INSURANCE INDUSTRY NEWS

Vouch Launches First AI Insurance Product
Vouch, a leader in business insurance for technology companies, is pleased to announce AI Insurance, a novel insurance product that helps AI startups survive lawsuits and innovate faster. Read more.

GenAI Can Transform Fraud Detection, Customer Service: Info-Tech Research Group
In the face of intensifying pressure to deliver outstanding customer experiences, the strategic implementation of generative AI has emerged as a significant differentiator. But many insurers have yet to fully harness its capabilities, often constrained by a lack of a comprehensive deployment strategy. Read more.

Wawanesa Joins Quotey Marketplace
To help Canadian contractors get fast, competitive insurance rates, Quotey is delighted to announce it has expanded its commercial insurer marketplace with Wawanesa Mutual Insurance Company's contractor's insurance product. Read more.

Coalition Announces New Miscellaneous Professional Liability Insurance Coverage
Coalition is pleased to announce it now offers Miscellaneous Professional Liability insurance. This coverage helps protect against the impact of a claim that a business committed errors and omissions in performing a professional service. Read more.

OCTO Telematics App Launches Crash Detection
OCTO Telematics is pleased to announce a revolutionary new Crash Detection feature available through its smartphone-based OCTO Digital Driver™ App. The OCTO solution turns a smartphone into an active sensor for detecting severe crashes and can automatically requests emergency assistance to save lives. Read more.

McDougall Insurance Expands In Alberta
McDougall Insurance Brokers Ltd. have announced that they have combined with MHK Insurance Inc., effective immediately, and are pleased to welcome all members of MHK in both Edmonton and Calgary to the McDougall Insurance team. Read more.

Wisedocs Closes Oversubscribed Series A
Wisedocs, a provider of machine learning SaaS for medical record review, indexing, and summarization, is pleased to announce it has closed a USD $9.5M oversubscribed Series A financing round led by Information Venture Partners, Thomson Reuters Ventures and ManchesterStory. Read more.

Billyard Group Opens Clarkson Branch
Billyard Insurance Group continues to build its nationally recognized insurance brand with the opening of BIG Clarkson, the brokerage's 86th location nationwide, in Mississauga, Ontario. Read more.

ICTA NOMINATIONS

Broker Connectivity: A Competitive Edge
Northbridge's largest digital investment, Broker Connectivity, creates greater ease of doing business for brokers and supports our goal of small business market leadership at Northbridge. In partnership with Applied Systems Canada, Northbridge was the first insurer to enable real-time quoting built on data standards for Contractors, Retail, and Business Professional Services. The solution builds a direct integration with broker management systems, allowing brokers to quickly, accurately, and efficiently exchange submission and quote data for small business. Read more.

Adding Value By Summarizing Medical Records
Wisedocs' Artificial Intelligence (AI) Medical Record Summary Platform leverages state-of-the-art machine learning capabilities to enable customers who process medical records to immediately generate a summary in their medical documents. Designed with the insurance industry in mind, our platform builds off our existing medical record review software to further support stakeholders within the insurance ecosystem to conduct fast and inexpensive reviews. Read more.

Managing Employee Benefit Plans
CloudAdvisors provides an automated and personalized benefits plan evaluation to instantly reveal how an employee benefits plan stacks up and can improve. From analytics and design, to exclusive access our platform provides a range of customization options that can help businesses meet their goals. Read more.

An Adaptable All-Purpose Insurance Core System
B4E Insurtech provides modular, no-code user-friendly insurance infrastructure solutions for Reinsurers, Insurers, and Intermediaries, driving innovation, development and deployment of simple, affordable, digitally accessible inclusive insurance products for the mass-market segments. Read more.

In the InsurTech Spotlight this week:

FitInsured
FitInsured is a startup that aims to provide personalized health insurance policies based on individuals' health and lifestyle data. The platform integrates with popular wearable devices and apps to gather health-tracking data, which is then used to offer customized insurance policies that take into account each user's specific health needs and risks. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug “Becoming my customer” In insurance, we have always known something about our customers. As what is known has become more extensive, underwriting (pricing) have become more precise. The increasingly digital world enables more and better engagement with customers, while forcing us to understand how they wish to communicate. The Internet of Things (IoT) enables us to gather yet more data. Knowing how the customer is driving, enables us to provide feedback and show how changing driving behaviour can reduce risks (and premium). The same holds for some health-related habits. By using any of a variety of IoT tools, e.g. fitbits, we can suggest and measure improvements while providing incentives. Innovators continue to expand the universe of data we might use, data from social media, or from airplane or satellite imagery, or flood plain mapping. With this data, we are adding depth to the “digital twin” (or data model) we have about each customer. Something we can use not only for relevant and personal communications, but for "predicting and preventing" losses. Join us at ICTF2024 as we explore some of these concepts and the coinciding changes to how we do insurance. Doug Grant, CIP Partner Insurance-Canada.ca