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Insurance-Canada.ca - Where insurance and technology meet

MAY 25, 2021

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Insurance-Canada.ca Blog - The Intersection

INSURANCE INDUSTRY NEWS

Canadian Broker Network – Growing Again
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce the expansion of its membership. To our CBN member community, we welcome: Gaudreau Assurances (Montreal, QC); Nation West Insurance (Winnipeg, MB); Rogers McLean Shaw Insurance (Edmonton, AB); and Vienneau Insurance (Shediac, NB). Read more.

Finaeo Launches Integration With Empire Life
Finaeo is excited to announce the launch of an integrated experience with Empire Life to power a seamless "prospect-to-policy" experience for life insurance brokers in Canada. Read more.

HTM Adopts Farm Property On Cognition+ Platform
HTM Insurance Company as part of their continued digital transformation strategy has successfully adopted the Farm Property insurance line of business on the Cognition+ platform. Moving their Farm team to the new platform improves their overall user experience, provides great functionality improvements and creates a new process tailored to mutual business. Read more.

CX Technology In Insurance: Novarica
Insurers today have access to a wide range of customer experience (CX) tools and solutions to help sell products and maintain the loyalty of policyholders and agents. Navigating these tools requires a clear understanding of their functions, capabilities, and what aspects of customer experience they are designed to study or improve. In a new executive brief, Novarica describes the diverse set of CX tools, some trends in the CX tech marketplace, and what insurers should look out for when investing in these solutions. Read more.

AI FinTech Firm Riskfuel Expands Into Insurance
Riskfuel has been selected to take part in gener8tor's three-month OnRamp Insurance Accelerator in partnership with Allianz Life and Securian Financial. The exclusive program offers startups financing and exposure to global innovative insurance firms. Read more.

Payment Leaders AcordPay And ClearPay Merge
AcordPay, an accounts receivable automation leader, is pleased to announce a merger with ClearPay, the payment settlement and reconciliation leader, to become the leading North American digital platform to automate receivables and payments for the insurance industry. AcordPay and ClearPay will merge their U.S. and Canadian operations to offer an unparalleled all-in-one solution for the North American insurance market. The combination of these two industry-leading companies automates money management throughout all stages of the insurance policy lifecycle. Read more.

Aon and WTW move toward close of proposed combination with sale of WTW assets to Gallagher
Aon plc and Willis Towers Watson have announced they have signed a definitive agreement to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co. These businesses will be divested for a total consideration of $3.57 billion. Read more.

Congratulations to the winners of the 2021 Insurance-Canada.ca Technology Awards.

We also congratulate the winners of the People's Choice Award.

You can now watch the awards ceremony on-demand.

We thank our ICTA jury and all of the finalists and nominees who participated this year.

What's going through the Intersection
of insurance and technology?

Smarter Technology Is Needed To Surmount Hardening Markets
By Greg Boutin, Relay Platform
Our Toronto-based venture Relay Platform emerged on the InsurTech scene in 2020 with a compelling platform helping brokers and cedents source and manage facultative reinsurance placements. Since then, we expanded into insurance, with a focus on commercial lines. We saw rapid success in the US first, with our ability to get agents and brokers faster to a client proposal, by automating more of the quote chasing and comparison process, working on top of your typical broker management systems. We have just launched in Canada. Read more.

From Doug

2021 Insurance-Canada.ca Technology Awards

Congratulations to ICTA winner Apollo Insurance and to the runners-up Wawanesa Insurance and Coalition.

Apollo offers an exchange where brokers can quote, bind, issue and pay for a small commercial policy for a customer.

Step back and take a closer look:

• Digitizing insurance products. Many of these products previously required some manual steps including underwriting. Apollo uses an agile methodology combined with the insurer's expertise and rules to automate them.

• Apollo diligently supports the brokers using the system to maintain and improve their experience

• Likewise with the insurers behind the scenes by scrutinizing the broker flow through the system to identify any product issues.

If the broker offers a button/link on its website, a customer can access the exchange directly.

With a growing number of products and quality support, brokers may use the Exchange to place more of their business.

A jury of insurance professionals evaluated the nominations. Apollo received top marks.

The winners, finalists and indeed all the nominees represent elements of the digital transformation of the Canadian insurance industry. What an exciting time to be in insurance!

Doug Grant, CIP
Partner
Insurance-Canada.ca

The Chronicle weekly newsletter features news, events, and general information relating to technology and innovation in the Canadian insurance industry and marketplace. Subscribe here or view past issues.

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry – please contact info@insurance-canada.ca.

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