"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 11, 2024

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A.I. Set To Drive New Insurance Market, Increase Banking Fraud: Deloitte
Deloitte's 2024 Financial Services Industry Predictions┬áreport outlines some of the most significant emerging trends across the financial services industry over the next three to five years, highlighting the expected impact of AI and climate change. Read more.

Robust Competition Creating A More Buyer-Friendly Market: Aon
Aon plc has released its Spring 2024 Canadian Insurance Market Update to help Canadian clients make better decisions about risk management and insurance programs, Read more.

Insurance Pricing Continues To Moderate As Rates Decline: Marsh
Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index from Marsh, the world's leading insurance broker and risk advisor. Read more.

CoverGo Unveils Next-Gen Distribution Platform
CoverGo, the leading global no-code insurance SaaS platform, is pleased to announce the launch of CoverGo Distribution, a game-changing, AI-powered insurance platform for omni-channel distribution. Read more.

Intel, IBM Helping Enterprises Accelerate Innovation
As customer demands for flexibility and real-time information mount, the speed of technology adoption and innovation have accelerated. To keep pace, it is essential that enterprises adopt technologies that maximize the value of their data and harness the power of AI. Read more.

Majesco Copilot Unleashes New Era Of GenAI Insurance Industry Solutions
Majesco is celebrating the accelerated success of its collaboration with Microsoft, solidified by the Spring '24 Release of Majesco Copilot, built using Microsoft Copilot Studio, embedded across Majesco's portfolio of solutions. Read more.

WTW & Guidewire Partner To Enhance Underwriting
WTW, a leading global advisory, broking, and solutions company, is pleased to announce a new collaboration with Guidewire. This partnership will allow carriers to rapidly integrate WTW and Guidewire's cloud platform enhancing the sophistication and speed-to-market of pricing, rating, and underwriting. Read more.

Industry Loss Estimates Reveal Continued Challenges: Verisk & APCIA
According to key financial indicators for private U.S. property & casualty insurers, 2023 followed similar trends in underwriting losses to those seen the previous year. And while the estimated industry net underwriting loss for 2023 is lower than the 2022 figure, net income is at the lowest level it has been in more than 10 years. Read more.

Canadians Know How To Save On Monthly Expenses, But Not Insurance: TD
The rising cost of living has forced many Canadians to take a closer look at their monthly expenses. While many have gotten savvy at saving money on their phone bills, utilities, and groceries, a recent survey conducted for TD Insurance shows that saving on home and auto insurance isn't top-of-mind for insured Canadians polled. Read more.

Brokerlink Makes Largest Ontario Acquisition
BrokerLink is excited to welcome The Standard Insurance Brokers Ltd., effective June 1st. This partnership expands BrokerLink's services throughout Northern Ontario and marks its entry into the Manitoba and Saskatchewan markets. Read more.

MindBridge Launches Global Partner Program
MindBridge, a pioneering leader in AI-powered financial risk intelligence, is pleased to announce the launch of the MindBridge Global Partner Program in conjunction with the latest release of the MindBridge Platform. Read more.

CFC Updates Dedicated Insurance Cover For FinTechs
CFC is pleased to announce it has overhauled its existing fintech insurance cover to deliver a streamlined, full-service product covering both the professional service and technology exposures by the evolving fintech sector. Read more.

AI Transforming Financial Reporting Globally
Artificial intelligence is already being widely adopted in companies' financial reporting processes, and this is set to grow to almost universal levels over the next three years, according to new global research from KPMG International. Read more.

Ontario’s Costliest Cities For Auto Theft Claims Revealed: IBC
For the first time, Insurance Bureau of Canada (IBC) is releasing a list of the Top 10 costliest cities in Ontario for auto theft claims. Read more.

SIB Expands In Alberta With New Acquisition
SIB Corp., operating as StoneRidge Insurance Brokers (SIB), is pleased to announce its continued expansion in Alberta with the acquisition of Astro Insurance. Read more.

The Intersection: Blog

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

MGAs and Smaller Carriers Drive Growth in Core System Purchases
By Tom Benton, ReSource Pro
We talk a lot about digital transformation as an enabler of business growth. Enterprise-wide transformation relies on core systems which work together to improve efficiency, profitability, and customer experiences; recent ReSource Pro research indicates that the demand for these upgrades remains strong. Read more.

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

InsurTech Spotlight

In the InsurTech Spotlight this week:

Quotey is a software solution for brokers which transforms the commercial insurance sales process from end-to-end: enabling brokers to get multiple insurer quotes for their client in real time or 'go to market' in a smarter digital way. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Producer/Risk Consultant
CMB Insurance Brokers
Edmonton, AB

Underwriter I (Commercial Auto)
Regina, SK

From Doug

Macro Trend: Precision Underwriting

Precision underwriting approaches focus on improving the quality of processes, whereas automation improvements typically aim at increasing the speed.

A quarter-century ago, Progressive Insurance innovated to capture data from the vehicles of insureds who opted in. Auto Telematics data was basic, but a starting point.

The kinds of telematics and the quality of data continue to increase today.

These programs are now applied broadly in both personal lines and commercial where there is a growing use for risk management in fleets.

Commercial construction: As an example, Brickeye uses the Internet of Things (IoT) to monitor construction sites for water leakage. By initiating action - manual or automated - losses can be minimized, or prevented. The value to the insurance underwriter is the loss control approach outlined in the risk management plan.

Data is the root of precision underwriting. More and better data help the underwriter both directly, and indirectly through improved supporting AI models.

In conclusion, quoting Daniel Schreiber, CEO and Co-Founder of Lemonade, “Data accumulates exponentially; correlates emerge inexorably; and the traditional way of underwriting suddenly seems quaint.

Precision underwriting yields more accurate insurance for the customer, and a potential competitive edge.

Learn more and discuss with peers at ICEF2024: “Winning with Innovation” on August 28.

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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