INSURANCE INDUSTRY NEWS

Climate Change Raises Risk Of Unprecedented Wildfires
Unprecedented wildfires in Canada and parts of Amazonia last year were at least three times more likely due to climate change and contributed to high levels of carbon dioxide emissions from burning globally, according to the inaugural 'State of Wildfires' report, published in the journal Earth System Science Data. Read more.

Pineapple Financial Partners With Walnut Insurance To Add New Revenue Stream
Pineapple Financial Inc., a tech-focused mortgage brokerage with a comprehensive network of partner brokerages and agents across Canada, is proud to announce a groundbreaking partnership with Walnut Insurance. This collaboration aims to integrate Walnut's Property & Casualty insurance into Pineapple's proprietary deal management system, enhancing the home-buying process with a seamless insurance offering. Read more.

FastTrack Announces Patent Pending Status For Claim Decision Readiness Technology
FastTrack, a leader in technological innovation for the life and disability insurance vertical, is excited to announce that its latest Claim Decision Readiness Technology has been granted patent pending status. This significant milestone underscores the unique capabilities of FastTrack's latest invention, poised to disrupt the life and disability insurance claims processing workflow landscape. Read more.

Threat Actors Exploit Cybersecurity Gaps To Maximize Damage: Resilience
Threat actors evolved their tactics in 2024 to take advantage of business and technology consolidation, the leading cyber risk solution company Resilience found in its Midyear 2024 Cyber Risk Report. Read more.

QuickFacts Raises Funds To Accelerate Software Expansion Across North America
QuickFacts, an insurtech startup dedicated to enhancing efficiency in the insurance industry, is pleased to announce the successful closure of an oversubscribed CAD 2 million funding round. This investment positions QuickFacts for a successful launch in Quebec and the U.S. market, following its recent expansion across the Canadian Western provinces. Read more.

Battery EV Collision Claims Rising Despite Sales Slowdown
Mitchell has  published its Q2 2024 Plugged-In: EV Collision Insights report, featuring the latest claims data electric vehicles and highlighting how differences in their complexity and construction are affecting claim costs and repair operations. Read more.

Blink Parametric Launches New Travel Assistance App With Gigasure
Blink Parametric is pleased to announce its partnership with Gigasure, enabling travellers to access Blink Parametric's travel assistance products through an app for the first time, simplifying access to real-time benefits. Read more.

John Hancock, Ethos Collaborate To Offer Simple Term With Vitality & ROP Rider
John Hancock and Ethos have joined forces to offer John Hancock Simple Term with Vitality through Ethos. This simplified term life insurance product provides customers with generous Return of Premium benefits and the ability to earn John Hancock Vitality rewards and discounts, all with an instant underwriting decision. Read more.

Featured job opportunities:

Strategic Relationship Manager
Premier
Vancouver, BC

Intermediate Adjuster (Bodily Injury)
SGI CANADA
Calgary, AB

In the InsurTech Spotlight this week:

YouSet
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.

From Doug A Data Business Insurance premiums have always been based on data. Today modern sensor technology and the Internet of Things (IoT) provide ever-more granular data. Advanced analytics and AI analyze it more accurately. Matteo Carbone illustrates in “Insurtech Is NOT Dead” how “Progressive [Insurance] private passenger liability portfolio has consistently achieved a significantly better loss ratio ... than the rest of the market” to set premiums, including surcharges for risky drivers. Chubb's CEO recently declared that “insurers are data companies.” Data is part of every insurance business's strategy: gather it, manage it well, analyze it carefully. But it only brings value when action ensues. Predict (Detect) and Prevent The insurance industry has done a great deal to help manage risk to prevent loss. Examples: • Detect a water leak, turn off the water and notify the owner. • Deploy a team to reduce loss potential when a wildfire threatens. • Based on actions while driving, coach a driver. Be a key part of your customer's risk management team. A June 2024 FT article concludes with, “If customers really start thinking of insurers as their friends, the relationship could pay off handsomely for both sides.” Doug Grant, CIP Partner Insurance-Canada.ca