INSURANCE INDUSTRY NEWS

Growing Protection Gaps For Natural Catastrophes, Cyber Crime
A new report released by the Global Federation of Insurance Associations underscores the need for governments and the private sector to collaborate more closely to address threats posed to the well-being and economic prosperity of Canadians by natural catastrophes and cyber risks. Read more.

Digitalizing Life Insurance Distribution
Equisoft is pleased to to reveal the results of a newly commissioned study, conducted by Forrester Consulting on behalf of Equisoft, which explores the digital synergies among life insurance carriers, brokers, and advisors and identifies key challenges. Read more.

TD Launches TD Insurance For Business
TD Insurance is pleased to announce the launch of TD Insurance for Business, a new direct insurance product offering, tailored for small businesses in Canada. Read more.

The Most Commonly Asked Questions During The Claims Process
Poor claims experiences drive customers to switch insurance carriers, so carriers must constantly look for ways to improve customer satisfaction. Hi Marley has unveiled new research that explores trends among consumers' most frequently asked questions during the claims process. Read more.

Relay Using A.I. To Help Brokers Explain Cyber Insurance To Clients
Relay Platform is pleased to announce the launch of a new AI-powered functionality that simplifies complex cyber insurance terms for insurance agents and brokers, and equips them to overcome one of the biggest problems they face when trying to sell Cyber and specialty insurance: understanding and explaining complex insurance terms and concepts to their clients. Read more.

CL Working Group Publishes Requirements to Quote and Bind the Hospitality Industry
CSIO's Commercial Lines Working Group has published business requirements to quote and bind a fifth CL industry sector: hospitality. Hospitality businesses include restaurants, hotels, motels and resort properties, among others. Read more.

HUB International Strengthens Hail Insurance Solutions for Agribusiness Industry with Acquisitions
Hub International Limited is pleased to announce that it has acquired Canadian Hail Agencies Inc., based in Regina, Saskatchewan, and AG Direct Hail Insurance Ltd., headquartered in Leduc, Alberta. Read more.

Spring Flooding, Mould Are Major Worries For Canadians: First Onsite Property Restoration Survey
First Onsite Property Restoration is marking the end of winter and the first day of spring with the release of a survey that examines Canadians' concerns, perceptions, and property readiness amid ever-changing weather patterns. Read more.

SGI’s Top Five Insurance Fraud Cases Of 2022
Insurance is there when you need it, but some people create deceptive stories to collect it even when they don't. That's where SGI's Special Investigation Unit comes in. In 2022, SIU busted hundreds of fraudulent claims; here's a look at some of the most eyebrow-raising attempts: Read more.

CCC Releases 2023 Crash Course Report
CCC Intelligent Solutions Inc. has published its annual Crash Course report on trends impacting the P&C insurance economy, delivering insights on economic, social, and technological shifts that are reshaping driving behaviors, vehicle ownership, automotive insurance and claims handling, collision repair and more. Read more.

Trufla Launches Employee Share Program
Trufla is pleased to announce the launch of its Employee Share Ownership Program, which grants employees the right to purchase and own shares in the company. The Employee Share Program aims to enable employees to share in the success and growth of Trufla and provide them with a safe and smart investment opportunity. Read more.

In the InsurTech Spotlight this week:

illustrate inc
Combining deep actuarial, technology, and software development expertise in an environment 100% focused on the Life Insurance industry enables illustrate inc to build high-performing and sustainable solutions aligned with market needs and opportunities. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Progressive dedicated their 2022 earnings call to telematics, providing tons of food for thought for anyone working on auto insurance in any insurance market worldwide. Not all auto insurers have figured out how to use telematics capabilities to make more revenue, improve driver behaviors, price more accurately risks, and retain more customers. There is no such thing as “a market not ready for auto insurance telematics” – only telematics programs inadequate for the market. Looking at the latest think piece by Matteo Carbone, “I told you so,” a few generalized key points: • Auto insurance is a relevant business line, and it's here to stay; • Its future is telematics-based, and success requires innovation; • All auto policyholders must have a telematics app, whatever the insurance product chosen; • Wrap services around the insurance contract; • The IoT paradigm gives tremendous value to claims. For any insurance business (not only auto), telematics is a capability, not a product. To change behaviors is an incredible opportunity for an insurer; it is key to loss prevention, and your future. Doug Grant, CIP Partner Insurance-Canada.ca