INSURANCE INDUSTRY NEWS

Sedgwick Looks Ahead To This Year’s Industry Trends
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has released its “Imagine 23” report of major industry trends and issues that employers, brokers, carriers, risk managers, human resources professionals and product safety experts should be aware of throughout the coming year. Read more.

2022 Natural Catastrophe Report: Gallagher Re
Arthur J. Gallagher & Co. is pleased to announce the release of the Gallagher Re Natural Catastrophe Report 2022, which summarizes the major catastrophe events that occurred in each region around the globe last year, detailing the financial loss, fatalities and other major considerations. Read more.

VIU by HUB Adds Renters & Condo Insurance
VIU by HUB, a digital insurance brokerage platform, is pleased to announce the launch of renters and condo insurance. The expansion not only provides new areas of coverage to consumers but enables VIU to partner with businesses in the property management industry to offer their clients the opportunity to digitally purchase insurance through a licensed independent insurance broker. Read more.

Westland Launches Small Business Solutions Brand
Westland Insurance has unveiled its new Small Business Solutions brand. Westland has long been an industry leader in the small business space and this brand launch consistently positions its small business insurance advisory practice across Canada. Read more.

Coalition Launches New Crime & Fiduciary Liability Insurance Coverage
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the addition of Crime and Fiduciary Liability Insurance coverage, provided through a collaboration with Zurich American Insurance Company to protect small businesses. Read more.

Customers Are Ready For Telematics: Swiss Re & IoT Insurance Observatory
Made possible by GPS technology invented in 1973, the first usage-based insurance patents appeared in 1996. Since then, many other technological advancements (such as the Internet of Things) have contributed to the development and refinement of telematics motor insurance products, but these products are not mainstream yet. Read more.

Betterview Partners With True Flood Risk
Betterview, the InsurTech company leading insurers rely on to identify and manage real property risk, is pleased to announce a new partnership with True Flood Risk, the mission-driven company dedicated to helping property owners and communities understand and plan for flood risk. Read more.

Hub Acquires Bridgeforce Financial Group
Hub International Limited, one of Canada's largest distributors of life insurance and investment solutions, is pleased to announce that through its affiliate, Achievex Financial Services Inc., it has acquired BridgeForce Financial Group, consisting of W.C.S Financial Services Inc., W.C.S. Achievex Inc., Allen Wong & Associates Agency Limited, BridgeForce Financial Group Inc., Cinaber Financial Inc., Ontario East Insurance Agency Ltd., and Joseph B. Woodyatt Insurance Agencies Limited. Terms of the transaction were not disclosed. Read more.

CRU Group Expands With New Saskatchewan Location
CRU Group is pleased to announce the opening of its newest location in Saskatchewan, continuing the Company’s expansion in Western Canada and across North America. Read more.

On Side Restoration Expands To Moncton
On Side Restoration Ltd. is pleased to announce it is expanding in Eastern Canada with the opening of a new branch in Moncton, New Brunswick. Read more.

Zurich Leads Funding For BOXX Insurance
Toronto-based InsurTech BOXX Insurance is pleased to announce a US$14.4 million Series B funding round, led by global giant Zurich Insurance Company Ltd. With more than US$24 million raised from investors in the last 16 months, BOXX has met its combined goal to grow tenfold in the last 24 months, while continuing to outperform its underwriting targets. Read more.

In the InsurTech Spotlight this week:

Quandri
Quandri builds digital workers for insurance agencies and brokers. We use modern technologies to automate time-consuming and repetitive processes that are a drain on your business but are important and need to get done – we train a software robot, or digital worker, to do them for you. We're on a mission to repurpose 1,000,000 hours every month so our customers can focus on more meaningful and higher-value work. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Is Telematics for Your Business? I have always associated telematics with auto insurance, but its scope has expanded to encompass other lines of insurance, such as homeowners’. If used according to the IoT paradigm – sense, infer, and act – it makes sense. Matteo Carbone offers some considerations in “How to Know If You Need Telematics”: • Telematics is in a period of disillusionment; not a reason not to innovate. • Telematics is a business capability, not a product. • Three significant insurers (not named) have introduced telematics within auto insurance, without any usage-based pricing. Six questions to ask concerning your auto insurance business: Are any crashes due to the risky behavior of your policyholders? Does your company care about corporate social responsibility? Do you wish to improve your claims process, frequency, severity? Would you like to select the lowest risks at each pricing level? Do you need to increase retention? Is your company interested in generating more revenue? Read the post for interesting elaboration. Doug Grant, CIP Partner Insurance-Canada.ca