"Chronicle" weekly newsletter - Where insurance and technology meet

MAY 14, 2024

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Applied Rating Index Q1 2024
In Q1 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year, according to the latest Applied Rating Index™, the Canadian insurance industry's premium rate index. Read more.

GenAI The Most Frequently Deployed AI Solution
Generative artificial intelligence is now the type of AI solution most frequently deployed in organizations, according to a new survey by Gartner, Inc. Read more.

Executives Bullish On GenAI Despite Low Adoption Rates: Deloitte
Although few executives say their organizations have implemented Generative AI solutions to support finance processes, considerably more are actively discussing use cases or have future plans to adopt the technology, according to a new poll by Deloitte. Read more.

EY Expands Digital Engineering, GenAI capabilities
Nuvalence, a technology consultancy firm, has joined EY to accelerate the delivery of platform engineering, product development and generative AI (GenAI) platform-enabled services to organizations across industries and sectors. Read more.

Marsh McLennan Launches AI-Powered Supply Chain Risk Management Solution
Marsh McLennan is pleased to announce the launch of Sentrisk, a cutting-edge AI-powered platform with integrated advisory services that will redesign the way businesses manage global supply chain risk. Read more.

AI, Cyber Assets Growing Despite Persistent Protection Gap
Aon plc is pleased to announce findings from the Intangible Versus Tangible Risk Comparison Report 2024, which reveals that a persistent protection gap persists for intangible assets. Read more.

IBM Launches New Microsoft Copilot Capabilities
IBM has announced the availability of IBM Copilot Runway, a new offering designed to help enterprises create, customize, deploy and manage copilots, including Copilot for Microsoft 365, and seamlessly integrate copilots' generative AI capabilities into their organizations. Read more.

New Consumer Segment Represents One In Three Smart Home Households
Research found in a new white paper from Parks Associates reveals an ongoing shift in the smart home as more mainstream US consumers adopt devices including video doorbells, smart cameras, and smart locks. This middle-market segment, part of the “early majority” in the US mass market, represents 37% of all smart home adopter households. Read more.

Foxquilt Partners With London Underwriters
London Underwriters, a leading national insurance wholesale broker in the U.S., is thrilled to announce a strategic partnership with Foxquilt Insurance, an InsurTech pioneer in digital insurance solutions for small businesses and individuals. Read more.

Accenture, Mandiant Partner On Cyber Resilience
Accenture and Mandiant, part of Google Cloud, are teaming up to collaboratively deliver cyber resilience services to help organizations more efficiently detect, investigate, respond to and recover from cyberattacks. As part of the partnership, Accenture will utilize Mandiant Threat Intelligence, a comprehensive and actionable platform, and Mandiant expertise in its Cyber Resilience services. Read more.

Navacord Doubles Travel Portfolio With Landmark SécuriGlobe Partnership
Navacord is thrilled to announce their recent acquisition of SécuriGlobe assurance voyage, effective as of April 1st. This is Navacord's largest partnership of 2024 and its most substantial travel partnership to date. Read more.

BrokerLink Grows In Alberta & Ontario
BrokerLink is pleased to announce three new acquisitions: Ontario-based Law Insurance Brokers Limited, and Alberta-based Direct-Line Insurance and MKMK Risk Management Inc. (MKMK Group). All three closed May 1st. Read more.

Intact Launches Wildfire Defense Systems Service
Intact Financial Corporation is pleased to announce it has engaged with Wildfire Defense Systems to launch a pilot project providing eligible customers in Alberta and British Columbia wildfire loss prevention and suppression services for their homes when threatened by active wildfires. Read more.

Verisk Pioneers New Approach To Catastrophe Risk
Verisk is pleased to announce a monumental leap forward in global catastrophe modeling and risk analysis with the launch of its Next Generation Models. Read more.

Get Ready For Hurricane Season: IBC
Researchers at CSU are warning that record warm surface temperatures in the Atlantic Ocean could result in 11 hurricanes this year, five of them ‘major’ – a significant increase over the average of 7.2 hurricanes a year recorded between 1991 and 2020. Read more.

Aviva, WWF Launch Free Biodiversity Resource For Canadian Businesses
Aviva Canada and WWF Canada are pleased to announce their joint release of a new Action Plan available for Canadian businesses for how they can act to help halt and reverse biodiversity loss, better protect nature, and contribute to a more sustainable global economy. Read more.

The Intersection: Blog

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

The Impact of Generative AI on enterprises
By Manav Gupta, IBM Canada
Generative AI made its way to the mainstream and rocketed up the business agenda in 2023. This year, almost two thirds of C-suite leaders will be piloting Gen AI solutions, according to IBM's Institute for Business Value. Read more.

InsurTech Spotlight

In the InsurTech Spotlight this week:

SideDrawer is a mobile and online solution for customers and Professional Service Providers (PSPs) in which customers have the ability to securely keep their personal, financial and important records and organized for life, allowing PSPs to collaborate and communicate with their clients through a single, living repository. Learn more.

Calling all InsurTechs! Click here to participate.

ICEF2024: “Winning With Innovation” – August 28, 2024

Insurance Works

Featured job opportunities:

Financial Security Advisor, Insurance
Montreal, QC

Corporate Underwriting Specialist
Regina/Saskatoon, SK

From Doug

Trend: On-Demand Insurance

The digital insurance world creates opportunities across the board, including products and their features.

For on-demand insurance, my gut reaction was to assume a decreased premium.

On reflection, that is true compared to full insurance of traditional term.

Two scenarios:

First, a product or service purchased for a short term by a third party – car-sharing or home-sharing. A standard insurance agreement would provide coverage when the product has not been rented. When rented, the on-demand commercial insurance kicks in.

Second, a personal use item – such as a valuable camera or pricey watch – being taken on an excluded trip by the owner, insured otherwise by a homeowners package.

Impact on premium:

When both traditional and on-demand policies are in place, the premium is optimized for the insured perils.

Without the on-demand element, there are gaps in coverage, leaving the item unprotected.

But if both policies are active full-time, then the customer is probably overpaying on the premiums.

Placing the informed customer in the best insurance situation optimizes the value to the customer, creating – one hopes – loyalty.

Join us on August 28 at the Executive Forum for more in-depth analysis and discussion of this trend.

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.

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