INSURANCE INDUSTRY NEWS

Verisk Expands Fraud-Fighting Capabilities With Two New Strategic Partnerships
Verisk, a leading global data analytics and technology provider, is pleased to announce new collaborations with FRISS and Globlue Technologies designed to bolster fraud detection and analysis in the insurance claims process. Read more.

Coalition Enters Long-Term Capacity Agreement With Aspen
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce it has executed a new, multi-year capacity agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the U.S. Read more.

Relay Launches Generative AI Quote Bot
Relay Platform, a leading broker quoting platform for Cyber insurance, is pleased to announce the launch of Quotie™, the evolution of the innovative insurtech's AI functionality. Read more.

UVeye, Acadia Insurance Partner To Transform Auto Claims With Artificial Intelligence
UVeye, creator of the AI-driven automated vehicle inspection platform, is pleased to announce a strategic collaboration with Acadia Insurance to reshape the automotive insurance claim landscape by leveraging AI-powered computer vision inspection systems to streamline claims for vehicles involved in accidents. Read more.

One In Three U.S. Households Would Switch Carriers For Smart Home Devices
Parks Associates' research study, Insurance Opportunities in the Smart Home, finds that one-third of US internet households with homeowner's/renter's insurance would switch providers to acquire smart home devices. Read more.

Sapiens Expands Market Presence To Accelerate Growth For Canadian Insurers
Sapiens International Corporation is pleased to announce its strategic expansion in the Canadian market, strengthening support for existing Canadian customers and expanding its reach to new prospects seeking industry-leading SaaS solutions and services across life, property and casualty, and workers' compensation markets. Read more.

Fraud & Emerging Threats: FRISS Industry Survey
FRISS, a leading provider of trust automation solutions for P&C insurers, is thrilled to announce the release of its comprehensive survey on the global landscape of insurance fraud, which focuses on emerging risks and innovative solutions within the risk and insurance ecosystem. Read more.

BrokerLink Expands In Owen Sound, Ontario
BrokerLink, one of Canada’s largest property and casualty insurance brokerages, is excited to announce the acquisition of Ontario-based Hanbidge & Bowman Ltd. Insurance Professionals, effective March 1st. Read more.

Hub Acquires Zavitz Insurance And Wealth
Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Zavitz Insurance and Wealth, Inc. Read more.

Millennial Specialty Launches Multifamily Insurance Solutions In Canadian Market
Millennial Specialty Insurance, LLC, an indirect subsidiary of BRP Group, Inc., is pleased to announce it is now offering comprehensive multifamily-focused insurance solutions in Canada, including both its renters and tenant legal liability products, marking the first time MSI is writing business outside the United States. Read more.

TruShield Addresses Small Business Cyber Risks
TruShield Insurance is proud to announce their new collaboration with Visa to give eligible Visa business cardholders access to TruShield's commercial insurance policies at a preferred rate and help ensure customers are more protected against cybersecurity threats. Read more.

CISRO Reminds Consumers To Always Work With A Licensed Insurance Provider
To mark Fraud Prevention Month, CISRO is encouraging consumers to do their due diligence when shopping for insurance. Read more.

CAA Launches Guide To Common Flight Disruptions
The Canadian Automobile Association (CAA) has launched an easy-to-use guide to help air travellers navigate the rules when they run into some of the most common problems, such as flight delays, cancellations, lost bags, and getting bumped from a flight. Read more.

In the InsurTech Spotlight this week:

SortSpoke
SortSpoke helps commercial P&C underwriting teams increase capacity by 30% and prioritize on-appetite risk submissions to increase quote-to-bind ratios and written premiums by 50%. Sortspoke is the best AI-powered platform for intake, data extraction and triage of complex submissions, even specialty products with unstructured supplemental documents. SortSpoke enables unprecedented speeds and scale, with unbeatable levels of data accuracy, achieving same-day turnaround on most submissions.
Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Claims and Risk Analyst
City of Richmond Hill
Richmond Hill, ON

Ecommerce Claims Adjuster
Gallager Bassett Canada Inc.
Oshawa, Ontario

From Doug Innovation and InsurTech Recapping: We consider that most every business in or serving the insurance industry is an InsurTech. Those “doing” the business of insurance, i.e. practitioners, commonly use third-party technology or data, i.e. providers, to help run their operations. Hence two categories of InsurTechs. Their common characteristics include customer focus, agility, culture and technology. The question is no longer, “Are you an InsurTech or an Incumbent?” It is now, “How good an InsurTech are you?” How does your business compare to the best-of-breed companies you know in each of those four characteristics? Trend: Innovation, Not Disruption When the first “loud” startup practitioner InsurTechs arrived to great fanfare – think Lemonade – the initial buzz predicted “disruption” of the threatened insurance incumbents. But the industry was already digitally transforming. Practitioners quickly adopted the InsurTech mantle, and providers – new and incumbent – developed tools to help. Disruption? Yes, but primarily to the traditional management style and speed. Innovation – the InsurTech characteristics – has become part of the leadership approach. Rather than, “Should we innovate (and how)?”, the question today is, “Do we innovate well enough?” I think it fair to say that “innovating better” is a trend. Doug Grant, CIP Partner Insurance-Canada.ca