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JULY 2, 2024

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INSURANCE INDUSTRY NEWS

Curbing Catastrophic Hurricane Damage
In an innovative new partnership, Car Super App Way.com and CURE Auto Insurance are teaming up to protect customers' cars from damage due to hurricanes and tropical storms. Read more.

Rival Launches AI-Driven Insurance Intelligence Platform
Rival Insurance Technology is excited to announce the launch of the Rival Platform & Marketplace (RPM), a groundbreaking, AI-driven web application featuring a completely reimagined user interface, intelligent business insights, and unmatched broker-to-MGA connectivity to transform the way Brokers and Managing General Agents (MGAs) operate. Read more.

CSIO Announces Five New Vendor Members
CSIO is pleased to welcome five new vendor members: ClicAssure Inc., Driver Verified Inc., HM Custom Solutions Inc., Norima Consulting and Quandri Technologies Inc. These new members will benefit from CSIO's Data Standards and technology solutions to seamlessly integrate systems and advance industry connectivity. Read more.

Drivers Would Share Data To Save Lives: Arity
An overwhelming majority (86%) of U.S. drivers would be more willing to share driving behavior data if they knew it could help prevent the loss of life, according to a new report from mobility data and analytics company Arity. Read more.

Resilience Doubles U.S. Cyber Insurance Limits Through Lloyd’s Partnership
Resilience has doubled its cyber insurance limits to USD 20 million per client in the US, following the launch of new features and capabilities that enable enterprises to continuously manage the mitigation and transfer of cyber risk, in an agreement brokered by Lockton Re which utilizes Resilience's existing coverholder partnership with Lloyd's. Read more.

Co-operators Boosts Community Resilience With Launch Of New Property Coverage
In response to the impact of climate change on Canadian communities, Co-operators is supporting its clients in reducing their risk and building their resilience at no additional cost to clients with new TomorrowStrong™ insurance coverage. Read more.

Westland Acquires Canadian Special Risks
Westland Insurance is pleased to announce that it has acquired Canadian Special Risks Inc., effective June 1st. This strategic move marks another milestone in Westland's ongoing expansion efforts across the country. Read more.

Acera Makes Fourth Deal In Ontario In 2024
Acera Insurance Services Ltd. is pleased to announce its partnership with Dorey & Tolgyesi Insurance Brokers Ltd., headquartered in Kingston, Ontairo Read more.

Navacord Expands Two Ottawa Specialty Brokers
Navacord is pleased to announce the expansion of two specialty brokers in the Ottawa region: Petrela, Winter & Associates, a construction specialist, and Jones DesLauriers, specializing in commercial, auto dealerships, and technology segments. Read more.

SIB Invests In All-Risks Insurance Brokers
SIB Corp. is excited to announce that it has expanded its Partner Network and business offerings in Ontario through a partnership with All-Risks Insurance Brokers Limited. Read more.

CHES Unveils Luxury Home Protection
CHES Special Risk is inviting brokers to protect their clients with new insurance options for high-value homes in Canada. The new comprehensive coverage plan is tailored to provide extensive protection for primary residences, secondary homes, and other valuable properties. 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?

The Era of the Global Platform for Managing Employee Benefits and Group Insurance
By Segic
In the current HR landscape, companies face a major challenge: meeting the diverse needs of four different generations in terms of employee benefits and group insurance. It is crucial to adopt an integrated and flexible approach to designing benefits programs that address these varied needs. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Goose Digital
Goose Digital specializes in developing strategies and executing complex marketing automation programs for national carriers, brokers and MGAs across Personal and Commercial Lines insurance. We take organizations on a journey of digital transformation to optimize operations and drive faster return on marketing investment with proven digital strategies and expertise with cutting-edge technologies.
Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Program Coordinator
LAWPRO
Toronto, ON

Financial Security Advisor, Insurance
RBC
Montreal, QC


From Doug

A continuous stream of innovations target the management of auto risk.

Sfara recently announced an all-speed crash detection capability including ZeroMotion™ crash detection (the vehicle is not moving). Sensor technology continues to improve.

Motorcycle crash detection from many sources such as REALRIDER automatically deliver time-critical location to paramedics.

Some now use voice to immediately deliver to a driver notice of a safety issue, before that issue becomes more critical, e.g. Samsara's In-Cab Voice Coaching.

Thought leaders including Matteo Carbone have long argued that the best way to affect behaviour change is a combination of measurement, reporting, and incentives.

A recent announcement by Uber offers as rewards a preferred compensation rate and more driver insights. One factor for the compensation reward is a safe driving score. The objective: even better and safer customer service, possibly reducing insurance costs.

Insurance companies can deliver risk management programs directly to personal insureds. For commercial insurance, partnerships are often the way forward – risk manager, broker, insurance company and probably others.

Does our [insurance] future depend on such collaboration?

Discuss more at ICEF2024 on August 28th.

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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