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Insurance-Canada.ca - Where insurance and technology meet

JULY 25, 2023

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INSURANCE INDUSTRY NEWS

2023 Global Insurance Survey Results: Capco
As insurers survey a dynamic and uncertain future landscape rife with challenges (including customer engagement and retention, cost pressures, technology modernization and competition), high-quality data is one of the levers available to enact change and ensure their relevance to their customers. Read more.

Executives Believe Generative AI Benefits Will Outweigh Concerns
More than two-thirds of executives believe that generative AI will enable organizations to widen the scope of the roles of knowledge workers, according to Capgemini Research Institute’s latest report. Read more.

Duuo Launches Embedded Insurance Platform
Duuo by Co-operators is pleased to announce the launch of its first embedded insurance API for partners. This advanced integration enables Canadian businesses to embed the insurance purchase journey directly into their website, app, or platform. Read more.

Strategists See AI, Analytics As Critical To Their Success: Gartner
Most corporate strategists believe that technologies such as analytics and A.I. will be critical to their success over the next two years, and that automation of strategic planning could be more than tripled, according to a new survey by Gartner. Read more.

New Technologies Distract Businesses As Cybercrime Intensifies
Beazley's latest Risk & Resilience report on perceptions around technology risks reveals that while the economic impact of cyber crime on business continues to rise, boardroom focus on cyber risk appears to be diminishing. Read more.

Swiss Re sigma: World Insurance ‘Not Shaken’
Global economic growth has been stronger than anticipated so far this year, but a slowdown in the second half remains on the cards. Still-high inflation means today's interest rate mantra is “higher for longer,” which has implications for the insurance sector. Read more.

Auto Claim Severity Surged During Pandemic
While U.S. auto claim frequency has declined over the past 20 years, claim severity increased and then surged since the global pandemic began in 2020, according to a new report from the Insurance Research Council. Read more.

Westland Acquires Sigurdson Financial Benefits
Westland Insurance, one of Canada’s largest independently-owned brokerages, is pleased to announce that it has acquired Manitoba-based Sigurdson Financial Benefits Inc., effective July 1st. Read more.

Navacord’s Benefits Practice Adds Belay Advisory
Navacord is pleased to announce their partnership with Alberta-based Belay Advisory, a full-service benefits consulting and wealth advisory firm. Read more.

CompareHealth Announces V2 With Major Enhancements
CompareHealth, an online platform that helps advisors quote and compare individual health and dental insurance plans for their clients, has launched version 2.0 of its platform with new features and a revamped revenue model insurance advisors want. Read more.

Majesco Enriches Analytics Solution With Data Integration Via Qlik
Majesco is pleased to announce it is enhancing its analytics solutions and speeding implementation with Qlik’s data integration capabilities. Read more.

Brokerlink Announces Key Deal In Alberta
BrokerLink Inc. is pleased to announce it has closed its largest acquisition of 2023 with Access Insurance Group, effective July 1st, providing an opportunity for the company to expand its footprint in Alberta. Read more.

Hub Launches Multi-Industry Franchise Insurance Solutions
Hub International Limited is pleased to announce the launch of HUB Franchise Insurance Solutions, a digital platform to help franchisors and franchisees in the U.S. and those with cross-border operations in Canada manage all their insurance needs in one place, review competitive pricing and track compliance. Read more.

Solera Unveils Web Browser-based Intelligent Triage to Revolutionize FONL
Solera Global Corp is pleased to announce the launch of its groundbreaking web browser-based Intelligent Triage solution, eliminating the need for extensive integrations or software installations. This global service empowers claims handlers to swiftly assess whether a damaged vehicle is repairable right from the First Notice Of Loss. Read more.

Progressive Implements Mitchell Estimating Platform To Streamline Truck Appraisals
Mitchell is pleased to announce that Progressive Insurance, the largest U.S. insurer of commercial autos, has implemented Mitchell Cloud Estimating TruckMax to help better manage appraisals of collision-damaged trucks. Read more.

Securian Selects Fineos Claims Platform
FINEOS Corporation is pleased to announce that Securian Canada has selected FINEOS for its disability management claims administration software solution. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada's short- and long-term disability benefits programs. Read more.

Aon Parametric Insurance Program Drives Catastrophe Resilience In Puerto Rico
Aon plc is plesed to announce the completion of a historic parametric insurance program for the Government of Puerto Rico, aimed at helping the island reduce its insurance obligation to the U.S. Federal Emergency Management Agency. Read more.

Blink Creates 30 Tech Jobs At New EU HQ
Blink Parametric is pleased to announce plans to increase its headcount, effectively doubling its workforce in Cork, Ireland, by the end of 2025. The expansion will be across all technical roles, the majority of which will be based in their new office location. Read more.

First Blockchain-Powered Luxury Watch Embedded Insurance
YAS is proud to announce the launch of TimeCare, a revolutionary luxury watch insurance program powered by blockchain technology. This innovative solution offers enhanced security, transparency, and a seamless embedded insurance experience to cherished timepieces. Read more.


The Intersection: Insurance-Canada.ca Blog

What's going through the Intersection
of insurance and technology?

Protecting Your Precious Furry Cargo On The Go
By The GOOD HANDS® Advice Team
Many pet owners consider their furry friends as part of the family, deserving of all the love and care a family member should expect. But some pet parents might not be fully aware of how to protect their animal when driving. Pets should not be roaming freely in the car, as they can distract the driver and be injured in an accident. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
Streamlining Property Restoration Claims Adjusting & Preventing Fraud
WebinarWednesday, August 2

RocketPlan's innovative approach to disaster restoration claims management focuses on reducing the entire claims cycle with a mobile-first, user-friendly platform.

Users capture data on the go, share documentation in real-time, automate reports, and sync to the desktop app. The all-in-one software-as-a-service tool eliminates the need for multiple platforms.

CEO and Founder Joe Tolzmann will share how RocketPlan creates transparency for the restoration company, insurance adjuster, estimator, independent adjuster, project manager, insurance carrier, and property owners by providing a single place for all their relevant and actionable information.

Register now or learn more about the webinar.


InsurTech Spotlight

In the InsurTech Spotlight this week:

CompareHealth
CompareHealth is an online platform that makes quoting and comparing personal health insurance plans (‘health plans’) easy for advisors and managing general agencies (MGAs) in Canada Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Risk Placement Manager - Commercial Lines
KRGInsure, a division of RRJ Insurance Group
Toronto, ON

Intermediate Claims Examiner
Government of Ontario
Toronto, ON


From Doug

Artificial intelligence, long a science fiction topic, has become a reality.

In the 1990s, I recall one Canadian P&C company project using “expert systems” to improve commercial lines marketing for their brokers.

The allure of expert systems evolved into general “analytics” tools, which became richer with developments such as neural networks.

The AI toolkit continued to evolve with components such as robotic process automation (RPA), machine learning, deep learning, advanced analytics, etc. Analytics tools have become common in the insurance business.

Generative AI, large language libraries, and foundation models are new terms, common now since ChatGPT became publicly available in 2022. Anyone can use it, even casually, for little or no cost. Generative AI brought AI out of the domain of data scientists and technology experts.

Technology breakthroughs have long enabled growth in the number of users: In the 1980s, personal computers with word processing, spreadsheet and database; in the 1990s, the internet, browsers and email; the 2000s brought social media and the smart phone; in the 2010s, InsurTech spurred innovation in the insurance business.

Will generative AI likewise prove to be the defining technology of the 2020s?

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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