INSURANCE INDUSTRY NEWS

12 Technology Disruptions That Will Define Future Business Systems
Gartner, Inc. has identified 12 emerging technology disruptions that will define the future of business systems. Technology leaders must prioritize these over the next five years, as they present competitive opportunities in the near term and will eventually grow to become standard throughout businesses. Read more.

Accenture Partners With Verizon To Tackle Emerging Cyber Threats
To address the rapidly evolving cybersecurity landscape, Verizon Business and Accenture have announced a strategic partnership to accelerate the development and delivery of advanced cybersecurity solutions in order to help businesses of all sizes mitigate a range of growing threats. Read more.

Crawford Technologies Upgrades High-Volume Communication Workflows With New Release
Crawford Technologies, provider of innovative document solutions that streamline customer communications, has released Version 5.8 of its Digital Transform Engine (DTE), which offers key upgrades that streamline the production of compliant, high-quality communications to further enhance the user experience and save significant time and resources. Read more.

A Smarter, More Interactive Hub For Brokers
The Insurance Brokers Association of Canada (IBAC) is pleased to announce the official launch of its newly redesigned IBAC Tech website, a modernized and interactive hub designed to support Canadian P&C insurance brokers in staying informed, efficient, and ahead of the curve. Read more.

IBM Enhances Enterprise Cloud Capabilities To Meet Canada’s AI & Data Needs
IBM has announced two key advances in its cloud capabilities in Canada, further strengthening offerings to enable Canadian organizations to scale AI deployments, and to ensure compliance with regulatory requirements for data storage and security including Canadian data sovereignty. Read more.

IBC Reveals Insured Damage Total For February Extreme Weather
A severe storm and mid-winter thaw in February struck parts of Ontario, Quebec and Atlantic Canada, causing extensive damage, and the initial insured damage estimates have been revealed by Catastrophe Indices and Quantification Inc. Separate estimates regarding the damage from the late-March Ontario ice storm are expected in the coming weeks. Read more.

Deloitte Canada Acquires Groundswell Group
Deloitte Canada is pleased to announce it is acquiring leading AI and data integration firm Groundswell Group Inc. to increase its ability to serve clients from Western Canada across major growth areas of artificial intelligence and cloud transformation. Read more.

Consumers Rethinking Brand Loyalty As Economic Pressure Mounts
The 15th edition of the EY Future Consumer Index reveals that nearly three-quarters of US consumers have changed their buying habits after price increases over the past year amid growing economic concerns. Read more.

Economy Influencing Child-Bearing Decisions
With the U.S. fertility rate dropping to an all-time low in 2023, a new study says economic conditions are having a major impact on the decision of whether to have children among Americans working full-time. Read more.

CE Update For Ontario Mortgage Brokering Sector
Ontario's financial services regulator, FSRA, has introduced new Continuing Education requirements for all mortgage agents and brokers to help raise professionalism in the mortgage brokering sector. These requirements have two components: Conduct CE and Technical Knowledge / Professional Development. Read more.

CBN 2024 Chairman’s Circle Award Recipients
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce its 2024 Chairman's Circle award recipients, acknowledging top sales performance in Commercial, Life and Benefits. Read more.

QuickFacts Welcomes New Strategic Partnerships Manager
QuickFacts, an insurance software company dedicated to aggregating underwriting appetite and workflows, is excited to announce the addition of Ken Sedgewick to its team as Strategic Partnerships Manager. Read more.

In the InsurTech Spotlight this week:

Mobileye
Mobileye is leading the mobility revolution with its autonomous-driving and driver-assist technologies, harnessing world-renowned expertise in computer vision, machine learning, mapping, and data analysis. Our technology enables self-driving vehicles and mobility solutions, powers industry-leading advanced driver-assistance systems, and delivers valuable intelligence to optimize mobility infrastructure.
Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Director, Personal Lines Underwriting Operations
Gore Mutual Insurance
Toronto, ON

Financial Security Advisor
RBC Insurance
Montreal, QC

From Doug I have previously noted many innovations in auto technology (ADAS, telematics) and in related insurance offerings (UBI, driver behaviour coaching). In the broader “mobility” arena, innovations are fascinating: different technologies (e-bikes, e-scooters, ride-sharing, congestion charges to access city centres, public bus services that don't follow a regular route and schedule) and changing user habits to get from A to B (more bicycles, escooters, public transit, walking). Insurance innovation follows such opportunities when they grow. Might we see all-inclusive “mobility insurance”? This could be a universal insurance coverage which applies when a person is in transit, regardless of the mode of transportation - walking, riding with another driver or no driver (private or public), driving a vehicle, on a plane or ship or canoe. Similar to life insurance which pays in case of death with few exclusions, or universal (government) health insurance. What would be insured? Perhaps personal injury and personal (owned) property damage; liability (third party injury and property damage); what else? Is insurance this broad available today? If not, is this concept being developed now, or are insurance innovators just thinking about it? Doug Grant, CIP Partner Insurance-Canada.ca