Insurance-Canada.ca "Chronicle" weekly newsletter
Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 31, 2023

Connect with us:  Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter

INSURANCE INDUSTRY NEWS

Insurers Prioritizing Profitability: Earnix Study
Carriers are prioritizing profitability, especially when it comes to fostering innovation, according to a new study by Earnix, the global provider of intelligent SaaS solutions for insurers and banks. Read more.

AI-Powered ‘Bob’ To Revolutionize Commercial Trucking Insurance
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing InsurTech, is pleased to introduce Bob, its cutting-edge AI chatbot. Read more.

Hub Acquires Assets Of D’onofrio Insurance
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired the assets of D'Onofrio Insurance Inc. Terms of the transaction were not disclosed. Read more.

BrokerLink Completes Two New Acquisitions
BrokerLink is pleased to announce it has acquired Alberta-based Alpine Insurance Inc. and Ontario-based Eagen Insurance Brokers Inc., effective October 1st. Read more.

Westland Acquires David H. Coons Insurance
Westland Insurance is pleased to announce that it has acquired Ontario-based David H. Coons Insurance Brokers Ltd. effective October 1st. Read more.

Navacord Partners Join Forces In B.C.
Allwest Insurance and Waypoint Insurance Inc., leading insurance brokerages in BC, are pleased to announce they will be merging under the Waypoint name, effective November 1st. Read more.

Accelerant Expands Into Canada Through Acquisition Of Omega Insurance
Till Capital Corporation is pleased to announce the closing of the sale to Accelerant Holdings UK Ltd. of Omega Insurance Holdings, Inc. and its two wholly-owned subsidiaries, Omega General Insurance Company and Focus Group Inc. Read more.

Howden Launches World-First Insurance Innovation Hub
Howden, the international insurance broker, is pleased to announce it has launched Howden Ventures, subject to Lloyd's approval, with GBP 500m of delegated underwriting capacity, to create an investment and risk incubator that will fast-track insurance product development. Read more.

Promutuel Insurance Deploys Guidewire Cloud To Transform Operations
Promutuel Insurance is pleased to announce it has successfully deployed Guidewire ClaimCenter and Guidewire PolicyCenter on Guidewire Cloud to power its claims, underwriting and policy administration businesses. Read more.

L&A Satisfaction Climbs As Customers Embrace Digital: J.D. Power
Customer satisfaction with life insurance and annuities is climbing as more customers make use of digital tools and start using life insurance and annuities for financial planning in addition to final planning (e.g., death benefits, burial insurance), according to new J.D. Power research. Read more.

Extreme Weather Directly Impacts Majority Of Canadian Companies
An unprecedented number of extreme weather events this year have impacted more than half of Canadian small- and medium-sized businesses, according to new research by KPMG in Canada. Read more.

Ontario Summer Storms Insured Damage Total Revealed: IBC
CatIQ has released an initial estimate of the insured losses from severe storms and flash floods that hit parts of Ontario over the summer, with nearly one-quarter of the amount going toward replacing or repairing storm-damaged vehicles. Read more.

Severe Convective Storm Losses Drive U.S. Nat Cat Costs
Aon plc has launched its Q3 Global Catastrophe Recap report, which analyses natural hazard activity worldwide in the third quarter of 2023 and for the first nine months of the year, to help clients navigate volatility, build resilience and make better decisions. Read more.

Canadians Feel Unsafe As Auto Theft Escalates
équité Association has released its 2023 H1 Auto Theft Trend Report and it is clear that Canada's auto theft crisis is getting worse, and the continued rise in auto theft is having a significant impact on Canadians' sense of safety. Read more.

TPS, OPP Announce Carjacking Joint Task Force
The Toronto Police Service and the Ontario Provincial Police are pleased to announce the creation of a Provincial Carjacking Joint Task Force, aimed at addressing the rising incidents of violence related to auto crimes in our communities. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Vitality Members Want To Share Data With Their Insurer
By Matteo Carbone, Founder & Director, IoT Insurance Observatory
The proactive Vitality approach to well-being has matured into a methodology primed to serve as a fundamental competency for any insurer in the future. The insurance sector has wholeheartedly embraced the notion of incorporating preventive measures, and the imperative to cultivate less risky behaviors among policyholders stands as the indispensable path towards realizing this aspiration. Read more.


Announcing the Insurance-Canada.ca Technology Awards


InsurTech Spotlight

In the InsurTech Spotlight this week:

Kayna
Providing technology and data orchestration between insurance carriers, brokers, and any vertical SaaS platform, Kayna drives top-line growth for vertical SaaS providers while providing relevant insurance to under-served small to mid-size businesses. Kayna's platform for embedded insurance distribution enables businesses to track relevant data changes, empowering insurers and brokers to conduct real-time reviews of insurance coverage and adapt policies as needed. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Insurance Innovation: The Next Step

The insurance industry has been digitalizing – storing and processing data in a digital format – since it installed its first computers.

The digital transformation followed, reworking processes to take advantage of digital capabilities, i.e., not just “paving the cow-path.”

The InsurTech evolution to some extent transformed the businesses in insurance, the way we work together and collaborate by changing the culture, being agile, deploying modern technology and intensively focussing on the customer.

Innovation centres and accelerators helped the InsurTech trend move faster and easier.

There has long been innovation of insurance product when consumer risk changed – insuring steamships versus sailing ships, or automobiles versus horses and buggies.

New products were introduced to cover new risks; e.g., cyber risks didn't really exist until the internet became popular.

Howden's recently announced “world-first innovation hub” applies the accelerator principles to insurance product innovation.

Such a trend could help address the insurance gap, and develop insurance for:

• Risks deemed uninsurable (some flood, earthquake, nuclear);
• New and emerging risks.

Exciting times ahead.

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].

insurance-canada.ca

Connect with us: Insurance-Canada.ca Home Insurance-Canada.ca Blog - The Intersection Insurance-Canada.ca on LinkedIn Insurance-Canada.ca on Twitter