INSURANCE INDUSTRY NEWS

Global InsurTech Investment Surpasses One Billion Dollars In Q3: Gallagher Re
Gallagher Re is pleased to announce the release of its Q3 2023 Global InsurTech Report, which reveals new funding for the global InsurTech sector hit USD 1.1 billion in Q3 of 2023, driven mainly by a 25.5% quarter-on-quarter surge in P&C InsurTech investment. Read more.

Guidewire Transforms Experiences With Jutro Digital Platform
Guidewire is pleased to announce Innsbruck, its latest cloud release, which helps insurers take advantage of market opportunities with advancements in customized digital experiences, risk insights, and claims automation. Read more.

Square One, Zurich Team Up To Offer Personal Auto
Square One Insurance Services is pleased to announce a new agreement with Zurich Canada to offer personal auto insurance to drivers in Ontario, with additional provinces to follow in 2024. Read more.

Rivian, Nationwide Partner To Integrate Insurance Seamlessly Into Vehicle Purchase Process
According to the International Energy Agency, 14% of global new car sales were EVs last year, but the proportion is forecast to reach 60% by 2030. This seismic shift is leading to new opportunities for both car manufacturers and insurance carriers. Read more.

Lower Total Loss Rate For EVs: Mitchell
Mitchell, a leading technology and information provider for the P&C claims and Collision Repair industries, has released its latest trends report, which examines total loss frequency for electric and ICE automobiles. Read more.

The Most Stolen Vehicles In Canada: Équité Association
Équité Association, a not-for-profit working to eradicate insurance crime on behalf of the Canadian property & casualty insurance industry, has released its annual list of the Top 10 Most Stolen Vehicles in Canada. For the first time, É quité also announced the Top 10 Least Stolen Vehicles in Canada. Read more.

Cyber Claims Surge: Allianz Commercial
Following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial warns in a new report. Read more.

Cyber Insurance Market To Grow USD 40 Billion By 2027: Technavio
Driven by increasing awareness among individuals and businesses, the global cyber insurance market size is estimated to grow by USD 42.81 billion from 2022 to 2027, with North America accounting for 57% of the market growth, according to Technavio. Read more.

Best's Review Discusses The A.I. Revolution
The November issue of Best's Review features a joint effort with AM Best TV to explore how artificial intelligence is impacting the insurance industry. Read more.

Hub Launches Violent Acts Liability Insurance
Hub International is pleased to announce the launch of Violent Acts Liability Insurance, a proprietary product designed to bridge gaps in general liability and umbrella policies by addressing the unique liability risks that arise from malicious acts of violence on business operations. Read more.

BrokerLink Expands Presence In GTA
BrokerLink is pleased to announce it is expanding its footprint in the Greater Toronto Area with the asset acquisition of All-Risks Burlington and the share acquisitions of Dowhaniuk Insurance Brokers Inc. and Heinsoo Insurance Brokers Ltd.. Read more.

AXA XL Extends Ecosystem Access To Clients
To help clients uncover new technology and innovative solutions that can minimize and manage business risks, AXA XL has extended AXA XL Ecosystem access to clients across its Property & Casualty and Specialty insurance lines in North America. Read more.

Protecting Consumers Against IT Risks: FSRA
The Financial Services Regulatory Authority of Ontario is taking active steps to further protect consumers and their data against harmful IT risks, such as cyber threats, with the release of the final IT Risk Management Guidance to help FSRA-regulated sectors and individuals effectively manage threats to their IT systems, infrastructure and data. Read more.

In the InsurTech Spotlight this week:

Onlia
Onlia was built to help make Canada safer by rewarding Canadians for safer driving behaviours. We believe in motivation over penalties, and we have integrated this philosophy into our suite of tech-driven safety products – developed and driven by data and behavioural economics. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Financial Security Advisor, Insurance
RBC
Montreal, QC

Commercial Lines CSR
FENA Insurance Solutions Inc.
Niagara Falls, ON

From Doug Generative AI has “arrived.” Individuals are using it at home and at work; businesses are deploying it, and technology providers are embedding it. Personal and Business use: Gen AI can write a note, letter or document. A co-worker asked ChatGPT to rewrite a note to me in 18th century English, knowing my interest in that time period. It did, well done. A person in marketing uses Generative AI to create or rework copy, and then revises it as needed. Adam Mitchell of Mitch Insurance described a challenge with prize he made to his team to come up with the best use case. In technology products for insurance: Wisedocs, which manages bodily-injury claims documents, uses Gen AI to summarize documents. Messagepoint embeds Gen AI to optimize customer communications. At its Connections conference, Guidewire demonstrated how Gen AI could help support a sales agent – or presumably anyone who is customer-facing. This newsletter is distributed by iContact, which has recently added Gen AI functionality to create or improve copy. Conclusion: Generative AI has value for most everyone; the pundits claim that we have barely scratched the surface. Enjoy the ride. Doug Grant, CIP Partner Insurance-Canada.ca