INSURANCE INDUSTRY NEWS

Stellantis, Bolt Partner To Launch Embedded Insurance Program
Stellantis Financial Services US, the captive automotive finance company of Stellantis in North America, is pleased to announced a new partnership with bolt, the insurtech with the world's largest technology-enabled insurance exchange, to support the customers of six leading automotive brands. Read more.

iA Financial Group Launches Symbiosis Solution
iA Financial Group is pleased to announce the launch of its groundbreaking program, a comprehensive, one-of-a-kind solution that allows plan sponsors to bring their group insurance and group retirement savings plans together under the same partner and benefit from a complete and streamlined experience. Read more.

Vertafore Launches Technology Initiative To Simplify Workflows, Drive Efficiency
InsurTech leader Vertafore is pleased to announce Project Impact, an initiative to deliver technology enhancements and workflow improvements that make the work of account managers, customer service representatives and other core agency staff more efficient. Read more.

Sfara Announces Instant Trip Start To Accompany Its All-Speed Crash Detection With Zeromotion
Sfara is pleased to announce the release of SDK7, which further widens its substantial lead against competitive crash detection solutions in covering the most common real-world crash scenarios that others miss. Read more.

Ford Expands Auto Offering In Two New States
Ford is pleased to announce that Ford Pro Insure, its commercial auto insurance offering, is now available in Minnesota and Maryland. Read more.

Moen Collaborates With Homeowners Insurance Provider To Help Control Rising Costs
Moen is pleased to announce an initiative with a major U.S. insurance provider designed to drive adoption of Flo Smart Water Monitor and Shutoff devices through special savings and installation programs for its customers. This program can significantly reduce the number of insurance claims customers file related to catastrophic water damage because of residential leaks. Read more.

Embedded Two-Wheeler Telematics Set To Surge
The number of active OEM telematics systems on motor-powered two-wheelers such as motorcycles, mopeds and scooters will grow from roughly 11 million in 2023 to more than 53 million in 2028, according to a new market research report from IoT analyst firm Berg Insight. Read more.

ICEYE Launches Guidewire Cloud Integration
Guidewire and ICEYE are pleased to announce that ICEYE's new Ready for Guidewire validated accelerator is now available to ClaimCenter on Guidewire Cloud users in the Guidewire Marketplace. Read more.

Chexy Raises Seed Round To Scale Rewards & Payments Platform For Renters
Chexy, Canada's rent rewards and payments platform, is pleased to announce its successful seed round led by Venrex, with participation from Crossbeam Ventures, Groundbreak Ventures, Antler Global, and strategic angels in real estate, fintech, and banking. Read more.

CatIQ Updates Insurance Exposure Database
Catastrophe Indices & Quantification Inc., a subsidiary of Zurich-based PERILS AG, is pleased to announce it has released the annual update of its Canadian insurance Industry Exposure Database. Read more.

U.S. Auto Insurance Trends Report
LexisNexis® Risk Solutions is pleased to announce the release of its 2024 U.S Auto Insurance Trends Report, which aggregates annual market data about consumer driving patterns, auto insurance shopping trends, claim frequency and severity, and consumer responses to rate increases to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. Read more.

ForMotiv Partners With FRISS To Enhance Fraud Detection, Risk Mitigation
ForMotiv, the leading provider of behavioral data science solutions for life and property and casualty insurance, is pleased to announce a strategic partnership with FRISS, a global leading provider of trust automation solutions for the insurance industry. Read more.

ClaimsPro, WINMAR Announce Training Partnership
ClaimsPro and WINMAR® (Canada) International, Ltd. are proud to announce a training partnership initiative for adjuster development. Read more.

CHES Launches Comprehensive Mobile Equipment Insurance
CHES Special Risk is pleased to present a comprehensive insurance package specifically designed to protect mobile equipment, trucks, and trailers. The MGA's all-encompassing coverage includes Mobile Equipment Insurance, Commercial General Liability, and Office Contents Insurance, ensuring thorough protection against physical damage. Read more.

Young Canadians Want Companies To Take Action On Climate Crisis
Two-thirds of Canadians believe the country generates more waste than can be responsibly managed, according to a new survey from Co‑operators. Three-quarters say it's critically important for companies to responsibly manage their waste, and the demand for corporate responsibility was most prominent among younger Canadians. Read more.

‘Prospering In Longevity’ Challenge Launched
Manulife and the World Economic Forum are pleased to announce the launch of the Prospering in Longevity Challenge, through UpLink, the Forum's open innovation platform. Read more.

In the InsurTech Spotlight this week:

Wisedocs
Wisedocs is a software platform at the forefront of AI-enabled Intelligent OCR for medical records that makes it easy to sort, understand, and organize unstructured medical records through proprietary Intelligent Optical Character Recognition and machine learning. We are on a mission to erase the headache of manual work to create a more positive experience. Learn more.

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Featured job opportunities:

Pricing Actuary
HSB Canada
Toronto, ON

Estate Planning Associate (Financial Security Advisor)
RBC
Montreal, QC

From Doug Vehicles, Telematics and Insurance I envision technology in three simple layers, with “computing, communications and data” at the foundation. Based upon those, the second level consists of tools that help people take advantage of the base layer. The third level is made up of the applications we for insurance purposes. As innovations occur in the lower layers, they create new opportunities to improve and expand insurance. As an example, new base-level specialized computer chips are improving AI performance, making new GenAI tools more practical to deploy in more areas of insurance. Telematics-based auto insurance is another example. Advances in internet communication, together with computing and sensors in smart phones, provided the function to replace the dongle. Personalization in communications combined with driving behaviour analytics and even gamification tools in combination with rewards programs enabled insurers to help drivers better manage their auto risks. Each innovation – at any level – can improve the value that auto telematics provides to customers, and insurance businesses. What's more, innovation at each level fuels further innovation in what we can do in insurance, and how we can do it. For more discussion, join us at ICEF2024. Doug Grant, CIP Partner Insurance-Canada.ca