INSURANCE INDUSTRY NEWS

Canada Leads The World In AI Talent Concentration
A new report by Deloitte Canada's AI Institute outlines the ways in which the federal Pan-Canadian AI Strategy has created significant social and economic benefits for Canada and details the steps Canadian companies must take to seize on this moment of opportunity with this globally transformative technology. Read more.

Gartner Hype Cycle Places Generative AI On The Peak Of Inflated Expectations
Generative artificial intelligence is positioned on the Peak of Inflated Expectations on the Gartner, Inc. Hype Cycle for Emerging Technologies, 2023, projected to reach transformational benefit within two to five years. Generative AI is encompassed within the broader theme of emergent AI, a key trend on this Hype Cycle that is creating new opportunities for innovation. Read more.

Five Sigma, Socotra Forge Strategic Partnership to Bring Modern Technology into a Full Suite Solution
Leading the charge in innovation and modernization, Five Sigma and Socotra are proud to announce their strategic partnership designed to revolutionize the insurance landscape. This collaboration will herald a new era of seamless experiences throughout the entire policy lifecycle. Read more.

Coalition Announces HDI Global Specialty SE as a Global Capacity Partner
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce a new long-term partnership with HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE. Beginning in 2024, HDI Global Specialty will join Coalition's Cyber and Technology E&O panel in Canada to provide insurance capacity. Read more.

CCC, Google Partner To Streamline Online Collision-Repair Appointments
CCC Intelligent Solutions Inc., a leading cloud platform powering the P&C insurance economy, is pleased to announce that it has teamed up with Google to streamline the online appointment booking process for repair shops that use CCC® Engage. Read more.

CPM Solutions Must Balance Personalization, Privacy: Madison Advisors
Madison Advisors has published a new report detailing the crucial balance companies are challenged with when it comes to providing both personalization and privacy in customer communications management. Read more.

Life & Health Insurers Paid Out Record Amount In 2022: CLHIA
Canada's life and health insurers paid out a record amount in benefits last year, helping to make life more affordable for Canadian families. Canadians received CAD 114 billion in benefits from life and health insurance products in 2022 – up 10 per cent from 2019. Read more.

Manulife Partners With Leading Health Tech Provider League
Manulife is pleased to announce a strategic partnership with League, a leading health care technology provider that will provide members with a personalized and digital health care experience that is fully integrated with Manulife's group benefits ecosystem. Read more.

Accenture Invests In Writer To Accelerate Enterprise Use Of Generative AI
Accenture is pleased to announce it has made a strategic investment, through Accenture Ventures, in Writer, a platform using generative AI to help enterprises create and shape content in the ways people already work. Read more.

DKI Lloydminster Joins The DKI Family
DKI Canada is pleased to announce the expansion of DKI Sparklean with its new location DKI Lloydminster. This location will serve the Lloydminster region and the surrounding area in Alberta. Read more.

U.S. Liability Claims & The Shadow of Social Inflation
US liability claims costs have risen significantly faster than average rates of economic inflation over the last five years. The gap indicates that social inflation remains alive and kicking. Surging economic inflation has made headlines, but with the macroeconomic environment now turning to one of disinflation, the social inflation story is set to come to the fore again, with liability insurers most exposed. Read more.

In the InsurTech Spotlight this week:

BluInsurance
BluInsurance is an software product focused on digitally-enabling every step of the commercial insurance process for a broker from the exchange of data to creating and tracking quotes. Many current InsurTech companies focus on assisting carriers, and the few InsurTech companies that help brokers are focused on personal lines. At BluInsurance, we believe that commercial insurance will allow brokers to thrive into the future, and our mission is to enable them to do so. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Closer To My Insurance Customer (Continued) It seems to me that the opportunity to put ourselves in our customers' shoes is greater than ever before. The underlying infrastructure is strong. We have computing and communications with both speed and capacity, and they will continue to improve. The infrastructure offers little by itself, but it does enable. Data is proliferating. Sensors – one type of technology – are getting smaller, more powerful, and better connected. Cameras, for example, are one category of sensor; they are ubiquitous, from those in satellites to the one in your doorbell, your telephone or the ADAS in your car. Beyond cameras, there are numerous other categories of sensors, including those that measure personal health factors (heart rate, sleep), water, temperature, smoke – the list is long. Sensors alone generate lots of data; and there are many other sources too. But where is the meaning? The analytics tools to extract meaning from the data and create potential value have been emerging in a steady stream since the turn of the century. From very basic analytics to today's many capabilities of AI and its sidekicks like ML, NLPS, image recognition ... Doug Grant, CIP Partner Insurance-Canada.ca