INSURANCE INDUSTRY NEWS

US Focused On Climate Change Risk, Others On Energy Transition Risk
The latest edition of Beazley's Risk & Resilience series reveals that US business leaders are more concerned about climate change than their global counterparts. In the UK, Canada and Singapore, current and short-term concerns about energy transition are deflecting focus away from climate change as the environmental issue of most concern. Read more.

WINT, HSB Offer Water Damage Warranty
WINT Water Intelligence, a leader in cutting-edge water management and leak-prevention solutions for construction, commercial, residential and industrial applications, and HSB, a multi-line specialty insurer that is part of the Munich Re family, are pleased to announce the launch of a groundbreaking initiative to protect general contractors and developers from the steeply rising costs of water damage in the construction industry. Read more.

Swiss Re Reinsurance Solutions, Benekiva Partner On Digital Claims Management Solution
Swiss Re Reinsurance and Benekiva, an InsurTech known for its configurable rules-driven claims and servicing platform solution, are pleased to announce they have formed a strategic partnership to develop an Integrated Claims Management Platform that combines Benekiva's state-of-the-art claims administration system with Swiss Re's Claims Automated Rules Engine and deep expertise in risk management. Read more.

Relay Allows Brokers To Secure Cyber Quotes Without Appointment Delays
Innovative multi-carrier platform Relay has launched seamless onboarding to help wholesale brokers and retail agents scale their business. The platform now offers a quick and easy onboarding process that gets brokers from sign-up to receiving quotes from a selection of approved carriers in minutes, without the need for prior broker appointments. Read more.

Betterview Revolutionizes Roof Age Data With AI-powered Solution
Betterview is pleased to announce the launch of a groundbreaking new roof age solution with unprecedented accuracy for insurers. Betterview's solution uses artificial intelligence and computer vision to analyze high-resolution aerial imagery, enabling precise determination of roof age data. Read more.

ZestyAI Launches Risk Analytics Solution For Severe Convective Storms
ZestyAI, the leading provider of AI-powered climate and property risk analytics solutions, is pleased to announce that severe convective storms have joined the growing list of perils addressed by the company's risk analytics platform. Read more.

Breaking Down Provincial Wildfire Worries
First Onsite Property Restoration, Canada's leading property restoration company, is marking the beginning of wildfire season – and the seven-year anniversary of the Fort McMurray wildfires – with the release of a new survey which examines Canadians' concerns, perceptions, and fears amid ever-increasing summer wildfire threats. Read more.

Insurity Becomes Largest Cloud Software Vendor
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, is pleased to announce that it has reached a significant milestone, with more than 400 of its 500-plus customers deployed in the cloud, including more than 330 in the public cloud, with approximately half in AWS and the other half in Azure. Read more.

Navacord Partners With SeaFirst Insurance
Navacord is excited to announce the addition of SeaFirst Insurance Brokers, effective April 1st. SeaFirst Insurance is one of the largest commercial brokers in BC and the largest independent broker on Vancouver Island. Read more.

Trufla Joins CDAP To Empower Brokers With Digital Transformation Funding
Trufla is pleased to announce that they are now officially registered digital advisors for the Canadian Digital Adoption Program. As a result, insurance brokers, MGAs, and insurance related operations that fit the CDAP eligibility can work with Trufla to gain access to government funding towards digitizing their business. Read more.

Sun Life Launches New Mental Health Tool
Mental health is the leading cause of disability claims in Canada. To tackle this issue head-on, Sun Life's Mental Health Coach (MHC), provided by CloudMD, nudges clients who are at risk of developing a mental health issue and recommends a self-assessment. Read more.

Auto Insurance Switch Rates, Premiums Surging: J.D. Power Insurance Shopping Study
U.S. auto insurers are locked in a vicious cycle of inflation, rising premiums, and steadily increasing customer defection rates. The result is a sharper focus on saving money as large numbers of auto insurance customers shop for new policies and switch to new carriers, largely based on price. Read more.

Serving Commercial Insurance
Customers Better
Webinar – Wednesday, May 3

Focused on accessibility, speed and transparency, Boardwalk Insurance leverages cutting-edge technology supporting a full end-to-end digital experience for its brokers, streamlined operations and exceptional service.

CEO Michael Malfa will discuss the challenges and successes in Boardwalk's journey so far and share his thoughts looking ahead.

Register now or learn more about the webinar.

From Doug Helping Me – or Big Brother? Insurance has long “checked on” people (think property inspections, driver records, etc.). Today, such checks are much faster and more frequent. Beyond underwriting, they facilitate better risk management: Prevent a loss, rather than indemnify. Effective risk management depends on good data, effective communication, and behavioural modification. Initially, telematics captured basic driving information to justify usage-based insurance. Now, all sorts of data about driver and vehicle can be captured. Marrying that with rewards and good communications, even gamification, can help a client with lower premiums and fewer losses. Can the same principles be applied to how one works? With the sophistication of video images and AI, a person’s approach to their work can be analyzed, with the output being improved processes and work style – behavioural modification. The worker can be more productive, but where is the reward. If the worker becomes more productive, might there be a reward, such as a change in compensation, e.g., from a salary or hourly wage to a reward based on output? Does this sound like a better way? Or like Big Brother? For more food for thought, see “Power to the People” by Tom Bobrowski, partner at Skam.AI. Doug Grant, CIP Partner Insurance-Canada.ca