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JANUARY 28, 2025

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INSURANCE INDUSTRY NEWS

Data Readiness AI’s Biggest Obstacle For Life Insurers: Equisoft & LIMRA Report
Equisoft, a leading global digital solutions provider to the financial industry, and LIMRA, in collaboration with Universal Conversion Technologies (UCT), a global leader for insurance data services, have published the findings of the Assessing Data Readiness for AI in the Life Insurance Industry report, which enables insurers to assess their data foundation and implement data strategies that will deliver significant organizational results. Read more.

EagleView Launches New Property Data Ecosystem
EagleView, a leading provider of aerial imagery, announces the launch of its new property data ecosystem. The ecosystem has over 60 petabytes of asset data derived from high-definition aerial imagery. EagleView's property data ecosystem includes roof measurements and attributes like property and roof condition, structure identification, and solar suitability information at a parcel level. The data is extracted using artificial intelligence. Read more.

GIC Leverages Indemn GenAI Agents To Field Inquiries
Indemn AI, a conversational insurance platform powered by Gen AI, and GIC Underwriters, a wholesale broker & MGA, is pleased to announce the release of a new case study demonstrating how Gen AI is improving the broker experience and helping GIC to scale its high service standards. Read more.

Consumers Growing Comfortable With A.I. Monitoring Severe Weather, But Concerns Remain
Insurity, the leading provider of cloud-based solutions for insurance carriers, brokers, and MGAs, has released its 2025 AI in Insurance Report, highlighting key consumer opinions on the use of artificial intelligence in P&C insurance, specifically how it pertains to severe weather. Read more.

Consumers Still Trust Their Insurers Despite Rising Premiums: RATESDOTCA
The auto insurance industry faced numerous challenges in 2024, with the auto theft crisis, increasing cost of repairs and higher claims payouts pushing premiums ever higher – but overall customer satisfaction with auto insurance companies is has improved year over year, according to the RATESDOTCA Annual Best Auto Insurance Study. Read more.

Beneva, Gore Mutual Announce Merger
Beneva, Canada's largest mutual insurer, and Gore Mutual, one of the oldest property and casualty mutual insurers in Canada, have announced their intention to combine their businesses to drive future growth. Read more.

Insurance Telematics Trends: Berg Insight
IoT analyst firm Berg Insight has released its Insurance Telematics in Europe and North America – 8th Edition report, which analyzes the latest developments on the insurance telematics market and provides unique business intelligence including 5-year industry forecasts and expert commentary. Read more.

Ontario July Flash Flood Insured Damage Total Revealed: CatIQ
Catastrophe Indices and Quantification Inc. has disclosed its latest industry loss estimate for the flash flooding due to heavy rainfall experienced in southern Ontario in July, caused by a weather system that brought moisture from the Gulf of Mexico northward. Read more.

QuickFacts Expands Partnership With Wawanesa Insurance
QuickFacts, a leader in knowledge management software for insurance brokerages, is proud to announce an expanded partnership with Wawanesa Insurance. This collaboration underscores Wawanesa's commitment to supporting its broker partners through innovative solutions that enhance access to critical information and streamline operations. Read more.

Navacord Partners With Citistar Financial
Navacord Corp., one of Canada's largest and fastest-growing insurance brokerages, is pleased to announce its new strategic partnership with Citistar Financial, a leading Canadian life insurance MGA. This partnership underscores Navacord's ongoing expansion into financial services and specialty lines, reinforcing its commitment to delivering tailored solutions for diverse markets. Read more.

Crawford Technologies Partners With D2L To Simplify Accessibility Compliance
Crawford Technologies, a provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce it has established a partnership with D2L, a global learning innovation company that helps organizations reshape the future of education and work. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Six Hard Truths CEOs Must Face In The GenAI Era
IBM Institute for Business Value
As generative AI throws everything into question, CEOs understand that they can't stay the course and stay in the race. More than two-thirds say the potential productivity gains from automation are so great that they must accept significant risk to remain competitive. In this high-stakes environment, CEOs must strike the right balance between caution and courage – while moving faster than ever before. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Skopenow
Using social media and open source data, Skopenow mitigates fraud and risk for claims and underwriting teams. Skopenow provides a hands-off, 'cradle to grave' approach to fighting claims fraud using instant behavioral and relationship analytics Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Insurance Underwriter
PAL Insurance Brokers Canada
Simcoe, ON

Personal Lines Insurance Executive
CJ Campbell Insurance
Calgary, AB


From Doug

Paul Carrol, in “How AI Changed Business in 2024” for Insurance Thought Leadership, commented that artificial intelligence is “a once-in-a-generation transformational moment, like the internet in the 1990s.... 89% [report] that AI is expected to be the most transformational technology in a generation.”

From an HBR report of 125 companies about major changes in 2024:

• 98% increasing investments in AI and data;
• 94% report that... they are seeing quantifiable business results;
• 24% reported implementing AI in production at scale (transformation due to AI is seen as steady, but gradual);
• 36% of AI and data leaders "now report to the most senior business leadership of their organization.

For example, California-based Flow Specialty is a specialty brokerage for professional lines of commercial insurance, founded in 2021.

Using GPT 4.0 Omni core, Flow's AI agents are “trained on a library of insurance materials—specimens, quotes, and carrier risk appetites—and endless communication materials and critical decision points.”

“These AI agents, integral team members, handle labor-intensive tasks such as risk appetite matching, generating quote comparisons, and constructing review materials. Flow brokers are always in the loop, revising and overseeing the output of this workflow engine.”

The workplace is changing, and quickly, with no end in sight.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

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