INSURANCE INDUSTRY NEWS

Canada Insurers See Favourable Results Despite Pandemic
Property/casualty and life/annuity insurers in Canada posted solid underwriting results in 2021 amid economic momentum following a COVID-19-driven slump, according to a new AM Best report. Read more.

Maintaining Resilience As A New World Order Takes Shape: Swiss Re sigma
The pandemic and war in Ukraine have heightened concerns over national security in different fields, including food supply. Swiss Re expects local and regional self-preservation instincts will come to underlie policy decisions, with three main tenets leading to a new multi-polar world of blocs of economic influence. Read more.

Commercial Self-Service Now Available With Launch Of Trufla PowerBroker Integration
Trufla Technology is pleased to announce their most anticipated release of 2022: the truMobile integration with PowerBroker, one of the most widely used Broker Management Systems, globally. The integration will enable many new functions that will enhance both the customer and broker experience. Read more.

Benefits Marketplace CloudAdvisors Relaunch to Transform HR, Recruitment
CloudAdvisors, Canada's leading InsurTech disruptor and employee benefits marketplace, has announced a series of innovative product developments this week, including a complete overhaul of their core user experience. The updates are set to innovate the end-to-end process of selecting employee benefits for competitive organizations; from data analysis, to plan selection, to purchase. Read more.

Cambridge Mobile Telematics Launches Next-Generation Platform for Proactive Claims
Cambridge Mobile Telematics is pleased to announce DriveWell Crash & Claims, the most advanced telematics solution for auto insurance claims. Now, with DriveWell Crash & Claims, insurers can offer proactive, real-time services to their customers, providing peace of mind and life-saving help. Telematics crash data helps insurers create a streamlined claims experience for their customers after a traumatic event. Read more.

Tokio Marine Canada Launches ISI Enterprise In 120 Days
Insurance Systems Inc., a provider of enterprise software solutions to the property & casualty insurance industry, is pleased to announce that Tokio Marine Canada Ltd. – a newly formed insurance carrier servicing the Canadian commercial market – has launched ISI Enterprise for its insurance operations. Read more.

FIRST Canada Announces Enhancements To FIRST Pay For Vertafore SIG
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, and Vertafore Canada are pleased to announce quoting enhancements to FIRST Pay™ for Vertafore SIG™. Vertafore SIG™ users can now provide payment plan quotes based on estimated premium prior to billing policies. This new functionality allows brokers to easily send customized payment options to clients with their policy proposal. Read more.

FRISS, MSG Nexinsure partner for distinct claims handling
FRISS, the world's most implemented AI-powered fraud, risk and compliance solution provider for P&C insurers worldwide, and msg nexinsure, an independent provider of insurance core solutions, are pleased to announce they have signed a partnership for distinct claims handling. Read more.

NOAA Selects Ecopia AI For Geospatial Program
Ecopia AI is pleased to announce that it has been awarded millions in contracts, with additional options, by the National Oceanic and Atmospheric Administration to create high-precision mapping data which will support coastal landcover mapping and climate resilience initiatives. Read more.

Ontario-Based Group Buys Stan Darling Insurance
Stan Darling Insurance has announced it has been purchased by a group of Ontario-based insurance experts with strategic partner The Commonwell Mutual Insurance Group (CMIG). The sale includes all four Stan Darling Insurance offices. Read more.

Westland Insurance Enters U.S. Market With Latest Acquisition
Westland Insurance is excited to announce that it has acquired Front Row Insurance Brokers Inc., one of the largest and most respected film and entertainment insurance brokers in North America. In addition to growing Westland's presence in major markets across Canada, Front Row also represents Westland's first U.S. operations. Read more.

SIB Corp. Partners with DeJong’s Insurance Ltd.
SIB Corp., a leading national provider of insurance and consulting services, has partnered with DeJong's Insurance Ltd., to expand its personal and commercial insurance offerings. Headquartered in Calgary, DeJong's represents clients all over Alberta. Read more.

BrokerLink Continues To Grow With Three More Acquisitions
BrokerLink continues to grow in Ontario and Atlantic Canada, with the acquisition of Mississauga-based J. W. Davis Insurance Brokers, Welland-based Kuhn & Associates Insurance, and Halifax-based Current Maritime Insurance. This brings BrokerLink's total acquisitions to 18 so far in 2022. Read more.

BIG Opens Third Office In Greater Ottawa Area
Billyard Insurance Group is expanding to the community of Alta Vista in Ottawa, ON, partnering with knowledgeable industry professional Darryl Lim as Managing Partner. Read more.

SE2 Becomes Zinnia, Defining An Open Insurance Experience For Life & Annuities
SE2, an Eldridge business and leading life and annuity insurance technology and services company, is pleased to announce its evolution into Zinnia. Zinnia will deliver clients a modern Open Insurance experience and the tools to reimagine how life and annuities are bought, sold, serviced, and experienced. Read more.

Digitally Transforming The Commercial Lines Application Process
Webinar – Tuesday, Sept. 13

Calefy is using technology to improve the customer-enabled application process. It validates data and creates a request for quote which is reviewed by a broker who submits to selected markets, either by email or through an API – dramatically improving front-end process for both customer and broker.

Register now or learn more about the webinar and speakers.

Featuring:

In the InsurTech Spotlight this week:

Quadient
From Life & Health to Property & Casualty insurance, Quadient's portfolio of industry-leading solutions help organizations create a nimble, effective and unified customer communications infrastructure and automated processes to deliver compliant omnichannel customer experiences that span the entire customer journey. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Intermediate Underwriter
SGI CANADA
Toronto, ON

Client Systems Associate - Insurance
HIROC
North York, ON

From Doug Our preferred definition of InsurTech – innovative culture, agile practices, customer focus, deployment of modern technology – applies to both insurance practitioners (insurers, MGAs, Brokers) and to those who provide products and services but don't themselves use them for insurance purposes. Several years ago InsurTech practitioners were seen as a sure investment, bound to disrupt the incumbents. Those predictions may have been a little premature and optimistic. See Matteo Carbone's analysis in “Still Waiting for Godot,” on three big-name startups who seem to be falling short in their progress. This is nothing new – we have always had both failures and successes in startups. InsurTech principles can enable success. Innovations in customer experience, process improvements, and high-quality data lead to a better-served customer and industry leadership. But incumbents can practice those principles too. Does advantage go to startups or incumbents? Both can thrive and grow if they feature: • Insurance business acumen; • InsurTech characteristics; • A solid realistic business plan. Together with good execution, such InsurTech (startup or incumbent) organizations are and will continue to be tough competitors. Doug Grant, CIP Partner Insurance-Canada.ca