INSURANCE INDUSTRY NEWS

COVID-19 Accelerates Digitization To Meet Demand: World InsurTech Report
Insurers must explore new ways to build capabilities to meet the digital needs of customers as BigTechs and non-traditional players enter the insurance space, according to the World InsurTech Report 2020, published by Capgemini and Efma. Read more.

Apollo, KSU Partner On Digital Tools For Brokers
Apollo Exchange, Canada's largest online insurance marketplace, and the Keal System Users have partnered to offer the Keal group immediate quote, bind and policy issuance. With this partnership, both parties are able to collaborate on technology solutions and provide a streamlined experience for brokers. Read more.

Talem Health Analytics Joins Guidewire PartnerConnect Solution Alliance Program
Talem Health Analytics, a leading provider of bodily injury causation solutions, and Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, is pleased to announce that Talem Health Analytics has joined Guidewire PartnerConnect as a Solution partner. Read more.

Farmers Edge, Munich Re Announce Partnership
Farmers Edge™ has announced a strategic collaboration with Munich Re to pave the way for data-driven parametric weather insurance solutions. The trailblazing deal centers on a unique digital infrastructure that combines highly precise, site-specific datasets with science-based analytics and A.I. to transform traditional parametric coverage models into scalable and profitable solutions for all stakeholders. Read more.

DAS And Wawanesa Expanding Partnership
DAS Legal Protection Inc. is proud to announce an expanded partnership with The Wawanesa Mutual Insurance Company. Effective October 1st, Wawanesa homeowner, tenant and condo policyholders will have unlimited access to a Telephone Legal Helpline Service, and optional Legal Expense Coverage. Read more.

BPO/BPaaS Allow Insurers To Enter Markets Fast
As insurers expand their offerings and markets, using a BPO/BPaaS provider to augment their skills can provide greater speed to market and address skill gaps and new processing considerations. In two new Market Navigator reports for P&C and L&A Insurers, Novarica profiles 19 BPO/BPaaS providers to help insurers understand and compare their options. Read more.

Life Insurance Core Modernization: Celent
In a new report underwritten by Equisoft, global research firm Celent presents the findings of an interview series aiming to understand how life insurers reached the tipping point in making a decision to move forward with the investment in a modern policy administration system, from the recognition of the problem through the decision to move forward. Read more.

CB Insights Acquires Blockdata Software
CB Insights has acquired Blockdata, a software company that provides differentiated data and predictive insights on the growing but increasingly complex blockchain and distributed ledger technology ecosystem, to provide clients with proprietary intelligence that will allow them to make decisions about technology more quickly and confidently. Read more.

De-Risking Global Supply Chains: Swiss Re sigma
Global supply chains are undergoing fundamental and accelerated restructuring, according to the latest Swiss Re Institute sigma study. The disruption to the flow of intermediate goods and services during COVID-19 has made governments and manufacturers ever more aware of the risks inherent in today's increasingly complex global production processes. Read more.

Mid-Market Cyber Attacks Rise During Pandemic
Specialist insurer Beazley has reported that middle market organizations have been especially hard hit by online social engineering attacks during the pandemic. In the second quarter of 2020, cybercriminals targeted businesses that remained open during lockdown where many employees were working remotely, making them more susceptible to cyber attacks. Read more.

CSIO Board Accepts Innotech Advisory Proposals
CSIO is pleased to announce its board has green-lighted three digital solutions proposed by the INNOTECH Advisory Committee and Working Groups. The approved solutions will improve the claims and billing customer journeys and standardize APIs. Read more.

Roadmap To Sustainable Health Care: HBM+
As COVID-19 continues to impact the Canadian economy and strain health care resources, health benefits manager HBM+ is pleased to announce the release of its inaugural Drug Trends and Strategic Insights report, which examines the latest drug claims and utilization trends and the evolving approaches to reimbursing health care professionals, as well as tangible cost management and health improvement solutions for plan sponsors and advisors. Read more.

Insurers Paid Out Record Benefits Amount In 2019
Canadians received a record CAD 103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier. These benefits include $53bn in retirement annuity payments, $38bn in health benefits for prescription drugs and supplementary health services like dental care and physiotherapy, and $12bn in life insurance benefits. Read more.

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In the InsurTech Spotlight this week:

Chisel AI
Chisel AI's purpose-built AI solution for commercial insurance reads unstructured data hundreds of times faster than a human – with greater accuracy. Our advanced AI platform and workflows automate high-volume, repetitive mundane brokering and underwriting processes. By digitally transforming routine activities, commercial insurance carriers and brokers can accelerate growth and deliver a better customer experience. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug For several years, the last decade and more, the customer focus has driven the digital transformation. Too often insurance customers and their insurance providers only communicate with each other once a year on renewal. If more often, then it is often to make a claim. In either case it is not often a positive experience. I subscribe to Sønr's weekly news digest by Matt Connolly, and an item in the most recent issue caught my eye. Matt had not seen “any hard data supporting the value of connecting with customers more frequently.” From a Bain study from last year, he notes: • Most insurers have not seen a significant rise in their Net Promoter Score since 2014; • 34% of customers say they do not interact even once a year with their insurer; • Customers with connected devices interact 19 times a year with their carriers. He goes on to highlight that “customers with connected devices give their insurers higher NPS ratings. And in theory, a higher NPS means better retention, and increased up-sell and referral.” Those who have taken the lead on effective and meaningful customer engagement are probably well aware of the advantages. Capturing it is the leadership challenge. Technology innovation is only going to increase the opportunities, and probably the value. Doug Grant, CIP Partner Insurance-Canada.ca