INSURANCE INDUSTRY NEWS

COVID Fraud Surge Drives Analytic Innovation Across Industries: SAS
The pandemic has opened a Pandora's box of global fraud. Faced with a seemingly endless onslaught of schemes and scams, anti-fraud pros have doubled down on analytics, finds the latest anti-fraud technology study by SAS and the Association of Certified Fraud Examiners. Read more.

Insurers Encountering Digital Growing Pains
A crippling combination of near-record high catastrophic losses, massive supply chain disruptions and ongoing workforce challenges conspired to make the past year an incredibly tough one for property & casualty insurers. According to the J.D. Power 2022 U.S. Property Claims Satisfaction Study, slower cycle times and growing pains associated with transitioning to digital servicing channels caused overall satisfaction scores to decline to a five-year low. Read more.

Ai Insurance Announces New Franchise Model, Dream Insurance Partnership
Ai Insurance Organization Inc., a Mississauga-based commercial insurance and surety bonding brokerage, is pleased to announce it is launching a new insurance franchise model and partnering with North York-based Dream Insurance, a brokerage specializing in personal and commercial insurance. Read more.

Verisk Acquires Opta Information Intelligence
Leading global data analytics provider Verisk is pleased to announce it has acquired Opta, Canada's leading provider of property intelligence and innovative technology solutions. The acquisition further expands Verisk's footprint in the Canadian market and supports Opta in reshaping risk management with valuable business intelligence. Read more.

Hub, Bold Penguin To Acquire Insureon
Hub International Limited, in partnership with InsurTech innovator Bold Penguin, have agreed to acquire the assets of Insureon Holdings LLC and its affiliates. In two separate transactions, Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire its technology platform. Hub will also enter into an enterprise agreement with Bold Penguin to license the Insureon technology platform. Read more.

Otonomo Announces Acquisition Of The Floow
Otonomo Technologies Ltd., the mobility intelligence company, has entered into an agreement to acquire The Floow, a leader in connected insurance technology headquartered in Sheffield, UK. The acquisition is subject to approval by U.K. regulators and is expected to close within the second quarter of 2022. Read more.

CL Working Group Reaches Another Milestone
CSIO is pleased to announce that the Commercial Lines Working Group has reached another milestone by finalizing requirements to bind Small Commercial Business. This achievement enables information exchange in real-time between broker and insurer systems during the binding process, making it easier for brokers to bind quotes and provide an enhanced customer experience. Read more.

Western Financial Group Acquires Central Agencies
Western Financial Group is pleased to announce its acquisition of Central Agencies, an insurance brokerage located in Camrose, Alberta. Both Western Financial and Central Agencies are successful and focused organizations with skilled insurance experts and shared community values, making this partnership a natural fit. Read more.

Westland Acquires Stewart Morrison, Transure
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is excited to announce the acquisition of Stewart Morrison Insurance, with offices in Lindsay, Fenelon Falls, Bobcaygeon, Port Perry and Peterborough, Ontario. Westland also welcomes Transure Insurance Inc. of Waterdown, Ontario. Read more.

Pets Plus Us Launches Partnership With CAA
PTZ Insurance Services Ltd., a wholly owned subsidiary of Crum & Forster Insurance, and Canadian Automobile Association are partnering to provide pet insurance to pet parents under the Pets Plus Us® brand. The partnership leverages the strengths of CAA's member clubs across Canada to encourage responsible pet ownership focused on pet health and wellbeing. Read more.

Drivers Still Using Phones Behind The Wheel
A new survey reveals that 42% of drivers admit they still use their phone at least one out of every 10 trips, despite the fact that 93% believe it's highly risky to text while driving and 84% believe it's highly risky to talk while holding a cell phone and driving. Read more.

CHES Special Risk Shares Guide For Small Contractors Insurance
Contractors face numerous risks from construction sites, legal and regulatory laws and transferred liability from general contractors Small businesses are especially susceptible to risk, and without adequate insurance coverage, they may be exposed to bankruptcy and closure. CHES Special Risk offers insurance policies tailored to suit the needs of small contractors. Read more.

Swiss Re Corporate Solutions To Establish New Canadian Branch
Swiss Re Corporate Solutions has filed an application with regulators to establish a Canadian branch of North American Specialty Insurance Company and transfer operations to that branch, including new and renewal business, from its existing Westport branch. Read more.

Spotlight on Curv Health:
Revolutionizing Access to Allied Healthcare
Free webinar – Wednesday, March 9, 2pm

Health technology start-up Curv Health partners with employers, groups and benefits brokers to connect their members with healthcare providers via its digital platform. Each member can choose their own health concierge who helps select the most appropriate care plan and navigate their personalized program.

As insurance moves further toward risk management and loss prevention, such services and partnerships become increasingly important in the expanding digital ecosystem.

COO Mark Goad will address how Curv Health “is revolutionizing access to allied healthcare.”

Register now, or learn more.

In the InsurTech Spotlight this week:

Foxquilt
Foxquilt is focused on empowering small businesses and B2B networks to save on Small Business Insurance. Our Insurance-as-a-Service platform is complemented by a unique underwriting infrastructure. Foxquilt has partnered with multiple underwriting partners to become a full-service Insurance provider and co-creator of new, end-to-end insurance products and programs for small businesses. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Commercial Insurance Broker
Costen Insurance
Calgary, AB

Accounting & Finance Administrator
CURIE
Burlington, ON

Business Development Representative (Field Underwriting)
HSB Canada
Toronto, ON

From Doug Commercial Lines: Small Business Small businesses contribute significantly to our Canadian economy. They represent an important insurance opportunity. The high variability among this segment brings complexity which challenges product design and automated processing. Small businesses see insurance as a necessity and look for a simple quick product and process which meets all their insurance requirements. Most of Canada's insurance participants are tackling this. One example is APOLLO Exchange, a platform that enables insurance brokers to instantly quote, bind, and issue policies entirely online. In partnership with insurers, they have met the objective for many types of small businesses. Anthony O'Donnell of IIR recently noted a technology vendor which is “steering its carrier customers away from their ingrained tendency to customize packaged software.” The same would hold true for insurance products for small business – tweak the parameters and leverage the technology. Then focus on: Customer experience; Product simplicity; Underwriting; Claims service. Today's competitive factors – not only in small commercial, but across all lines – are customer experience and process. Doug Grant, CIP Partner Insurance-Canada.ca