INSURANCE INDUSTRY NEWS

Underwriting Priorities For 2021 And Beyond
Chisel AI, a technology provider for the global insurance industry, is pleased to announce the publication of a new eBook, Underwriting Priorities 2021 & Beyond, with expert insights from insurance industry leaders on the digital evolution of commercial insurance.
Read more.

Surging Digital Claims Driving Faster Cycle Times, Improved Customer Satisfaction
Digital transformation became more than a buzzword for home insurers at the onset of the COVID-19 pandemic, it also became the key to faster claims settlement, payment and record-high levels of customer satisfaction. The J.D. Power 2021 U.S. Property Claims Satisfaction Study, which tracked customer experiences with home insurance claims before and during the pandemic, finds that customer adoption of digital claims reporting, estimation, and insurers' use of photos/videos for estimation increased during 2020.
Read more.

Finaeo, Willful Launch Advisor Partnership
Finaeo and Willful are joining forces to help Canadian advisors digitize their workflow and create seamless experiences for their clients. Life insurance and estate planning are both important components of any holistic financial plan. As such, advisors can now offer their clients well-rounded asset protection through Willful and Finaeo.
Read more.

Foxquilt Set To Expand Into United States
Foxquilt, a leading Canadian insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, is pleased to announce plans for an expansion into the United States in Spring 2021 and for its new headquarters in North Carolina as the InsurTech company continues to innovate Small Business Insurance in the U.S.
Read more.

Straight-Through Processing Growing More Common As Technology Improves: Novarica
As insurers work to create fully digital processes, improve core systems capabilities, and make use of third-party data and AI modules, straight-through processing is becoming more common. For simpler products, faster turnaround times will become the expectation. In a new report, Novarica analyzes a study of more than 70 insurer CIOs representing a cross-section of property/casualty and life/annuity insurers of all sizes, writing most lines of business.
Read more.

Westland Insurance Acquires AGI Insurance
Westland Insurance Group Ltd. is pleased to announce the closing of a new acquisition, AGI Insurance, effective February 23, 2021. Westland's new retail office, located in Saskatoon, supports the company's expansion strategy to serve more communities in Saskatchewan and across Canada.
Read more.

Fraud Prevention Month: Tips For Consumers
It's Fraud Prevention Month, and Insurance Bureau of Canada is asking Canadians to protect themselves from insurance fraud. In times of financial hardship, such as the economic downturn caused by the COVID-19 pandemic, instances of fraud tend to rise.
Read more.

Pull Your Head Out Of Your Apps And Focus On The Road!
When you hear that ping or feel your pocket vibrate, the urge to check your phone can be tough to ignore. But when you're driving, it's never worth a massive fine or crashing your ride. Get your head out of your apps and keep your eyes on the road.
Read more.

Canada Life Partners On Health-Coach Program
With diabetes, heart disease, and obesity on the rise, Canada Life is pleased to introduce a new health coaching program, led by the Health Solutions By Shoppers™ team, to help Canadians prevent and manage chronic conditions. The health coaching program is delivered remotely by pharmacists, nurses, and dietitians, to make the program accessible from anywhere. This ease of access is especially important so employers can continue to support their employees during the COVID-19 pandemic.
Read more.

Co-Owners Unaware Of Condo Insurance Policies
One in five co-owners does not know that two insurance policies cover condos. This is one of several concerning issues for Insurance Bureau of Canada (IBC), which would like co-owners and syndicates to be better informed, and better protected.
Read more.

Featured job opportunities:

Associate Underwriter
Agricorp
Hamilton, ON

Insurance & Risk Management Specialist
City of Thunder Bay
Thunder Bay, ON

Total Experience (TX): The New Frontier
Webinar — Tuesday, March 9

Mobilizing resources to extend the “Customer Experience” to employees and trading partners.

Featuring:
• Joseph D'Souza, ProNavigator
• David Arbuthnot, Wawanesa Innovation Outpost
• Steve Livingstone, aha insurance

Learn more or sign up now.

In the InsurTech Spotlight this week:

Novinsoft Inc.
Founded in 1993, Novinsoft is a major provider of Life and Health Sales and Inforce Product illustrators, Sales Concepts, and Needs Analyses to the Canadian Financial Services industry. Novinsoft specializes in working with clients to custom design and develop systems to client specific and unique requirements. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Matteo Carbone, a significant InsurTech influencer, predicted that all insurance businesses would in effect become InsurTechs through adoption of a keen focus on the customer, an innovative culture, an agile approach to change and an ongoing evaluation of new technologies. while I do not monitor financial results closely, announcements sometimes catch my eye. For example, in announcing its full-year results, Gore Mutual noted the launch of its Next Horizon strategy – a complete transformation planned to take Gore Mutual from a mid-size regional carrier to a national-scale insurer underpinned by best-in-class technology and operating models. †   With 2021 marking the largest stage of their transformation, Gore intends to: • Implement the cloud-based Guidewire and Amazon Connect telephony platforms; • Implement a new operating model in commercial lines; • Expand its workforce by 25%; • Open a new flagship office in Toronto's financial district. Like many others, both startups and rapidly changing incumbents, Gore's strategy appears to be focused on being among the leaders in growth into the future, taking significant actions now to reduce the possibility of being disrupted. Doug Grant, CIP Partner Insurance-Canada.ca