INSURANCE INDUSTRY NEWS

Canadian Broker Network Launches First AI Automation Bot
Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, and insurance automation startup Quandri are pleased to announce the launch of CBN's first artificial intelligence robot to transform the way CBN brokers work. Read more.

Capgemini, Microsoft Partner To Accelerate Generative AI Implementations
Capgemini is pleased to announce the Azure Intelligent App Factory, developed in collaboration with Microsoft, to empower organizations to scale responsible and sustainable generative AI capabilities for their business at speed. Read more.

“Digital Wallet Race” Intensifies As Banks, Fintechs Invest In Insurance
A new survey from Chubb reveals that a majority of financial executives involved in insurance decision-making globally expect to generate more than 10% of their revenue from embedded insurance within three years. Today, just one in five firms reports that level of revenue. Read more.

CHES Expands High-Value Home Protection
CHES Special Risk, a leading MGA in the insurance industry, is pleased to announce it has has unveiled comprehensive insurance for high-value homes in Canada, following the recent release of a personal articles floater for jewellery, watches, objets d'art and collectibles. Read more.

Deloitte, Google Cloud Partner To Accelerate Adoption Of Sustainability Solutions
Deloitte is pleased to announce a groundbreaking new initiative with Google Cloud that will help clients mitigate climate risks, adopt green solutions and unlock the value of low carbon products and services utilizing revolutionary technologies like generative AI and geospatial data. Read more.

Canadians Turn To EVs As Living Costs Rise
Consumer appetite for electric vehicles is at an all-time high, according to the latest EY Mobility Consumer Index. Rising fuel costs, environmental concerns and new government incentives are pushing a majority (52%) of Canadians to consider purchasing a fully electric, plug-in hybrid or hybrid vehicle in the next few years. Read more.

FSRA Innovation Office Looks To Enable Advancements In Ontario Insurance Sector
The Financial Services Regulatory Authority of Ontario has established an Innovation Office to help identify, support and enable opportunities to facilitate and foster innovation across the financial services sector. Read more.

Ontario Drivers Say Speeding Is A ‘Big Problem’
A new study conducted on behalf of CAA South Central Ontario found that 51 per cent of Ontario drivers label speeding as a “big problem” within the province – a slight increase from last year. Read more.

More Canadians Enjoying Hybrid Work
More Canadians are seeing the benefits of a hybrid work model, as economic concerns appear to overtake the great resignation trend, a new report from Aviva Canada shows. Read more.

Featured job opportunities:

Risk Specialist
Town of Milton
Milton, ON

Manager, Alberta Underwriting (Personal Lines)
SGI
Regina, SK

In the InsurTech Spotlight this week:

Vita Assure
Vita Assure is a full service brokerage and consulting firm specializing in employee benefits for small and medium size businesses located in Canada. We provide tailored solutions that enhance the value of benefits programs, including group insurance, group retirement savings, wellness and non-traditional benefits. We go beyond the typical brokerage services with personalized advice for the workplace, customer-centric support and value-added software tools. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Insurers and partners in the claims process have been digitizing and automating for many years. However the pandemic, supply chain issues, inflation, technology improvements and customer expectations are applying pressures for a more rapid transformation. A few examples of claims innovations from the Insurance-Canada.ca Technology Awards (ICTAs): • Ingesting auto claim data via API from an auto accident reporting centre as a FNOL, opening the claim, and notifying the claimant by email or text noting the automatically assigned adjuster. • Identifying Salvage vehicles at FNOL stage, saving expense and time. • Once determined to be salvage, offering a settlement offer with examples of recent sales of like vehicles. A picture is worth a thousand words... • More claimants submit photos of damages. • Advances in image recognition technology and other AI tools have enabled a repair estimate to be automatically generated from photos alone. Looking ahead: • Telematics devices can trigger assistance when a collision has been detected, with a claim opened as a result. • The most essential component – claims people assisting claimants – is being addressed with a focus on the staff and partner experience. Improvements in technology, AI, data, and communications are all helping innovators transform the claims process. Doug Grant, CIP Partner Insurance-Canada.ca