INSURANCE INDUSTRY NEWS

3Tree Partners With Cognition+ To Usher In A New Era Of Connectivity
3Tree, a pioneer in connecting insurance brokers and carriers, is pleased to announce a ground-breaking digital transformation partnership with Cognition+ to capitalize on the unprecedented connectivity offered by the Unite | Insurance Exchange Service. Read more.

HUB Announces Launch Of VIU By HUB
Hub International Limited is pleased to announce the launch of VIU by HUB, a new digital platform for transactional personal insurance needs, such as home and auto. VIU by HUB aims to close the insurance protection gap by making it easier for consumers to purchase coverage with the benefits of choice, efficiency, price transparency and trusted brokerage advice. Read more.

Geopolitical Risk Spikes Over War, Inflation
Beazley’s latest research into geopolitical risk shows that events so far this year have significantly altered business leaders’ perceptions of the risks they face and their resilience to those risks, which has fallen dramatically since 2021. The impact of inflation is also causing deep concerns about domestic stability alongside the fear that global tensions are increasing the threat from external forces. As business struggles to adjust to this new reality, preparedness and mitigation strategies are becoming a key focus. Read more.

FM Global Updates 2022 Resilience Index
The online 2022 FM Global Resilience Index has just been enhanced to include 15 economic, risk quality, and supply chain measures that offer executives insights into the vulnerabilities of a country’s business environment and resilience. Read more.

Industry Market Condition Bound To Change
All industries go through expansion and contraction cycles, and the insurance industry is no exception. The current state of the industry suggests that we are in the contraction stage of the cycle, also known as the ‘Hard Market’ situation, but it will eventually transition into the ‘Soft Market’ phase. Read more.

WSIB Taps Guidewire Cloud To Power Operations
Guidewire is pleased to announce that Ontario's Workplace Safety and Insurance Board has selected Guidewire Cloud to power the company's underwriting, policy administration, and billing management operations, simplify its IT operations, adapt more quickly to changing market demands, and deliver more value to its customers. Read more.

NCMIC Selects ISI For Core System Transformation
Insurance Systems Inc., a provider of enterprise software solutions to the professional liability insurance industry, is pleased to announce that NCMIC has selected ISI Enterprise for its insurance operations. Headquartered in Clive, Iowa, NCMIC is a leading provider of professional liability insurance throughout the United States. Read more.

Derecho Storm Insured Damage Total Revealed
The deadly and destructive storm that swept through southern Ontario and parts of Quebec in May caused widespread damage to property, extensive power outages, and tragic loss of life. The storm now ranks as the sixth largest in Canadian history in terms of insured losses – surpassing the Toronto flood of 2005. Read more.

Wait Until After Your Trip To Post That Summer Vacation Selfie: Allstate
With the lifting of pandemic restrictions, Canadians are starting to travel again. Allstate is launching a public awareness campaign to help people avoid inviting unwanted attention to their unattended homes by cautioning against sharing travel plans on social media before departure or while travelling. Read more.

Homeowners Could Be Forced To Sell If Interest Rates Rise Further: Manulife Survey
For some time, home ownership has been viewed as out of reach for many Canadians. But the latest Manulife Bank Debt Survey reveals that with interest rates, inflation and housing prices increasing, many who are already homeowners say if interest rates were to increase further, they would be forced to sell their home. Read more.

BC Floods Insured Loss Estimate Climbs
Based on new data from CatIQ, the total estimated insured damage cased by the devastating floods in southern British Columbia last fall has risen more than 30% from previous estimates. Read more.

In the InsurTech Spotlight this week:

Optimity
Optimity is a digital engagement and acquisition solution for life insurance companies. We provide a health rewards program to policyholders that incentivizes them to improve their daily health routine. We have the largest set of consumer wellness data, which allows carriers to make targeted offers to qualified individuals. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug All three types of insurance products discussed last week have traction in the marketplace. Which one may become more dominant? On-demand insurance needs to be turned on and off. This is an inconvenience if the process is manual, although it could be automated, e.g., a ride- or home-sharing app could trigger the commercial insurance. Typically base-coverages would be in force constantly. Parametric insurance frequently depends on third-party automated measurements, such as a weather network detecting hail. There are other niches within an insurance package, e.g., a claim FNOL could trigger an immediate payment to serve immediate needs. Embedded insurance is growing. Travel insurance has long been embedded, tenants insurance more recently, but auto insurance is centre-stage. Auto manufacturers include vehicle monitoring technology which provides some data that serves insurance needs. GM, Tesla and others are offering insurance to customers today, potentially disrupting insurers with a large auto book of business. The pundits see embedded as the main threat, and potential opportunity, for some insurance businesses. Doug Grant, CIP Partner Insurance-Canada.ca