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JANUARY 11, 2022

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INSURANCE INDUSTRY NEWS

Trends In Property & Casualty: Succeeding In The Face Of Uncertainty
Delayed return-to-office initiatives and the Great Resignation are poised to shape the property and casualty insurance business in 2022 as insurers seek to improve efficiency with a remote and declining workforce. Still, the industry continues to survive, and even thrive, in this period of uncertainty. While digitalization to enhance the customer experience was the dominant theme of 2021, insurers' focus will shift in 2022 to digitalization that improves the insurance experience by making it easier for agents to do business and increasing employee productivity. Read more.

Auto Insurers Embracing Advanced AI For Claims Processing: CCC
CCC Intelligent Solutions, the SaaS platform powering the P&C insurance economy, has provided an update to its 2020 insurer AI adoption report, which shows significant growth in AI adoption in auto claims across key metrics. The company reports a 50 percent year-over-year increase in the application of advanced AI for claims processing. The company also reports that more than 9 million unique claims have been processed using a CCC deep learning AI solution, growing more than 80 percent in 2021, and the number of claims using four or more of its AI applications grew 6X year-over-year. Read more.

Western Financial Group Acquires Ontario Brokerage
Western Financial Group is pleased to announce its acquisition of Wiesner Insurance Inc., a high-end full-service insurance brokerage located in southern Ontario. Read more.

Westland Announces Double Acquisition
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is very excited to announce the acquisition of Bunnell Hitchon Insurance Brokers in Brantford and Milton, Ontario, and Rigby Insurance in Calgary, Alberta. Read more.

U.S. Severe Weather Dominates 2021 Natural Disaster Losses: Munich Re
Worldwide, natural disasters caused substantially higher losses in 2021 than in the two previous years. The insurance gap (the uninsured portion) declined slightly, due to a higher proportion of losses in the USA. Read more.

Humber College Partners With Applied To Empower The Next Generation Of Brokers
Applied Systems® is pleased to announce a partnership with Humber College to develop and launch an insurance technology certificate program. The program provides students aspiring for careers in insurance with hands-on experience with Applied technology and focuses on the fundamentals of the industry and its three main functional areas – underwriting, loss adjusting and brokerage operations. Read more.

CyberCube Launches Three Cyber Scenarios for Lloyd's Market
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to help Lloyd's managing agents and syndicates to stress-test their portfolios of risk against these cyber perils as part of Lloyd's annual Realistic Disaster Scenarios exercise. Read more.

MPI’s Top Five Fraud Cases Of 2021
A phony kidnapping and a driver who was travelling nearly three times the speed he reported to investigators were among the top five auto fraud cases Manitoba Public Insurance faced in 2021. Read more.

​​​ICBC Urges Drivers To Use Caution In Challenging Winter Conditions​
ICBC is urging drivers to help keep roads safe by adjusting their driving and ensuring their vehicle is ready for the road conditions. In bad weather, slow down, increase your following distance and allow extra travel time. Read more.

Enter The New Year Safely: Watch Your Speed At Intersections
With more snow and ice ahead of us, it's crucial to ‘put your best wheel forward’ in the winter months when intersections are slippery. Read more.

Companies With Poor Environmental Track Records Facing Divestment: EY
The 2021 EY Global Institutional Investor Survey reveals that a growing number of institutional investors in Canada and around the world are placing greater emphasis on environmental, social and governance (ESG) performance in their decision-making. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Barriers to Insurance Innovation and New Year’s Resolutions to Overcome Them
By Alan P. Demers & Stephen E. Applebaum
It's that time once again when predictions about the insurance industry's outlook for 2022 come rolling in like waves. They are interesting to those of us in the industry and may provoke discussion and healthy debate or even serve as a call-to-action for others, even though most predictions turn out to be incorrect or poorly timed. As Bill Gates famously said, “We always overestimate the change that will occur on the next two years and underestimate the change that will occur on the next ten. Don't let yourself be lulled into inaction.” Read more.


Quadient Apex ebook


From Doug

Email: A Matter Of Focus

I confess: I am addicted to email. Between work and my volunteering, I check email first thing in the morning, last thing at night, and too many times in between. (Actually responding to messages, however, is not quite so immediate.)

I readily admit poor self-discipline is probably a blow to my productivity.

I recently read an article in which I saw myeslef to a certain degree. The title is “The Future of Work” but author Paul Carroll primarily addresses “focus.”

He offers two examples: Bill Gates (relating to a nanotechnology prediction), and director George Lucas after his initial break-out success alongside Francis Ford Coppola. They had habits which enabled extreme focus.

My career began more than a decade before email became a normal part of work. Many more years elapsed before the internet made email a ubiquitous global phenomenon.

The further evolution of social media and the reality of instant feedback from anywhere in the world – including on the go – have created environments and products that promise constant stimulation to which many (especially younger) people seem effectively “addicted”; do they have any time to focus? Does technology today make it harder to achieve the discipline and focus that ultimately made Microsoft and Star Wars household names?

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry – please contact [email protected].

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