Insurance-Canada.ca "Chronicle" weekly newsletter
Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 3, 2024

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INSURANCE INDUSTRY NEWS

WEX Launches Two AI Pilots For Benefits Administration
WEX, the global commerce platform that simplifies the business of running a business, is pleased to announce a partnership with select employers to pilot two new artificial intelligence enhancements embedded within WEX's benefits administration platform, My Benefit Express. Read more.

HAI Group Goes Live On OneShield Enterprise Platform
OneShield, a leading provider of core software solutions to the insurance industry, is proud to announce that HAI Group, a valued client and insurance carrier specializing in the public and affordable housing markets, has successfully launched OneShield Enterprise to support its General Liability (GL) and Excess products. Read more.

Equisoft Powers Emma Life Insurance's Expansion into Third-Party Administration
Equisoft, a leader in insurance and wealth management solutions, is excited to announce that Emma, a family-centric platform dedicated to making life insurance easy, affordable, and accessible, has selected Equisoft to support their growth and operational transformation. Read more.

Definity Achieves API Security Standards Certification
CSIO is pleased to announce that Definity Financial Corporation has successfully implemented CSIO's Application Programming Interface Security Standards, earning them CSIO's API Security Standards Certification. Read more.

Manulife Launches Two Guaranteed Solutions
Manulife Canada, the country's largest insurance company, is pleased to announce the launch of two innovative products designed to meet the diverse needs of Canadians and their families: the 75/100 Segregated Fund Series and Manulife Guaranteed Issue Life. Read more.

McDougall Insurance Acquires Cornell Insurance
McDougall Insurance Brokers Ltd. is pleased to announce that they have combined with Cornell Insurance Brokers Ltd., based in Markham, Ontario, and are welcoming Cornell's excellent brokers to the McDougall Insurance team. Read more.

AMC Insurance Acquires Kastelein Stout
AMC Insurance Services Ltd. is pleased to announce the acquisition of Kastelein Stout Insurance Agencies Inc., based in New Westminster, BC, effective November 15th. Read more.

Guidewire Congratulates 2024 Innovation Award Winners
Guidewire has announced the winners of its 2024 Innovation Awards, which honor Guidewire customers that are adapting to an accelerating pace of industry change and evolving customer needs in innovative ways. Read more.

CMB Group Rebrands As Insurance Growth Network
IGN, formerly CMB Group of Companies, is a brokerage builder providing strategic support to producers launching a brokerage and owners looking to grow. Read more.


Insurance Works

Featured job opportunities:

Director, Alberta & BC Claims
SGI
Calgary, AB

Practice Leader, D&O/E&O
Cowan Insurance Group
Cambridge, ON


The Intersection: Insurance-Canada.ca Blog

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

Generative AI In The Insurance Industry
By Christian Bieck, IBM Institute for Business Value
Insurance CEOs are equally divided over whether generative AI us more of a risk or an opportunity. Industry executives anticipate using gen AI to fuel competitive advantage with improved sales, customer experiences, and organizational capabilities, but they are wary of the risks to cybersecurity and operations and the issues that can arise from inaccuracy and bias. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Koïos Intelligence
Koïos Intelligence uses AI and NLP to develop virtual assistants that reinvent the customer experience and optimize processes for insurers and brokers alike, harnessing the latest technologies to simplify the interactions within the insurance industry.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

AI Agents Spending or Receiving [Your] Money

A recent news item about AI Agents being able to make/receive payments with each other grabbed my attention.

We have been doing digital money transfers for some time.

The life insurance company which processes my health plan processes digital health claims from my dentist and my physiotherapist. Although I pay both when the service is completed, the health plan has been depositing eligible claim amounts into my bank account all digitally for maybe two decades.

Several years ago, Lemonade trumpeted a claim processing record – from reporting to completed payout in just a few seconds – already using some AI-based functionality even then.

An AI agent as part of an Agentic System, or standalone, could process payments in that same claim path. With AI being deployed across so many insurance functions, this could be a minor update.

But this becomes more dramatic if the AI Agent is making a payment to another AI Agent which represents the end customer or a service provider.

This reminds me of avatars when they were first a thing, and the ungrounded anticipation of what an avatar might be able to do for us. Are AI Agents today's rapidly emerging implementation of an avatar's capabilities?

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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