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SEPTEMBER 12, 2023

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INSURANCE INDUSTRY NEWS

Definity Launches Sonnet Shift UBI Offering
Leading property and casualty insurer Definity¬† has launched a new usage-based insurance product offering, Sonnet Shift, which gives Sonnet customers in Ontario a personalized insurance experience, delivered through a best-in-class program offering drivers enhanced control over their premiums while promoting safer driving habits. Read more.

ChatGPT Prompts Increase In AI Investment
In a recent Gartner poll of more than 2,500 executive leaders, 45% reported that the publicity of ChatGPT has prompted them to increase artificial intelligence (AI) investments. Read more.

Capgemini Launches New Generative AI Offerings
After seeing an acceleration of client focus and demand around generative AI in recent months, Capgemini is¬†pleased to announce it is launching a generative AI portfolio of services, spanning from strategy definition through to practical development and implementation of generative AI at scale. Read more.

Gallagher Mid-Year Market Conditions Report
Two distinct markets are emerging as we progress through 2023. On the Property insurance side, we're seeing some rate reductions, but there are still challenges on many accounts. Within the Casualty insurance and Liability classes, we're seeing less challenging conditions. Read more.

Sovereign Insurance Deploys New Capabilities
The Sovereign General Insurance Company is pleased to announce its launch of new competitive wordings, an industry-focused suite of Sovereign Secure Commercial product offerings, and a modern, state-of-the-art policy administration system. Read more.

R.E. Miner Insurance Is Collectivfide's Newest Broker Partner
Collectivfide Insurance Group Inc. is pleased to announce the newest acquisition of R.E. Miner Insurance Brokers Limited into the Collectivfide Network. The 50-year-old brokerage in Comber, Ontario, marks Collectivfide's tenth overall acquisition. Read more.

Custom Software Solutions Becomes Rival Insurance Technology
Custom Software Solutions is rebranding itself as Rival Insurance Technology, reinforcing the company's commitment to innovation, collaboration and dedication to providing transformative technology. Read more.

Westland Acquires Insurance Matters Inc.
Westland Insurance, Canada's leading independently-owned insurance brokerage, is pleased to announce that it has acquired Insurance Matters Inc., a significant step toward expanding operations in Saskatchewan. Read more.

Hub International Acquires GJJK Inc.
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Ontario-based GJJK Inc., a commercial and personal insurance provider specializing in the cannabis industry. Terms of the transaction were not disclosed. Read more.

CBN Announces 2023 Underwriters Of The Year
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce its 2023 Underwriters of the Year, selected by CBN members. Read more.

Insurers Taking Action To Combat Auto Theft
As Canada faces an auto theft crisis, insurers are taking proactive steps to better protect consumers and their vehicles. Read more.

Swiss Re, Wysa Launch Mental Health App With Individual Risk Score
Partnering with Wysa, Swiss Re Reinsurance Solutions has launched Wysa Assure, an AI-based mental health support app. The app integrates Swiss Re's risk expertise and proprietary scoring system and Wysa's AI-powered mental health solutions to meet the needs of insurers and their customers, with opportunities to develop similar partnerships in other markets. Read more.

Workforce Reskilling, Shifting Expectations As Companies Adopt A.I.
Canadian executives estimate that almost half of their workforce will need to reskill as a result of implementing artificial intelligence and automation over the next three years, according to a new global study by the IBM Institute for Business Value. Read more.


The Intersection: Insurance-Canada.ca Blog

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

MGA Market Boom Fuels Channel Distribution Plans
By Mark Breading, Strategy Meets Action
There is no arguing about the strength of the managing general agent market in 2023. MGAs' agility, innovation, and focus on specialty and complex lines have positioned them for continuous year-over-year growth. And much of their success can be attributed to their versatililty. Read more.


Reuters Events live webinar: “AI-Powered Partnerships: Resilient Business Strategies” (Sept. 12)


InsurTech Spotlight

In the InsurTech Spotlight this week:

Resilience
Resilience is the next-generation cyber risk company that's on a mission to help make the world cyber resilient. At Resilience, we help organizations achieve cyber resilience by balancing their risk acceptance, risk mitigation, and risk transfer so they can assess, measure, and manage their cyber risk all in one place. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Insurance Marketing

I always looked at marketing through two different lenses: “big-M” Marketing for overall brand, customer experience, reputation etc, which includes “small-m” marketing: programs specifically to attract leads, followed by conversion.

Marketing has evolved dramatically since the digital age really arrived. Analytics and artificial intelligence allowed further refinement – steps towards a better customer experience and increased personalization

What will Generative AI do to or for marketing?

As marketing has become increasingly sophisticated, more talent and more and better tools have been required. But there are lots of questions, even simple ones, such as:

Engagement – how much?
Personalization – how much?

Comperemedia indicates three main trends:

• As prices mount and a recession looms, insurance carriers will look to stress value like never before.
• As technology advances, brands will look to stay connected with customers to promote retention, offer convenience, and create fresh experiences.
• In 2023, insurers will need to display they are looking out for customers through providing rewards, personalized products and services, and an overall better customer experience.

For more detail, see “2023 Insurance Marketing Trends.” Marketing insurance remains a challenge with no end in sight.

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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