"Chronicle" weekly newsletter - Where insurance and technology meet

APRIL 23, 2024

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Reshaping Insurance Business Model, Technology Foundation To Achieve Real Optimization
Majesco is pleased to announce a new thought leadership report, Realignment in Insurance:  Legacy Core Impact, which highlights the importance of insurers elevating their business operation with a next-gen, intelligent technology foundation built on a robust cloud-native architecture and why it is a must-have to compete in today's marketplace. Read more.

Coalition Announces New Platform Integrations
Coalition is pleased to announce new integrations between its cyber risk management platform Coalition Control and cloud services providers including Microsoft 365®, Google Workspace®, and Amazon Web Services®. Read more.

Aon Announces Successful Completion of Innovative Pilot Placing Insurance Using Blockchain Technology
Aon plc, a leading global professional services firm, is pleased to announce the successful completion of an innovative pilot for placing insurance using blockchain and smart contract technology. Read more.

Swiss Re Launches GenAI Underwriting Assistant
Swiss Re has launched an augmented version of its Life & Health underwriting manual Life Guide. The new version comes equipped with Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant, developed by Swiss Re, that integrates Microsoft Azure OpenAI Service. Read more.

Deloitte, Intel Expand Alliance To Help Enterprises Optimize Generative AI Capabilities
Deloitte and Intel are pleased to announce a major expansion of their alliance to help enterprises around the world deploy their AI solutions cost efficiently with the latest hardware and software optimizations. These new offerings address the growing needs as the marketplace evolves from experimenting with AI to scaling implementations for distinct use cases that deliver real value. Read more.

Accenture Joins GenAI Partnership To Create A Better Customer Support Experience
Best Buy, Google Cloud and Accenture are pleased to announce a new collaboration that will involve deploying generative AI to greatly improve the experience for Best Buy customers looking for support services. Read more.

Privacy4Cars Awarded Three More Patents
Privacy4Cars, the first privacy-tech company focused on solving the privacy and security issues posed by vehicle data to protect consumers and automotive businesses, is pleased to announce the US Patent Office has approved three new patents, cementing Privacy4Cars' innovator role in the automotive privacy tech space, even as new regulations require deletion of consumer personal data stored in vehicles in New Jersey and Illinois. Read more.

Verisk Boosts Ecosystem With Two Accelerators
Verisk, a leading global data analytics and technology provider, is pleased to announce the launch of two new accelerators designed to streamline and enhance workers' compensation claims processing within Guidewire ClaimCenter. Read more.

Canada’s First National Flood Insurance Program
The federal government is partnering with the country's property & casualty insurers to continue developing Canada's first low-cost national flood insurance program for households at high risk of flooding. Read more.

Achmea, Fairfax Announce Sale Of Onlia To Southampton Financial
Achmea and Fairfax Financial Holdings Ltd. have reached an agreement on the sale of online insurance agency Onlia to Southampton Financial Inc. (SHFI), a private equity firm focused on the Canadian property and casualty distribution space. The acquisition is expected to close no later than April 30. Read more.

Victor Insurance Launches Cyber Solution
Victor Insurance Managers LLC, the leading global managing general underwriter, is pleased to introduce Victor Cyber, a full package insurance solution that's unique in the marketplace. Read more.

Kevin O’Leary Launches WonderCare Watch Insurance Platform
Canadian TV personality Kevin O'Leary has launched a watch insurance platform called WonderCare, allowing expensive timepiece enthusiasts to insure certain watches they might keep at home or wear while travelling for a fraction of the total value on an annual basis. Read more.


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The Intersection: Blog

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A Beginner's Guide to Cyber Insurance & Risk Management
By Aaron Davidson, Relay Platform
The cyber threat landscape is rapidly changing and presents an ever-growing challenge to mitigate risks with the right coverage. The complexity of the threat landscape continues to grow as new attack strategies are identified with alarming regularity. This guide will cover all the basics of cyber insurance and risk management to help agents and brokers better advise customers on which policies meet their requirements — taking them beyond just protecting their data and setting up systems that reduce or eliminate risks before they happen. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

FindBob unlocks advisor data and turns it into advisor insights. With FindBob's Advisor Intelligence Platform, carrier and distributor home offices can finally use data to understand what's most important to their salesforce and why they behave the way they do. These insights into their advisors' practice needs and how it affects performance empowers the home office to make better decisions. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Parametric insurance offers pre-specified payouts based upon a trigger event which must be objective (ie. independently verifiable), transparent, and consistent. It is usually dependent on digital technology.

For example, hail insurance could pay out automatically without FNOL when a weather service records that hail occurred on the specified property. Other possible triggers: wind speed, rainfall, or earthquake intensity.

Market size and opportunity

Custom Market Insights reports a parametric insurance market of $17.2 billion in 2023, growing at 12.1% compounded through 2032 ($35.6B)


Parametric insurance offers compelling benefits, particularly for hard-to-insure risks like natural catastrophes:

• Rapid payouts alleviate post-event financial stress.
• Reduced moral hazard.
• Dynamic pricing reflects the probability and severity of the insured event.
• Data-driven insights from data and AI can enhance product design, underwriting, and claims processing.


• Basis risk, mismatch between parametric payout and actual loss.
• Regulatory uncertainty.

In Canada, parametric insurance offerings in travel and weather-related insurance, and less-common applications.

Innovations in digital technology to measure, record, analyze and report support the evolution and growth of parametric insurance.

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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