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MAY 23, 2023

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INSURANCE INDUSTRY NEWS

Economic Uncertainty Is Number-One Risk Perceived By Canadian Businesses
Aviva Canada has released its second annual Risk Insights Report, which examines the perceived stressors impacting Canadian businesses, providing a window into the current risk landscape. Aviva’s research found most businesses recognize the importance of risk management but many aren’t equipped to handle the next wave of disruption. Read more.

Roots Automation Introduces InsurGPT
Roots Automation is pleased to announce the release of the world's most advanced fine-tuned Generative AI model, designed specifically for the insurance market. InsurGPT further expands the natural language capabilities of Digital Coworkers by utilizing proprietary, fine-tuned Large Language Models to read and accurately extract data. Read more.

Definity, McDougall Partner With Mcfarlan Rowlands, Forming Leading Broker Platform
McDougall Insurance Brokers Limited, a subsidiary of Definity Financial Corporation, is pleased to announce it has purchased 100% of the shares of McFarlan Rowlands Insurance Brokers Inc. and affiliated entities, effective May 8th. Read more.

Guidewire PartnerConnect Ecosystem Milestone
Guidewire is pleased to announce its Guidewire Marketplace is now home to over 200 partner apps, solidifying the PartnerConnect Solution ecosystem’s position as the largest in the P&C industry. With over 180 Solution partners, the Guidewire PartnerConnect ecosystem continues to expand the breadth of innovative solutions to benefit its global community of P&C insurers. Read more.

ICEYE, Global Parametrics Enter Data Agreement
ICEYE, a world-leading provider of natural catastrophe solutions and insights, is pleased to announce it has entered an agreement with Global Parametrics, experts in developing innovative solutions to climate and natural disaster risks, to provide flood data to support the development of innovative parametric risk transfer solutions. Read more.

Messagepoint Unveils AI-generated Content For Customer Communications
Messagepoint Inc. is pleased to announce the availability of AI-powered content generation to support the optimization of customer communications, leveraging OpenAI’s ChatGPT and GPT-4. Read more.

Ransomware Attacks Double In Frequency
Resilience has launched the first edition of its annual Claims Report, illuminating how a new approach to cyber risk is helping to reverse the trend in ransomware attacks. Read more.

Transitioning Market Remains Focused On Profitable Growth: Aon
Aon plc, a leading global professional services firm, has released its Spring 2023 Canadian Insurance Market Update. Published in support of Aon's ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that despite economic volatility, catastrophic climate events, supply chain and labour challenges and geopolitical uncertainty, the market has proved remarkable resiliency. Primary insurers are maintaining strategic growth targets and more flexibility on negotiations than in recent years. Read more.

Coalition Announces 2023 Cyber Claims Report
Coalition has released the 2023 edition of its Cyber Claims Report, detailing the evolution of cyber trends. The report found that policyholders with even one unresolved critical vulnerability, and those who continued to use unsupported software, were more likely to experience a claim Read more.

Cyber Incidents Driven By Exploitation Of Software Vulnerabilities: Beazley Report
Beazley is pleased to announce the launch of its latest Cyber Services Snapshot report, which shows that combating the increased exploitation of software vulnerabilities with a layered cybersecurity strategy is essential to protect organizations. Read more.

John Hancock Collaborates With ŌURA
John Hancock, a unit of Manulife, is pleased to announce it has expanded its industry-leading Vitality program through a new collaboration with OURA, the company behind the smart ring that delivers personalized health data, insights, and daily guidance. Read more.

Relay Appoints Aaron Davidson As CEO
Relay Platform, the innovative multi-carrier insurance platform, is pleased to announce the appointment of Aaron L. Davidson as its new Chief Executive Officer, following an extensive search and selection process. Read more.


InsurTech Social

InsurTech is changing insurance.

Join your peers on Tuesday, June 6th, 4:30-6:30pm at The Fox on John in Toronto, to mingle, network, and discuss over a drink.

A significant discount is available for Chronicle readers: Contact [email protected] if you didn't receive a copy directly in your inbox.

Details and Registration.


Insurance-Canada.ca ‘Technology In Action’ Series
Insurance Fraud: Connecting People With Places And Their Activities
WebinarWednesday, May 31

Fraud is an ever-evolving challenge for the insurance industry – and an added cost to consumers.

W3 Intelligence Research Group employs strategic processes throughout the investigative process to locate, collect, disseminate, and document evidence from internet sources.

Senior Investigative Consultant Liz Pia will elaborate on their approach to working collaboratively with insurers, industry partners, and stakeholders.

Register now or learn more about the webinar.


Is your business ‘cyber insurance ready’? Get your technology checklist from Fortify!


InsurTech Spotlight

In the InsurTech Spotlight this week:

Instant Risk Coverage
Instant Risk Coverage (IRC) is a digital insurance provider with on-demand solutions built to support the needs of venues, professionals and their clients. While still allowing Insurance Brokers to own their relationship with their clients, IRC does the heavy lifting of quoting, issuing policies, and processing claims. This allows us to provide insurance in minutes with no calls, no emails, and no more waits.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Is insurance a commodity? (Continued from last week)

The dominant message in consumers’ minds seems to be that insurance is a commodity and price is the best arbiter. After all, the insurance industry tells them so.

Most Insurance products require some basic details to be placed. Even those basics offer choices, which may inter-relate. Do people outside the insurance industry understand the implications of certain choices and their relationships?

Most policyholders will benefit from advice to choose the best options.

From lead generation through quotation to issuance, the Insurance provider steadily increases the data collected about policyholder and the subject of the policy.

The data opens the opportunity to help manage the associated risks and lower the probability of a loss. This could decrease premiums going forward. And a loss avoided saves the policyholder much angst, and often money as well.

Good risk management in turn begets more data. If well-managed, the data is essential to a good communications program with the insured.

Good communications fit the insured’s preference of channels, message, when, frequency etc. - yet more data and personalization opportunities.

The reward: customer loyalty and a better book of business.

Insurance: definitely not a commodity. Active engagement will help keep it so.

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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