"Chronicle" weekly newsletter - Where insurance and technology meet

JANUARY 23, 2024

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Cyber Event Tops Allianz Risk Barometer
Cyber incidents such as ransomware attacks and data breaches are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer. Business Interruption is the second-highest ranked risk, followed by Natural Catastrophes, the latest compilation reveals, based on the insights of more than 3,000 risk management professionals. Read more.

Hub International Launches Property Practice
Hub International Limited is pleased to announce the launch of the HUB Property Practice. The practice brings together Hub's extensive group of Property specialists throughout North America to provide clients with tailored risk management and insurance solutions to better address complex challenges in the commercial insurance property market Read more.

OnStar Insurance Rebrands As General Motors Insurance
GM Financial has announced that its OnStar Insurance brand will undergo a transformation to General Motors Insurance, beginning this month. Read more.

LexisNexis Launches Flyreel U.S. Commercial Property Insurance Solution
LexisNexis® Risk Solutions is pleased to announce the availability of Flyreel®, an advanced property survey solution delivered through an industry-leading user experience that equips carriers with actionable data using AI-driven insights to help carriers assess property risk. Read more.

Foxquilt, Markel Announce Strategic Collaboration
Foxquilt, a leading North American company specializing in embedded small business insurance technology, is thrilled to announce a strategic and long-term capacity relationship with global specialty insurance provider, Markel. This meaningful collaboration spearheads embedded insurance innovation for more small business owners, agents/brokers, and enterprise partners across North America. Read more.

Mitch Insurance Expands Ontario Presence With Inaugural Branch
Mitch Insurance is pleased to announce the opening of its first branch in Kingston, Ontario. Mitch Insurance Kingston will specialize in providing commercial lines coverages, but the brokerage also offers a full suite of personal lines products to its clientele. Read more.

Relay Joins Guidewire InsurTech Vanguards
Relay Platform, the innovative multi-carrier insurance platform, is pleased to announce it has joined Guidewire's Insurtech Vanguards program, an initiative led by P&C cloud platform provider Guidewire, to help insurers learn about the newest insurtechs and how to best leverage them. Read more.

Blink Launches InsurTech Solution with MAWDY Ireland's InsureandGo Travel Insurance
Blink Parametric is pleased to announce it has extended its partnership with MAWDY Ireland, rolling out the Blink Parametric flight disruption solution across the MAWDY Ireland InsureandGo travel insurance brand to make the solution accessible directly to consumers. Read more.

Global Tech Spend To Grow This Year: Forrester
Forrester's Global Tech Market Forecast 2023-2027 reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 — up from 3.5% in 2023. Read more.


Using IoT to Reduce Construction Risks: Brickeye
The deployment of Brickeye's job site IoT platform enables real-time alerts and automated loss controls that mitigate water damage during construction, reducing insurance costs and protecting project margins for insureds, while maintaining healthy loss ratios for insurers. Read more.

Managing Cyber Risk: Resilience
Cyber risk is a concern to virtually all organizations, but their IT security and risk management teams need help keeping up; they require greater cyber risk visibility, a plan to improve security practices, and cyber insurance that matches their organizational needs. The Resilience Solution provides an efficient way to achieve all three, delivering advanced cyber risk visibility and actionable cyber hygiene with accountable cyber insurance. Read more.

Improving Auto Collision Reporting Centres: ASSI
Accident Support Services International Ltd. has established a Collision Reporting Centre Program that meets the needs of many industries for post-collision care. Read more.

Digitally Transforming A Mandatory Insurance Process: TD Insurance & Symcor
TD Insurance, in partnership with Symcor, conceptualized, built and launched Policy Assist Central in August 2023 to digitize the delivery of insurance industry-regulated communications, reduce costs associated with printing & postage, help streamline insurance policy processes, and contribute to reducing the insurance industry's environmental footprint. Read more.

The Intersection: Blog

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

Reinsurance In Uncertain Times Calls For Risk Expertise And Financial Strength
Munich Re
The market environment for reinsurers remains promising but faces heightened uncertainty due to inflation, potential impacts from geopolitical risks, deglobalisation and dynamic risks such as climate change and cyber risks. The global reinsurance market is expected to see a slight uptick in real average annual growth through 2025, somewhat below 2020–2022 levels. Future growth is anticipated to be highest in Asia-Pacific and Latin America. Read more.

ICTF2024 Technology Forum

The 2024 Technology Forum, ICTF2024: ‘Becoming My Customer’, is just a month away, on February 27th.

Early-bird registration is in effect for one more week! Sign up today and save!

Register now at a discounted rate.

For details, visit the ICTF2024 homepage.

InsurTech Spotlight

In the InsurTech Spotlight this week:

Crawford Technologies
Crawford Technologies is a provider of innovative document solutions that streamline, improve and manage customer communications. With a market-leading focus on accessible documents for the millions of North Americans who are blind, partially sighted or cognitively impaired, Crawford Technologies' AccessibilityNow is a complete platform for the creation and management of accessible insurance documents. Learn more.

Calling all InsurTechs! Click here to participate.

Announcing the Technology Awards

From Doug

A recent comment resonated with me. When a technology innovation becomes commercially available, is its potential appreciated?

The first example was the Internet (computers could be a chronologically earlier example). Many businesses spent the first few years assessing the internet, looking for where the value might be. Who could have anticipated the enormity of its evolution and value 30 years later?

Second: the smart phone. The assessment phase was shorter, and the technology has evolved a great deal in 17 years.

Is Gen AI the latest such example? The hype has it as a solution for every problem; do we appreciate how much it will really enable change? Today, we expect innovation to be rapid, so the assessment period for Gen AI has been brief, and innovators are taking advantage quickly.

And yes innovation in the insurance space too.

Gen AI will be one of the innovations discussed at the Technology Forum on February 27th. For starters, ICTF2024 will feature an analyst's assessment, a discussion about its use and its use in a product for insurance adjusters. Join us to find out the latest.

Doug Grant, CIP

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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