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APRIL 30, 2024

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INSURANCE INDUSTRY NEWS

Leaders Optimistic About A.I. For Underwriting But Underwriter Confidence Lags
The Capgemini Research Institute's World Property and Casualty Insurance Report 2024, published today, reveals the underwriting capabilities of insurers are being restricted by organizational constraints. Read more.

Verisk Announces Seek Now Integration To Streamline Property Claim Assessments
Verisk, a leading global data analytics and technology provider, is pleased to announce a strategic integration with┬áSeek Now, a leading claims inspection service provider and business intelligence solution in the residential and commercial property insurance space. Read more.

State Farm Launches Innovative Post-Collision Driver Assistance Program
State Farm is pleased to announce the launch of a new Drive Safe & Save™ app Accident Assistance feature to help drivers in the immediate aftermath of a collision. Read more.

Cowbell Launches Generative AI Solution To Optimize Underwriting Workflows
Cowbell is pleased to introduce Prime Tech with Cowbell Co-Pilot, Cowbell's GenAI solution for efficient underwriting. Prime Tech is Cowbell's adaptive cyber insurance offering that combines flagship Prime 250 cyber risk insurance with Technology Errors & Omissions primary coverage. Read more.

WTW Engage Platform Adds GenAI Feature To Improve Employee Experience
WTW, a leading global advisory, broking, and solutions company, is pleased to announce the launch of Engage Coach AI, a generative AI assistant that guides effective manager action to improve employee experience and business performance. Read more.

Majesco Upgrades Copilot With Generative AI
Majesco is excited to announce the Spring '24 Release of its portfolio of software solutions, spearheaded by the revolutionary enhancements of Majesco Copilot. introducing cutting-edge Generative AI capabilities that redefine how insurance professionals interact with their business solutions. Read more.

Kayna Explores Options With AEGIS London
Kayna, the award-winning InsurTech that facilitates insurance solutions through vertical SaaS platforms, and AEGIS London are pleased to announce they are partnering to optimize AEGIS London's online quote and bind platform by making data-led insurance coverages available to borrowers through surplus lines brokers during commercial lending transactions. Read more.

Coalition Cyber Claims Report Highlights Importance Of Email Security
More than half of all cyber claims last year were the result of either funds transfer fraud or business email compromise, according to Coalition's 2024 Cyber Claims Report, which details emerging cyber trends and their impact on Coalition policyholders throughout 2023. Read more.

ICEYE, Juniper Re Announce Multi-Year Flood & Wildfire Data Collaboration
ICEYE, a global leader in satellite-powered disaster management solutions, is pleased to announce a new data collaboration with Juniper Re, LLC, the dynamic reinsurance broking arm and indirect subsidiary of BRP Group, Inc. Read more.

GAIG Announces Team To Expand Its Embedded Insurance Offerings
Great American Insurance Group is pleased to announce the formation of a dedicated embedded insurance team. Building upon the company's 20 years of experience offering embedded insurance products, the new team will streamline and simplify the distribution of these offerings. Read more.

Chubb To Acquire Leading Pet Insurance Provider
Chubb is pleased to announce a definitive agreement to acquire Healthy Paws, a U.S.-based MGA specializing in pet insurance, from Aon plc, a leading global professional services firm. The transaction positions Chubb to expand in a niche market with substantial growth potential. Read more.


SAVE THE DATE FOR ICEF2024!

Our 2024 Executive Forum will take place on
Wednesday, August 28. Add it to your calendar:


The Intersection: Insurance-Canada.ca Blog

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

Building A Data Strategy For Generative AI
By Manav Gupta, IBM Canada
Artificial Intelligence is dominating business conversations and shooting to the top of the agenda for many executives. According to IBM's Institute for Business Value, 60 per cent of C-suites will be piloting Gen AI solutions in their organizations by next year. This acceleration re-emphasizes the integral connection between solid data foundations and an effective AI strategy. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Sentro
Sentro is designed for fully digital, end-to-end group insurance administration. We give insurers the ability to connect their brokers, service providers and group customers – right through to the insured. We deploy fast. Our customers can create new products and plans in hours, not months. Renew business in hours, not days. Quote business in minutes. Onboard customers and issue policies fully digitally, in real-time Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

RIBO-Licensed Insurance Broker - Personal Lines
Darling Insurance
Lindsay, ON

Commercial Account Manager
SLS Insurance
Waterloo, ON


From Doug

Embedded, parametric and on-demand insurance: None of these are new in the sense that the risks and perils have all been covered in the past. But each has a somewhat unique feature, resulting in a more widely-recognized name in today's increasingly digital world. What feature?

Embedded insurance is purchased at the point of sale of a non-insurance product.
Parametric insurance has an automatic claim and payout triggered by an event and the insured may not even need to submit a FNOL.
On-demand insurance is only active when the insured (overtly or automatically) turns coverage on until it is switched off.

Something has changed in the last few years to push each of them to become more significant, to raise their profile.

That may well be the improvements in basic technologies – computing, communications, data storage – or in the tools that have been built on top of or around them. The innovators are quick to take advantage.

More to follow, but do mark your calendar for the 2024 Insurance-Canada.ca Executive Forum on August 28th in Toronto. We will explore these and other trends by looking at current examples, and discussing the future implications.

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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