INSURANCE INDUSTRY NEWS

Insurance Companies Look To A.I. For Growth, Profitability: Morningstar DBRS
Morningstar DBRS has released a new report which provides an overview of key areas of insurance value chain that stand to benefit from artificial intelligence (AI) adoption as well as the risks that insurance companies are exposed to with the adoption of AI. Read more.

Honda Launches U.S. Insurance Business
American Honda Motor Co., Inc. is pleased to announce the establishment of Honda Insurance Solutions, a licensed insurance agency that will provide a convenient shopping experience for the insurance needs of Acura and Honda customers, including competitive pricing and coverage options for autos, motorcycles, RVs, homes and more. The new Honda agency is working with omnichannel insurance brokerage VIU by HUB to offer fast and easy quoting and advice. Read more.

IoT Fire Safety Solution Reduces Damage Claims
A new study conducted by the Insurance Information Institute (Triple-I) and Whisker Labs, with support provided by Octagram Analytics, has found IoT-based fire prevention technology reduced a broad category of non-catastrophic fire claims by nearly two-thirds within three years after installation. Read more.

Toronto Flash Flood Anniversary Underscores Urgency Of Severe Weather Preparedness: IBC
In July 2024, residents in Toronto and across the GTA faced devastating flash flooding that led to prolonged power outages and nearly $1 billion in insured damage to personal property, including homes, businesses and vehicles. The massive flood, which contributed to the most destructive year for insured losses in Canadian history, serves as a stark reminder of nature's destructive power – and the critical need to mitigate risk before disaster strikes. Read more.

Quandri Raises Funds To Scale A.I. Automation
Quandri, the AI platform modernizing servicing work for insurance brokerages and agencies, is pleased to announce it has raised a new round of funding, led by Framework Venture Partners, with participation from FUSE, Defined Capital, and Intact Ventures, to scale AI automation for insurance agencies across North America. Read more.

Canada Invests in Wildfire Innovation and Resilience Through New Centre of Excellence
With wildfires impacting Canadians across the country, the federal government is taking action to prevent wildfires, mitigate their effects and boost resilience. The Government of Canada has announced an investment over four years to establish the Wildfire Resilience Consortium of Canada, which will serve as a national centre of excellence and virtual hub for wildland fire innovation and knowledge exchange. Read more.

Global Automotive OEM Telematics Market Update: Berg Insight
IoT analyst firm Berg Insight has released a new market report, The Global Automotive OEM Telematics Market – 10th Edition, which analyses the latest developments on the connected car market worldwide. This study provides 270 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base business decisions. Read more.

Pedestrians and cyclists face high-risk near-misses every day in Canada: CAA SCO
Every day, pedestrians and cyclists in Canada experience high-risk near-misses that could have resulted in serious injury or fatalities. A new seven-month study, commissioned by CAA has uncovered over 600,000 near-miss incidents across the country, creating the largest dataset of its kind in Canada. Read more.

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RIBO Licensed Insurance Broker
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Georgetown, ON

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Montreal, QC

In the InsurTech Spotlight this week:

BOXX Insurance
BOXX Insurance helps businesses, individuals and families insure and defend against cyber threats, harnessing the power of ALL IN ONE Cyber Insurance and Protection. Headquartered in Toronto, Canada, with offices worldwide, BOXX is a global, award-winning provider of cyber protection services & cyber insurance coverage. Learn more.

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From Doug Part of “predict and prevent,” Canadians are innovating early detection of forest fires: Pano AI mounted AI-powered panoramic cameras on Rogers 5G towers, with satellite-connected sensors on SpaceX's Swarm network. Cameras scan for smoke in daytime and heat at night; AI analyzes imagery to detect ignition within minutes. With BC Wildfire Service and UBC since 2023. SenseNet + SkyScout AI implemented a system of gas, particulate and thermal sensors, 360° AI cameras, 5G connectivity, and drone capability. Ground sensors detect volatile organic compounds and aerosols and AI cameras detect smoke, then drones confirm and geolocate hotspots in BC. Defence R&D Canada (DRDC) networked ground sensors detect particulate matter and volatile organic compounds. Algorithms classify chemical signatures to distinguish fire from false positives. Quebec SOPFEU & Canadian Forest Service. Concordia University's autonomous Drone AI system combines visible + infrared imaging, AI and GPS/SLAM to detect smoke and heat in order to locate ignitions precisely. FireSwarm uses ultra-heavy-lift AI-coordinated drone swarms to detect and suppress wildfires. OroraTech satellite detection uses a thermal-infrared nanosatellite service to detect heat anomalies in near-real time, covering remote areas. WildFireSat uses Canada's own satellite constellation with advanced thermal sensors to monitor all active Canadian wildfires. Dare we hope for a unified national approach to forest management? Doug Grant, CIP Partner Insurance-Canada.ca