INSURANCE INDUSTRY NEWS

Auto Insurance Affordability Better Than Mid-2000s Despite Increases: IRC
The affordability of personal auto insurance is estimated to have deteriorated from 2021 through 2024 as insurance companies increase premiums to offset inflationary loss pressures, according to an updated study from the Insurance Research Council, an affiliate of The Institutes. Despite this recent deterioration, auto insurance is still more affordable than in the mid-2000s. Read more.

Accenture Taps AI From Google Cloud, Salesforce
Accenture is pleased to announce it is launching new capabilities, accelerators and training to help organizations build and scale generative AI solutions and agents that enhance the impact of the integrations of Google Cloud's Gemini models and Salesforce's Agentforce. Read more.

Kay.ai Raises Funds To Eliminate Data Entry Work In Insurance Operations
Kay.ai, the AI co-worker designed to eliminate manual data entry work for insurance brokers and agencies, is pleased to announce it has raised USD 3 million in funding. The round was led by Wing VC, with participation from South Park Commons, 101 Weston Labs, and several angel investors. Read more.

Cowan Group Ltd. Joins Assurex Global
Assurex Global, the world's largest privately held commercial insurance, risk management, and employee benefits brokerage group, is thrilled to announce the election of Ontario-based Cowan Group Ltd., a leading Canadian insurance brokerage and consulting firm, to its partnership. Read more.

CBN Announces Two New Members
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce its two newest members and welcome Cornerstone Insurance and Moller Insurance to our CBN member community. Read more.

Neutrinos Unveils New Underwriting Automation Suite For Life, Annuities & Health Insurance
Neutrinos, a leading technology company that powers intelligent automation, purpose-built for insurers, has launched its Underwriting Automation Suite. This new suite is designed to accelerate underwriting workflows, enable smarter risk assessment, scale operations, and boost productivity. Read more.

Cyberwrite, Howden Expand Cyber Risk Analytics Partnership
Cyberwrite, a leading provider of Cyber risk modeling, has expanded its partnership with Howden, enabling its brokers worldwide to assess cyber risks more effectively in 52 countries and seven languages. Read more.

HDI Selects Guidewire For Policy Administration & Underwriting
HDI Global Insurance Company (HGIC), the U.S. subsidiary of international Corporate & Specialty insurer HDI Global SE, is pleased to announce that HGIC has selected Guidewire PolicyCenter as its new system for policy administration and underwriting. Read more.

Canadians Worried About Climate Change As Insurance Rates Rise: Survey
As Canadian communities experience record-breaking weather-related insurance losses, 73 per cent of Canadians are now worried about climate change's effect on their properties and wallets, according to First Onsite Property Restoration's annual Weather and Property Survey. Read more.

Escalating Anxiety Amid Political, Economic Turmoil: GreenShield
As Canada–U.S. trade tensions escalate and the cost of living continues to rise, new data reveals nearly half of Canadians are experiencing heightened anxiety, with tariffs quickly emerging as one of the top drivers. To help support mental health of Canadians during these challenging times, GreenShield will offer two months of free therapy to Canadians looking to start their mental health journey. Read more.

Featured job opportunities:

Auto Claims Specialist – Global Corporate and Specialty (GCS)
Aviva Canada
Oakville, ON

Sr. Claims Adjuster – GCS Casualty Claims
Aviva Canada
Oakville, ON

In the InsurTech Spotlight this week:

Boardwalk Insurance
Boardwalk Insurance is a forward-thinking brokerage that specializes in assisting small and mid-sized business owners in navigating the intricacies of the insurance market. What sets Boardwalk apart is its unwavering focus on accessibility, speed, and customer satisfaction. Leveraging cutting-edge technology, Boardwalk has developed a full end-to-end digital experience for its brokers, allowing for streamlined operations and exceptional service. With a commitment to innovation and delivering unparalleled value, Boardwalk is quickly emerging as a top player in the fiercely competitive insurance industry.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Auto Predict/Detect & Prevent Evolves As automotive technologies continue to advance, innovations are helping to detect risky situations and reduce incidents: Dashcams have been recording external incidents for years, helping in claim resolution. More recently inward facing dashcams are being used to monitor driver behaviour (nodding off, smoking, taking cell phone calls) leveraged by AI detecting issues and even warning a driver by voice. Advanced Driver Assistance Systems (ADAS) now include more than twenty functions, such as emergency braking, lane departure warning, lane change assist, anti-lock brakes, etc. Many of these are continuing to improve. Infrastructure to Vehicle (I2V) communications, being developed in Europe primarily - will inform road users specifically on maintenance unit locations, traffic state, safety warnings, weather, smart routing, and vehicle speed limits, among others. Vehicle to Vehicle (V2V) communications expands I2V communications enabling vehicle drivers or autonomous vehicles to respond to an additional set or relevant information and manoeuvre accordingly. These technologies (and more) are improving, and AI is a critical component of their evolution. They also contribute to the development and roll-out of autonomous self-driving vehicles. The question at hand for the industry is this: what do these mean to the future of auto insurance as we have known it? Doug Grant, CIP Partner Insurance-Canada.ca