INSURANCE INDUSTRY NEWS

Relay Quoting Platform Adds Tech E&O
Relay Platform is pleased to announce the launch of its latest next-generation API solution: Technology Errors & Omissions for retail agents and wholesale brokers. Relay's latest product will provide instant API quotes from leading commercial carriers directly on the Relay Platform. Read more.

AARP Launches Free Safe Driving App
AARP has launched a free smartphone app that empowers drivers to stay safe behind the wheel by analyzing five key driving behaviors linked to increasing safety and preventing crashes. Read more.

Changing The Way Advisors Sell Personal Health Insurance
CompareHealth is pleased to announce the launch of their platform that aims to change how advisors quote and compare personal health insurance. CompareHealth is free for advisors through their MGA. Using CompareHealth is simple: Input client details, select the desired benefits clients want in their health plan, then instantly see matching health plan designs with the correct optional benefits priced in. Simply add or remove benefits to see alternative plan design scenarios. Read more.

Real-Time Quote & Bind Capabilities Finalized For Four Lines Of Business
CSIO is pleased to announce that the InnoTech Advisory Committee and API Working Groups have published API Standards in JavaScript Object Notation that facilitate real-time quote and bind capabilities. Insurers and vendors programming the standards into their systems enable brokers to quote and bind personal automobile, habitational, Individually Rated Commercial Automobile (IRCA) and Commercial General Liability (CGL) lines of business directly in their broker management system Read more.

IBC Welcomes Federal Government Leadership On First National Flood Insurance Program
The federal government has announced its intention to stand up Canada's first National Flood Insurance Program to protect Canadians at highest risk of flooding. Insurance Bureau of Canada (IBC) has issued a statement in response. Read more.

In Force Data Solutions From MIB Provide Life Insurance Insights
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry. Read more.

Canada Life Acquires Investment Planning Counsel
Canada Life, a subsidiary of Great-West Lifeco Inc., has reached an agreement to acquire Investment Planning Counsel Inc., a leading independent wealth management firm, from IGM Financial Inc.. This acquisition extends Canada Life's wealth management reach and capabilities, helping advisors to better meet the diverse and changing needs of more Canadians. Read more.

Canada Life Announces First-Of-Its-Kind Charitable Giving Product
Canada Life is pleased to announce the launch of a new, first-of-its kind in Canada, participating life insurance product designed for charitable giving. It gives clients the ability to choose a registered charity who will be both the owner and beneficiary of the policy. Read more.

More Financial Advisors in Ontario to Have Their Credentials Officially Approved
The Financial Services Regulatory Authority of Ontario (FSRA) and the New Self-Regulatory Organization of Canada (New SRO) are working on how the New SRO can become a credentialing body for financial advisors under FSRA's Financial Professionals Title Protection Framework. Read more.

Protecting Project Margins with Construction IoT Technology
Webinar – Wednesday, Apr. 19

The list of risks associated with construction is extensive – and insurers are faced with increasing underwriting risk while trying to maintain a healthy loss ratio. Brickeye works with insureds and insurers to reduce risk and protect margins by enabling technology-driven risk mitigation on high-rise and multi-family building construction projects. The company's platform provides advanced IoT job site monitoring across an array of construction risk areas.

Register now or learn more about the webinar.

From Doug Pricing to the Risk Data has long been essential to pricing insurance products. But the “data world” keeps on evolving: the pool of new and improving data grows, some in near real-time, and often at a more granular, personal, level. Take auto and driver data, for example: • Replace a write-off — Current market price for an equivalent car. • Cost to repair — Estimates continue to improve. • Risk for a car — Damageability and repairability factors keep growing more precise. Probability and severity of loss: • Auto — Basic safety features address accident severity. Advanced Driver Assistance Systems (ADAS) are geared to prevent a loss. Which features are on a vehicle, and are activated, influence the risk. • Driver — Basic telematics programs indiate where and when the vehicle is being used. Advanced telematics monitor driver behaviour and enable coaching programs to influence it. These same principles from auto insurance apply across many lines of insurance: auto, property, health, life. Data is often at the heart of a competitive edge – real-time continuous underwriting, if you will. Marrying this risk data with effective customer engagement – itself data-intensive – is increasingly important to developing your competitive edge. Doug Grant, CIP Partner Insurance-Canada.ca