INSURANCE INDUSTRY NEWS

New Digital Risks Call For Insurance Innovation
Digitalisation is a source of new growth and new efficiencies but also new risks and new vulnerabilities for the insurance industry. The latest sigma study from Swiss Re Institute finds that potential benefits across countries and throughout the insurance value chain are far from exhausted. Read more.

Co-operators Implements Guidewire Cloud
Co-operators and Guidewire are pleased to announce that Co-operators has successfully implemented Guidewire PolicyCenter and Guidewire BillingCenter on Guidewire Cloud to power its policy administration, underwriting and billing functions, simplify its IT operations, adapt to changing market demands, and deliver more value to its distribution channels and policyholders. Read more.

Trufla Introduces Marketplace: Brokerages Gain Digital Storefront For Pure Revenue
Trufla, a pioneer in insurance technology solutions, is thrilled to unveil Marketplace, a game-changing platform that redefines the insurance sales landscape for brokerages. Read more.

Cybercriminals Changing Tactics As Extortion Success Declines
Ransomware is entering a new era, as cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger targets for extortions, according to the Midyear 2023 Claims Report from Resilience, the next-generation cyber risk company. Read more.

Consumer Confidence In Automated Vehicles Declines: J.D. Power
Consumer confidence in fully automated, self-driving vehicles continues to decline for a second consecutive year, according to the J.D. Power 2023 U.S. Mobility Confidence Index Study. Consumers show low readiness on all metrics with the lowest level of comfort riding in a fully automated, self-driving vehicle and using fully automated, self-driving public transit. Read more.

BIG Adds Branch In Stoney Creek
Billyard Insurance Group (BIG) is pleased to announce it has opened another branch in Stoney Creek, Ontario. BIG Barton is set to provide a wide range of insurance solutions for home, auto, business, life and financial, and travel. Read more.

CBN Announces Its Newest Members
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to welcome Mackay Insurance Brokers Inc. and McLean & Dickey Ltd. to its member community. Read more.

Crawford Technologies Announces Support For New WCAG 2.2 Standards
Crawford Technologies is pleased to announced it will update all of its solutions to be in compliance with Web Content Accessibility Guidelines 2.2, the latest version of the W3C standards for web content accessibility compliance. Read more.

Riskthinking.AI Launches Climate Risk Management Product
Riskthinking.AI, an award-winning climate risk start-up, is pleased to announce today the release of VELO®, a cloud-based web application to aid banks, insurance companies and corporates in developing their climate risk needs. Read more.

Changes To RIBO Level 1 Acting Under Supervision
As part of RIBO's commitment to enhancing the standards and qualifications of insurance professionals, changes are being made to the entry-level exam for licensed insurance brokers. Read more.

In the InsurTech Spotlight this week:

FlightClaim
Our online platform FlightClaim.ca helps air travellers claim compensation from airlines when they face disruption. Our real-time travel assistant product, Peace of Mind, follows travelers on their trip and notifies them of their rights when they face disruption and automatically submits the claim for compensation from the airlines. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Analyst
OSFI
Toronto, ON / Montreal, QC

Assistant Product Manager (Commercial Property)
SGI
Saskatchewan (remote or in-office options)

From Doug Closer To My Insurance Customer: Risks and Exposures Our businesses all have risks; for insurance, they are the bread and butter. The challenge for insurance businesses is to understand their own risks and manage them. There are of course risks associated with the topics of the last three weeks (Data, Tools, and Value): • Data: Understand what it is, and isn't. Manage it, carefully. You are betting your business on it. • Tools: The results depend on the capability of the tools, and the instructions given them by your people. • Value: Carefully implemented and managed, the value will flow. Add Compliance, obviously to regulatory bodies, but also to your corporate policies and brand reputation. Risks are everywhere. Managed well, the impact is minimized. The inverse too is true. ICTA 2024 The Insurance-Canada.ca Technology Awards program for 2024 celebrates the technology-based improvements insurance businesses have made in the last two years. New are two categories. As previously, insurance businesses who use the improvements and new, technology and data providers who offer those improvements. Recognize your team – start your nomination today. Doug Grant, CIP Partner Insurance-Canada.ca