of digital channels, insurers seem to be stuck in an analog world, unable to respond accurately, quickly or consistently to customer queries asked via social media and online, according to new research from Eptica. Read more.

Chubb Integrity+ Protects Against Cyber Risks
Integrity+ by Chubb™ is now available in Canada to help protect companies from errors & omissions liability customer lawsuits alleging that their products or services caused privacy violations, intellectual property infringements, or other financial injuries, including cyber attacks. Read more.

Cyber Risk Underestimated By Engineering Insurance
The Internet of Things (IoT) and cloud computing have a direct influence on the engineering insurance risk landscape but are being underestimated by underwriters, according to the International Association of Engineering Insurers (IMIA). Read more.

IBM Opens Innovation Space for Startups
IBM, in partnership with Ontario Centres of Excellence and the Government of Ontario, has launched the IBM Innovation Space, a new startup hub in Toronto to accelerate innovation activities and investments in Ontario by helping to propel entrepreneurs, startups, and developers into the global marketplace. Read more.

A.P. Reid to acquire Robinson Brokers
A.P. Reid Insurance Limited has announced its intention to acquire Robinson Insurance Brokers of Edmonton. Effective November 1, the company's brokerage operations will integrate under the A.P. Reid brand. Read more.

Aon and Unica to Offer Canadian Flood Insurance
Impact Forecasting, Aon Benfield's catastrophe model development team, has enabled Unica Insurance Inc. to offer new a flood insurance called WATERtight™ following the devastating natural catastrophe events of 2013. Read more.

Autonomous cars to sell 24 million units in 2030
The first autonomous cars will debut in 2020, according to a new research report from Berg Insight. The total number of new registrations of autonomous cars is forecasted to reach 24 million units in 2030. Read more.

HSB Uses IoT to Help Insurers Prevent Losses
How can insurers collect and assess the sensor data they need to head off a problem? The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced an 'Internet of Things'-based turnkey service to help insurers manage risk. Read more.

Consumer Approaches to Comparison Sites
Finaccord's latest report offers new insights into the current development and future prospects of online insurance comparison sites in eight countries, including Canada, the UK and the US. Read more.

IBM & Majesco to Accelerate Cloud Services
IBM has announced a five-year partnership with Majesco to jointly offer a new cognitive, cloud-based platform to help insurance carriers worldwide create new services on IBM Cloud. Read more.

Auto Insurance Telematics: A Vendor Overview
Based on extensive discussions with executives at insurers and telematics technology vendors, this report highlights a range of vendors that could assist insurers in the telematics journey. Read more.

UCT Releases Data Conversion Architect Toolset
Universal Conversion Technologies, a subsidiary of EquiSoft, is now offering its proprietary Data Conversion Architect toolset as a licensed product to help Life and Annuity insurance carriers, vendors, and system integrators successfully run their data migration projects. Read more.

RBC Launches Exclusive Mental Health Program
RBC Insurance is taking concrete steps to help business owners and their employees get back on their feet sooner after experiencing a mental health issue, a leading cause of disability in Canada. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Insurance Broken
If I had to recommend a one-line description for the 2016 InsureTech Connect Conference in Las Vegas, I would suggest, “Insurance is critically important. That's why we must break it.”

Caribou Honig, Partner at QED Investors, believes that practitioners are underestimating the impact of InsurTech developments over the next two years. In part, this may be do to the lack of transformation that occurred following the rise of the commercial internet in the 1990s.

What was missing is now omnipresent: the smartphone. This has democratized the platform for the users and allows for rapid response to opportunities. In this melee, there is a blurring of roles and pressure on existing models.
Read more.


Insurance-Canada.ca Tech Awards


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From Doug

I trust you found opportunity to give thanks over the long weekend. With cooler weather here, snow in Calgary, and remnants of Hurricane Matthew in Atlantic Canada – it is autumn across Canada.

The 2016 InsureTech Connect Conference in one line: “Insurance is critically important; that's why we must break it.” Read comments from Patrick Vice at the Intersection.

Preparations continue for our 2017 Technology Conference (Feb. 28) and Broker Forum (Mar. 1).

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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