"Chronicle" weekly newsletter - Where insurance and technology meet

JUNE 18, 2024

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Cascading Effects Of Natural Disasters And Other Key Emerging Risks: Swiss Re
The world is facing multiple interconnected crises which bring about ever-more complex risks, finds Swiss Re's 12th SONAR emerging risk report. It explores critical topics of the future to foster better understanding of new or changing risks, their interactions and dependencies. Read more.

Companies Facing Unprecedented Risk ‘Polycrisis’
A perfect storm of increased economic volatility, geopolitical upheaval and the disruptive force of AI has driven the corporate threat level to its highest in 12 years, according to Clyde & Co's annual Corporate Risk Radar, which finds that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk. Read more.

Divergence On A.I. Among Biggest Risks To Growth For Global Companies
Businesses operating across borders are facing slowing growth and an increasing battle for long-term sustainability, according to a new report from KPMG International. Read more.

Trufla, SEH Partner To Enhance Digital Distribution
Trufla, a top broker technology provider, is proud to announce a transformative partnership with SEH Computer Systems, a specialist in tailored software solutions for the P&C sector, leveraging SEH's Titan system and Trufla's innovative truMarket platform. Read more.

MindBridge Unveils New A.I. Capabilities
MindBridge, a pioneering leader in AI-powered financial risk intelligence, has unveiled major enhancements to its MindBridge platform that empowers companies to monitor 100% of financial transactions with unprecedented accuracy and efficiency. Read more.

U.S. Commercial Insurance Rates Maintain Predictable Trend In Q1: CLIPS
U.S. commercial insurance prices have maintained a steady trend with respect to consistent, routine, price increases, based on WTW's latest Commercial Lines Insurance Pricing Survey. Read more.

Trust Emerges as Top Driver of Customer Satisfaction With Auto Insurance: J.D. Power
With U.S. auto insurance rates surging over the past year and insurers still losing money, high premiums do not appear to be leveling off anytime soon, but these rate increases do not necessarily erode customer satisfaction, according to the J.D. Power 2024 U.S. Auto Insurance Study. Read more.

Crawford Technologies, Docuvela Partner On CCM Cloud Solution
Crawford Technologies, a provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce it has entered a strategic partnership with Docuvela, an emerging innovator of cloud-based document management and content services. Read more.

Acera Expands West-Coast Footprint
Acera Insurance Services Ltd. is pleased to announce its newest partner, Janzen Insurance Brokers Ltd. of Surrey, BC. Read more.

On Side Continues Atlantic-Region Growth
On Side Restoration Ltd. is proud to announce the opening of its newest branch in Saint John, New Brunswick, bringing the company's nationwide reach to 47 branches. Read more.

McDougall Welcomes All Time Insurance Brokers
McDougall Insurance Brokers Ltd. is happy to announce that it has merged with All Time Insurance Brokers Inc., a two-person team based in Ajax Ontario. Read more.

High-Net-Worth Population Back To Record Levels Despite Global Instability
The Capgemini Research Institute’s World Wealth Report 2024 reveals the number of high-net-worth individuals (HNWI) and their wealth reached unprecedented levels in 2023, sparked by a rebound in the global economic outlook. Read more.

OpenText Cybersecurity MSP/MSSP Survey
OpenText has released the findings of its annual Cybersecurity Global Managed Security Survey, which found that the vast majority of respondents see increasing AI-led security and threat intelligence services as the major drivers of business growth over the next 12 months. Read more.

Marketing Budgets Have Declined In 2024
Average marketing budgets in 2024 have fallen by 15% compared to last year, according to a Gartner survey of CMOs and marketing leaders. Read more.

Trupanion Data Reveals Feline Health Trends
With the onset of kitten season in North America, Trupanion, the leading provider of medical insurance for cats and dogs, offers insights into feline health derived from more than 20 years of pet health data. Read more.

Two Key Ways To Reduce Hurricane Damage: IBHS
The Insurance Institute for Business & Home Safety is encouraging homeowners to prepare for an active hurricane season, offering guidance to protect the areas of homes most vulnerable to storms, along with DIY maintenance projects and tips for last-minute storm prep. Read more.

ICLR And CHBA Partner On Resilient Homes
The Institute for Catastrophic Loss Reduction and the Canadian Home Builders' Association are pleased to announce their collaboration on the Resilient Homes Task Force project to create evidence-based solutions for more resilient new homes, renovations, and homeowner maintenance. Read more.

The Intersection: Blog

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

Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)
By SortSpoke
For a long time, Optical Character Recognition (OCR) technology was the only reliable option for data extraction apart from manual entry. OCR laid the groundwork for more advanced Intelligent Document Processing (IDP), which goes beyond simple character recognition by leveraging machine learning to provide contextual understanding and workflow automation support. Read more.

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

InsurTech Spotlight

In the InsurTech Spotlight this week:

YouSet is revolutionizing the insurance industry by combining technology, data and human expertise. We're on a mission to build the most efficient and most loved insurance platform in Canada. In less than 4 minutes, our powerful technology screens the market to help you save 29% on average on your home and car insurance and get you covered instantly, online. Learn more.

Calling all InsurTechs! Click here to participate.

Insurance Works

Featured job opportunities:

Intermediate Claims Examiner
Government of Ontario
Toronto, ON

Estate Planning Associate (Financial Security Advisor)
Montreal, QC

From Doug

Macro Trend: Predict (Detect) and Prevent

Data about historical losses is the backbone of insurance rates; using loss data to prevent losses is not so common, but not so new, either:

In 1857, the Polytechnic Club debated an idea that combined insurance with a boiler inspection. Inspections would increase boiler safety and the insurance would function as an incentive to inspect and a guarantee of a quality inspection. Insurance offered financial interests but was secondary to safety and loss prevention – a totally new concept for an insurance offering.

The Hartford Steam Boiler Inspection and Insurance Company was founded in 1866.

Leaping forward, recent computing, communications and data innovations have greatly expanded opportunities to improve risk management. Insurance is adopting the mantra “Predict (or Detect) and Prevent.”

Developments in sensor technology continues to enable the detection of variables of all sorts.

Innovations in communications have opened the way to gather that data, even instantly.

Enhancements to computing capabilities and data analysis tools yield ever more granular insights.

Those factors combined with insurance incentives offer insurers the opportunity to lead the way in risk management.

Join us at ICEF2024 to explore 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.

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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