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APRIL 11, 2017

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INSURANCE INDUSTRY NEWS

Digital Insurance Claims & The Personal Touch
The claims process is rapidly undergoing digitization as industry economics and customer expectations demand it. InsureTech providers of many types have emerged seemingly overnight to provide a dizzying array of new technologies to support claims innovation. Read more.

New ‘Cyber-Physical’ Risk Modeling for Insurers
RMS has announced the expansion of its range of cyber models to include a new class of ‘cyber-physical’ models which explore a range of cyber attack scenarios, allowing property (re)insurers to manage this growing risk for the first time. Read more.

“Welcome to the Robot Revolution”: SMA
Some consider software automation such as robo- advisors to be robotics, but there is also considerable progress in the world of tangible robots like those popularized by science-fiction stories. Read more.

APRIL Canada: Insurance For Financial Services
APRIL Canada, the largest independent MGA in Canada, has revealed that it is launching a new insurance product targeted at a wide variety of Financial Services, from Banks and Credit Card Companies to Start Ups and Investment Trusts. Read more.

FM Global Launches Worldwide Flood Map
FM Global's interactive Global Flood Map presents business executives with a powerful new strategic planning tool, and risk managers with a way to address natural hazard exposure around the planet.
Read more.

BetterView Achieves InsurTech Drone Milestone
BetterView, one of the leading platform and service providers for capturing and analyzing data from drones, has announced it has already performed more than 6,000 roof top inspections for insurers since its inception 2 years ago. Read more.

Insurer CIOs Expanding Innovation Efforts
In an industry as traditional and risk-averse as insurance, innovation efforts are likely to be met with resistance, but today's generation of tech-savvy consumers and employees have set new expectations surrounding innovation, both inside and outside of insurance. Read more.

Travel Navigator Expands Offerings
Travel Navigator™, by Ingle International, has expanded its offerings to the insurance and finance industries, as well as educational institutions worldwide.
Read more.

Chubb Expands Global Clinical Trials Coverage
Chubb has expanded its global clinical trial liability insurance coverage for institutional research organizations, such as hospitals, which represent a growing sector of organizations facing risks associated with managing clinical trials. Read more.

Will Smart Home, IoT Tech Attract Customers?
Most U.S. homeowners insurance carriers (83 percent) believe Smart Home and Internet of Things (IoT) technology will attract new property and casualty customers, according to new research by NTT DATA. Read more.

Brokerlink A ‘Fit’ For Three Brokerages
Alberta-based Full Circle Insurance Ltd. and Ontario brokerages Fairview Insurance Brokers Inc. and Steven Kaluski Insurance Brokers Ltd. have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. Read more.

Markel Acquires Allsport
Markel Canada has acquired the 50% of Allsport Insurance Marketing Ltd that it did not already own. Founded in 1987, Allsport is an incorporated managing general agent (MGA) specializing in providing insurance to Canadians for sport, leisure and recreation activities. It has been part-owned by Markel since 1997.
Read more.

Hub Acquires Assets Of Insurance Supermarket
Hub International has announced that it has acquired certain assets of Insurance Supermarket Inc. Terms of the acquisition were not disclosed. Read more.

Aviva Invests In Real-Estate Marketplace
Casalova and Aviva Canada are pleased to announce an equity partnership that will aid in the growth of Casalova's unique real estate marketplace offering. The investment is being made by Aviva plc's venture capital arm, who have committed to investing in start-up businesses that will continue to disrupt and transform the insurance industry. Read more.

SMI Goes Live with eDocs: CSIO
Hubio, a provider of technology solutions for P&C insurers, is pleased to announce that Saskatchewan Mutual Insurance Company (SMI) has obtained CSIO Certification for both Personal and Commercial Lines eDocs. Read more.

Economical Committed To The Broker Channel
Underscoring its commitment to the broker channel, Economical Insurance is now the national title sponsor of MSA Quarterly Outlook Reports. This sponsorship funds the distribution of reports to brokerage members of insurance broker associations from coast to coast.
Read more.

The Customer Experience Disconnect: IBM
Companies across all industries and sectors have launched digital initiatives aimed at improving customer experience, but according to a new study by IBM, not all consumers are digital enthusiasts. Read more.

iA Financial Group Launches Online Drug Management Platform For Group Clients
iA Financial Group is pleased to unveil a new online platform for PharmAssist, its drug management program, which brings together all components of the program, including information about the offer and support tools to simplify the implementation and management of drug insurance plans. Read more.

ICBC Looks At Anti-Distracted Driving Technology
ICBC is interested in understanding what technological solutions are available in the marketplace to limit or prevent driver distraction resulting from the use of personal electronic devices while driving. Read more.


ICEF2017, 'Insurance: Connected' - Insurance-Canada.ca Executive Forum - Tuesday, August 29, 2017, at the Toronto Sheraton Centre


The Intersection: Insurance-Canada.ca Blog

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

InsurTech: Threats or Opportunities for Insurers?
When traditional P&C insurers look at the world of InsurTech firms, there are two common reactions:

(1.) InsurTechs are a flash in the pan: They have some slick customer interfaces, but not enough depth to be a lasting concern.
(2.) InsurTechs will disrupt our business model by taking a large portion of our profitable customers and process the business with zero friction.

As InsurTech evolves, there are nuances that insurers must actively understand: InsurTechs are exploring the edges of insurance products; culture is a major differentiator; and most significantly, InsurTechs have a native tendency toward agility. Read more.


ORBiT Real Time Day
Monday, May 15

ORBiT Canada's annual Real Time Day will be held Monday, May 15, at the Mississauga Hilton Meadowvale Hotel.

This year’s theme of “Write the Next Chapter” is a call to action for brokerages to embrace the changing environment and realize their potential!

Last year's keynote speaker Tara O'Doherty returns by popular demand, joined by Adam Hare.

Learn more and register here.



From Doug

Media reports from the CIP Symposium (I wish I hadn't missed it) indicate quality content. Karim Hirji, Intact, and David McGown, IBC, noted our changing demographics and culture. Insurance needs to focus on meeting varied new demands, as from the millenials. To do so we must challenge many of the traditional tenets of insurance.

Adam Hare at InsurTechQC tackled the opportunity. Based on strong people with good skills and appropriate technology tools, Insurance Jack offers 24-hour service and lives by the motto “You need to perform; give better service than any competitor.”

Explore further at the 2017 Insurance-Canada.ca Executive Forum, “Insurance: Connected,” August 29 in Toronto.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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