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Insurance-Canada.ca - Where insurance and technology meet

JANUARY 9, 2024

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INSURANCE INDUSTRY NEWS

Most Organizations Aren’t Achieving Their Innovation Goals: NTT DATA
Nearly all executives (96%) believe innovation will be a primary source of achieving growth over the next two years, but just one in five (21%) definitively met their innovation goals as reported, according to NTT DATA's Innovation Index research findings. Read more.

Severe Weather Cost More Than $3 Billion In 2023
For the second year in a row, Canada exceeded CAD 3 billion in insured damage from natural catastrophes and severe weather events. Nationally, insured damage for severe weather events reached over CAD 3.1 billion in 2023, according to CatIQ. Read more.

Crawford Technologies Launches AI-Driven Language Translation Solution
Crawford Technologies, a leading provider of innovative document solutions that streamline, improve and manage customer communications, announced the general availability of Instant Language Assistant (ILA) as part of its AccessibilityNow® platform. Read more.

IBM, Dun & Bradstreet Collaborate On GenAI Solutions Powered By WatsonX
Dun & Bradstreet and IBM are pleased to announce a strategic collaboration that will bring together Dun & Bradstreet's Data Cloud and IBM's watsonx to help organizations responsibly expand their use of generative AI. Read more.

Westland Acquires Dyberg Insurance, Prairie Villa Insurance
Westland Insurance is pleased to announce that it has acquired Alberta-based Dyberg Insurance Inc. and Prairie Villa Insurance, effective January 1st. Read more.

SIB Partners With Bob Potts To Form Accelerated Insurance & Risk Management Services
SIB Corp., through its partnership with Accelerated Insurance, has exclusive and niche programs and offerings for the transportation sector, providing solutions for the regular market as well as captive and alternative risk spaces. Read more.

Blink Parametric Strengthens Blue Cross Partnership In Canada
Blink Parametric is pleased to announce it has agreed to a further three-year deal with Blue Cross, which was the first to launch the Blink Parametric flight disruption real-time assistance solution in October 2018. Read more.

Majesco Acquires Decision Research Corporation
Majesco is pleased to announce its acquisition of the Decision Research Corporation business, a SaaS-based insurance software company delivering market-leading enterprise rating, a reinsurance solution, and core for the P&C insurance market. Majesco will add over 20 P&C customers to their growing customer community. Read more.

MPI’s Top 5 Frauds of 2023
Every year, auto insurance fraud in Manitoba costs customers millions. To raise awareness, Manitoba Public Insurance is sharing its top five attempted frauds from 2023, as investigated by the Corporation's Special Investigations Unit. Read more.

Speeding In Neighbourhoods A Major Concern
Canadians are deeply alarmed about speeding in our neighbourhoods, even as a sizeable number admit to doing it themselves, according to polling released today by the Canadian Automobile Association (CAA). Read more.

Connected Products: Enhancing Consumers’ Lives With Technology
Connected devices have become an integral part of life for consumers, who expect vendors to take greater responsibility for sustainability issues such as e-waste and ensure stronger data protection, according to the Capgemini Research Institute's latest report. Read more.

Provincial Oversight Of Towing Industry Takes Effect In Ontario
The Towing and Storage Safety and Enforcement Act, 2021 (TSSEA) came into effect in Ontario on January 1st, giving consumers more certainty when it comes to towing services across the province. Read more.

Consumers Will Significantly Limit Social Media By 2025: Gartner
A perceived decay in the quality of social media platforms will drive 50% of consumers to abandon or significantly limit their interactions with social media by 2025, according to Gartner. Read more.


The Intersection: Insurance-Canada.ca Blog

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

GenAI, Transformers, Foundation Models & LLM – In Plain English
By Mark Breading, ReSource Pro
It seems like Generative AI emerged from nowhere in November 2022 with the introduction of ChatGPT from OpenAI. It certainly has made artificial intelligence much more visible in the public eye, resulting in its great democratization. ¬†However, the big data revolution of the last decade-plus is really the basis for this new era, and this is especially true for generative AI in the insurance industry. 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:

Xemplar Insights
Xemplar Insights is a leading provider of digital transformation solutions for insurers. The Xemplar suite of mobile digital customer engagement and smartphone based driving behavior telematics solutions is changing how insurance companies analyze risk and proactively prevent claims.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

“Becoming my customer; stepping into their shoes” is the theme of the 2024 Insurance-Canada.ca Technology Forum on February 27 in Toronto.

To provide insurance coverage, we have always required basic data – name, address, contact details, risk details – for every registrant.

However, today's consumer and the thrust of innovation have raised the bar, for example:

Customer preferences for communications — There are more channels (multichannel) for communicating and the state of the art (omnichannel) allows the switching of channels in mid-transaction.

Messaging — Personalization means communicating only relevant messages to a customer. New factors such as customer sentiment (even empathy) are being added. More data.

Risk monitoring — Customers informed us about changes to the risk - move residence, change cars. But now the Internet of Things (IoT) and telematics allow us to monitor elements of a risk, even engage with the customer to improve the risk factors. Yet more data.

Data — ever more data. It has real value when well managed, analyzed, utilized to advantage and shared with others involved in a risk situation.

Is your data an advantage, or an anchor?

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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