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Insurance-Canada.ca - Where insurance and technology meet

OCTOBER 8, 2024

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INSURANCE INDUSTRY NEWS

Life Insurance Policyholders Across Canada Lack Sufficient Coverage: Here's How Much You Need
With more Canadians turning to life insurance as a tool of financial protection, leading insurance comparison platform MyChoice conducted a study to analyze the adequacy of life insurance coverage across Canadian provinces, revealing a troubling trend. Read more.

Coalition Joins Quotey Marketplace
Quotey is thrilled to announce the integration of Coalition's Active Cyber Insurance product into its commercial and specialty insurer marketplace. Effective immediately, Canadian insurance brokers leveraging the Quotey platform can access quick cyber insurance quotes from Coalition, a leading cyber insurance provider. Read more.

Travelers Achieves CSIO eDocs Certification
CSIO is commending Travelers Canada on becoming the the first insurer to achieve CSIO's eDocs Certification, confirming that they have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. Read more.

OneShield Expands Technology Ecosystem With Charlee.ai
OneShield is proud to announce a strategic alliance with Charlee.ai, an innovative AI platform specializing in machine learning and predictive analytics for insurance, to empower insurers with more efficient and accurate claims processing. Read more.

Plnar Launches ‘Instant Exterior Measurements’ To Transform Property Claims Process
Plnar, the leading smartphone imagery solution for claims and underwriting, is excited to announce the launch of its latest innovation: SmartPix Exterior. This groundbreaking technology expands Plnar's patented SmartPix interior measurement capabilities to include spaces and objects on the exterior of a building or home. Read more.

A.I. A Major Security Concern For SME Owners
Businesses aren't the only ones benefiting from the use of artificial intelligence; cyber criminals are using AI to carry out more sophisticated cyber attacks, and two-thirds of small business owners in Canada are concerned new technology incuding AI will make it harder to protect against cyber risks, according to a new survey by Insurance Bureau of Canada. Read more.

Blink Launches With Travel Insurance Saver
Blink Parametric and Travel Insurance Saver are pleased to announce they have partnered to launch a real-time parametric flight delay solution, enabled by Firemelon's Magenta Insurance System platform and underwritten by specialist insurer Financial and Legal Insurance Company Ltd. Read more.

Travel Plans On Tight Budgets Don’t Include Travel Insurance: Survey
As Canadians start planning their holiday and winter vacations, a new survey from TD Insurance reveals that despite rising costs and economic pressures, many Canadians surveyed are still planning to travel for pleasure in the next twelve months, but a third of them are not purchasing travel insurance for their trip. Read more.

Summer 2024 Shatters Records For Severe Weather Damage: IBC
Four catastrophic weather events this summer caused a combined total of over $7 billion in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Read more.

FSRA, Cadence Partner To Support Innovation
Ontario's financial services regulator and Fintech Cadence are pleased to announce a new partnership, supported through FSRA's Innovation Office, to foster fintech innovation in Ontario by empowering fintech startups to identify opportunities and address barriers to help them bring innovative financial products and services to the province . Read more.

L&H Insurers Paid Record Benefits In 2023
The Canadian Life and Health Insurance Association is pleased to share that Canada's life and health insurers paid-out a record amount in benefit claims last year, helping to keep Canadian families healthy and make their lives more affordable. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Unlocking the Untapped Potential of Insurance and the Internet of Things
By Heather Turner, ReSource Pro
The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries. But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential. With billions of devices connected seamlessly to the internet, personal and commercial carriers are not taking advantage of the the full potential of the IoT for insurance. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Messagepoint
Messagepoint's award-winning CCM platform gives non-technical business users intelligent control over the content in customer communications to achieve unparalleled personalization, relevancy, brand consistency, and compliance. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Claims Examiner
Premier
Locations across Canada

Bilingual Regional Underwriter
HSB Canada
Toronto/Ottawa, ON


From Doug

Digital Twins in Insurance (Cont’d)

What are the forces moving insurance along the path towards digital twins? Although similar across all lines, consider personal lines auto.

In many jurisdictions, competition is strong. Insurers that better understand the risk factors can better price and underwrite each case – a competitive edge.

Vehicles today are enormously complex. Evolving safety regulations and new technologies contribute to the growing list of models and features, which determine the value of a vehicle to be insured. Experience, testing and modelling contribute to a particular vehicle's damageability and repairability for example, thereby better determining the risk.

Conceptually all this data about a vehicle creates an embryonic version of its digital twin.

That helps, but it only determines a portion of the insurance premium.

Other information is required: driver data, location data, etc. Is each of them a digital twin on its own?

Can all those be combined to create an overall digital twin of the policy itself?

That's today; what about tomorrow?

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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