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AUGUST 8, 2023

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INSURANCE INDUSTRY NEWS

Cyber Incidents Decrease Shareholder Value: Aon Survey
Aon plc has published its 2023 Cyber Resilience Report, revealing that, on average, a major cyber incident resulted in a 9 percent decrease in shareholder value in the year following the event. The report serves as a guide to help business leaders benchmark their organization's cyber risk maturity against peers and make better decisions when managing cyber. Read more.

AXA Launches Secure Generative AI For Employees
AXA is pleased to announce the deployment of AXA Secure GPT, an internal service built on Microsoft's Azure OpenAI Service. Developed by AXA's in-house experts leveraging AXA's collaboration with Microsoft, AXA Secure GPT gives AXA employees access to a secured digital cloud platform and enables enterprise-wide use of the transformative technologies of Generative AI and Large Language Models. Read more.

Wawanesa To Sell U.S. Subsidiary, Focus On Canadian Market
The Wawanesa Mutual Insurance Company is pleased to announce that it has entered into a definitive agreement to sell its U.S. subsidiary Wawanesa General Insurance Company to the Automobile Club of Southern California's affiliated insurer, subject to regulatory approval and other customary closing conditions. The financial terms of the transaction have not been disclosed. Read more.

Hub Acquires Golden Ears Insurance Services
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Golden Ears Insurance Services Ltd. Terms of the transaction were not disclosed. Read more.

Westland Acquires Hubbard Insurance, Assurance Belliveau
Westland Insurance, Canada's leading independently-owned insurance brokerage, is pleased to announce that it has acquired Ontario-based Hubbard Insurance Group and New Brunswick-based Assurance B. Belliveau Insurance Inc. These acquisitions contribute to Westland's national expansion and bring Westland into new areas. Read more.

Acturis Acquires Broker Buddha, Enters US Market
Following its successful entry into the Canadian insurance market, Acturis Group is pleased to announce that it has acquired US-based Broker Buddha. Read more.

Duliban Insurance Brokers Acquires 100-Year-Old Brokerage
Duliban Insurance Brokers Ltd. is pleased to announce their acquisition of Welland, Ontario-based Mason Insurance Brokers, a full-service, independent brokerage serving the Niagara Region since 1919. Read more.

Prizm Financial Joins Acera Insurance
Acera Insurance Services Ltd. is pleased to announce Prizm Financial Inc. has joined Acera Insurance. This merger expands Acera's specialty Acera Benefits division. Read more.

ICPEI Selects Guidewire Cloud For Business Growth
Guidewire Software is pleased to announce the Insurance Company of Prince Edward Island has selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, and grow its business. Guidewire PartnerConnect Consulting Global Premier member EY Canada will be leading the implementation project. Read more.

IBAO Releases Foundational eLearning Course
The Insurance Brokers Association of Ontario has released a new eLearning course, “Auto Foundations: SABS for Personal and Commercial Lines Brokers.” The two-part course covers technical content, risk management and client considerations through a modern, learner-centric experience. Read more.

2023 IBM Cost Of A Data Breach Report
In the past six months alone, data breaches at leading Canadian organizations have cost businesses millions of dollars, and the escalating tide of cyberattacks is having profound impacts, according to a new IBM report. Read more.

ZestyAI Named A Top 50 InsurTech Leader
ZestyAI has been recognized as a top 50 InsurTech and leader in climate and property risk analytics solutions by CB Insights. ZestyAI's inclusion in this select group highlights the significant impact the company has had in delivering valuable climate and property risk analytics solutions to leading insurers. Read more.

Ontarians Concerned With The Rise In Auto Theft: CAA Survey
A recent survey conducted on behalf of CAA Insurance Company has found that a growing number of Ontarians have significant concerns about vehicle theft. The findings indicate that almost half of respondents (47 per cent) are very concerned about auto theft. That number increases to 57 per cent for those living in Toronto and the Greater Toronto Area (GTA). In contrast, those who live in either Northern (14 per cent) or Southwestern Ontario (10 per cent) were less worried about auto theft. Read more.


Insurance-Canada.ca ‘Technology In Action’ Series
How Brokers Can Attract And Retain Customers With Niche On-Demand Insurance
WebinarWednesday, August 16

Insurance brokers operate in an ever-evolving digital landscape where consumer preferences are defined by big tech companies which have normalized an ever-increasing level of convenience and choice.

The advantage lies with a broker that is able to provide quick, easy, and tailored insurance solutions.

Samos Insurance's unique product offering is being used by brokers as a lead generation tool as well as a powerful customer retention solution.

Founder & CEO Leon Punambolam joins us for our next ‘Technology In Action’ webinar to talk about its quick and easy quote to policy issuance process, underpinned by a proprietary data model.

Register now or learn more about the webinar.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Eddy Solutions
Eddy Solutions is an industry leader in intelligent leak protection and water monitoring solutions. Our suite of smart products offers a comprehensive water management system for building operators and homeowners that protects, controls, and conserves water. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

All Lines Road Adjuster
PCA Adjusters Limited
Ottawa, ON

Vice President, Insurance Services
HIROC
North York, ON


From Doug

Tidbits about Generative AI

Just eight months after OpenAI introduced ChatGPT, CBInsights has identified more than 360+ generative AI companies. (See “The state of generative AI in 7 charts.”)

Both easy and free to use, Generative AI was adopted in the USA more quickly than either smartphones or tablets. The latter are everyday essential tools for many; will generative AI prove as useful?

About 20% of those in age groups 25-34 and 35-44 are monthly users. (See “How marketers are thinking about generative AI now that the hype has faded” from eMarketer.)

In April, executives in a worldwide survey indicated their top applications of generative AI: Chatbots (customer service and knowledge management) and Data (designing, collecting or summarizing information).

In a June survey, the top three applications for marketers were basic content creation, copy-writing, and inspiring creative thinking.

Not all is optimism: In June, Ipsos reported the top concerns for US adults involved impersonation (data gathering), data manipulation (“fake” content), identifying what was produced by AI versus humans, privacy (AI releasing private data), and the spread of misinformation.

AI has increasingly become a part of both personal and business spheres over the last two decades. Generative AI may well be the tipping point which takes usage and value to the next level.

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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