INSURANCE INDUSTRY NEWS

The Need To Reload Shock-Absorbing Capacity: Swiss Re Institute sigma Report
From the COVID-19 pandemic to war in Ukraine and 40-year high inflation in major economies, the world has faced extraordinary shocks in the five years since we launched our annual resilience and protection gap research. Given the vast economic policy shifts in response, it is vital we understand what drives risk absorption, the contribution of insurance, and the actions we can take to restore resilience. Read more.

Can Scanning Technology Predict Claims?
In the context of cyber insurance, technology and data is often used as shorthand to describe the rapid uptake and multifaceted use of external scanning methods by (re)insurers. But data alone doesn't guarantee success; insurers must ensure they can rigorously translate this access into actionable insights across their business. Read more.

Trufla, Goose Digital Drive Broker Transformation Via CDAP Partnership
Trufla is proud to announce a strategic collaboration with top-tier tech service provider Goose Digital to empower brokers with innovative solutions and drive digital transformation within the industry. Read more.

Coalition Expands Presence To Quebec
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced its Cyber Insurance and Technology Errors & Omissions Insurance offerings are now available in Quebec. Brokers can receive highly streamlined quotes for small businesses to large enterprises. Read more.

Johnson Insurance, Anthony Insurance Join belairdirect
belairdirect is pleased to announce the transformative rebranding of Johnson Insurance and Anthony Insurance as both brands become belairdirect. Keeping the same people and history that make these brands so well-respected in Newfoundland and Labrador, belairdirect will continue to deliver on the shared purpose of helping customers, employees, and communities. Read more.

ClaimsPro/IndemniPro Acquires LVV Adjusters
ClaimsPro/IndemniPro, an SCM Insurance Services company, is pleased to announce the acquisition of LVV Adjusters. The integration of these two adjusting firms will create a new organization that will strengthen its presence in the Quebec market and draw on the strengths of both teams to better serve clients in the region. Read more.

Meridian Partners With TruShield Insurance
Meridian, Ontario's largest credit union, is proud to announce a new partnership with TruShield Insurance, Canada's first direct-to-consumer small business insurance provider. The partnership allows Meridian Members to access TruShield's commercial insurance policies at a preferred rate. Read more.

Accenture Investing In A.I. To Accelerate Clients’ Reinvention
Accenture is pleased to announce an investment of a USD 3 billion over three years in its Data & AI practice to help clients across all industries rapidly and responsibly advance and use AI to achieve greater growth, efficiency and resilience. Read more.

Canopius Launches Global Cyber Incident Management Team
Canopius Group, a leading global specialty (re)insurer, is pleased to announce the launch of its Cyber Incident Management Team, available to all Canopius cyber policyholders worldwide with immediate effect. The service provides comprehensive support to insureds and brokers as they manage the disruptions caused by cyber-attacks. Read more.

Unlocking Success in Insurance Partnerships: Four Essential Tips For Brokers
Establishing a smooth and mutually beneficial relationship with insurance providers and insureds is vital for brokers to thrive in the P&C industry. By building strong partnerships with insurance providers, brokers gain access to a wide range of products, competitive pricing, and valuable support. This enables them to offer tailored coverage options and address the specific needs of their clients. Read more.

How Brokers Can Harness Artificial Intelligence & Data To Thrive
Webinar – Wednesday, July 19

Data and AI can help a broker make targeted and informed decisions about the brokerage, reduce operational expenses and automate day-to-day tasks.

Trufla CEO Sherif Gemayel will dive deep into how a broker can use unprecedented amounts of data to inform and transform strategies to sell not just choice, convenience, and optimization, but create an experience that direct writers simply cannot do through advocacy.

Register now or learn more about the webinar.

In the InsurTech Spotlight this week:

B4E Insurtech
B4E Insurtech is an Insurance Technology company that empowers the industry supply chain to create meaningful and affordable insurance products for the mass-market client segment. Our focus is on minimizing technology costs while simplifying processes, driving efficiencies, and expanding geographical reach. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Last week I looked at embedded insurance as part of a commercial purchase transaction where the digital retailer becomes the point of purchase. Affinity or group insurance is already common; it is another example of embedded insurance. When a new employee or group member is onboarded, they may automatically receive some standard insurance, and/or be offered optional coverages. With climate change recognized as a worldwide issue, the industry is looking for creative ways to tackle associated challenges. Might community-embedded insurance be an innovative way of addressing natural risks – such as flood, wild-fire, wind, hail, possibly even earthquake – that impact entire geographic communities? In this scenario, an insurance policy would be sold to the entire community, collectively spreading the risk and financial burden over more homes, resulting in a lower cost per home. Community-embedded insurance is just one example of creative insurance products that have the potential to close the protection gap and help make us more resilient to climate risks. Read more: “Community-Embedded Insurance: A Model For Insurance Innovation.” Doug Grant, CIP Partner Insurance-Canada.ca