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Insurance-Canada.ca - Where insurance and technology meet

JANUARY 24, 2023

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INSURANCE INDUSTRY NEWS

Tensions Peak Between Cost-of-Living Crisis, Climate Action
Conflict and geo-economic tensions have triggered a series of deeply interconnected global risks, according to the World Economic Forum's Global Risks Report 2023. These include energy and food supply crunches and strong increases in the cost of living and debt servicing. At the same time, these crises risk undermining efforts to tackle critical longer-term risks. Read more.

Trufla Launches A.I. Retention Tool, Broker X-Ray
Trufla is excited to announce that their industry-groundbreaking tool, Broker X-Ray, is officially out of beta, and available Canada-wide. Using deep learning neural networks, Broker X-Ray can scan a brokerage's entire book of business and rank customers who are likely to cancel if they shop around at renewal. Read more.

2022 Third-Worst Year For Severe Weather in Canadian History
Severe weather across Canada continues to highlight the financial costs of a changing climate to insurers, governments and taxpayers. Nationally, insured damage for severe weather events reached CAD 3.1 billion last year, according to CatIQ. Read more.

Canada’s 2022 Catastrophe Losses Exceed Three Billion Dollars
Last year ended with a bang, with the east and west each recording their own catastrophe in the final week. The pair of events pushed the total of Canadian insured catastrophic losses over 3 billion dollars, a threshold that hasn't been reached since 2016 when a wildfire devastated Fort McMurray, Alberta. Read more.

“Dos & Don’ts” Of Open Insurance
The Global Federation of Insurance Associations (GFIA) has published a set of dos and don'ts on the concept of open insurance. While the industry sees possible opportunities, there are also risks that need to be carefully considered. Read more.

Vista Equity Partners To Acquire Duck Creek
Duck Creek Technologies, the intelligent solutions provider defining the future of P&C insurance, is pleased to announce it has entered into a definitive agreement to be acquired by Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. Read more.

Specialty Risk & Intelligence Services Launched In Canada
Specialty Risk & Intelligence Services Inc. (SRIS), a multidisciplinary intelligence, investigation and risk consulting agency, is pleased to announce its official launch in Canada, effective January 1st. SRIS offers a cutting-edge product, service and quality to a broad range of industries, including multinational corporations, financial institutions, the legal industry, insurance-based businesses, regulatory bodies, and others. Read more.

GUS Network Adds Incredible Restorations
GUS is pleased to announce a partnership with BC-based Incredible Restorations as GUS continues to expand its portfolio of full-service restoration companies across the western provinces. Read more.

Embroker Launches ONE by Embroker to Simplify Business Insurance for Startup Founders
Embroker, the digital platform making it radically simple to get business insurance, is pleased to introduce ONE by Embroker, a universal application that utilizes AI and machine-learning technologies to generate business insurance products tailored to specific industry needs. The streamlined process focuses on critical business information and removes the need for unnecessary and redundant questions, enabling brokers and startup founders to get quotes for a comprehensive bundle of products instantly. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Distribution Technology: Where Personal Lines Insurers Are Investing Today
By Mark Breading, Strategy Meets Action
The personal lines segment frequently leads the insurance industry in deploying new innovations, particularly within distribution, and over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new technologies and channel strategies. Where insurers invest today to support distributors will set the stage for their channel partnerships in the future. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

AKA Broker
AKA Broker develops custom professional websites specifically for insurance brokerages. We provide insurance brokerages with a dynamic, professional and mobile responsive website which enables and empowers customers to better connect with insurance brokerages, access policy information, submit quote requests, assess and compare offerings, and more. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

The internet is abuzz over ChatGPT, a new AI/NLP tool with the ability to hold a conversation, answer questions, write code (and most recently, achieve passing grades on difficult exams in business and medicine).

The question was posed to ChapGPT:

Q: Does ChatGPT know how to learn?

A: I am a language model trained to assist users generate text. I do not learn like a human. I am a pre-programmed system that uses advanced machine learning algorithms to respond to inputs I receive. I am not able to acquire new knowledge or learn from my experiences.

Already, this technology has raised the bar in broadest sense. How will it affect insurance?

It needs to be trained on insurance terminology to understand questions and develop appropriate responses. Then on the unique aspects of an individual insurance business. Ongoing validation and monitoring will be essential.

These refinements have been developed for other AI-based tools, so there is a base to build from.

Another exciting innovation.

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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