INSURANCE INDUSTRY NEWS

Widespread GenAI Adoption In Software Workforce: CapGemini
Generative AI is expected to play a key role in augmenting the software workforce, assisting in software design, development, and testing work within the next two years, according to the Capgemini Research Institute's latest report investigating how organizations can realize the full potential of generative AI for software engineering. Read more.

Majority Prefer Companies Not To Use AI For Customer Service: Gartner
Sixty-four percent of customers would prefer that companies didn't use artificial intelligence in their customer service, according to a new survey by Gartner. Read more.

Deloitte, AWS Launch AI Accelerator Program
Deloitte is pleased to announce the creation of a multi-year strategic collaboration agreement with Amazon Web Services to help clients scale their Generative Artificial Intelligence, data and analytics and quantum computing capabilities. Read more.

Markel Canada Unveils Official Markel Play Insurance Product & Services
Markel Canada is excited to announce the official launch of Markel Play, a comprehensive insurance product tailored for the sports, fitness, and recreation sectors. Read more.

BrokerLink Completes Dual Acquisition In GTA
BrokerLink continues its steady pace in the acquisition space by welcoming William C. Aitken Insurance Limited, effective June 1st, and Louis Meier Insurance Brokers Ltd., effective July 1st. Read more.

Westland Acquires Alberta Best Insurance Ltd.
Westland Insurance is pleased to announce that it has acquired Alberta Best Insurance Ltd., effective July 2nd, strengthening its position in Alberta. Read more.

Collectivfide Acquires Claremont Mississauga Insurance Brokers Inc.
Collectivfide Insurance Group Inc. is pleased to announce Claremont Mississauga Insurance Brokers Inc. as its newest broker partner in the Collectivfide network. Located in Mississauga, Ontario, this marks Collectivfide's third addition of 2024, and thirteenth overall. Read more.

CHES Special Risk Announces Enhanced Specialization
CHES Special Risk is pleased to announce it has expanded its E&O (Professional Liability) insurance offerings to cater to the unique needs of a wide range of professions. Read more.

IBAO Releases Foundational eLearning Course On Residential Risk
The Insurance Brokers Association of Ontario is pleased to announce it has released a new eLearning course in Residential Risk designed to give new brokers a strong basis for understanding major categories of risk in insuring residential properties. Read more.

CEOs View Sustainability As Growth Opportunity
Sixty-nine percent of CEOs view sustainability as a leading business growth opportunity in 2024, according to a recent survey of CEOs and senior executives by Gartner. Read more.

Consumers Embracing AI To Find Cost Savings
As the cost of living continues to rise, Canadians are turning to artificial intelligence and digital platforms to help make more informed purchasing decisions by identifying cheaper alternatives to costly products and services, according to the latest EY Future Consumer Index. Read more.

GUS Expands Restoration Service In Ottawa Area
GUS is thrilled to announce the expansion of its franchisee Nettoyage Sinex/Les Entreprises Mila to the Ottawa area and surrounding regions. Read more.

Next-Gen Supply Chains Boost Profitability
New research from Accenture finds that companies with the most mature supply chains are 23% more profitable than their peers. These leaders are six times as likely to use AI and generative AI widely across their supply chains, which allows them to generate additional business value. Read more.

Global Minimum Benefits Standards Becoming New Normal: Aon
Aon plc has released findings from its 2024 Global Benefits Trends Study, which revealed that global minimum benefits standards are becoming the new normal for multinationals. Read more.

In the InsurTech Spotlight this week:

Goose Insurance
Goose is a consumer-facing InsurTech challenger operating a digital mobile-first platform called the Goose Insurance Super-app. Goose is solving two major problems in consumer insurance. First is accessibility to insurance: consumers want direct access. Secondly, consumers are underinsured globally: people do not have enough or proper insurance coverage to meet their life needs.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Commercial Insurance: Managing Risk Insurance people have long helped risk managers in larger commercial enterprises manage their risks, usually to influence underwriting. Innovations in computing (sensors), communications (Internet) and data in the last decade have expanded risk management opportunities. Example: Brickeye uses IoT to monitor large construction sites. By detecting unexpected water, manual or automated intervention can prevent or minimize damage. (Brickeye's project director Michael Fadalti is speaking at the Executive Forum) The construction company benefits directly; a side-benefit can be reduced insurance costs. Basic IoT devices sense conditions and transmit those for analysis, with reports sent back. Combining richer computing with the sensors can initiate immediate action such as turning off a water supply. Auto telematics now combine the sensors and computing in smart phones. Data collection and reporting continue, but more recent innovations enable an immediate message, by voice to a truck driver for example, to react to a potential problem. AI in the phone may be used to support this. Today the focus is increasingly on loss prevention. Side benefits may include reduced insurance costs, improved compliance, etc. Where are we headed? Discuss more at ICEF2024 – register now for early-bird savings, only until next Monday, July 22. Doug Grant, CIP Partner Insurance-Canada.ca