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Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 5, 2023

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INSURANCE INDUSTRY NEWS

Trends Shaping The Future Of Insurance
Majesco is pleased to announce the availability of a new thought leadership report which takes a detailed look at the top-of-mind issues insurers are facing as they look ahead to the upcoming year, including a need for a new mindset recognizing a world of continuous change that demands new technology and operating model as a foundation to adapt, innovate and deliver at speed. Read more.

Marsh McLennan Develops New Generative AI Tool
Marsh McLennan and Oliver Wyman are pleased to announce the launch of a new Generative AI tool, called LenAI, which is now available to Marsh McLennan's colleagues worldwide. Read more.

Northbridge First To Earn CSIO API Security Standards Certification
CSIO congratulates Northbridge Insurance for being the first member to earn CSIO's API Security Standards Certification, demonstrating its commitment to being an effective and efficient API partner by implementing security standards and applying industry security practices for business transactions. Read more.

Oyster Launches Usage-Based Rental Insurance
Oyster, a modern insurance platform for commerce, is pleased to announce that it has launched a new rental insurance product. This offers the first usage-based rental insurance program in the U.S., providing rental shops and marketplaces with theft and damage coverage for their rental bikes, ebikes, kayaks, and paddleboards through Oyster's modern platform. Read more.

Canadian Operating Risk Concern Almost Doubles
Beazley, the leading specialty insurer, has published published its first Canada Snapshot report, Risk & Resilience in a Time of Change, which reveals Canadian business leaders' changing rapidly perceptions of business risks in areas such as cyber, technology, and ESG. Read more.

Insurance Strengthens Resilience In Challenging Environment: Swiss Re
After a resilient 2023 powered by strong US economic growth, the world economy is expected to slow in 2024. Major economies are diverging, with the US continuing to grow, Europe stagnating and China grappling with domestic challenges. According to the latest sigma report, the global insurance industry's strengthening financial position offers welcome reinforcement against elevated macroeconomic and geopolitical risks. Read more.

CSIO Establishes eDocs Implementation Steering Committee
CSIO is pleased to announce that it has formed an eDocs Implementation Steering Committee to ensure the successful industry implementation of CSIO's refined eDocs codes and descriptions. Read more.

Echelon Expands Commercial Property Offering With Legal Assistance Services
Echelon Insurance has partnered with Toronto-based ARAG Legal Solutions Inc. to provide its Commercial Property customers with on-demand access to Legal Assistance services and select policyholders with Legal Expense Insurance for unexpected legal events. Read more.

Economic Volatility Taking A Toll On Canadians
Manulife Bank has released its semi-annual Financial Healthy Survey, investigating how the volatile Canadian economy is affecting Canadians. Read more.

Sun Life Invests In Virtual Pharmacy
Sun Life is pleased to announce a minority investment in Simpill Health Group Inc., o/a Pillway. Pillway's online pharmacy expands upon Sun Life's digital health services and offerings. Sun Life and its health business are committed to helping Canadians navigate, access, receive and integrate care. Read more.

ASSI Expands Partnership With RCMP In Spruce Grove AB
Accident Support Services International is pleased to announce the opening of its newest Collision Reporting Centre in partnership with the City of Spruce Grove and the Parkland RCMP detachment. Read more.

IBC Commends Ontario For Taking Action To Combat Auto Theft
Insurance Bureau of Canada has issued a statement commending the Ontario government for its announcement of a substantial investment to help combat auto theft. Read more.


The Intersection: Insurance-Canada.ca Blog

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

AI: At the center of CLAIMS
By Stephen Applebaum & Alan Demers
One year ago today, ChatGPT was officially introduced, sending the world into a frenzy. In insurance, new technology providers are sprouting up and solution providers are underscoring their existing AI capabilities. The AI vendor community to the P&C insurance industry is rapidly expanding and may generally be grouped by use case: Hyperautomation, Insights, Image and Language. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Sonnet
Sonnet Insurance Company is an innovative digital platform that promises to change the way Canadians experience insurance. Sonnet empowers Canadians with a simplified quoting and buying process for home and auto insurance. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

A meaningful proportion of people now understand that climate change is occurring, and that heating up the world is going to make life challenging for our descendants.

Most Canadian jurisdictions are working to slow climate change by reducing their impact. Examples of progress abound.

Technology innovation is contributing – see Paul Carroll's “Glimmers of Good News.”

Insurance assists through research, insuring what needs to be insured and negotiating with governments to facilitate insurance availability for more risks.

On the pessimistic side of things, we have learned the earth is heating faster than we had anticipated.

Commitments have been made, but few targets are being achieved. Like most other nations, Canada is not moving fast enough.

A fanciful dream would see cross-party government determination to develop and execute a program to fight climate change, with more co-operation among the levels of government and internationally among countries.

2050 is a quarter of a century in the future. Take it from someone who has now lived through three such quarter-centuries, the time will fly by.

Fewer excuses and more action, please!

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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