INSURANCE INDUSTRY NEWS

P&C Companies Fall Short On Digital Engagement
Property & casualty insurance companies are failing to meet their customers' expectations when it comes to digital interactions, according to the J.D. Power 2018 Insurance Digital Experience Study. Read more.

First Standard For Global Cyber Data Breach
ACORD has announced the release of the ACORD Cyber Data Breach Standard, the insurance industry’s first standard for cyber data breach, developed in collaboration with Aon, a leading global professional services firm, and Beazley, a worldwide specialist insurer. Read more.

Global Premiums 2017: Swiss Re Sigma Study
Global insurance premiums continued to rise in 2017, with emerging markets leading the way, according to the latest Swiss Re Institute sigma study. Read more.

Trōv Rolls Out On-Demand Insurance In AZ
Trōv, the leading on-demand insurance technology company, has launched its industry-first on-demand insurance for single items in the state of Arizona, empowering consumers with whatever protection they want, wherever and whenever they need. Read more.

ARAG Opens For Business Nationwide
ARAG Services Corporation, a specialist MGA which launched in 2016, is now offering its full range of commercial and personal legal expense insurance products to brokers and other insurance intermediaries throughout the country, for their personal, commercial and landlord clients. Read more.

Property Insurance Technologies: Future In Focus
When Goldman Sachs estimated the global market for drones in a 2017 report, they did not address wider opportunities in personal and commercial property insurance, from underwriting and pricing to fraud detection and more. But whatever the total opportunity, the impact of applications for aerial and drone images in insurance will be enormous. Read more.

Hub To Build Employee Benefits Platform
Hub International Ltd. has announced its corporate strategy to aggressively assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a complete Employee Benefits solution. Read more.

BrokerLink Grows In Seven Ontario Locations
Ontario brokerages Adriatic Insurance Brokers, Magermans & Raes Insurance Brokers, and Insurance Protection Group have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. BrokerLink will welcome seven Ontario locations: Sarnia, Chatham, Petrolia, Woodbridge, Cobourg, Norwood, and Peterborough. Read more.

Crawford Acquires Cherrie Griffith Ltd.
Crawford & Company has announced the strategic acquisition of Cherrie Griffith Ltd., a provider of risk and claims services in the Ottawa region for over 10 years with a strong history of excellence in customer service, a commitment to the local marketplace and proven major and complex loss experience. Read more.

Woodhouse Group Acquires First Response
Woodhouse Group Inc., a full-service contractor, has announced it has acquired First Response Restorations. This acquisition positions Woodhouse Group as one of the largest and most experienced disaster restoration and general contractor companies in the Waterloo Region. Read more.

GFT Acquires IT Specialist V-NEO
GFT Technologies SE has approved the full acquisition of all shares of Canada-based V-NEO Inc. (V-NEO), a provider of integrated IT solutions for the insurance industry whose clients include numerous major insurers in Canada, Belgium and France. Read more.

Navacord Announces Management-Led Buy Out
Navacord has entered into an agreement for a management led buyout of its minority capital partner with the support of Madison Dearborn Partners (MDP), a leading private equity firm based in Chicago. Read more.

Astronaut Announces SHAD Summer Theme
NASA and Canadian astronaut Drew Feustel surprised the 1,000 high school students attending the SHAD program at university campuses from coast by coast by announcing the 2018 theme for the summer program via video message from the International Space Station. Read more.

“The Digital Future of Insurance: Is Risk Passé?”

Tuesday, August 28, 2018

Innovation and disruption are reverberating across all industries, and “The Future Ain't What It Used to Be.” For insurance, there is a convergence of forces: new and changing risks to insure, consumer demand for an ever-improving experience, and technology at play both outside and within the industry.

Doug McElhaney, Associate Partner, McKinsey & Company, will look ahead to the next 3-5 years to project even more dramatic changes.

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From Doug Outside of work, I pursue my interest in history and genealogy. Technology has changed the nature of research in both fields dramatically in recent years: huge volumes of information are now available online, DNA testing and analysis exist at the consumer level, and collaborating or sharing has never been easier than it is now thanks to social media. Insurance by definition has a long history of information-sharing for various purposes, spanning IBC, the Insurance Institutes, IBAC and its provincial associations, and more – for technology, CSIO and numerous user groups. But there appears to be a new round of sharing and collaboration emerging with the implementation of APIs and a new race to develop an insurance platform and perhaps capture a dominant position in some segment of the business. It's still early days, but these exciting developments are fun to watch. Doug Grant, CIP Partner Insurance-Canada.ca