INSURANCE INDUSTRY NEWS

Guy Carpenter Launches Next Generation Of Its GC AdvantagePoint® Platform
Guy Carpenter is pleased to announce the launch of the next generation of its catastrophe analytics platform, featuring new technology that will improve the performance and efficiency of underwriting and catastrophe management workflows for its clients. Read more.

Swiss Re Expects Continued Growth Momentum For Non-Life Reinsurance
As risk awareness and demand for re/insurance is increasing, Swiss Re is highlighting the importance of improved underwriting data, enhanced modelling and rebalancing of the insurance value chain for a sustainable reinsurance market. Read more.

Act-On Launches AI Predictive Lead Scoring
Act-On Software, a leading provider of marketing automation solutions, is releasing Act-On AI Predictive Lead Score, a feature to help marketers narrow the marketing funnel and hone in on the strongest leads. Read more.

Liberate Launches Operator AI For Claims FNOL
Liberate Innovations Inc. is pleased to announce it has launched Operator AI for FNOL, the insurance industry's first multilingual, multi-scenario, empathetic, intuitive, 24/7, AI-driven claim intake agent. Read more.

MindBridge Expands Financial Risk Discovery Platform
MindBridge Analytics, the global leader in financial risk discovery and anomaly detection, is pleased to announce the availability of four new transaction risk discovery products that run on the MindBridge AI™ platform, delivering deep insights into financial, transactional, and operational risk. Read more.

Navacord Announces Partnership With Harbord Insurance
Navacord Corp. is pleased to announce their recent partnership with Harbord Insurance, operating out of three locations across Vancouver Island, effective September 1st. Read more.

Verisk ISO Businessowners Program Adds New Classifications To Keep Pace With Risks
To help insurers keep pace with the changing nature of today's business exposures, as well as increase profitability and expand into new markets, Verisk, a leading global data analytics and technology provider, has announced the launch of its latest update to the ISO Businessowners (BOP) program. Read more.

Mosaic Builds Out Five Specialty Lines
Mosaic Insurance is pleased to announce it has built out its team of underwriting specialists to provide global capacity in five lines of business – cyber, transactional liability, financial institutions, professional liability, and environmental liability – to brokers and clients across Canada. Read more.

Billyard Group Opens New Sarnia Branch
Billyard Insurance Group (BIG), one of Canada's leading brokerages, is proud to announce the opening of its newest branch in Sarnia, Ontario. The move brings the company's growing portfolio to 84 branches nationwide. Read more.

Canadians Face Growing Threat Of Urban Flooding
To support building more flood-resilient communities, TD Insurance has collaborated with the Institute for Catastrophic Loss Reduction to launch the newest "Showcase Homes" initiative, a program designed to demonstrate actions to reduce risk of loss from extreme events. Read more.

Consumers Spending Less, But Small Businesses Can Adapt: BDC
Geopolitical tensions, environmental concerns, rising prices and reduced spending power are motivating Canadians to cut back, and entrepreneurs can respond, according to the latest edition of BDC's 2023 Consumer Trends report. Read more.

Impaired By Drugs? Find A Safe Ride!
It's not just about alcohol and cannabis. A driver can be charged for operating a motor vehicle while impaired by any type of drug, even if it's prescription or over-the-counter medication. Read more.

In the InsurTech Spotlight this week:

Aya
Aya is a fully customizable technology company that specializes in healthcare, built with a one-of-a-kind financial architecture. Providing fast digital onboarding, robust real-time reporting and automated adjudication for 100% of claims. Offering the most innovative technology, at the lowest cost, allowing better benefits for everyone. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Claims & Risk Specialist
Halton Region
Oakville, ON

Customer Service Representative
All-Risks Insurance Brokers
Hamilton, ON

From Doug Closer To My Insurance Customer: Where is the meaning in data? Data itself has no meaning, but AI can help. Consider a pool of data of previous auto claims, including vehicle details, collision information, damage and repair estimates, etc. Develop a model of this data to see how a new claim might develop. Then run a FNOL against the model. How accurate is this prediction? Main factors: 1. The number of losses in the pool and the amount and quality of detail; 2. The level of detail for the new loss; 3. The quality of the model. Aviva received top honours in the 2020 Insurance-Canada.ca Technology Awards for improving the auto claims process with a new analytics tool. They used AI to determine at FNOL whether a damaged vehicle was a total loss. We discussed this in a ‘Technology In Action’ webinar “Improving Auto Claims with Real-Time Analytics.” Fast-forward three years. With image recognition tools, leveraging huge banks of history (data), a FNOL with photos of the damaged vehicle, insurers can automatically generate a repair-shop quality estimate without intervention. These same analytics principles are being applied to many use cases across insurance. From the data, AI can derive meaning. But where is the value? Doug Grant, CIP Partner Insurance-Canada.ca