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MARCH 28, 2017

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INSURANCE INDUSTRY NEWS

The Roadmap to ‘Touchless’ Claims
New automotive claims research released by LexisNexis Risk Solutions found that while some carriers continue to favor traditional claims processes, the demand for faster cycle times, reduced expenses and improved customer satisfaction is driving increased automation and an eventual migration from virtual to touchless claims.
Read more.

Cyber Insurance Considerations For Businesses
Organizations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage according to some of the tips offered in a newly released RIMS Professional Report on cyber insurance.
Read more.

JLT Re Expands Analytical Modeling Capability
JLT Re, the global provider of reinsurance broking and consultancy, has combined forces with leading flood modeling company KatRisk to bring innovative flood risk modeling capabilities to clients across Canada and beyond. Read more.

BHSI Expands Executive, Professional Lines
Berkshire Hathaway Specialty Insurance has announced that it is introducing four new executive & professional lines products for financial institutions in Canada.
Read more.

Roost Partners With Insurance Leader Desjardins
Roost, an innovator in smart home technology and creator of the Roost Smart Battery, Roost Smart Smoke Alarm and Roost Smart Water Leak and Freeze Detector, has announced a partnership with Desjardins, Canada's third largest property and casualty home insurer, to provide free Smart leak detectors to customers when they sign up for the Desjardins Insurance Home-Auto or The Personal app. Read more.

Chubb to Provide Identity Management Services
Chubb has partnered with CyberScout's identity management and data theft service experts to offer a broad array of identity management services to all Masterpiece homeowners policyholders in Canada on a fully complimentary basis. Read more.

The Guarantee Launches H2O+ Water Protection
The Guarantee Company of North America launches its eagerly awaited water endorsements, GUARANTEE GOLD H2O+™ and Guarantee SUPERIOR H2O+™. This comprehensive, read-in coverage sits on top of existing sewer back-up coverage in every residential policy and is designed to offer complete water protection for all policyholders by extending coverage to overland or fresh water flooding, damage caused by ground and surface water and waterborne ice. Read more.

Desjardins Launches Water Damage Prevention
Desjardins is announcing the launch of Alert, a new home insurance program to prevent water damage, available nationwide. When clients with a home insurance policy from Desjardins Insurance or The Personal sign up for Alert, they get a free connected device – a water, freeze and humidity detector – to place close to a potential source of leaks. Read more.

Andrew Agencies Acquires McCracken Insurance
Andrew Agencies and the McCracken Family are pleased to announce that effective April 3, 2017m, Andrew Agencies Ltd. has purchased McCracken Insurance M.I.L. Ltd., located in Airdrie, AB. Read more.

Cal LeGrow Joins Canadian Broker Network
Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, is pleased to announce that Cal LeGrow Insurance Ltd., from St. John's, Newfoundland, has joined CBN. Read more.

Townsend Joins MCCG Client Community
Townsend Mutual Insurance Company has chosen to partner with MCCG by selecting the Insurance Business Solution (IBS) for their enterprise back-office solution and joining the MCCG Client Community. Read more.

EIS Group ClaimCore Delivers Disability Claims
EIS Group's latest version of the ClaimCore solution supports claims for disability insurance and enables benefits insurers to improve disability claims accuracy and efficiency, automate payment calculation, improve compliance and enhance customer service to employers, employees and brokers. Read more.

Landmark Investments To Disaster-Proof Canada
The Federal Government's 2017 budget dedicates significant funds to protect Canadians and their communities from the ravages of natural disasters, reports Insurance Bureau of Canada. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Autonomous Vehicles: The Disruption Never Ends
As recently as four years ago, if you mentioned “autonomous vehicles” as a serious alternative to traditional private passenger automobiles, there were good odds that you would be laughed at. That has changed, and the impact could be more disruptive than first imagined.

For the past five years, Donald Light, director at the analyst firm Celent, has been covering the impact of telematics & UBI on the insurance industry. His findings are not pretty.

With automobile manufacturers – and the likes of Google – pouring money into telematics and collision avoidance systems, the result will be lowered accident frequency and reduced claims payments. Light posits there could be a 22.4% loss of automobile insurance premium revenues by 2030. Read more.


From Doug

Hello from the Netherlands.

Yesterday we visited Kinderdijk to see the fascinating technology of old windmills, still in operation, which pump water up and out of polders – stretches of land reclaimed from the sea, enclosed by dikes.

A tour of a wind turbine illustrated a more modern application of the same principle: a ‘smaller’ turbine, some 50 meters high, generates electricity for more than 500 typical homes. This new structure replaced an older one a year or so ago – an investment of 1 million Euros, with a seven year break-even period and an annual income afterwards of approximately 20,000 Euros.

Slow, steady ongoing investments. That seems rather contrary to the InsurTech scene we are in the midst of. Here's hoping it has a happier ending than the tech surge of the 1990s.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

Insurance-Canada.ca - Canada's source for insurance information, products and services

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