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Insurance-Canada.ca - Where insurance and technology meet

JANUARY 30, 2024

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INSURANCE INDUSTRY NEWS

Sedgwick Highlights 2024 Industry Trends
Sedgwick is pleased to introduce our Connect 2024 list, which highlights major industry trends and issues that employers, carriers, brokers and risk management and human resources professionals should watch throughout the coming year. In 2024, we expect connected conversations to center around key topics related to people, property, brands and performance and our analysis pinpoints opportunities for collaboration across a variety of industries. Read more.

2023 Set Record For Billion-Dollar Disasters
Aon plc is pleased to announce the publication of its 2024 Climate and Catastrophe Insight report, which identifies global natural disaster and climate trends to help make better decisions to manage volatility and enhance global resilience. Read more.

FRISS, FIN-X Partner To Advance Responsible A.I.
FRISS is pleased to announce¬†a strategic collaboration with FIN-X, a renowned research initiative by the University of Applied Science Utrecht, to further advance responsible AI practices within the insurance ecosystem and realize the full potential of AI technologies while mitigating risks. Read more.

Floodbase Partners To Bring Hi-Res SAR Data To Parametric Insurers
Floodbase, a leading data provider for parametric flood insurance, is pleased to announce a partnership with¬†Capella Space Corp., an American space tech company, to bring high-resolution synthetic aperture radar (SAR) satellite data to Floodbase's end-to-end solution for parametric flood insurance. Read more.

CFC Joins Quotey Marketplace
Quotey is delighted to announce that it has expanded its commercial and specialty insurer marketplace to include CFC's Cyber insurance product. Read more.

Hub International Launches Hub Multinational Protection
Hub International Limited is pleased to announce the launch of HUB Multinational Protection, a comprehensive risk management services and insurance product tailored to the evolving complex risk needs of multinational clients in all industries, who operate in five countries or less. Read more.

Crawford Technologies Sees Double-Digit Growth
Crawford Technologies, a leading provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce that in 2023, the company attained the strongest financial year in its history. Read more.

Manulife, Aeroplan Partner On Rewards
Manulife and Aeroplan are excited to announce a new, multi-year loyalty partnership through which millions of eligible Manulife Group Benefits members will have the ability to earn Aeroplan points by engaging in behaviours and activities that encourage health and wellbeing. Read more.

Cellphones Top Distraction For Drivers: III
Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the Insurance Information Institute. Read more.

IBC Commends Auto Theft Summit
Insurance Bureau of Canada has issued a statement hailing the Government of Canada's announcement of a National Summit on Combatting Auto Theft. Read more.


ICTA NOMINATIONS

Digitally Transforming Commercial Broker Workflow
Fuse Insurance set out to create a high-tech commercial insurance brokerage by combining the use of several data-driven partnerships with our own in-house software. We have spent the last six years adding and improving upon our software integrations and partnerships in order to find the best ways to automate and seamlessly connect the daily activities in our brokerage. Read more.

Digitally Transforming The Claims System
Grenville Mutual worked with Cognition+ to digitally transform their Claims system and processes. Grenville successfully went live on the Cognition+ Claims solution in March 2022, after a data conversion, process optimization and staff training project. Read more.

Finding Elusive Reference Information
The ProNavigator platform combines a powerful insurance-focused search, organization controls and a suite of knowledge management capabilities to address critical information management challenges. For operations leaders, ProNavigator significantly cuts average handling time and boosts staff productivity. Read more.

Extracting ‘Gold’ From Data
DataHub by Trufla is an innovative AI-driven platform designed specifically for the insurance industry to streamline data management and enhance analytical processes. Since its deployment after January 1, 2022, DataHub has been utilized by insurance brokers to gain comprehensive insights into their operations. Read more.


The Intersection: Insurance-Canada.ca Blog

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

New Digital Solutions Are Transforming Insurance Distribution
By Mark Breading, ReSource Pro
Despite technological innovations underway across the insurance industry, the reality remains that many processes continue to involve manual paperwork and legacy systems, leading to reduced efficiencies and increased chances of errors. While carriers have invested heavily in distribution capabilities and enhancing agent-carrier connectivity, many agencies and brokers lag behind. But the tide is changing. Read more.


Announcing the Insurance-Canada.ca Technology Awards


InsurTech Spotlight

In the InsurTech Spotlight this week:

Foxquilt
Foxquilt is a leading North American Insurance Technology company focused on providing small business insurance through a seamless, embedded distribution model. Foxquilt develops, underwrites, and distributes a complete line of its own commercial insurance products in the United States and Canada. The company uses a combination of data analytics and artificial intelligence to recommend the best insurance coverage and price to meet the individual needs of its small business customers through brokers, agents, and enterprise partners.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

ICTF2024: Last chance for early-bird savings!

What's behind the theme of “Becoming my customer; Stepping into their shoes” for the Insurance-Canada.ca Technology Forum?

• Customer expectations for easier, faster, digital (service, communications, and everything).
• The golden rule: Serve customers and prospects as you would wish to be served.
• Understanding your customer and their risks enables optimal pricing.
• Insurance is competitive: Are your peers ahead?

Hence really understanding – “becoming” – your customer is a priority for many.

Start with the insurance consumer: what are their sentiments toward insurance?

Alex Watson, IBM Consulting, will delve into “What The Canadian Customer Looks Like” and discuss their needs based on recent research.

After selecting your opportunity, what tools will help? One obvious candidate is a timely choice:

Generative AI: A Tool for ... Everything?” Martina Conlon, Datos Insights, will look at GenAI and the insurance experience and implications.

Numerous other presentations will address insurance innovation and its impact on the insurance business, the customer experience and how well you understand your audience.

January 31st is the last day for early-bird registration. A dollar saved is a dollar earned – Sign up today at the lowest rates.

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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