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FEBRUARY 28, 2023

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INSURANCE INDUSTRY NEWS

ACORD Releases “Insurance 2040” Survey Results
ACORD, the global standards-setting body for the insurance industry, has unveiled the results of an industry-wide survey on the future of insurance. ACORD surveyed insurance professionals for their perspective on the outlook for the industry over the next 20 years to identify the technologies, capabilities, practices, and strategies projected to have the greatest impact in the global industry. Read more.

Auto Insurers Extending A.I. Across Claims: CCC
CCC Intelligent Solutions Inc., a leading SaaS platform powering the P&C insurance economy, is pleased to announce an update to its insurer artificial intelligence adoption report, which for the third straight year shows significant growth in the adoption of AI in auto claims. The company reports the application of advanced computer vision AI for claims processing increased 60 percent year-over-year. Read more.

StoneRidge Acquires Eisenhauer Insurance, Asset Insurance Brokers
SIB Corp., operating as StoneRidge Insurance Brokers (SIB), a leading independent provider of insurance and consulting services, is pleased to announce it has expanded its personal and commercial insurance presence to the Maritimes with the acquisition of Eisenhauer Insurance Inc. and expanded its footprint in Western Canada with the acquisition of 1244859 Alberta Ltd. operating as Asset Insurance Brokers. Read more.

Zensurance Extends Commercial Auto & Fleet Vehicle Insurance Options To Atlantic Canada
Small business owners, self-employed contractors, and employees of companies who use their own vehicles for work across Atlantic Canada now have the opportunity to save up to 35 per cent on the commercial auto insurance or fleet vehicle insurance protection they need through Zensurance, Canada's leading source for small business insurance. Read more.

Canadians Unprepared For Today's Financial Challenges: Survey
New survey results released by Co-operators find that only one third of Canadians are feeling positive about their financial situation. As record level inflation and affordability challenges persist, almost half are worried their income won't keep pace with their basic expenses this year. Read more.

Property Claims Repair Times Straining Insurers' Digital Tools
A combination of severe catastrophic losses, supply chain-related delays and inflation conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. According to the J.D. Power 2023 U.S. Property Claims Satisfaction Study, the combination of more severe events, rising costs and longer cycle times has strained customer satisfaction and tested the limits of the digital tools that were designed to help the industry respond more quickly and efficiently. Read more.

Altai Ventures Launches New Fund For InsurTech, FinTech Startups
Altai Ventures, an early-stage venture capital firm, has announced the closing of Altai Ventures Fund II, LP. The fund closed with USD $53 million in total commitments, surpassing its goal of USD $50 million. Read more.

Global Insurance M&A Activity Hits 10-Year High In 2022
There were more completed mergers and acquisitions worldwide in the insurance sector in 2022 than in any other year in the last decade. However, there was a marked downturn in the second half of the year as economic and inflationary pressures began to impact investor sentiment, according to┬áthe latest Insurance Growth report from global law firm Clyde & Co. Read more.

More Should Be Done to Encourage Ontarians to Save for Retirement
A recent poll commissioned by the Financial Services Regulatory Authority of Ontario (FSRA) found that nearly 9 in 10 respondents feel more needs to be done to encourage people to save for retirement, while nearly two-thirds feel there is not enough public information available about pensions. Read more.

At-Bay Report Highlights Strengths Of Cloud Email Services
At-Bay, the insurance provider for the digital age, has released a landmark report which ranks today's most popular email security solutions and email solutions with the lowest to highest frequencies of cyber incidents related to email over a four-year period. Read more.

Inflation Will Likely Drop By Year-End
RSM Canada, a leading global provider of audit, tax and consulting services focused on middle-market businesses, is pleased to announce the first 2023 edition of its quarterly report providing Canadian businesses with analysis and insights on the country's complex economic conditions. Read more.


The Intersection: Insurance-Canada.ca Blog

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

The Evolution of Mobility and Transportation: What it Means for Insurers
By Mark Breading, Strategy Meets Action
Previously we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? These are the implications, categorized into the good, the bad, and the ugly. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Alessa
Alessa is a solution designed to help insurance companies to review claims to ensure they comply with policies, detect those that require further investigation and track key performance indicators of programs – all to ensure that insurance companies can effectively manage operational costs and reduce losses due to fraud. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Claims Adjuster
Kernaghan Adjusters Ltd.
Calgary, Toronto or Winnipeg

Personal Lines Insurance Broker
Smith, Williams & Bateman Insurance Brokers
Newmarket, ON


From Doug

Insurance and Car Subscriptions

Many people use a car to meet their mobility needs. They might own, lease or rent it; subscription is another option.

A car subscription allows you to pay a monthly fee to drive a new or slightly used car. The cost of insurance, registration, basic maintenance and roadside assistance is built into the monthly fee, and you are often allowed to switch to a different vehicle as needed. It is very much a niche market.

Car subscriber services are available in Canada – see Finder for a list.

The coverage differs from most personal lines insurance:

• Month by month;
• Included in fee;
• Vehicle could change monthly (driver would remain the same).

In many respects, it is comparable to a car rental company's insurance offering.

It is an example of embedded insurance.

From a technology perspective, the subscription management system would connect with the insurance provider's system – in today's technology, a set of APIs.

At least one innovator – Loopit – offers a software system to car subscription services. Loopit itself is a subscription service.

Connected businesses are innovating, offering new services. This complex technology ecosystem is enabling insurance innovation.

How will insurance evolve in response?

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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