INSURANCE INDUSTRY NEWS

Cyber Threat Intelligence Annual Report
PwC Canada has released the Canadian Cyber Threat Intelligence Annual Report, which shows how the cyber threat landscape has shifted radically in the last year, fueled by mounting geopolitical tensions, fluctuating economic conditions, and rapid digitization in the wake of the pandemic. Read more.

Big Ticket Launches Client-Facing Open Banking Infrastructure For Insurance
Big Ticket is pleased to announce the launch of the world's first neutral digital hub for the global commercial insurance industry. Big Ticket allows digital exchange, innovation, and collaboration to take place in a secure environment by helping clients to maintain and share their exposure data with every participant in the insurance value system globally, instantly, and with a full audit trail. Read more.

Supplemental Hurricane Insurance Now Available Online
Vortex Insurance is pleased to announce the launch of an innovative parametric insurance program allowing the purchase of supplemental hurricane insurance for parts of the United States. This pioneering product supplies coverage in the event of a Category 3 (or stronger) hurricane; payouts are provided rapidly, no questions asked, and with no loss adjustment process or large deductibles. Read more.

2013 Floods Put Focus On Protection Gap
The unprecedented wildfire season this spring is a stark reminder of the growing risk Canadians face from sudden and extreme weather events. Ten years ago, it was catastrophic floods in Toronto and Calgary that captured the country's attention. While damage caused by fire has long been covered under most home insurance policies, overland flood insurance was not generally available at the time of the 2013 floods. Read more.

Dashboard Pro Sets A New Standard In Insurance
Trufla is thrilled to announce the launch of a revolutionary platform designed to transform how insurance brokers manage their businesses. With Dashboard Pro, brokers gain access to a comprehensive suite of features and advanced dashboards, providing real-time insights and actionable metrics. Read more.

Chubb Introduces Innovative Quoting Platform
Chubb is pleased to announce the launch of an innovative quoting platform designed for agents and brokers who specialize in cyber risks. Cyber Central simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. Read more.

iAAH Implements Mitchell Solutions To Streamline Claims Process
Mitchell, a leading technology and information provider for the Property & Casualty claims and collision repair industries, is pleased to announce that Industrial Alliance Auto and Home Insurance has implemented its workflow management and collision damage appraisal solutions to help improve claims handling efficiency and accuracy. Read more.

Definity, Mcdougall Partner To Acquire Drayden
McDougall Insurance Brokers Limited, a subsidiary of Definity Financial Corporation, has announced that it has entered into a definitive agreement to acquire Drayden Insurance Ltd. The acquisition is expected to close in the third quarter, subject to customary closing conditions, including regulatory approval. Read more.

Crawford Technologies Improving Video Media Accessibility For People With Disabilities
Crawford Technologies is pleased to announce the development of sophisticated software designed to improve the viewing experience of video media for visually challenged and hearing-impaired people. The software makes it possible to create and display sign language and captions to facilitate both the viewing and authoring of video media. Read more.

Top Challenges In Solar Industry Risk Management
kWh Analytics, the market leader in climate insurance, is pleased to announce the release of its 5th annual Solar Risk Assessment, a comprehensive report designed to provide an objective and data-driven evaluation of solar risk. Read more.

Hub Announces Successful Debt Refinancing
Hub International Limited is pleased to announce the completion of a debt raise to refinance the company's term loan debt that was coming due in 2025, extending the maturity of the new debt to 2030. In addition, HUB's banking group demonstrated its confidence in the company by raising its revolving credit facilities to increase capacity for additional acquisitions while fueling investments in strategic initiatives that drive organic growth. Read more.

Aite-Novarica Group, RBR Form Datos Insights
Aite-Novarica Group and RBR are pleased to announce their rebranding as Datos Insights. The two global leaders in financial services technology research merged in February 2022. The new brand represents an expanded vision for the combined company, which builds on their collective reach and resources. Read more.

In the InsurTech Spotlight this week:

Novinsoft
As a major provider of Illustration Systems in the Canadian Individual Life and Health industry, Novinsoft specializes in working with clients to custom design and develop systems to client specific and unique requirements. Learn more.

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From Doug The use of artificial intelligence has always carried certain risks. Given that Generative AI has the capacity to create something new – such as a text or document, an answer to a question, or even a contract – based on the information it “knows,” the concerns have escalated. Beyond the obvious (e.g., providing information that is just plain wrong), there are a range of subtler issues which should be a concern. Fairness: The algorithms may have a bias for or against a group, potentially due to imperfect training data. Intellectual property: The training data uses someone else's protected information in breach of copyright or trademark. Privacy: The output is such that the information could be used to identify individuals. Harmful information: Creating misinformation, hate speech, etc. Explainability: Whether it can be established or explained how the model arrived at its stated conclusion. Repeatability: Whether the same question or prompt always elicits the same response. These risks are all brand issues which require attention. Government and insurance regulatory bodies are concerned and engaged. Such risks may well become compliance issues. Be prepared. Read more in “What Every CEO Should Know About Generative AI” from McKinsey. Doug Grant, CIP Partner Insurance-Canada.ca