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DECEMBER 19, 2023

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INSURANCE INDUSTRY NEWS

Beazley Shares Predictions For 2024
Beazley, the leading specialty insurer, has shared a list of predictions for 2024 in a variety of areas put together by Beazley thought leaders as we close out 2023. Read more.

A.I. Adoption Universal Among Financial Services Leaders, Mixed Signals Of Readiness: EY
Ernst & Young LLP has released the results of its 2023 Financial Services GenAI Survey: nearly all (99%) of the financial services leaders surveyed reported that their organizations were deploying artificial intelligence in some manner, and all respondents said they are already using or planning to use generative AI within their organization. Read more.

Insured Losses From Severe Thunderstorms Reach New All-Time High: Swiss Re
Natural catastrophes will once again break several loss records in 2023. A high number of low-to-medium-severity events will aggregate to insured losses of more than USD 100 billion in 2023, estimates Swiss Re Institute. It is the first time ever that severe thunderstorms have caused this level of loss for the industry. Read more.

Insurers Struggle to Deliver Seamless Digital Experience as Repair Cycle Times Rise
With auto and home repair cycle times increasing, insurers need to work harder than ever to manage customer expectations. According to the J.D. Power 2023 U.S. Claims Digital Experience Study, digital communications channels have become the key to maintaining customer satisfaction throughout the claims process, but many insurers are still struggling to deliver a truly seamless digital experience. Read more.

Mutuelle d'Assurance En église To Adopt Cognition+ Platform
Cognition+ is pleased to announce they have been selected by Mutuelle d'Assurance en église (MAE) to modernize their insurance operations. By adopting Cognition+, MAE will employ an industry-leading policy administration system and reconceive how they run their Mutual. Read more.

Shifting Mobility: Transforming Planning & Design
30 Forensic Engineering, Canada's leading and fully-independent multi-disciplinary forensics firm, is proud to announce the publication of Shifting Mobility: Transforming Planning & Design for New Human Mobility Code, by Dewan Karim, who leads the firm's Transportation practice. The book represents an important contribution to the field of transportation planning and design. Read more.

CHES Launches Infectious Disease Liability Insurance For Healthcare Sector
In response to the growing threats posed by infectious pathogens and the increasing risk of pandemic in the healthcare sector, CHES Special Risk is proud to announce the launch of its Infectious Disease Liability insurance policy, offering comprehensive coverage to assist healthcare entities in navigating the uncertainties associated with infectious diseases. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

aha insurance
Launched in 2017, aha insurance is the first insurance brokerage in Canada to let buyers quote, purchase, and manage their car and home insurance policies entirely online. Based in Waterloo, Ontario, aha is a privately held company committed to providing a better, faster, and easier way to experience insurance. Learn more.

Calling all InsurTechs! Click here to participate.


The Intersection: Insurance-Canada.ca Blog

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

Shopping For Cyber Coverage? Buyer Beware.
By Miki Ho, Resilience
Changes in the cyber insurance marketplace are increasing competition among insurers, prompting more Canadian organizations to expand their search for competitive cyber coverage. With increased capacity leading to more competitive pricing and broader coverage offerings, buyers are interested in exploring their options. Seeking alternative options from new coverage can provide significant benefits, but insurance buyers should, first and foremost, look for a solution that fits their risk management and cybersecurity needs. Read more.


ICTF2024 Insurance-Canada.ca Technology Forum

Registration is open for the 2024 Insurance-Canada.ca Technology Forum on February 27th.

Sign up at the early-bird rate for a limited time.

For complete details, visit the ICTF2024 overview.


From Doug

The last days of 2023 are in sight. We have been challenged across the board – some in deeply personal ways – by factors including:

• The impacts of climate change, with storms, floods, unusual temperatures;
• Geopolitical events, including several wars;
• Cyber attacks, misinformation and disinformation;
• Supply chain issues;
• Infrastructure repairs, and improvements to address increasing risks;
• Personalization expectations by consumers;
• The costs of inflation.

And yes, technology too.

I find I have many reasons to be thankful, and I hope you share at least some of them with me:

• My health, and the health services (though strained) available to me;
• A good place to live;
• A family, and the community around me, both personally and professionally;
• And much more – not least insurance, which helps us all, directly and indirectly.

Whether you celebrate a religious tradition or just welcome the new year, on behalf of the Insurance-Canada.ca team, I wish you a healthy and joyful festive season.

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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