INSURANCE INDUSTRY NEWS

Customer Expectations Pose Challenges For Life Insurers: Capgemini World Life Insurance Report
The Capgemini Research Institute's World Life Insurance Report 2025 reveals that the life insurance industry is struggling to meet today's customer experience expectations, with legacy technology being a major barrier to driving meaningful change. Read more.

BMO, Microsoft Collaborates On AI Innovation To Enhance Insurance Experience
BMO Insurance is pleased to announce the launch of its new AI-powered digital assistant, integrated with Microsoft Azure OpenAI Service, to enhance the field underwriting process for life insurance advisors. Read more.

Wawanesa Insurance Achieves API Security Standards Certification
CSIO is pleased to announce that Wawanesa Insurance has achieved CSIO's Application Programming Interface Security Standards Certification, demonstrating their commitment to data confidentiality and API endpoint security. Read more.

Rival Achieves CSIO eDocs Certification
CSIO congratulates Rival Insurance Technology on achieving CSIO's eDocs Certification. This Certification confirms that Rival has deployed all 40 updated eDocs codes and descriptions into production in The Broker's Workstation platform for personal and commercial lines. Read more.

BrokerLink Completes Three New Acquisitions
BrokerLink is pleased to announce the acquisition of Grandin Agencies, Beauchamp Insurance Ltd. o/a All-Risks Sudbury, and 2694215 Ontario Inc. o/a All-Risks Callander, effective October 1st, which will enable BrokerLink to serve additional customers in Alberta and Ontario. Read more.

Turo, CrashBay Partner To Transform Vehicle Repair For P2P Car-Sharing Industry
Turo, the world's largest peer-to-peer car-sharing marketplace, and CrashBay, the premier digital marketplace revolutionizing collision and car repair solutions for fleets and insurance carriers, are pleased to announce a partnership aimed at streamlining the auto claims repair process for Turo hosts across the US and Canada. Read more.

SIGNAL, FIRST Improve Broker Offering With Payment Integration
FIRST Insurance Funding of Canada, the leading provider of payment solutions, is pleased to announce the successful integration of FIRST Pay™ with SIGNAL Underwriting Inc. Read more.

Auto Insurance Repair Cycle Times Improve but Price Increases Take a Toll: J.D. Power
Auto insurers have been fighting rising costs and longer repair cycle times, but a measure of relief is in sight for one of those trends, according to the J.D. Power 2024 U.S. Auto Claims Satisfaction Study. Read more.

QBE Rolls Out Revamped Cyber Offering
QBE Canada is pleased to announce the launch of its revamped QCyberProtect cyber policy, offering global coverage to mid-sized and large businesses, along with QCyberPrepare, a saferoom where customers can launch their incident response plan in a secure platform with secure messaging, empowering organizations to be in control before, during and after a cyber crisis. Read more.

Vexcel Collects High-Resolution Aerial Imagery After Hurricane Milton
Vexcel has completed a wide-scale, multi-day aerial imagery collection in response to Hurricane Milton, covering nearly 20% of Florida. As part of its post-disaster Gray Sky Program, the collection includes high-resolution ortho and multispectral imagery across all areas, with oblique imagery captured in select urban locations. Read more.

NJM Top-Ranked For Auto Claims Satisfaction
NJM Insurance Group has been named the number-one insurer for auto claims satisfaction in the United States, according to the latest J.D. Power rankings. Read more.

In the InsurTech Spotlight this week:

Micruity
We're partnering with life insurers and fund managers to transform the way employees save for retirement. Since 2017, our focus has been to make pension-like insurance products accessible to mid-market individuals. We continue to build the infrastructure to make this possible. Our goal is to ultimately commoditize the life annuity, making it as much a part of retirement preparation as a savings account. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Financial Security Advisor, Insurance
RBC
Montreal, QC

Senior Commercial Marketer, Special Risks
KRGInsure, a division of RRJ Insurance Group
Toronto, ON

From Doug Digital Twins in Insurance: Conclusion A digital twin (DT) is a visual representation of a real-world physical product, system, or process. It can change over time, even in real-time. A set of adaptive models create the image from data points, and can then manipulate it. For an auto insurance policy, some key factors for underwriting are data about the driver, the vehicle and the location. Most of the relevant data is available digitally today (DT of the vehicle when built), the driver (telematics and third party data) and location (mapping). There is a cost to gather, store and analyze data. Also, potential benefits: underwriting, pricing, servicing, and managing risk can all be improved with more actionable data. The challenge is understanding how much is required to gain a competitive advantage. Since the early days of storing and processing data digitally, the amount of relevant data has steadily increased. Competitive pressures will continue; data and how it is utilized will be a factor. Are you growing with the challenge of enriching your digital twins? Doug Grant, CIP Partner Insurance-Canada.ca