INSURANCE INDUSTRY NEWS

Catastrophic Events Continue To Pressure Insurance Marketplace: Aon
While a competitive atmosphere continues as insurers strive for market share, significant catastrophe activity this year may accelerate a shift to a conservative stance characterized by stricter underwriting practices and a focused risk selection process, according to the Fall 2024 Canadian Insurance Market Update from Aon plc. Read more.

Critical Trends In Auto Claims: CCC Report
CCC Intelligent Solutions Inc., a leading cloud platform powering the P&C insurance economy, has published its Crash Course Q3 2024 Report, identifying the key trends that will shape the auto claims and collision repair industry in 2025. Read more.

BMS Vendors Successfully Program CSIO’s Updated eDocs Codes & Descriptions
CSIO is pleased to announce that all member Broker Management System (BMS) vendors – Acturis Limited, Applied Systems Canada, Logiciels Deltek, Rival Insurance Technology, and Vertafore Canada – have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. Read more.

Underwriting Standards Strain Agent-Insurer Relationships: J.D. Power
Independent insurance agents' overall satisfaction with insurers of both personal lines and commercial lines has held strong, with commercial lines satisfaction reaching an all-time high, according to the latest study by J.D. Power. Areas in which some insurers are succeeding in helping independent agents navigate this challenging market are improved quoting platforms, agent training and incentives. Read more.

Auto Theft Continues To Soar Above Historical Levels: IBC
While the country saw a slight dip in insurance claims for auto theft in the first half of the year, the number and value of auto theft claims have skyrocketed over the past decade, according to data newly released by Insurance Bureau of Canada. Read more.

Ransomware Attacks Increased In 2024 H1
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, has published its 2024 Cyber Claims Report: Mid-year Update, which details emerging cyber trends and their impact on Coalition policyholders throughout the first half of 2024. Read more.

Markel Canada Launches Refreshed Management Liability Modular Form
Markel Canada is excited to announce the launch of an updated, refreshed management liability offering for directors and officers/executive liability, employment practices liability, fiduciary/pension trust liability. Read more.

Duck Creek Technologies Acquires Risk Control Technologies
Duck Creek Technologies is pleased to announce it has acquired Risk Control Technologies Inc., a provider of risk management and loss control solutions, in order to transform how insurance carriers prevent loss and manage risk, enabling deployment of advanced AI and machine learning capabilities at the forefront. Read more.

Hub, Mas Seguros Partner To Expand Transportation Cross-Border Capabilities
Hub International Limited is pleased to announce an exclusive referral and broker program partnership throughout the U.S., Canada and Mexico with MAS Seguros, the largest trucking insurance broker in Mexico. Read more.

GUS Expands With Paul’s Walls & Sons
GUS, Canada's largest Canadian-owned and operated group of property restoration professionals, is delighted to announce the expansion of its network in Ontario with the addition of Paul's Walls and Sons, headquartered in Belleville. Read more.

Crawford Technologies’ Record-High NPS
Crawford Technologies, provider of innovative document solutions that streamline customer communications, is pleased to share it has received a “world-class” +81 Net Promoter Score (NPS), a key indicator of the level of customer satisfaction, loyalty and overall business success a company is achieving. Read more.

In the InsurTech Spotlight this week:

Relativity6
Relativity6 is the first AI-based cross-sell and up-sell platform for insurance brokers and agents. We make cross-selling insurance policies easier than ever. Account executives are typically able to cross-sell double the amount of policies when utilizing the Relativity6 platform. Learn more.

Calling all InsurTechs! Click here to participate.

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) Last week, I considered digital twins for an insured vehicle, which could be sourced externally – e.g., Tesla has a digital twin of every vehicle it manufactures. For insurance purposes, additional data could be added and extraneous data removed. Driver information is important for policy terms and premium, so consider a Human Digital Twin (HDT). Applicable to many industries, R&D is extensive. NTT is working to create Human Digital Twins that would “reproduce the outer aspects of a human (physical and physiological characteristics) and inner qualities such as personality, sensibilities, thoughts and skills”; eventually, they would make it possible “to reproduce social aspects in digital space (human behavior and communication.)” Digital twins can leverage real-time information – consider telematics data about driver behaviour providing instant feedback. Predict and Prevent Telematics data improves the prediction of a driver's risk at insurance renewal, and can also help to improve driver behaviour, underpinning loss prevention programs. An auto insurance HDT model may be relatively simple compared to a health or life insurance twin, but of potential value nonetheless. Next week we will look at a location digital twin. Doug Grant, CIP Partner Insurance-Canada.ca