Insurance Business Canada 9.02

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TECHNOLOGY UPDATE NEWS BRIEFS Agribusiness insurtech Farmers Edge goes public

Winnipeg-based insurtech Farmers Edge has raised around $125 million in its Canadian initial public offering, which debuted on the Toronto Stock Exchange under the ticker symbol FDGE in early March. Shares of the IPO were offered at around $17 each; Bloomberg reported that the price rose as high as $20.50 during the company’s first day of trading. Five investment banks participated in the IPO, led by National Bank of Canada and CIBC, and they have an option to acquire an additional 15% of the offering.

Lloyd’s achieves milestone in its digital transformation

Lloyd’s has published the first version of its Core Data Record (CDR), which aims to enable standardized, quality data to flow through the Lloyd’s market to improve operations, reduce the cost and effort of doing business, and improve customer service. The publication is a key milestone for Lloyd’s Blueprint Two program, the second phase of its strategy to digitize the market. Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London market and internationally. It is also conducting a market-wide consultation to seek input and feedback on the first version of the CDR.

Whitespace Software joins forces with Verisk subsidiary

Whitespace Software, which provides digital placing technology to the reinsurance market, has signed an investment and acquisition agreement with Verisk subsidiary Sequel. Sequel’s investment will enable Whitespace to accelerate development and expand its


capabilities. Whitespace will also gain access to Sequel and Verisk’s support, people, and capital resources while maintaining its brand and operational autonomy. “The combination of Whitespace with our pricing, distribution and policy administration applications creates unique and powerful capabilities for the specialty market,” said Sequel CEO Ian Summers.

Aon and Nayms collaborate on cryptocurrency pilot program

Aon has teamed up with insurtech platform Nayms to support cryptocurrency investors by insuring crypto risk. The two companies will conduct a pilot program with Teller Finance, a decentralized lending protocol, to highlight the ability to scale cover efficiently by matching cryptocurrency assets to liability. Specialist insurer Relm Insurance will serve as the underwriter for the pilot, which Aon touted as the first blockchainenabled placement of insurance ever conducted with regulated, professional insurance agencies.

Beazley launches digital business unit, announces new partnership

Specialist insurer Beazley has rolled out a new digital business unit and named a new partner to provide enhanced risk management, prevention and response services. The Beazley Digital unit will spearhead a new approach to how the insurer develops, underwrites and delivers digital insurance services to clients and brokers. The new unit’s responsibilities include enhancing the capabilities and reach of the myBeazley online platform. In addition, the company named Praesidium as the provider of enhanced risk management, prevention and response services for Beazley Safeguard policyholders.

Helping brokers go digital The pandemic has only increased customers’ digital expectations – so how can brokers rise to meet them? The so-called ‘new normal’ is anything but normal. Business once conducted in person is now as contactless as possible, and physical stores must also maintain a digital presence if they want to survive. The same goes for insurance – but while large insurance companies have the resources to prop up their own digital presence, the same can’t always be said of smaller brokerages. Recognizing this, Vertafore Canada recently enhanced its digital offerings for brokers. The company’s client digital experience platform, InsurLink, gives brokers the ability to allow customers to view their insurance documents and pay their premiums online. “InsurLink is the only solution available to Canadian brokers that is a true digital storefront, not just a document delivery system,” says Stacey Miranda, director of product management at Vertafore Canada, who adds that customers want to be able to do more than just view policy documents and check proof of insurance. “They want to be able to see outstanding balances and pay online immediately, just like they would for almost any other product or service they buy today,” she says. “The expectation is that they can engage with their broker for a variety of reasons, such as to make policy change requests or submit loss notices, 24/7.” Vertafore Canada has also enhanced its broker management platform, SIG, with the addition of new dashboards that give brokers

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