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JANUARY 21, 2025

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INSURANCE INDUSTRY NEWS

Canadian Business Leaders Double Down On A.I. Investments In 2025: IBM
Canadian companies are investing in artificial intelligence for the long term, with a growing interest in using open-source tools to drive ROI and innovation, according to a new study commissioned by IBM. The study, conducted by Morning Consult, revealed that most Canadian respondents are making progress in executing their 2024 AI strategy, with nearly half already seeing positive ROI from their AI investments. Read more.

Messagepoint Recognized For AI-Powered Translation Capabilities
Messagepoint Inc. is pleased to announce that the Business Intelligence Group has named Messagepoint a winner in the software category of the 2025 BIG Innovation Awards for the groundbreaking new AI-powered translation capabilities enhancing its Healthcare Touchpoint Exchange, a SaaS solution designed to support Medicare Advantage Organizations in preparing health plan materials. Read more.

InnSure Highlights Insurance Innovations That Will Advance The Energy Transition
InnSure, a nonprofit innovation hub catalyzing novel insurance solutions that address climate change risk, is pleased to announce the winners of its Insurance Innovation Prize for the development and deployment of novel insurance solutions that increase the adoption of energy transition technologies. The program, supported by the New York State Energy Research and Development Authority (NYSERDA), promotes of solutions that fill insurance coverage gaps for the energy, buildings and transportation sectors. Read more.

CatIQ Reveals Total Canadian Insured Losses From 2024 Catastrophic Events
The magnitude of catastrophic events experienced across Canada in 2024 pushed the insured loss total for the region to an unprecedented high, with the number of total catastrophe claims far exceeding the previous record set in 2016. Read more.

Aftermarket Car Telematics: Berg Insight Report
IoT analyst firm Berg Insight has released a market report, Aftermarket Car Telematics – 5th Edition, which analyzes the latest developments on the market for applications such as stolen vehicle tracking (SVT), vehicle diagnostics, Wi-Fi hotspot, roadside assistance and convenience applications targeting consumers. This strategic research report from Berg Insight provides you with 190 pages of unique business intelligence including 5-year industry forecasts and expert commentary on which to base your business decisions. Read more.

CBN Announces Addition Of Sutherland Insurance As Latest Member
Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, is pleased to welcome Sutherland Insurance, from Guelph, Ontario, as its newest member. Read more.

Crawford Technologies Achieves Strong Growth With Customer-Centric Innovations
Crawford Technologies, provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to is pleased to share that it closed 2024 with strong growth which drove top-line revenue to its highest point in the company's 29-year history. Read more.


Insurance Works

Featured job opportunities:

Travel Insurance Agent
BestQuote Travel Insurance Agency
Vancouver, BC

Senior Property Underwriting Specialist
Aviva Canada
Toronto, ON


The Intersection: Insurance-Canada.ca Blog

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

Navigating Technology Transformation In Insurance
Coffee Talk with Mark Breading, ReSource Pro
Mark Breading, Senior Partner of Transformation Services at ReSource Pro, discussed the evolving landscape of the P&C insurance industry with ACN's Brian Langerman in a ‘Coffee Talk’ session. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Collision Sciences
Collision Sciences provides information intelligence to insurers to help improve claim outcomes. Collision Sciences has developed an app-based EDR tool and "black box to cloud" data science solution that enables insurers to collect and utilize factual data for any motor vehicle loss Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

How is Innovation changing Insurance?

Much has been made about the insurance industry moving from the classic “repair and replace” model toward “predict/detect and prevent.”

Rather than providing a policy based on current risk parameters and then reacting when a loss occurs, insurance is increasing its focus on preventing losses; after all, a loss prevented is beneficial to both insured and insurer.

But this growing interest in “Predict and Prevent” does not reflect an entirely new mindset. Examples from decades ago include:

• Subsidized purchases of security items such as smoke detectors, fire extinguishers, and other monitoring systems;
• Premium discounts for loss prevention measures;
• Premium surcharges for poor driving or loss experience.

But by using data to predict potential incidents and damage, insurance can reduce the likelihood and severity of losses suffered by their customers.

Innovations in technology and its use to collect and analyse data enable a better understanding of risks. Constant data gathering allows loss prevention to be immediate, thereby minimizing or even preventing a loss. There is growth in:

• Telematics;
• Water detection and automatic shutoff;
• Electrical monitoring to identify anomalies.

The potential result? A more engaged and loyal customer.

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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