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Insurance-Canada.ca - Where insurance and technology meet

MAY 7, 2024

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INSURANCE INDUSTRY NEWS

Global InsurTech Report for Q1 2024
Global InsurTech funding dipped below USD 1 billion in the first quarter, falling to its lowest level since the first quarter of 2020, according to Gallagher Re's latest quarterly InsurTech report. Read more.

Coalition Expands Active Insurance Offering
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the expansion of its cyber insurance offering to large enterprise businesses in Canada with revenues of up to CAD 5 billion, except in the province of Quebec. Read more.

Resilience Enhances Cyber Insurance Loss Prevention With Integrated Features
Resilience, the leading cyber risk solution company, has once again raised the standard in the cyber insurance industry with new integrated capabilities that enable enterprises to continuously monitor and prioritize their mitigation and transfer of cyber risk. Read more.

Innovative Auto Carriers Have Significant Competitive Edge
U.S. personal auto insurers are the furthest ahead when it comes to innovative processes like automated claims management and the use of data to automate underwriting, according to a new AM Best report. Read more.

Sentiance Introduces First Mobile Crash Detection for Motorcycles
Sentiance, a leader in road safety solutions, is pleased to announce a significant advancement in motorcycle safety with the expansion of its mobile Crash Detection technology. Originally developed for cars, this first-of-its-kind solution is now tailored specifically for motorcycles. Read more.

Synthetik Demonstrates AI-Powered Flood-Modeling & Loss Prediction Tool
Synthetik Insurance Analytics is pleased to announce the successful demonstration of their Flood Data Collection & Analysis platform, Flowcore, an AI-powered end-to-end tool for modeling of flood scenarios and prediction of resulting damage and insurance losses. Read more.

PACICC Board Makes Inflation Adjustment For Personal Lines Benefit Limits
The Board of Directors of the Property and Casualty Insurance Compensation Corporation has approved a first-time implementation of its new inflation-adjusted limits for Personal Property and Automobile lines of business. The changes will take effect on July 1st. Read more.

Sedgwick Develops New Solutions In Global Aviation Claims Management
Sedgwick is offering new global aviation adjusting and surveying solutions from hubs around the world. The new solutions and additional market reach complement Sedgwick's longstanding capabilities in workers' compensation, disability and absence, job accommodations, liability, and property claims for the aviation sector. Read more.

MGA Launches Coverage For High-Value Homes
CHES Special Risk is pleased to introduce a specialized comprehensive insurance coverage tailored specifically for high-value homes. CHES Special Risk's latest ‘all risks’ insurance policy serves as an unparalleled safeguard against a spectrum of perils, spanning earthquakes, fires, accidents, and liabilities. This specialized policy aims to provide unmatched protection and peace of mind to homeowners with luxury properties. Read more.

Canstar Acquires Lydale Property Restoration
Canstar Restorations LP proudly announces its latest strategic advancement with the acquisition of Lydale Property Restoration, a highly respected player in the fire and flood business in Alberta and Saskatchewan. Read more.

First Onsite Expands In Ontario
First Onsite Property Restoration, Canada's leading property restoration company, is pleased to announce it has opened a new branch in Peterborough, Ontario to serve the surrounding area. 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?

Three Use Cases for API Technology in Insurance
By Aaron Davidson, Relay Platform
As cyber risk continues to evolve faster than many insurance carriers can keep up with, API technology in insurance provides a powerful way to stay ahead of the curve. An API is technology that connects two unrelated software systems. ¬†When we apply this to insurance, they enable greater data access and speed in underwriting, notifying insurers of new exposures quickly so they can adjust their policies to reflect that data immediately. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Farmers Edge
With the most comprehensive data management platform on the market, Farmers Edge is a global leader in digital agriculture, delivering cutting-edge solutions powered by a unique combination of field-centric data, artificial intelligence, and complete integration. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Cyber Underwriter
HSB Canada
Toronto, ON

Financial Security Advisor, Insurance
RBC
Montreal, QC


From Doug

Even long-standing Insurance products are often embellished with new features. In some cases, I admit to first seeing the possible negatives:

Parametric – what was the real loss?
On-demand – less premium revenue?
Embedded – loss of the customer relationship?

However, in this rapidly innovating digital world, they often do provide strong value propositions.

Parametric Insurance for Flight Delays

When a flight is delayed more than a certain time, as monitored by a third party, a claim is triggered and a pre-defined payment and/or service initiated – such as an alternate flight booking or access to a lounge or hotel.

Replacing a manual claim process with indemnification, this digital approach features immediacy and a range of services, meeting today's customer expectations. The rewards for the insurer include the customer's loyalty and data.

Parametric Insurance for Weather Events

Flood, hail, and other forms of severe weather cause frequent losses.

The parametric process and value would be similar to that above, which could be extended to pre-event notices based on weather predictions to help customers manage risk, without altering the ultimate claim settlement.

Ultimately, although the insurer gives up the opportunity to determine the cost of the actual loss, the value gained can be much greater.

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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