INSURANCE INDUSTRY NEWS

Coalition Launches Generative Artificial Intelligence For Brokers, Businesses
Coalition is pleased to introduce CoalitionAI™, a new initiative to deploy generative AI and large language models to help brokers and businesses protect themselves from cyber risk. US-based brokers and businesses can now access new AI-powered education and chat features. Read more.

LMIC Goes Live With Cognition+ Accounting
Lambton Mutual Insurance Company is pleased to announce they have successfully implemented Phase 1 of Cognition+ Accounting, transforming their transaction processing and reporting capabilities with the new functionality available with the Cognition+ Platform. Read more.

Blink Parametric Takes Off In The U.S.
As it enters the US market, Blink Parametric is pleased to announce it has inked a three-year deal with AwayCare, who led the initiative to provide its Flight Delay service to US-based Travel Insured International. TII will make the AwayCare Flight Delay service, managed by Blink, available within select plans in the U.S. Read more.

Beazley Launches Cyber Resilience Services
Beazley is pleased to announce it has launched a new package of cutting-edge complimentary cyber risk management services and tools for middle-market clients to help them improve their cyber resilience. Read more.

Aon’s 2023 Q1 Global Catastrophe Recap
Aon plc, a leading global professional services firm, has published a catastrophe recap report which provides a preliminary estimate of global natural disaster losses for the first quarter of 2023. Read more.

Westland Announces Triple Acquisition
Westland Insurance, one of Canada's largest independently owned brokerages, is pleased to announce the acquisitions of Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management. Read more.

Azuga Joins IoT Insurance Observatory
Azuga, a leading global connected vehicle platform for insurance and commercial fleets, has joined the IoT Insurance Observatory as an official member for 2023. Read more.

Brown & Brown Acquires Highcourt Breckles Group
Brown & Brown, Inc. and Highcourt Breckles Group are pleased announce that Brown & Brown has completed the acquisition of Highcourt Partners Limited and its subsidiaries eUnderwriters and CLIS. Read more.

Minerva Launches Canada’s First Comprehensive Wildfire Risk Map
Minerva Intelligence Inc., a software and data analytics company focused on building decision support tools for climate risk, is pleased to announce that climate85 has launched a wildfire risk score that is the first publicly available wildfire risk score dataset in Canada. Read more.

ASSI Opens CRC In Windsor, Ontario
Accident Support Services International Ltd. is proud to announce it has partnered with the Windsor Police Service to open a Collision Reporting Centre, located at 2696 Jefferson Boulevard. Read more.

Drivers’ Top Five Distractions on the Road
As road trip season approaches, people are getting ready to and take a vacation. According to an Erie Insurance survey, more than half of respondents said they plan on traveling more than 100 miles from home, and the vast majority will travel by car, SUV or truck. They also shared what distracts them the most while driving. Read more.

2023 OpenText Cybersecurity Threat Report
OpenText™ has released its 2023 Cybersecurity Threat Report, which breaks down a broad range of threat activity, offers insight into the trends observed, and discusses wide-reaching impacts for industries, geographies, companies and individuals. Read more.

Marsh McLennan Research Links Key Cybersecurity Controls to Reduced Cyber Risk
Marsh McLennan has released a report that directly links key cybersecurity controls commonly required by cyber insurers to a reduced chance of a cyber incident. By assessing the relative effectiveness of each control, organizations are now able to allocate resources towards those that provide the best protection, better position their risk with insurers, and build their cyber resiliency more confidently. Read more.

Absences, Presenteeism Among Post-Pandemic Challenges: Manulife Wellness Report
Manulife's 2022 Wellness Report, an assessment of existing workplace wellness measures of Canadian employers, highlights that a sizeable portion of Canadian workers are struggling to take care of their health and well-being, resulting in a significant drop in productivity throughout the workforce. Read more.

FIRST Canada Re-Partners With IBAM
FIRST Insurance Funding of Canada, the industry leader in insurance payments, is proud to renew their partnership with the Insurance Brokers Association of Manitoba (IBAM) for a fourth consecutive year. Read more.

Protecting Project Margins with Construction IoT Technology
Webinar – Wednesday, Apr. 19

The list of risks associated with construction is extensive – and insurers are faced with increasing underwriting risk while trying to maintain a healthy loss ratio. Brickeye works with insureds and insurers to reduce risk and protect margins by enabling technology-driven risk mitigation on high-rise and multi-family building construction projects. The company's platform provides advanced IoT job site monitoring across an array of construction risk areas.

Register now or learn more about the webinar.

In the InsurTech Spotlight this week:

Emma
Emma is on a mission to protect as many Canadian families as possible while offering them an accessible and affordable life insurance solution, tailored to their specific needs, thanks to its innovative technology and valuable partnerships. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Parametric insurance covers the probability of a predefined event happening (e.g. a major hurricane or earthquake), paying out according to a predefined scheme. The insurance cover is triggered if the event parameters are met or exceeded, measured by an objective parameter or index that is related to an insured's particular exposure. The trigger must be independently and objectively measurable, and it must be able to be modeled. Key benefits of parametric insurance include flexibility, the possibility to provide coverage for difficult-to-model losses, and faster payouts, once the trigger is verified. Blink Parametric, for example, supports numerous Canadian businesses, including Manulife, Blue Cross, TuGo, and AwayCare, an MGA which has recently expanded into the USA. The global parametric insurance market was $11.7 billion in 2021, projected to $29.3 billion by 2031 (Allied Market Research). Factors enabling growth: • Increasing availability of data as satellites and sensors proliferate; • Improved precision of data; • Better analytics tools, especially AI by rendering more data usable; • Broader awareness. Even if it isn't a part of your business at present, parametric insurance is probably in your future. Doug Grant, CIP Partner Insurance-Canada.ca