INSURANCE INDUSTRY NEWS

CCC Launches ‘2021 Crash Course’ Report
CCC Information Services Inc. is pleased to announce the publication of Crash Course 2021, revealing industry-leading insights on the business, consumer, environmental, and technology trends shaping the P&C insurance economy. The report provides a substantive view of how COVID-19 reshaped the industry with shifts in driving behavior, attitudes toward personal mobility, adoption of telematics-enabled usage-based insurance, and exponential growth in the digitization of operations across the claims and repair experience. Read more.

Duuo Launches Automated Claims Settlement
As demand for digitized insurance products continues to evolve, Duuo, an on-demand insurance distributor, is providing easy-to-use, innovative solutions for Canadians participating in the ever-changing digital economy. Now, claims submitted by Rent-my-Stuff Insurance policyholders will be automatically assessed by the Duuo platform with the potential for an immediate settlement offer without any additional involvement from a claims adjuster. Read more.

2021 Global Insurance Outlook: EY
The global insurance industry faces a unique moment. The disruption caused by the COVID-19 pandemic provides an opportunity for the industry to remake itself in line with new societal realities and market needs. EY's 2021 Global Insurance Outlook report focuses on where the industry is today and how to navigate the strategic horizon of the next 18-24 months. While much remains uncertain in this market, more disruption and rapid evolution are inevitable. Read more.

Foresters, illustrate inc Launch Mobile Quoting
Foresters Financial, the fraternal life insurer quietly disrupting financial services, is pleased to announce it has worked with illustrate inc. to launch Foresters Mobile Quote, a secure life insurance quoting app available to more than 75,000 Foresters producers across the United States. Read more.

Zurich Launches Resilience Services Unit
Zurich Insurance Group has created a new unit to meet growing demand from businesses for risk prevention and mitigation services that enable them to manage evolving risks more effectively, and as a result, help them improve their risk profile. The global business unit, Zurich Resilience Solutions, combines risk advisory services and insights with the latest technology and tools, to provide services that enhance the overall resilience of a customer's business and complement traditional insurance products. Read more.

Coalition Raises Funds To Support Expansion
Coalition, the leading cyber insurance and security company, is pleased to announce it has raised USD 175 million to accelerate its rapid growth and global expansion. Index Ventures led the funding with participation from General Atlantic and the company's existing investors, valuing Coalition at USD 1.75 billion. Read more.

Alert Labs Launches Humidity Change Monitor
Alert Labs is pleased to announce its newest professional-grade remote monitoring solution, designed to help property managers, building owners, and contractors avoid property damage and insurance claims in commercial and residential buildings. The Humie humidity and temperature sensor works with any of Alert Labs' cellular sensors to send alerts immediately when changes in relative humidity and temperature are detected. Read more.

Self-Service, Digital Payment Rates In Insurance
A majority of personal lines and small commercial insurers report that most of their agent new business transactions happen via self-service, and digital payments are on the rise across the industry. In a new report, research and advisory firm Novarica analyzes a study of 70 insurer CIOs. Read more.

ARAG Acquires DAS Operations In Canada
ARAG Group, a global leader in legal expenses insurance, is pleased to announce it has acquired DAS Legal Protection Inc. in Canada. Founded in 2010, the Toronto-based company is a leading Canadian managing general agent specializing in legal expense insurance. The product portfolio comprises legal expenses insurance products for families, landlords, condominiums / stratas and small businesses in Canada. The current Canadian staff of DAS will be retained. Read more.

AXIS, Elpha Partner On SME Cyber Security
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, and Elpha Secure, a cyber security company built for the insurance industry, have announced a strategic partnership to provide cyber insurance and software protection to small businesses to help improve their cyber security. Read more.

SGI’s Top Insurance Fraud Cases From 2020
Unfortunately, some people don't always tell the truth when they're making an insurance claim. If a claim looks suspicious, that's when SGI's Special Investigation Unit comes in. The SIU is a team of employee with law enforcement backgrounds who work to prevent fraud and keep rates low for SGI customers. These are SGI's picks for the top five insurance frauds of 2020. Read more.

FRISS Webinar – Wednesday, March 24

Tomorrow afternoon, FRISS will discuss some hot topics and issues plaguing the Canadian insurance industry in a free webinar. From towing turf wars to large losses, they'll share insights and solutions to the issues hurting you and your customers.

Register now. Audience members will be able to ask questions during the live discussion.

In the InsurTech Spotlight this week:

InsureToday
The traditional process of purchasing tenants insurance is both time-consuming and inefficient; InsureToday addressed this issue by launching a youthful brand focused on simplifying the purchasing process for renters in British Columbia. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Licensed Insurance Advisor – Insurance of Persons
Optima Insurance Services Inc.
Montreal, QC

Commercial Producer
Lawrie Insurance Group
Hamilton, ON

From Doug The pandemic brought “work from home” into the limelight. Once lockdowns are behind us and the offices reopen, what will be the new balance between going into the office and working from home? Will WFH stick? The restrictions prevented face-to-face meetings with prospects and clients, and for the most part, people have adjusted. They have also eliminated most long-haul business travel; how will that look in five years? Will these changes stick? In Season 2, Episode 2 of Canada Files, Jim Deeks interviews Larry O'Reilly, CEO Of ARHT Media, who appears on stage as a hologram – a first for Jim. Quoting LinkedIn, “ARHT is the global leader in two-way, real-time HoloPresence communication either in person or online using our Virtual Global Stage. Take your communication with your own employees, your clients or both to a whole new level – this is the high end of video conferencing, with greater impact than being there in person!” With major reductions in carbon footprint, and savings in time and cost, there is potential. Will this solution stick? I wonder how soon we see holograms as part of an ICTA nomination! Doug Grant, CIP Partner Insurance-Canada.ca