INSURANCE INDUSTRY NEWS

Canadians Aren’t Ready For Electric Vehicles
Canadians need more information about crucial aspects of EV ownership, including infrastructure requirements and insurance implications, according to a new survey commissioned by BrokerLink. Read more.

Sonnet Insurance Arrives On Segic’s Benefits Marketplace
Segic is delighted to announce it has teamed up with Sonnet Insurance to provide brokers, unions and large companies utilizing Segic's platform with easy access to personalized, secure, and online home and auto insurance for their members, employees, and customers. Read more.

Chubb, SentinelOne® Partner To Enhance Cyber Risk Management
Chubb has announced it is collaborating with SentinelOne, a leader in cybersecurity, to streamline cyber risk management practices for U.S. and Canadian businesses. Read more.

Arturo Claims Module Cuts Hours Of Manual Work Per Claim
Arturo is pleased to announce the launch of its new AI-powered claims module which helps carriers to strategize on claims prioritization, proactively reach out to customers, evaluate damage from natural disasters, and understand the potential financial impact across their entire book – eliminating time-intensive manual work. Read more.

Beneva Implements Guidewire Cloud To Strengthen Claims IT Operations
Beneva, the largest mutual insurance company in Canada, and Guidewire are pleased to announce that Beneva has successfully deployed Guidewire ClaimCenter on Guidewire Cloud to power and simplify its claims business and related IT operations, adapt quickly to changing supply chain conditions, and deliver insights to its advisors and policyholders. Read more.

FRISS Launches Claims Analytics Accelerator For Guidewire Cloud
FRISS is pleased to announce the launch of the FRISS Accelerator for Claims Analytics for ClaimCenter Cloud, which leverages the latest capabilities of the Guidewire Cloud Integration Framework. Read more.

Applied Rating Index Q3 2023 Released
Applied Systems is pleased to announce the third quarter of 2023 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. In Q3 2023, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Read more.

Shift Technology Strengthens Decisioning Solutions With Generative AI
Shift Technology is pleased to announce the integration of generative AI functionality across its suite of products. These new capabilities deliver targeted, accurate insights and context to the risk detection and investigation processes, resulting in significant improvements in decision-making speed and accuracy across underwriting and claims. Read more.

Independent Agents’ Views On Key Issues Shaping Personal Lines Property & Casualty Marketplace
American Modern Insurance Group, Inc., a leading specialty insurance organization and a Munich Re company, has issued a report on key issues shaping the personal lines Property & Casualty marketplace based on results of a recent survey of independent insurance agents across the United States. Read more.

IBAO Provides Consumer Data For Brokers
The Insurance Brokers Association of Ontario has published a new data project as part of an effort to become a centralized source of market intelligence data for Ontario brokers. Read more.

Life Insurance Industry Unprepared For Looming Wealth Transfer To Beneficiaries
Capgemini's 2023 World Life Insurance Report highlights an unprecedented shift for life insurers as they face a significant outflow of assets under management ahead of the largest inter-generational wealth transfer in history. Read more.

Intact, RSA To Acquire Direct Line’s Commercial Lines Operations
Intact Financial Corporation and its subsidiary RSA have announced that they have reached an agreement with Direct Line Insurance Group plc to acquire Direct Line's brokered Commercial Lines operations. Read more.

Rising Tide Of Cyber Risks: NetDiligence
NetDiligence, a leader in cyber risk readiness and response solutions, has released its thirteenth annual Cyber Claims Study, which delves into real-world data breaches and cyber-related incidents covered by leading cyber insurance providers. Read more.

How Generative A.I. Is Reshaping Insurance
Viewers can now access the top highlights from AM Best's recent webinar on generative artificial intelligence and ChatGPT, sponsored by Xceedance, to learn how these new technologies will drive the customer experience as well as the bottom line for decades to come. Read more.

Canadian CEOs Remain Confident: KPMG
Canadian CEOs remain confident their companies and the Canadian economy are on the right growth track, but fear inflation, the high cost of living, new technologies, a tight labour market, and geopolitical uncertainty will derail future growth, finds KPMG International's 2023 CEO Outlook. Read more.

In the InsurTech Spotlight this week:

Quadient
From life to P&C insurance, Quadient's industry-leading Customer Communications Management (CCM) cloud solutions empower insurers to understand, prioritize and optimize every interaction with their claimants or policyholders, new customers, agents, brokers and all the stakeholders in the insurance network. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Intermediate Underwriter
SGI
Toronto, ON

Financial Security Advisor, Insurance
RBC
Remote positions across Quebec

From Doug Nearly three decades ago, the Internet emerged, enabling broadly available websites and email. Even before then, a world of digital content, user and discussion groups, messaging apps, etc. was evolving. The internet removed numerous obstacles. Bigger companies were already using email internally; some were connecting with partners and even customers. When people at home found value from email, they pushed their employers into implementing it. Today, it is everywhere, but communications are still evolving (texting, social, chat, video). ChatGPT arrived last year, with an explosive uptake. In fact, R&D on large language models and Generative AI has been underway for years by many parties. It dwelled in the domain of data scientists, embedded in consumer tools, e.g. search and recommendation engines. ChatGPT's simple user interface made AI available to everyone. As with email, when we find value, we push our employers to make it available in our work. Generative AI is here and the competitive race to leverage it is on. Insurance use cases are numerous, and the technology's potential is significant. As a business, “think big, start small, learn fast.” Doug Grant, CIP Partner Insurance-Canada.ca