INSURANCE INDUSTRY NEWS

Transformative Trends: An Opportunity To Create New (Re)Insurance Markets
Aon plc is pleased to announce the release of a new Transformative Trends report, An Opportunity to Create New (Re)Insurance Markets. We see a multitude of megatrends emerging that will profoundly change our world, from climate change to artificial intelligence and the Metaverse. These trends will also drive the (re)insurance markets of the future, creating demand for both traditional and new protection products, as well as services that prevent and mitigate risk. Read more.

Swiss Re Identifies Emerging Risks
From thawing Arctic waterways to hackers tampering with artificial intelligence, the emerging risk landscape is multi-faceted. The 11th edition of Swiss Re's SONAR report reveals that the threats on the horizon are developing as dynamically as the technological, geopolitical and social changes in the world today. Read more.

Hi Marley Insurance Cloud Platform Adds Innovative Collaboration Hub
Hi Marley, creators of the only digital collaboration platform built for the P&C insurance industry, are pleased to introduce Collaboration Hub, a suite of tools designed to make communication and collaboration frictionless between policyholders, carriers and the rest of the insurance ecosystem. Read more.

CL Working Group Publishes Quote & Bind Requirements For Two More Segments
CSIO is pleased to announce that the Commercial Lines Working Group has published business requirements to quote and bind two more commercial segments – health services and warehousing. Read more.

CBN Adds My Insurance Broker
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce that My Insurance Broker, based in Richmond Hill, Ontario, has joined CBN as its latest member. Read more.

FIRST Canada Partners With Red Planet Software
FIRST Insurance Funding of Canada, the industry leader in payment solutions, is pleased to announce a strategic partnership with Red Planet Software, a leading global provider of insurance software solutions, to expand Canadian brokers' financing and payments offering. Read more.

Navacord Expands In Atlantic Canada With Mitchell McConnell Insurance
Navacord Corp., a leading multi-line insurance brokerage and risk management firm, is pleased to announce a new partnership with Mitchell McConnell Insurance Ltd., headquartered in Saint John, NB. Read more.

Western Expands From Coast To Coast
Western Financial Group is pleased to announce it has completed its full acquisition of Huestis Insurance and Associates Ltd. (HIAL). Western now owns and operates insurance brokerages from British Columbia to the Maritimes and remains one of the largest Insurance brokerages in Canada. Read more.

Toole Peet, Lloyd Sadd Join Forces In Alberta
Toole Peet Insurance, a leading insurance brokerage in Alberta, is pleased to announce a merger with Lloyd Sadd Insurance Brokers Ltd., effective June 16th. Read more.

Wisedocs Launches Medical Record Summary Platform
Wisedocs is pleased to announce the launch of their new AI Medical Summary Platform, powered by state-of-the-art generative AI. The new platform supports companies in the insurance ecosystem by allowing them to quickly summarize thousands of pages of medical records while gaining insights across documents to enable fast and inexpensive reviews of and decisions on medical records. Read more.

Sun Life Health Launches Online Pharmacy App
In recognition of the fact that nearly half of all Canadians take a maintenance medication to treat a chronic condition, Sun Life Health is introducing Lumino Health™ Pharmacy, provided by Pillway, to make it easier for clients to take charge of their health. Sun Life clients will have the convenience of a pharmacist at their fingertips through the Lumino Health Pharmacy app. Read more.

Canada Sour On EVs Compared To U.S.
Two-thirds of Canadian consumers say they are unlikely to consider an EV for their next vehicle purchase, according to the second annual J.D. Power Canada Electric Vehicle Consideration Study. Overall EV consideration in Canada has declined over the last year and significantly lags U.S. rates. Read more.

HNW Bracket Sees Biggest Decline In Years
Capgemini's latest World Wealth Report reveals the global high-net-worth-individual population dropped by 3.3% in 2022, while the value of its wealth decreased by 3.6%, which marks the steepest drop in a decade, triggered by geopolitical and macroeconomic uncertainty. Read more.

In the InsurTech Spotlight this week:

Samos Insurance
Samos is an InsurTech company that created the world's first on-demand accidental death insurance for surgical procedures. Our mission is to provide security to folks having surgery. Our flagship product, Surgical Risk Protection (SRP), provides a death benefit to your beneficiaries with digital-first engagement. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Embedded insurance is coverage purchased as part of a (single) transaction to acquire a (different) good or service. A simple example is a basic warranty, with cost included in the price. An extended warranty is optional and comes at an additional cost. Same for travel insurance – an optional extra in the package when purchasing tickets. A more complex example: new vehicles are increasingly offering embedded insurance as part of the purchase today. The auto manufacturer has all the data about the vehicle, and most are gathering performance data continuously for the life of the car. Thus they have the data needed to insure the vehicle; only owner/driver details are missing. With this inherent data leverage, most auto manufacturers have now established an owned insurance company or are aligned with a third-party insurer. Many analysts predict a rosy growth future for embedded insurance, auto and beyond. How much of the auto premium will be processed by non-affiliated insurers in 2033? What portion of the total P&C premium will be embedded? What are the implications for brokers, MGAs and Insurers? Next week, a look beyond these examples. Doug Grant, CIP Partner Insurance-Canada.ca