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Insurance-Canada.ca - Where insurance and technology meet

JUNE 5, 2018

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INSURANCE INDUSTRY NEWS

Insurers Need A New Digital-Age Playbook
Majesco has announced the release of a new thought leadership report which details the strategic gaps facing L&A and Group insurers operating with a traditional Insurance 1.0 business model, and provides guidance on developing playbooks to close the gaps and shift to a Digital Insurance 2.0 business model. Read more.

Emerging Risks Facing Re/Insurance
Emerging geopolitical risks, the re-emergence of asbestos, and risks arising from new technologies, such as cyber risks, biased algorithm and the erosion of risk diversification, are some of the key risks identified in Swiss Re's latest SONAR report. Read more.

Cloud Central To New Core Systems Paradigm
Cloud is no longer for the digital giants, the InsurTechs, and the early adopters. Today, it would be difficult to go through a whole day without using cloud computing. Insurers’ core systems (policy, billing, and claims) are no exception. Most new P&C core systems purchased in 2017 will be deployed in the cloud. What comes next is where the real opportunity lies. Read more.

Industry Agrees On Solving Data Connectivity Gap
The Insurance Brokers Association of Ontario hosted a strategy meeting in May to discuss the BrokerFlow solution, coordinate efforts with industry leaders, and reach consensus on a path forward. Read more.

Economical Launches Vyne In NB, PEI
Economical Insurance is making it easier than ever for brokers to match customers with the right insurance coverage with Vyne, newly launched in New Brunswick and Prince Edward Island for personal lines and individually rated commercial auto. Read more.

Chubb Launches Personal Cyber Protection
To help keep clients safe in today's digital world, Chubb has launched Masterpiece® Cyber Protection, a supplement to a Masterpiece® Homeowners policy which offers individuals and families enhanced protections for cyberattacks that lead to extortion and ransomware, financial loss, cyberbullying, cyber disruption, and breach of privacy. Read more.

Purpose-Built AI Solutions Crucial: Novarica
General-purpose AI solutions require unfeasible investments in time and resources for insurers. In a new brief, Novarica explores the potential value of tailor-made AI insurance solutions, the difference between purpose-built AI and general-purpose AI, and notable solution providers in the space. Read more.

Navacord Expands Into British Columbia
Navacord Inc. is pleased to announce its expansion into British Columbia as it welcomes Wylie-Crump Limited as its first Broker Partner outside of Alberta and Ontario. Wylie-Crump is a specialized firm delivering intelligent risk management, insurance and surety brokerage, and consultation services to Vancouver's marketplace since 1972. Read more.

Catastrophe Response Unit Launches CRU VUE
Catastrophe Response Unit is excited to announce the rollout of their newest program to assist in exterior and roof damage evaluation. Originally planned for a 3rd quarter launch, Ontario's May 4 wind event has pushed the launch of this program forward. Read more.

TrueMotion, Intact Partner On Telematics
TrueMotion has announced a new partnership with Intact Financial Corporation, enabling Intact to leverage data-driven insights powered by TrueMotion's patented platform to create more personalized services and enhance the driving experience for its customers across Canada. Read more.

Contractor Connection Partners With Peel Mutual
Contractor Connection®, a Crawford & Company global service line and the leading global contractor managed repair provider for property repairs after an insurance claim, announces its partnership with Peel Mutual Insurance Company (PMI), one of the largest mutual insurance companies in Ontario. Read more.

Ont. Storm Largest Insured Event In 5 Years
Insured damage from an early-May windstorm topped CAD 380 million in Ontario, making it the most costly insured event for the province since the 2013 Toronto floods. Read more.


Customer Experience: The New Battleground for Differentiation — Wednesday, June 27, 2-3pm, hosted by Symcor


The Intersection: Insurance-Canada.ca Blog

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

Artificial Intelligence: A 100-Year Innovation
On Wednesday, May 30, Insurance-Canada.ca hosted its first in-person Technology in Action seminar, focused on Artificial Intelligence. Our theme was “AI: The Foundation of Next Generation Insurance” – but I was reminded to look backward to a phenomenon that is almost 100 years old. AI is hot, but we have seen this before ... Read more.


The Digital Future of Insurance: Is Risk Passé?

Tuesday, August 28, 2018

The world keeps changing around us as technology, climate, business, politics and other factors evolve.

And for every new means of reducing risk (e.g. cutting-edge water detection sensors to prevent leaks), there seems to be at least one example of a new risk (e.g., cyber and climate threats are proliferating day by day).

Mark your calendar for August 28 to explore the changing face of risk – and your future.


From Doug

Just what is AI, anyway? Or, look at it another way: What is AI not?

We have posed the question of whether a digital handheld calculator is an example of AI.

Obviously, a calculator is artificial, according to the common definition.

If we surmise that it requires some measure of intelligence to do math, we can conclude that a digital calculator ought to qualify as an example of “artificial intelligence.”

But the world has moved on. A calculator is programmed and static; AI should include an element of learning, inference and knowledge.

Next week we will discuss an example.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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

Please contact [email protected] if you would like to recommend an item for inclusion.

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