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

JANUARY 2, 2024

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INSURANCE INDUSTRY NEWS

Aon Announces Acquisition Of NFP
Aon has expanded its worldwide P&C insurance market presence with the acquisition of NFP, a leading middle-market P&C broker, benefits consultant, wealth manager and retirement plan advisor. Read more.

Verisk Accelerator On Guidewire Marketplace
Verisk, a leading global data analytics and technology provider, is pleased to announce the integration of its LightSpeed® Small Commercial solution into Guidewire Marketplace. This integration can help small business insurers automate underwriting workflows and bind new business in seconds. Read more.

Peace Hills Partners With Applied Systems
Applied Systems is pleased to announce a partnership with Peace Hills General Insurance Company to enable real-time quoting for commercial lines. The partnership will provide Peace Hills Insurance's coverage options at the point of quote in Policy Works®, creating a digital commercial lines lifecycle that accelerates quote-to-bind time for Peace Hills and Applied's combined independent brokerage partners across Western Canada. Read more.

Accenture, Google Cloud Help Harness GenAI
Accenture and Google Cloud are pleased to announce a new global, joint generative AI Center of Excellence to help businesses adopt generative AI to improve operations, create new lines of businesses, and build unique customer experiences. Read more.

GenAI Top Concern: Legal, Compliance & Privacy
Rapid generative AI adoption is the top-ranked issue for the next two years for legal, compliance and privacy leaders, according to a recent survey by Gartner, Inc. Read more.

Carleton-Fundy Mutual Selects Cognition+
Cognition+ is pleased to announce that Carleton-Fundy Mutual has elected to transform its insurance operations by adopting the Cognition+ Enterprise Insurance Platform. Read more.

Stanley Mutual Goes Live With Cognition+ Platform
Stanley Mutual Insurance Company is pleased to announce they have successfully implemented the Cognition+ enterprise platform for their mutual insurance operations. Cognition+ provides Stanley with a full suite of integrated Underwriting, Claims and Accounting functionality in a Cloud environment.¬† The Cognition+ Cloud ensures a high availability, cost effective and secure solution while simplifying accessibility for all users. Read more.

BrokerLink Makes 20th Acquisition This Year
BrokerLink is pleased to announce its acquisition of Alberta-based Broker Age Corporation – including Broker Age General Insurance Inc. and Whitecourt Insurance Ltd. – and Ontario-based W.N. Atkinson Insurance Ltd. Read more.

Hub Strengthens Employee Benefits Capabilities
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Calgary-based JRP Financial Services, Inc. Read more.

Brampton Facing Auto Theft Crisis
Auto theft is a crisis right across Ontario, but Brampton residents are feeling it most acutely, according to a poll commissioned by Insurance Bureau of Canada. Read more.

Climate Change Concerns Disrupting Consumer Habits: EY
Deepening concerns around inflation and climate change are pushing Canadians to change how they live and what they buy, according to the results of the EY Future Consumer Index Survey. Read more.

Swiss Re Acquires Water Risk Intelligence Leader
Swiss Re is pleased to announce that it has acquired Fathom, a UK-based provider of water risk intelligence and flood models. Through this transaction, Swiss Re's Reinsurance Solutions division gains valuable expertise and a robust set of products, complementing its own data and risk capabilities in the field of flood perils. Read more.

Preparing For The Growing Risk Of Wildfire
After a wildfire season of unprecedented scale this year, a new report by the University of Waterloo’s Intact Centre on Climate Adaptation offers practical guidance to help Canadians living in forested and grassland regions reduce the risk wildfires pose to their home. Read more.

Climate Tech Costs Impeding Net-Zero Goals
Three-quarters of organizations say they need climate tech to achieve their sustainability goals, but a similar proportion of executives refuse to pay the ‘green premium’ attached to these technologies as product costs increase, according to Capgemini Research Institute's latest report. Read more.

Accenture Expands McDonald’s Partnership
McDonald's Corporation and Accenture have announced an expansion of their strategic partnership to help execute McDonald's strategy to leverage the latest edge technology and apply generative AI solutions across its restaurants worldwide to improve operations as well as the customer experience. Read more.

IBM Selects uOttawa For Cyber Training Hub
IBM Canada and the University of Ottawa are pleased to announce the official opening of the new uOttawa-IBM Cyber Range to help businesses and government organizations prepare for real-world cyber threats using highly realistic cyber response training exercises. Read more.

Insights On Wealthy Mindset: Chubb Report
Most wealthy Canadians believe damage from severe weather stemming from climate change poses the biggest threat to their home, according to the inaugural¬†Wealth Report from Chubb, which gauges perceptions of affluent people about their passions, mindset about wealth and the risks they face in protecting what matters most to them. Read more.

Nearly Half Of Canadians Planned A Vacation This Winter: Allianz Survey
Allianz Global Assistance Canada has released the results of its sixth annual Winter Vacation Confidence Index Survey, revealing that winter vacation confidence among Canadians is on the rise, while travellers plan to spend more on travel than ever before. Read more.

BIG Named A Top Insurance Employer
Billyard Insurance Group is pleased to announce it has secured a coveted spot in this year's list of Canada's top insurance employers, one of just four with more than 1,000 employees. Read more.


The Intersection: Insurance-Canada.ca Blog

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

A.I. Delivers New Transformative Benefits to Personal Lines
By Heather Turner, ReSource Pro
— For better risk evaluation and more precise underwriting and pricing decisions, insurance carriers need to embrace AI solutions. Now is the time for personal lines to harness the wide range of opportunities and potential use cases of artificial intelligence. Read more.


ICTF2024 Insurance-Canada.ca Technology Forum

Registration is open for the 2024 Insurance-Canada.ca Technology Forum, ICTF2024: ‘Becoming My Customer’.

Join us February 27th in Toronto.

Register now – early-bird savings are available for a limited time.

For details, visit the ICTF2024 homepage.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Prolego.ai
Prolego.ai's solution for life insurance augments the underwriter's workflow with predictive insights. Our advanced AI platform continuously learns from the underwriter's decisions and high volumes of data ingested from insurance companies to generate actionable insights that can decrease ustomer acquisition costs, reduce underwriting time, and increase customer satisfaction Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Director, Underwriting & Reciprocal Services
Healthcare Insurance Reciprocal of Canada (HIROC)
North York, ON

Sales Team Lead
YouSet
Montreal, QC


From Doug

The Insurance-Canada.ca tag line is “where insurance and technology meet” – how technology supports improvements in the insurance business.

People are the core of your business – your team, partners, and customers. Helping each of them be efficient and effective in their relationship to your insurance business helps you be competitive.

With today's rapid pace, a big challenge is reinforcing a culture of agility and creativity to both initiate and adapt to change.

What initiative will your business undertake in 2024 to better support people?

Processes underpin all our business operations: from HR management, to ingesting third-party data, to delivering policies, to serving customers.

We continually improve processes by reengineering them, by automating a step, or adding a quality control function.

What process initiatives will you undertake in 2024 to improve efficiency and decrease service times?

Data underpins all processes – customer and risk data, customer preferences, IoT data, claim data, or measurements of process steps. Data is key to your competitive differentiation.

What new data or new analytical tools might you leverage in 2024?

My new year wish: that changes – innovations – that you undertake succeed, and help you meet your business objectives.

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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