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MAY 28, 2024

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INSURANCE INDUSTRY NEWS

BOXX, Zurich Partner To Introduce Breakthrough Personal Cyber Product
BOXX Insurance is pleased to announce the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families. Read more.

NEXT Announces Revolutionary New Offering
NEXT Insurance has unveiled a breakthrough technology-enabled solution designed to modernize the insurance experience. Building upon NEXT's AI-powered proprietary platform and underwriting expertise, this new solution instantly generates accurate and customized insurance quotes, saving valuable time for LegalZoom small business customers. Read more.

FloodFlash Launches New BI Coverage
FloodFlash, the parametric insurance technology company, is pleased to announce the launch of its new Business Interruption coverage ahead of hurricane season. Read more.

CSIO Welcomes Allianz Global Assistance
CSIO is pleased to welcome leading travel insurance provider Allianz Global Assistance as a new insurer member. Allianz will be using the CSIOnet platform to quickly deliver eDocs and messages to its broker partners across Canada. Read more.

Life Insurance Set To Boom As Interest Rates Surge: Swiss Re Institute
Higher interest rates around the world are transforming the outlook for life insurance growth and profitability. Swiss Re Institute expects a new high for US fixed annuity sales this year after record sales in both 2022 and 2023. Read more.

Crawford Technologies Releases DTE Update
Crawford Technologies is pleased to announce the latest release of its Digital Transform Engine, offering new enhancements that optimize the production of customer communications. Read more.

GMS Selects CoverGo For Its Core Platform
Group Medical Services and CoverGo are joining forces to digitize GMS's entire health insurance ecosystem. Read more.

CHES Launches Standalone Crime Coverage Solution For Small Businesses
CHES Special Risk has launched a standalone Crime Coverage product, aimed at offering comprehensive protection to small businesses as they continue to grapple with the pervasive threat of fraud. Read more.

Canada’s Auto Theft Crisis Worsening
Canada's auto theft crisis is showing no signs of slowing down, according to new data released by Insurance Bureau of Canada which shows that in 2023, the cost of insurance claims for replacing stolen vehicles in Canada skyrocketed to a record-breaking total. Read more.

Axis Insurance Acquires Magnes Group
Axis Insurance Managers Inc. is pleased to announce that it has acquired The Magnes Group Inc. Read more.

Co-operators Grows Agency Network In Ontario
Co-operators is pleased to announce its acquisition of Roger Ghent Financial Services as part of its commitment to address the need to provide strategic transition opportunities for advisors considering retirement. Read more.

CRU Group Introduces Wildfire & Earthquake Catastrophe Training Programs
CRU GROUP is proud to announce the launch of its groundbreaking CE accredited training programs aimed at addressing the challenges posed by wildfire and earthquake catastrophes. Read more.

ASSI Opens New CRC In Alberta
Accident Support Services International is excited to announce the opening of its newest Collision Reporting Centre in Leduc, Alberta. Read more.

Manulife/John Hancock Partners On Longevity Research With MIT AgeLab
John Hancock and its parent company Manulife are pleased to announce a five-year, multimillion-dollar research collaboration with MIT's AgeLab, a research institute that works to improve the quality of life for the aging population and their loved ones. Read more.

Business Planning In Precarious Times
A new study by¬†Ownr, a premier small business legal management platform, unveils shifting sentiments around the value of business plans to support entrepreneurs' success, key barriers to starting or finishing their plans and differing approaches to their business planning process. Read more.


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


The Intersection: Insurance-Canada.ca Blog

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

Why AI Governance is Important for P&C Insurers
By Tom Benton & Vinay Shah, ReSource Pro
The artificial intelligence landscape has changed significantly over the past year, presenting both fresh opportunities and new challenges to the property & casualty insurance industry. As AI continues to evolve, especially through advancements like GenAI, insurance companies must create strong governance frameworks to keep AI use transparent and ethical. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

SkyWatch.AI
SkyWatch.AI uses telematics and AI to provide drone pilots with on-demand, personalized, and flexible drone insurance policies by the hour, month, and year. Our advanced mobile app and web platform allow pilots to customize their coverage and produces documentation instantly. The ability to digitally obtain drone insurance, on the move, allows drone pilots to not only fly with peace of mind, but proceed to their commercial obligations as quickly as possible.
Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

All Lines Road Adjuster
PCA Adjusters Limited
Ottawa, ON

Bilingual Regional Underwriter
HSB Canada
Toronto, ON


From Doug

Insurance Trends

In this column, I have recently looked at some new features which have resulted in classifying groups of insurance products as embedded (where and when purchased), parametric (automated FNOL and settlement) and on-demand (turn on, turn off) insurance

The risks and associated perils have all been insured in the past in traditional ways,

Now, each has a primary feature - enabled by digital technology - which is of value to an insurance business as a competitive advantage, and is of value to a customer for simplicity, user experience, cost etc.

Insurance innovators recognized potential and developed the opportunity. Each is growing, becoming more common, but none of these seem to be major disruptors.

'3P' Insurance Trends

There are many trends in insurance including the three niche features noted above.

However, there are higher-level over-arching insurance trends. Three of those I refer to as the 3 P trends:

• Greater personalization;
• Precision underwriting;
• Predict (or detect) and prevent.

These higher level trends impact everyone, customers, insurance businesses (Brokers, MGAs, Insurers) and partners who provide data and services.

Assuming that these trends continue to evolve, how will they contribute to the reshaping of insurance over the next few years – to your future, and mine?

Food for thought, and to be examined in August at our Executive Forum, “Winning Through Innovation.”

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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