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MARCH 5, 2024

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INSURANCE INDUSTRY NEWS

Economic Losses Set To Increase Due To Climate Change: Swiss Re Institute
Climate change will have a larger impact on economic losses in the future, according to Swiss Re Institute. A new analysis ranks the US and the Philippines as the most economically exposed countries, where hazard intensification is likely to occur due to climate change. Read more.

Blink, Buckler Partner For Rollout Of Cyber Solution To Ethics Data Analytics
Blink Parametric has partnered with cyber risk specialist Buckler México to support the rollout of its Blink Cyber solution to Ethics Data Analytics, a leader in risk management solutions in the region. Now available within the Ethics Cyber Security portfolio, the product serves as a Data Protection solution by detecting a data breach or compromised information early and proactively alerting clients with information they need to secure their online data ahead of it being used by fraudsters or hackers. Read more.

Desjardins Group Selects Majesco Intelligent Sales & Underwriting Workbench
Majesco is pleased to announce that Desjardins Group, the largest financial cooperative in Canada, has selected Majesco’s Intelligent Sales & Underwriting Workbench to automate manual processes and future-proof its technology. Read more.

Navacord Fuels Expansion In Manitoba With Avant Insurance
Navacord Corp., Canada's third largest commercial insurance brokerage, is pleased to announce its recent partnership with Avant Insurance, effective February 1st. This transaction marks Navacord's inaugural partnership of the year and a pivotal step in their broader expansion plan within the province of Manitoba. Read more.

Travel Insurance Preparedness Lacking: Survey
A recent survey by CAA SCO found that 40 per cent of members in Ontario who travel don't always purchase emergency medical travel insurance, highlighting a potential vulnerability due to the financial risks associated with travelling unprotected. Read more.

Are Canadians More Financially Responsible Than They Were One Year Ago?
Canadians are looking for savings anywhere they can find them, which includes using their cars less and cutting housing costs and household expenses by, for example, finding the best deal on insurance, according to the results of a new survey by belairdirect. Read more.

CHES Launches Guide To Professional Liability, Medical Malpractice Insurance
CHES Special Risk is proud to announce the release of its highly anticipated “What’s Hot Guide” on Professional Liability Insurance and Medical Malpractice Insurance. Tailored for insurance brokers with a keen focus on industry trends, this guide is a meticulously curated resource shedding light on key sectors and coverage options crucial for navigating the complex landscape of professional insurance. Read more.

CLHIA Launches Consumer Guide To Critical Illness Insurance
A brand new guide from the Canadian Life and Health Insurance Association is helping Canadian consumers better understand the benefits of critical illness insurance, how it works, and the financial security that it offers. Read more.

On Side Restoration Moves into Chatham
On Side Developments Ltd. continues to expand in Eastern Canada with the opening of its newest satellite branch in Chatham, Ontario. This location brings On Side Restoration's nationwide reach to 46 branches and is an important milestone toward the company's growth goals in the region. Read more.

CSIO Announces 2024 Members’ Meeting
CSIO is pleased to announce its 2024 Members' Meeting and Reception on April 18th will feature a keynote address by Andrew Kirsch, Founder and CEO of Kirsch Group. Read more.

GreenShield Launches Preventive Healthcare Program
GreenShield, Canada's only national not-for-profit integrated health and benefits provider, is pleased to announce a first-of-its-kind Preventive Healthcare Program, delivered in collaboration with Dynacare, designed to help Canadians prevent and manage chronic diseases through proactive interventions. Read more.

FSRA Encourages Consumers To Verify Credentials With New Online Tool
Ontario's financial services regulator is making it easy for consumers to check the credentials of the person they are getting financial advice from using a new online tool. The Check Credentials Tool will help individuals verify whether their financial professional holds the necessary credentials in Ontario. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Coalition Now Offering Premium Credits To MDR Customers
By John Roberts, Coalition Inc.
Small businesses are at a significant disadvantage when it comes to protecting against cyber risk, fighting a lopsided battle which has prompted cyber insurance providers to embrace a security control that addresses these issues head-on: Managed Detection and Response (MDR). Now we're taking it a step further. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

ProNavigator
ProNavigator, the “Google for Insurance,” is an award-winning knowledge management platform that helps insurance professionals store, manage and use their documents. The platform combines a powerful insurance-focused search, organization controls and a suite of knowledge management capabilities to address critical information management challenges. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Underwriting Specialist - Property & Equipment Breakdown
HSB Canada
Toronto, ON

Manager, Technical Risk Underwriting Solutions Team (TRusT)
HSB Canada
Toronto, ON


From Doug

ICTF2024: The Day

A warm but wet February day was brightened by a fast-paced and full agenda; attention was focused.

“Innovation Minutes” by the ICTA finalists – interspersed among longer presentations and panel discussions on several topics – offered examples, trends and advice.

Alex Watson, IBM Consulting, discussed “Understanding Our Customers' Needs, Wants & Desires” based on a Canadian insurance consumer study.

Marine Conlon, Datos Insights, looked at major trends, especially analytics, AI, and the use of Gen AI. While back-filling for a speaker on IoT, she providing surprising statistics about the use of IoT by insurers.

Sessions on innovation – an extensive use-case by TD Insurance and Symcor, a presentation by David Arbuthnot, Sun Life, and a panel featuring Sachin Rustagi, Markel – offered both experience and direction.

It was interesting to me that almost everyone had tried Gen AI – indicating curious and innovative mindsets – and the buzz at breaks and reception indicated a thirst for sharing.

“Becoming my Customer” was the theme for the day, and undoubtedly a topic to explore further.

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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