InsurTech

Candian Life Insurance News

Wawanesa and ProNavigator Introduce New Tool to Support Brokers

Customer growth and funding validate ProNavigator’s unique ability to increase productivity within insurance brokerages and carriers

Toronto, ON (Apr. 13, 2021) – The Wawanesa Mutual Insurance Company (Wawanesa), Canada’s largest mutual insurer, and ProNavigator, a provider of software products to property and casualty organizations, are pleased to announce that Wawanesa has successfully integrated ProNavigator’s Ask Sage platform to benefit its broker partners with simplified access to information.

Ask Sage, a knowledge management platform, has an intuitive search and retrieval interface designed to help answer a broad range of underwriting questions, in simple language, across multiple products, regions, and documents. Because Ask Sage is specifically built for Insurance, Wawanesa and its broker partners will benefit from a simplified, intuitive, and overall faster experience finding the most accurate and current information, right when they need it.

“At Wawanesa, we’re committed to brokers, and to investing in innovative ways to ensure each and every customer transaction is as friction-free as possible,” said Graham Haigh, Wawanesa’s Senior Vice President and Chief Marketing Officer. “With the implementation of ProNavigator’s Ask Sage platform, we are proud to give our broker partners another tool to help deliver even better service to our mutual policyholders.”

“We have enjoyed partnering with Wawanesa to provide a platform to better service their brokers,” said Joseph D’Souza, CEO of ProNavigator. “Insurance is information-driven—it’s the lifeblood of the industry—and the need for information management tools is more vital than ever. We chose to focus on a single problem that’s been affecting productivity in the industry – discoverability; by using some of the advancements in AI to search and retrieve information quickly, productivity is enhanced.”

About ProNavigator

ProNavigator provides a knowledge-sharing platform, Ask Sage, used by some of the largest insurance organizations in North America to save time, provide superior service, and seize revenue opportunities. The platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly, automatically, and accurately retrieve answers to employees’ questions. For more information, please visit pronavigator.ai.

About Wawanesa

The Wawanesa Mutual Insurance Company, founded in 1896, is one of the largest Canadian Property and Casualty Mutual insurers, with $3.9 billion in annual revenue and assets of $10.5 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With more than 5,700 employees, Wawanesa proudly serves more than two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. For more information, please visit www.wawanesa.com.

SOURCE: ProNavigator

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Life Simpli Launches Hassle-Free Insurance Marketplace in Canada

New platform enables individuals to apply for life & critical illness insurance within minutes

Toronto, ON (Apr. 8, 2021) – Life Simpli, a new InsurTech startup focused on simplifying the purchase of life and critical illness insurance for Canadians, announced its launch today.

The innovative, easy-to-use web platform enables individuals to assess their insurance needs, compare instant quotes from leading insurance providers in Canada and apply for suitable coverage – all within minutes.

Serving as a simplified insurance marketplace, Life Simpli allows individuals to apply for life and critical illness insurance by providing instant, real-time quotes from over 10 leading insurance companies in Canada like Manulife, SunLife, BMO, Canada Life, and Desjardins amongst others. Some of the policies also enable consumers to apply for life insurance coverage without any medical exam.

The 3-step process starts with a simple digital assessment to determine the consumer’s insurance needs. Based on this assessment, the web platform runs its intuitive algorithm to find the right policy for the consumer and provides instant quotes from various insurance providers. This is followed by a simple application process for the consumer’s insurance coverage of choice.

The insurance application process concludes with a call from a Life Simpli licensed advisor to finalize the application and ensure that the customer fully understands the product.

Life Simpli also provides 24/7 support for individuals that would rather kickstart the process with a one-on-one interaction with an insurance advisor. Since the firm houses its own team of independent licensed advisors, the consumers can expect transparent, unbiased, and personalized advice catered to their specific requirements.

“With the rapid shift towards digital and the increased focus on health and well-being, especially during the COVID-19 pandemic, it became essential to provide customers with a simple, hassle-free web platform to purchase life and critical illness insurance within the safety and comfort of their homes.

Gone are the days when customers were unaware of their insurance needs and confused with innumerable jargon and endless paperwork. With just a few clicks, our marketplace platform matches you with a range of quotes from Canada’s top insurance providers. Life Simpli lets you complete the insurance application process from start to finish in a matter of minutes. We hope to be well-received”, said Karan Jain, CEO & Founder at Life Simpli.

Focused on complete transparency, automation and personalization, Life Simpli will initially be available in Ontario and eventually roll out services to the rest of the country.

About Life Simpli

Headquartered in Oakville, Ontario, Life Simpli aims at removing the complication and frustration from the process of buying life insurance and critical illness insurance by providing a quick, simple and hassle-free experience through their innovative and intuitive insurance marketplace that is available across devices. For more information, visit lifesimpli.com.

Source: Life Simpli

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Trov Technology Enables A New Wave Of Consumer Brands To Offer Digital Renters Insurance

San Francisco, CA (Apr. 7, 2021) – Trov, a global leader in embedded insurance, is continuing to expand its presence in the UK market, enabling brands to offer digital insurance products to their customers and tap additional revenue streams. With an initial focus on renters insurance distributed by proptechs, fintechs, retailers, and utilities, Trov announces a new wave of consumer brands that will offer digital insurance powered by its innovative technology, including Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub. Additionally, the company’s existing UK partner Lloyds Banking Group has expanded with Trov beyond its Halifax branded Renters Insurance product to launch Flexible Contents Insurance, a product under the Lloyds Bank brand, designed for renters, tenants and homeowners.

Embedded insurance (technology-enabled insurance products offered in the context of non-insurance applications) is revolutionizing insurance distribution as popular brands are motivated to generate new revenue streams while keeping customers within their existing ecosystems. The banking industry has seen much of its customer acquisition shift to all-digital channels, via embedded finance, and now the insurance industry is undergoing a similar change. McKinsey estimates that emerging digital ecosystems (interconnected services that enable users to fulfill a variety of needs in one integrated experience) will generate 30% of global revenue by 2025, with P&C insurance sales playing a significant role.

Trov has designed its APIs and white-label software to power this shift by providing digital ecosystems with the necessary tools, from quote to claim, to make insurance a seamlessly integrated offering within their customer applications.

Success with Halifax Renters Insurance Leads to Broader Expansion with Lloyds Banking Group

In November 2019, Trov partnered with Lloyds Banking Group and launched a first-of-its-kind digital renters insurance product, brought to market under the Halifax brand. Just over a year on, and with COVID-19 increasing the relevance of flexible insurance solutions, Halifax Renters Insurance has gained momentum, consistently demonstrating strong customer satisfaction scores. Customers report the journey as being straightforward, clear and simple to navigate and in particular like how quick and easy the application process is.

This month, Lloyds Banking Group reinforced its confidence in Trov’s insurance technology by launching an all digital, flexible contents insurance product under its Lloyds Bank brand. Owing to Trov’s scalable white-label technology, the application was rapidly developed and launched, with minimal resources required. Scott Walchek, Founder and CEO, Trov, comments: “It’s exciting to work with many popular brands and empower them to offer digital insurance products with Trov’s technology. While renters insurance is one of our foundational offerings, brands that work with Trov will be able to rapidly launch a roadmap of embedded insurance products thanks to our scalable APIs and network of insurance carrier partners. Distributing insurance is complex and Trov has done the heavy lifting, simplifying this for brands, enabling them to rapidly get to market and generate recurring revenue.”

Powering the next generation of insurance, Trov’s technology is purpose built to facilitate the seamless distribution of digital insurance products. In 2021, Trov has a strong queue of brand partners readying to launch not only renters insurance, but other (soon to be announced) P&C products.

About Trōv

Trov is a global leader in embedded insurance, powering the future of digital insurance distribution and emerging mobility. Its APIs and white-label software enable brands to rapidly deploy modern P&C insurance solutions in home, renters, auto, pet, small business and mobility. Trov’s global customers and partners include industry leaders such as Waymo, Lloyds Banking Group, Groupe PSA, Hyundai, and Honda amongst many others.

Founded in 2012 by serial tech entrepreneur Scott Walchek, Trov is backed by leading VC’s and strategic partners. The company is headquartered in the San Francisco Bay Area with offices in New York and London. For more information, please visit www.trov.com.

SOURCE: Trov

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Next Insurance, Amazon Business Prime partner on affordable digital insurance for small businesses

Next Insurance will provide access to instant, customized coverage to Business Prime members

Palo Alto, CA (Mar. 31, 2021) – Next Insurance, the leading digital InsurTech company transforming small business insurance, today announced a partnership with Amazon Business to provide eligible members the opportunity to access customized small business insurance. This partnership will allow Business Prime members to easily obtain a quote from Next Insurance and quickly purchase General Liability, Professional Liability, Workers’ Compensation, Commercial Auto, and Tools and Equipment insurance coverage.

Historically, the process for purchasing business insurance has been a significant pain point for small business owners, with large insurers taking a one-size-fits-all approach. As a result, many small businesses end up with a poor customer experience and paying more for coverage that often doesn’t fit their specific needs. Next Insurance gives small businesses easy access to insurance products that are highly customizable based on the needs of their business.

“We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customized and affordable policies,” said Guy Goldstein, CEO of Next Insurance. “We are proud to continue to be chosen by top companies, like Amazon, who understand the best way to serve small businesses is through digital solutions. With Amazon Business Prime, we are taking a large step toward providing greater access to seamless insurance coverage.”

Next Insurance transforms small business insurance by leveraging new technology, including artificial intelligence and machine learning, to deliver a simple and affordable purchasing experience. In less than 10 minutes, small business owners can get a customized quote for their business that can be adjusted based on personal preferences and receive a certificate of insurance completely digitally.

“We know that small business owners are looking for innovative and cost-effective ways to streamline their businesses and save time, and that’s what this partnership with Next Insurance helps achieve,” said Todd Heimes, Director of Amazon Business Prime. “We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members.”

Amazon Business helps millions of customers worldwide—from small businesses, schools, hospitals, and government agencies, to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Amazon Business customers can also take advantage of Prime’s fast, free shipping and exclusive business-relevant benefits with Business Prime, which starts at $69 per year as an add-on for customers with Amazon Prime on their personal account or $179 per year for up to three users.

To further support small business owners, and provide a seamless purchasing experience, Next Insurance prioritizes partnerships with companies that are most often used by its small business customers, such as its integration with Intuit Quickbooks. Additionally, the company’s recent acquisition of AP Intego, whose deep relationships with some of the largest small business software ecosystems in the U.S., will provide greater access to Next Insurance’s innovative digital insurance products.

For Amazon Business Prime customers, Next Insurance is offering an exclusive 10% discount for General Liability and Professional Liability policies. Start a quote with Next Insurance today to explore coverage options tailored to your business.

About Amazon

Amazon (NASDAQ: AMZN) is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.

About Next Insurance

Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. For more information about the company, visit nextinsurance.com.

SOURCE: Next Insurance

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

New Pollution Loss Database combines historical data, analytics

A 2021 ICTA nomination

Toronto, ON (Apr. 5, 2021) – Two years ago, our own loss adjusters, as well as risk managers and underwriters, were relying on their own personal experiences and those of their colleagues to assess oil and gas risks and estimate loss reserves – just as they always had. This tacit information was (and still is) valuable. But it was also inherently subjective, and prone to cognitive biases.

At Charles Taylor Canada, we recognized that we could improve this method of working by using our 20+ years of experience in managing oil and gas losses to draw on our significant historical data. From this we could provide objective analytics on loss trends that would assist our own loss adjusters, as well as risk managers and underwriters.

Our solution: The Pollution Loss Database

  • In late 2019, we drew on support from Charles Taylor InsureTech to launch a comprehensive Pollution Loss Database of insurance losses related to oil field incidents in Western Canada over a ten-year period.
  • The database aggregates data from hundreds of sudden and accidental oil-field-related insurance losses across Manitoba, Saskatchewan, British Columbia, and Alberta; the region where much of the Canadian oil and gas industry is centralized with the largest concentration of pollution losses.
  • It is updated with new loss facts and details bi-monthly to ensure the accuracy and timeliness of insurance loss data for the region.

Essential features:

  • The Pollution Loss Database is the most wide-ranging amalgamation of relevant loss data from oil & gas pipeline and well operations for the region.
  • It represents information on the vast majority of insurance losses triggered by accidental incidents reported during the prior 10-year period.
  • This information is presented in a value-adding format to identify and analyze loss patterns and risk trends.
  • The databased application is accessible via Charles Taylor’s user-friendly digitized dashboards, offering interactive data analytics that deliver at-a-glance summaries of key information across myriad search criteria.
  • The dashboards are available via a secure portal, protected by a username and password that is unique to each individual user.

Data related to per loss events include:

  • Year of spill
  • Province
  • Region
  • Type of terrain (water, agricultural, muskeg, etc.)
  • Type of loss (pipeline spill, blowout)
  • Type source (well or pipeline)
  • Cause (corrosion, impact, defect, etc.)
  • Leak duration in days
  • Diameter of line (inches)
  • Type of line (steel, fiberglass, composite, etc.)
  • Type of contaminant (oil, ngls, saltwater, etc.)
  • Approx. spill volume (cubic meters)
  • Age of line
  • Gross quantum
  • Gross quantum (inflation adjusted)
  • Average of gross quantum
  • Number of claims

The Benefits

  • The Pollution Loss Database offers our loss adjusters, as well as insurers, brokers and oil & gas companies who subscribe to the service, a unique, holistic view of pollution losses across Western Canada over the past decade and more.
  • It provides quantifiable insights on environmental loss patterns and risk trends via a value-added technologically advanced platform – using critical criteria specific to a client’s business.
  • As an objective analytical tool, it supplements a reliance on personal experience with statistically relevant data; providing key metrics, such as loss ratio, severity and average cost per claim.
  • By enabling our loss adjusters to combine their own industry experience with historical market data points, the tool has improved our adjusters’ ability to estimate accurate loss reserves.
  • Risks and their associated costs can now be more accurately identified by our insurer, broker, and insured clients, which is leading to improved risk management.
  • The tool does not replace the tacit knowledge of adjusters, risk managers and underwriters, but instead provides another lens through which they can holistically assess the risks involved.

About Charles Taylor

Charles Taylor provides insurance services, claims and technology solutions to the global insurance market. Its technical expertise, technological tools and breadth of solutions enable clients to outperform, by addressing complexities and challenges across every stage of the insurance lifecycle and operating model.

Charles Taylor employs approximately 3,100 staff in over 120 locations across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa. It has earned the trust of a diversified, blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd’s syndicates and reinsurers, along with brokers, distributors and corporate insureds.

For more information, visit www.charlestaylor.com.

Source: Charles Taylor Canada

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Read the original article at Insurance-Canada.ca