INSURANCE INDUSTRY NEWS

RIMS, Brokerslink Set Global Risk Management Standard With New Certification
RIMS and Brokerslink are pleased to announce they have agreed on a multi-year program to advance a global standard of knowledge and professionalism through the proliferation of the RIMS-Certified Risk Management Professional certification (ANSI National Accreditation Board accredited under the ISO/IEC 17024 standard). Read more.

Free Partners Launches “Re:Generation Report”
The insurance industry is teetering on the brink of a major recruitment crisis. With an ageing workforce nearing retirement, the clock is ticking, and the talent pipeline is running dry. But it's not because young professionals are rejecting the industry; rather, it's because they fail to see how it will meet their career aspirations. Read more.

Roots Automation Raises Funds To Unlock Unstructured Data With AI
Roots Automation, creator of the AI-powered Digital Coworker and InsurGPT™, the world's first generative AI model for insurance, is pleased to announce the closing of a Series B funding round, led by Harbert Growth Partners, with follow-on investments from MissionOG, Liberty Mutual Strategic Ventures and Vestigo Ventures. Read more.

Unica Announces Partnership With QuickFacts
Unica Insurance is proud to announce a partnership with QuickFacts, a revolutionary software solution transforming insurance brokerage operations, enhancing efficiency and elevating client services, which will give Unica brokers exclusive pricing to access the QuickFacts platform and immediately benefit from increased efficiency. Read more.

Calgary August Hailstorm Insured Damage Total Revealed: IBC
A record-breaking hailstorm that hit the Calgary area in early August is the second-costliest event in Canada's history, according to initial estimates of the insured losses from Catastrophe Indices and Quantification Inc. Read more.

Drivers Learn To Skirt Limits Set By Partial Automation Systems: IIHS
Drivers are more likely to multitask when using partial automation, and some manage to do so even while playing by the rules of the systems' attention requirements, according to new research from the Insurance Institute for Highway Safety. Read more.

BrokerLink Opens New Kingston Branch
BrokerLink is pleased to announce the opening of its first location in Kingston, to firmly establish the brokerage's presence in southeastern Ontario and support its strategic initiative for organic growth. Read more.

Empower Acquisition Delivers Integrated Equity Compensation Solutions
Empower, a leading provider of retirement and wealth management services, is pleased to announce that it has acquired Plan Management Corporation (PMC), the creator of OptionTrax®, a leading digital equity plan administration platform and service provider. Read more.

Featured job opportunities:

Account Executive
CMB Insurance Brokers
Edmonton, AB

Commercial Account Manager
Canadian Insurance Brokers
North York, ON

In the InsurTech Spotlight this week:

Breathe Life
Breathe Life is accelerating the delivery of financial security products. Our enterprise SaaS distribution platform increases speed of delivery and reduces operational costs for the distribution of financial security products. Using the Breathe Life platform, insurers can stay ahead of the game and families everywhere can get the financial protection they need.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Digital Twins In Insurance A digital twin is a digital model of a real or planned physical object, system, or process (such as a vehicle, the plumbing in a house, or an insurance claim, respectively). Insurance has used modelling for ratemaking for centuries, and more recently in other areas such as underwriting and claims. Modelling evolves as the relevant data and applicable tools multiply and improve through refinement and enhancement. The volume of data about risks and perils continues to increase as technology innovations (e.g. sensors) enable the capture of new and more precise data. The tools to process this data (computing, analytics, A.I.) get richer, bringing more granular insights into risk assessment. For example, Gen AI emerged when improved AI functionality and huge pools of digital data enabled Large Language Models (LLM). In the auto space, digital twins may soon make crash-test dummies obsolete, as more tests can be done more quickly at less cost. Meanwhile, the digital twin of a dwelling can help evaluate the resilience capabilities of different construction techniques and materials and their impact in resisting severe weather. Those examples are beyond what most any individual insurance business would do. What then is the path to digital twins in insurance? More next week... Doug Grant, CIP Partner Insurance-Canada.ca