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MARCH 7, 2023

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INSURANCE INDUSTRY NEWS

Expanding Commercial P&C’s Market Relevance: Global Insurance Report 2023
Global commercial property & casualty lines have delivered strong financial performance in recent years following the soft market of 2013 to 2018, despite widespread disruption in the wake of the COVID-19 pandemic, the war in Ukraine, and the resulting supply chain disruptions. Premiums have been propelled by extensive year-on-year risk-adjusted rate hardening, and combined ratios have been improving. Read more.

HelloSafe Partners With soNomad In Canada
HelloSafe, an insurance and financial product comparison platform whose website attracts more than 3 million visitors per year across Canada, is pleased to announce a new partnership with soNomad, a company specializing in travel insurance in Canada. Read more.

Westland Acquires Leading Music Insurance Broker
Westland Insurance, Canada's largest independently owned insurance broker, is pleased to announce that it has acquired Shephard Ashmore Insurance Inc., headquartered in Vancouver, B.C. Read more.

Life & Health Insurers To Tackle Benefits Fraud Through Joint Investigations
Canada's life and health insurers are now working together to conduct joint investigations into health service providers that are suspected of fraudulent activities. The industry continues to make significant investments in technology, skilled staff and education programs to mitigate fraud. Read more.

Equisoft Secures Funding to Strengthen its Position as Global Tech Leader
Equisoft, a leading global digital solutions provider to the financial industry, is pleased to announce the successful closing of a CAD 125 million equity investment from new investors Investissement Québec and the government of Québec alongside existing long-time investment partners Export Development Canada and Fondaction. Read more.

McFarlan Rowlands Launches Gold Private Client Solutions
McFarlan Rowlands Insurance Brokers is pleased to announce the launch of McFarlan Rowlands Gold Private Client, a department operating within the personal lines division of the company, consisting of a team of experienced Brokers with specialized skills to create customized insurance solutions for high net worth individuals. Read more.

Fear Of Self-Driving Cars On The Rise: AAA
The results of AAA's annual automated vehicle survey reveal that while there is still a high level of interest in partially-automated vehicle technology, attitudes toward fully self-driving vehicles have become increasingly apprehensive. AAA believes automakers must be diligent in creating an environment that promotes the use of more advanced vehicle technologies in a secure, reliable, and educational manner. Read more.

Reducing Losses From Water Damage Claims In Commercial Real Estate
Eddy Smart Home Solutions Ltd. is pleased to share the results of a recent study on the effectiveness of water protection systems conducted by Aon Canada's Real Estate Practice, which found that the use of water leak detection technologies can significantly reduce the total damages incurred for insurance water damage claims for owners of commercial real estate operations. Read more.

Why Now Is The Time Cyber ILS Has The Momentum To Succeed
Lockton Re is pleased to announce the launch of a new report, Unlocking Potential: Why Now Is The Time Cyber ILS Has The Momentum To Succeed, in partnership with Cybercube Analytics and Envelop Risk. There has been talk for years about the potential of cyber ILS to transform the cyber insurance market, and the conditions of the market today are at a point where this potential can be fulfilled. Read more.

Socotra Launches Line Of End-To-End Insurance IT Solutions
Socotra is pleased to announce the launch of Socotra CorePlus™, a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers, including Mendix, Snapsheet, and Stripe. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization. Read more.

Travellers Doing More To Protect Themselves
A new survey shows that Canadians plan to travel this spring and summer, but concerns about travel issues have them taking steps to protect themselves. Read more.


The Intersection: Insurance-Canada.ca Blog

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

The Metaverse: Closer Than You Think, or Further Than You Can Imagine?
By Mark Breading, Strategy Meets Action
The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. I believe there are arguments both for and against the near-term emergence and impact of the Metaverse. But before getting into the implications for the P&C insurance industry, it is important to define what is even meant by the term – there is no universal agreement on the Metaverse concept. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Mobileye
Mobileye is leading the mobility revolution with its autonomous-driving and driver-assist technologies, harnessing world-renowned expertise in computer vision, machine learning, mapping, and data analysis. Our technology enables self-driving vehicles and mobility solutions, powers industry-leading advanced driver-assistance systems, and delivers valuable intelligence to optimize mobility infrastructure.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Prevention by Managing Risk

A few years ago, Manulife/Hancock introduced Vitality, a program that helps policyholders learn about and improve their health. It also rewards them for healthy choices along the way.

The innovators embraced and implemented the company's now market-leading position in behavioral insurance, which offers customers significant savings and rewards for healthy living.

In 2022, to improve the risk management element, a pilot group was given access to a multi-cancer early detection test called Galleri.

The American Cancer Society (ACS) notes that early detection of cancer can improve cancer outcomes, yet today, many cancers are detected in late stages because only five types have recommended screenings: breast, cervical, colon, lung, and prostate cancers.

In a clinical study, the Galleri test demonstrated the ability to detect more than 50 types of cancers.

The ACS cites better early detection, among other advances, as a driving factor in reducing the death rate by a third since 1991.

The pilot with Vitality exceeded expectations and the offering is now available to more eligible customers.

Technology plays an important enabling role in this extended program, from development and now deploying the Galleri test, through the ongoing IoT aspects (data and analysis) of Vitality, as well as engagement and personalization,

People innovate; technology enables.

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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