INSURANCE INDUSTRY NEWS

Trufla PowerBroker Integration Provides Brokers With AI-Powered Data Tools
Trufla is pleased to announce the successful integration of its Broker AI data tools with PowerBroker. The powerful integration enables insurance brokers to provide PowerBroker users with enhanced real-time data insights and tools to improve their marketing, sales, customer retention, and operations. Read more.

Coalition Announces Executive Risks Insurance Designed for Not-For-Profit Organizations
Coalition is pleased to announce it has launched a version of its Executive Risks Insurance products designed for not-for-profit organizations. Coalition’s Executive Risks insurance for not-for-profits combines automated underwriting data collection and real-time analysis with a streamlined application process compared to the industry standard for Executive Risks applications. Read more.

Demand For Electric Cars Is Booming: IEA
Global sales of electric cars are set to surge to yet another record this year, expanding their share of the overall car market to close to one-fifth and leading a major transformation of the auto industry that has implications for the energy sector, according to the latest edition of the IEA’s annual Global Electric Vehicle Outlook. Read more.

CBN Announces Membership Expansion
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce the expansion of its membership, welcoming AIM Insurance (Burlington, ON), KASE Insurance (Toronto, ON), and Verge Insurance (St. Catharines, ON). Read more.

HomePorter Raises Capital To Transform Homeownership Experience
Toronto-based HomePorter Inc. is pleased to announce it has secured financing to transform the home maintenance experience in a successful seed round co-led by Co-operators Group and R-LABS. Read more.

Global Embedded Finance Business & Investment Opportunities: Research And Markets
Research and Markets is pleased to announce its offering has been updated with a new report on global embedded finance business and investment opportunities, which indicates the global embedded finance industry is expected to grow by 39.4% on annual basis to reach USD 267 billion in 2023. Read more.

DKI Canada Adds Strong Presence In BC With DKI Elite Restoration
DKI Canada is proud to announce that DKI Elite Restoration has joined DKI Canada. DKI Elite Restoration is a leading provider of full-service property restoration with locations in Terrace and Smithers BC. Read more.

Press Start CoLab Now Accepting Applications
nowly and Teachers Life Insurance are pleased to announce the launch of the 2023 Press Start CoLab program for Canadian youth, focused on the Mental Health Crisis in Canada. Read more.

VIU Partners To Bring Digital Personal Insurance To University Alumni
VIU by HUB, a digital insurance brokerage platform, is pleased to announce a partnership with Gonzaga University to provide alumni with the opportunity to shop for personal insurance coverage through a variety of carriers while receiving trusted advice. Read more.

IBC Congratulates Public Safety Canada On Its National Risk Profile
In response to the federal government's release of its National Risk Profile, Insurance Bureau of Canada Statement has issued a statement to congratulate the federal government and everyone who worked to bring this project to fruition. Read more.

Segic Facilitates Employee Access To Education Savings, Benefits
Segic, a technology company specializing in developing a global platform for group and individual benefits, is proud to announce the launch of new employee benefits through a partnership with Kaleido, a Quebec leader in education savings. Read more.

Allstate, Staples Launch Product Protection For Businesses, Consumers
Allstate Protection Plans is partnering with Staples Canada to offer Staples Protection Plans by Allstate so that customers can benefit from product protection with seamless service and support when they need it most. Allstate Protection Plans will provide and manage the protection plans for Staples customers across Canada. Read more.

Insurance Fraud: Connecting People With Places And Their Activities
Webinar – Wednesday, May 31

Fraud is an ever-evolving challenge for the insurance industry – and an added cost to consumers.

W3 Intelligence Research Group employs strategic processes throughout the investigative process to locate, collect, disseminate, and document evidence from internet sources.

Senior Investigative Consultant Liz Pia will elaborate on their approach to working collaboratively with insurers, industry partners, and stakeholders.

Register now or learn more about the webinar.

In the InsurTech Spotlight this week:

nowly
nowly is a new way of thinking about insurance. Instant coverage now. Living healthy now. Giving back now. That's living nowly. We provide Canadians affordable and instant insurance and living healthy benefits on an innovative and streamlined digital platform. nowly is a division of Teachers Life Insurance, a Canadian Insurance company.
Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Is insurance a commodity? Of several definitions, these seem applicable: • A mass-produced unspecialized product; • A good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Simple warranties aside, each policy is personalized and therefore neither “mass-produced” nor “unspecialized”. Yes, insurance is widely available. As a legal requirement (auto) and a business requirement (loans such as mortgages), insurance products must be accessible. Factors amplifying price include: • A non-tangible promise to pay; • Often mandated, non-discretionary, so a “grudge” purchase; • The cost is not trivial for many people; • Advertising (the focus on saving money in outward messaging has conditioned the public to view cost as being a significant factor); • Where it is highly regulated (especially auto), the public may believe that there is no differentiation; • Those who have not had a loss have not experienced the “value” of insurance. There are some of the factors which influence the insurance-consuming public to view price as being a major factor when they shop insurance. What to do? (More next week) Doug Grant, CIP Partner Insurance-Canada.ca