INSURANCE INDUSTRY NEWS

World P&C Insurance Report 2023
Mobility market evolution poses challenges and opportunities for P&C insurers who need to make the move from insuring assets to protecting the entire mobility journey. This transformation can yield measurable operational benefits and unlock revenue growth for insurers. These are the findings of Capgemini's World Property and Casualty Insurance Report 2023, developed in collaboration with Qorus. Read more.

Claiming A Stake In The Future Of Insurance
Wisedocs is pleased to announce the release of a new whitepaper analyzing the recent growth in the InsurTech industry and examining how artificial intelligence and machine learning will impact the claims space as we push towards an automated and technology-first approach in the future. Read more.

P&C Insurers Up Their Digital Games, But Miss On Account Servicing: J.D. Power
Historic rate increases in the P&C insurance industry have pushed a record-high volume of shoppers into the marketplace to seek new quotes and switch carriers. According to the J.D. Power 2023 U.S. Insurance Digital Experience Study, insurers have been doing a good job addressing those shoppers' needs via the digital channel, but overall satisfaction declines when it comes to servicing existing customers on digital. Read more.

Navacord Announces Dual Acquisition
Navacord is pleased to announce its strategic acquisition of RWAM Insurance Administrators Inc. and Programmed Insurance Brokers Inc., two prominent companies in the insurance and wealth management sector. 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. Even as attacks skyrocketed, the report reveals nearly 80% of organizations hit by ransomware recovered data and systems without paying a ransom. Read more.

Business & Technology Trends: P&C MGAs
MGAs allow insurers to take advantage of niche market expertise to expand their distribution, and measured in premiums, MGA business is growing faster than the overall P&C industry. A new report from Aite-Novarica Group provides an overview of MGA business and technology issues, with examples of recent insurer technology investments. Read more.

Digital-First Travel InsurTech Lands Funding
Travel insurance startup Faye is pleased to announce it has raised $10M USD in Series A funding just a year after launching its product in the U.S. Faye's proactive and holistic travel insurance product has already delivered unmatched value for travelers embarking from the U.S., resulting in widespread adoption, positive reviews and a significant number of repeat customers. Read more.

CatIQ Updates Insurance Exposure Database
Catastrophe Indices & Quantification Inc. has released the annual update of its Canadian insurance Industry Exposure Database, developed with the support of the Canadian P&C industry, which now contains 2022 year-end estimates of Canadian industry property sums insured. Read more.

BOXX Insurance Launches Personal Cyber Insurance On Its USA Platform
BOXX Insurance is pleased to announce the U.S. launch of MyCyberProtection™ by Cyberboxx Home^SM, an all-in-one product combining comprehensive cyber insurance with security tools and emergency assistance. BOXX also announced the launch of its platform that can be branded by brokers and enables their clients to purchase the insurance policy directly from their website. Read more.

Planet, AXA Climate Extend Strategic Partnership To Drive Drought Insurance Program
Planet Labs is pleased to announce the extension of their strategic partnership with AXA Climate to offer continued satellite data-driven insights for the development of parametric insurance products, which help protect farmers against drought. Read more.

DKI Winnipeg Joins DKI Canada Family
DKI Canada is proud to announce the opening of DKI Winnipeg. This new location will serve Winnipeg and surrounding areas. Read more.

Hudson Restoration Expands Service Area
Hudson Restoration Inc. is excited to announce the expansion of their service delivery area to Kingston / Belleville. Read more.

More Life Expectancy Gains On The Horizon
Gains in human longevity have tapered off over the last decade, but the next wave of improvements is on its way, says Swiss Re's latest report, The future of life expectancy: Forecasting long-term mortality improvement trends for insurance. Future improvements will need to be supported by addressing older-age health issues such as Alzheimer's, lifestyle factors and access to healthcare. Read more.

Insurance Fraud: Connecting People With Places And Their Activities
Webinar – Wednesday, 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.

In the InsurTech Spotlight this week:

Novinsoft
Novinsoft is a major provider of Life and Health Sales and Inforce Product illustrators, Sales Concepts, and Needs Analyses to the Canadian Financial Services industry. Novinsoft specializes in working with clients to custom design and develop systems to client specific and unique requirements. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug MGAs are in major growth mode in Canadian P&C insurance. Specialization is a factor; a specialist should outperform a generalist, in underwriting especially. Talent with skills and experience can better understand the risks. This knowledge can guide product and service innovation to better match customers' needs. Data about a given customer segment is increasing, through both internal experience and from third-party sources. Such data can fuel improvements in product, service and risk management. Risk management is a growing part of insurance services, apart from pure indemnification. A specialist's better understanding of a market segment enables better risk management. Technology is a component of most insurance functions. Being narrow in product focus can speed process innovation – automated underwriting, policy issue, payments, API connectivity – making a provider more attractive to brokers. Best-of-breed practices and services facilitate a good user experience, and better service for the ultimate insured, the broker, staff and markets. Quality people, good leadership and modern technology make a solid foundation. How will the Canadian MGA community fare through this decade? And to what degree will rapidly changing technology play a role? Doug Grant, CIP Partner Insurance-Canada.ca