INSURANCE INDUSTRY NEWS

Severe Weather Drives Huge Insured Losses For 5th Consecutive Year: Swiss Re Institute
This year is set to become the hottest year on record, and a warming climate favours the occurrence of many of the natural catastrophes observed in 2024. This year saw two major hurricanes and a high frequency of severe thunderstorms in the US, along with some of the highest-ever insured losses from floods in Europe, according to Swiss Re Institute's estimates. Read more.

Companies Underinsured Against Profit-Threatening Risks: HUB
Hub International has released its 2025 North American Outlook Report, which features insights from the Executive Survey and reveals many business leaders expressed a sense of uncertainty regarding preparedness for emerging threats. Read more.

Allianz Partners, Uber, Indeez launch UK Vehicle Interruption Cover
Allianz Partners and Uber are pleased to announce they have joined forces to offer digital insurance and income protection for Uber drivers in the UK via a new 'Vehicle Interruption Cover' product orchestrated by the insurtech Indeez. Read more.

CoverGo Launches Next-Gen Health Claims Management Platform
CoverGo, the leading global no-code, AI insurance platform for health, life, and P&C, is pleased to announce the launch of CoverGo Claims, a next-generation AI-powered platform that redefines how health insurers and third-party administrators (TPAs) manage health claims through a comprehensive, end-to-end solution for claims management. Read more.

Watches of Switzerland Group, Zillion Partner On Embedded Insurance Benefit
Watches of Switzerland Group has partnered with leading embedded insurance provider Zillion to offer a valuable, frictionless client benefit at point of sale. Clients can now enjoy instant coverage for their watch and jewelry purchases with one click on mobile, and without applications, appraisals or app downloads. Read more.

Customer Satisfaction with Digital Claims Process Surges as Insurance Carriers Load New Features onto Apps: J.D. Power
Auto and home insurers have spent the past year adding dozens of new features and refinements to their mobile apps, such as automatic collision reporting capabilities, enhanced image upload and body shop selection tools. According to the J.D. Power 2024 U.S. Claims Digital Experience Study, these investments are resulting in significantly higher customer satisfaction scores. Read more.

VCA Software Launches InsuredConnect App
VCA Software, a leading provider of claims management solutions, is excited to introduce InsuredConnect, a mobile app designed to give policyholders seamless access to their insurance claims. InsuredConnect simplifies the claims process by giving users the tools they need to report claims instantly, track their progress, and stay informed every step of the way. Read more.

Coverdash Partners With LendingTree to Launch Its First-Ever Insurance Offering for Startups and SMBs
Coverdash, the fastest growing startup and SMB-focused insurtech broker, and LendingTree, the nation's leading online financial marketplace, are pleased to announce a partnership to provide LendingTree customers with access to business insurance for the first time. Coverdash's fully embedded insurance offering provides business insurance to LendingTree customers without ever having to leave the platform. Read more.

Disparity in Rate Regulation Has Negative Market Impacts: IRC
A new study from the Insurance Research Council, an affiliate of The Institutes, shows that the processes to achieve approved rate filings for personal auto insurance throughout the U.S. has become more cumbersome since 2010, negatively impacting market performance. Read more.

In the InsurTech Spotlight this week:

PolicyAdvisor
PolicyAdvisor.com is an innovative insurance marketplace that allows consumers to digitally access life insurance, critical illness insurance, and mortgage protection products from 16 of the largest insurance carriers in Canada. We use modern technology to make purchasing straightforward and stress-free. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

CSR Personal Lines
J.D. Smith Insurance Brokers
Richmond Hill, ON

Financial Security Advisor, Insurance
RBC Insurance
Montreal, QC

From Doug AI agents are another evolution beyond copilots, tackling complex tasks/workflows independently, eventually even spending your money for you. Not long ago, core systems did a specific job (policy, claims, payments). Customers integrated core systems from different vendors. Multiple core systems from one vendor became integrated suites. Vendors of add-on functions built integrations with core systems; once pretested and approved, they were added to a core system vendor’s marketplace. Vendors work to enhance their products with new functionality and tech like co-pilots and AI agents. A core system vendor and a marketplace participant could have their own copilots and agents, working within their own domain; or they could develop AI agents which work with AI Agents in the other's domain Most likely, AI agents doing microservices will multiply. They may be “purchased” or “contracted” from standalone marketplaces of AI Agents; and, once tested with a core vendor, added to that vendor’s marketplace. Now developing: components for agent trust/identity for the authentication/security layer and in the infrastructure layer, orchestration, multi-agent frameworks, etc. That will lead to AI agent marketplaces featuring dynamic agent “subcontracting.” Ready or not, the AI agent is coming. Doug Grant, CIP Partner Insurance-Canada.ca