INSURANCE INDUSTRY NEWS

Scaling A.I. Critical To Success: Accenture Study
Three-quarters of C-level executives believe that if they don't move beyond experimentation to aggressively deploy artificial intelligence across their organizations, they risk going out of business by 2025, according to a newly released study from Accenture. Read more.

Expect Rate Increases For More Lines Next Year
North American commercial insurance buyers will face sizable price increases in 2020 across most lines of insurance, according to Willis Towers Watson's 2020 Insurance Marketplace Realities report, which serves as a guide for insurance buyers preparing for upcoming renewals. While capacity is available in all but the most challenged lines, underwriters are showing discipline in its deployment, especially for risks they find perilous. Read more.

Finder Financial Comparison Launches In Canada
Global financial comparison website Finder is pleased to announce it is officially launching operations in Canada this month with local headquarters near Liberty Village in Toronto. The company has already secured partnerships with major financial institutions including AMEX, TD Bank, BMO, Fairstone and Mogo, as well as leading retailers. Read more.

Apollo Launches Berkley Canada On The Exchange
Apollo, Canada's largest online insurance marketplace, has partnered with Berkley Canada, a boutique specialty insurer, to offer 'bind online' insurance products through the Apollo Exchange. As with every Exchange product, the entire process is immediate, completely online, and paper-free. The first Berkley Canada product to be launched on the Exchange is Tech E&O. Read more.

Improving Vulnerability Management
Cybersecurity vulnerability management is the art of identifying, remediating, or mitigating risks posed by hardware and software across an enterprise. Effective management includes measurement, process improvement, and timely reporting to allow an organization to regularly assess cyber risk as part of overall enterprise risk. Aite Group’s latest report highlights the complexity involved and the often fragmented approach taken by financial services organizations. Read more.

Uniban Partners With Nine Major Insurers
Uniban Canada, a Clairus Group Company, is proud to announce that it has recently signed partnership agreements with nine new major Canadian insurance companies for management of their automotive glass claims. Among these new partners are Aviva, Economical Insurance, Edge Mutual, Unica and RSA Insurance. Read more.

CSIO Standardizes Questions For Quoting Small Contractors Business
CSIO is pleased to announce that the Commercial Lines Working Group has finalized a standard set of questions required for underwriting small contractor new business submissions. This allows for frictionless data exchange between insurer and broker systems. Read more.

Hub Advances Benefits & Retirement Platform
Hub International continues to expand its best-in-class Canadian employee benefits and retirement solution with six strategic services to provide end-to-end benefits that address the challenges Canadian employers are facing in their benefits offerings. Read more.

Allianz, Microsoft Partners To Digitally Transform Insurance
Allianz SE and Microsoft Corp. have announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Read more.

On Side Restoration Expands In Quebec
On Side Restoration Services is pleased to announce the completion of its acquisition of Soluxe, which took place on November 2. Read more.

Storm Insurance Acquires Axxium Assurance
Storm Insurance Group is pleased to announce that its employee ownership group has acquired Axxium Assurance Inc., based in Montreal, effective November 1st. Read more.

It’s Time to Go Digital and Get Ahead
Quadient presents P&C Claims in the Digital/AI Era, an SMA Research Report exploring the potential for transformation in the claims environment. Access now.

Carpe Data Launches ClaimsX Platform
Carpe Data, a provider of innovative emerging and alternative data products for the insurance industry, is pleased to announce the immediate availability of ClaimsX, Carpe Data’s new Data-as-a-Service (DaaS) claims decisioning platform. Read more.

IBAO’s Commercial Insurance Certificate Course
The Insurance Brokers Association of Ontario is pleased to announce the availability of its Commercial Insurance Certificate Program, which prepares experienced Personal Lines brokers to transition into Commercial Lines – addressing a training gap identified by member brokers. Read more.

SSQ Insurance Expands Digital Healthcare
SSQ Insurance is pleased to announce it has partnered with HALEO and MindBeacon Group in order to provide its group insurance plan members with access to digital cognitive behavioural therapy. Read more.

CLHIA & EHPC Release Health Benefits Guide
The Canadian Life and Health Insurance Association is pleased to announce it has collaborated with the Extended Healthcare Professionals Coalition, a group of leading healthcare associations, to produce a new guide that will help healthcare providers and their patients better understand how private health insurance works. Read more.

Co-operators Launches Mental Health Service
The Co-operators, in partnership with WorldCare Health Inc., is pleased to announce that a new, innovative Medical Second Opinion (MSO) product for mental health is now available to its group benefits clients. Read more.

Drivers Are Nervous & Unprepared For Winter
A large percentage of Canadians are nervous about driving in ice and snow, but many are still not taking steps to prepare their vehicles for winter, according to BCAA's latest Winter Driving Survey. Read more.

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From Doug Why help customers manage risks? My columns in recent issues have reviewed the potential that the Internet of Things offers to help reduce both frequency and severity of insured losses. The industry has taken note. Leaders and innovators have an increasing focus on helping insureds better manage their risks. For the policyholder, this means a reduced probability of a loss and the [significant] inconvenience that a claim entails; depending on the insurer’s program, it could also mean a lower premium. The insurer has increased costs ie whatever is needed to help the customer better manage their risk, but fewer loss costs. As noted it could also generate lower premium. But it could be more profitable. Why then? Competitors are doing the same, so better to better to have a lower premium than losing all the premium to another insurer who is offering an enhanced program. A more extensive risk management program could well include increased communications which carry valuable content. Such increased customer engagement should also improve customer loyalty. Competition is always challenging. It is great to see the Canadian Insurance Industry moving forward in so many directions, shucking off the old image of a business stuck in the old ways. Doug Grant, CIP Partner Insurance-Canada.ca