INSURANCE INDUSTRY NEWS

Blink Parametric Partners With BCAA
Blink Parametric is partnering with British Columbia Automobile Association (BCAA) to pilot a unique, bundled parametric travel insurance product suite which includes both Flight Disruption and Lost/Delayed Luggage real-time assistance in a world first for Blink Parametric. Read more.

Best’s Review Examines Auto Insurance Sector
The October issue of Best's Review focuses on U.S. private passenger auto insurers, examining the trends that have led to large underwriting losses in 2022, looking at how the insurance industry is grappling with the cost difference in average repairs between electric-powered vehicles and those with combustion engines, and more Read more.

Insurers Enhance Mobile Channels With Digital Assistant Support
Keynova Group is pleased to announce the results of the Q3 2023 edition of its semi-annual Mobile Insurance Scorecard. Read more.

Peace Hills Insurance Joins Quotey Marketplace
Quotey is delighted to announce that it has expanded its commercial insurer marketplace to include Peace Hills General Insurance Company for its commercial lines products. Read more.

Navacord Expands Underwriting Solutions Practice
Navacord is excited to announce their partnership with Unity Managing Underwriters Ltd., effective August 1st. Read more.

Three Sask Brokerages Come Together As HK Henderson
Henderson Insurance, Hoffmann Kool Insurance, and Life Line Brokers will come together as HK Henderson, effective November 1st. The partnership creates one of the largest commercial brokerages in the province and reflects a strategic decision to scale its growth while capitalizing on common synergies. Read more.

First Onsite Expands In Quebec
First Onsite Property Restoration, Canada's leading property restoration company, is pleased to announce it has opened a new operations branch in Trois-Rivières, Quebec. Read more.

BC Wildfires Insured Damage Total Revealed
This summer's wildfires in the Okanagan and Shuswap areas have resulted in more than $720 million in insured losses, according to initial estimates from CatIQ. These wildfires are now the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada's history. Read more.

More U.S. Insurance Agents Shopping Premiums: J.D. Power
While independent insurance agents continue to be satisfied with their carrier partners, the rising cost of premiums has made these relationships increasingly tenuous. According to a new J.D. Power study, overall agent satisfaction with insurers of both personal lines and commercial lines has reached an all-time high, Read more.

New Solution Boosts Rental Affordability For Tenants
Aviva Canada is pleased to announce it has partnered with RentHaven Inc., a technology company that provides an exciting new alternative to large upfront security and last month's rent deposits, to help lower costs and boost affordability for residential tenants. Read more.

DKI CRCS Opens New Peterborough Location
DKI Canada is pleased to announce the expansion of DKI CRCS with its new location in Peterborough, Ontario. Read more.

SkyWatch, Droneinsurance.com Join Forces
SkyWatch, a leader in digital insurance for the aviation industry, is proud to announce the strategic acquisition of Droneinsurance.com's assets. This collaboration brings together two innovative platforms, to offer clients a seamless experience with more options. Read more.

In the InsurTech Spotlight this week:

Red Planet Software
We develop and manage cloud-based payment solutions software built specifically to support the insurance intermediary in managing their client payment experience. Our solutions make the payment process seamless for both the insurance intermediary and their clients. We allow intermediaries to “own” more of their client experience. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Closer To My Insurance Customer: Where Is The Value In Data? As new data sources emerge and the amount of data available increases dramatically, tools to store, manage and analyze data are improving. For example, if core AI belongs to the data scientists, the use of AI more broadly has been democratized by the advent of Generative AI. Value can be derived in most areas of an insurance business: • By understanding each person (customer, partner or employee) better, the user experience can be improved. Greater personalization offers more communications and collaboration opportunities and ultimately faster, better customer service, and resulting satisfaction. • Rate-making and underwriting can better understand the individual customer, leading to policy parameters which better reflect the risk. The velocity of data opens the door to continuous underwriting, as an example. • Faster claim cycle time will help claimant satisfaction and reduce claims expenses. • Marketing can be more granular, precise and on-target. These evolving improvements can yield more productivity improvements, and potential for a competitive edge. But there are risks and exposures; more next week. Doug Grant, CIP Partner Insurance-Canada.ca