INSURANCE INDUSTRY NEWS

The AI Business Value Chain Reaction Insurance Can’t Afford to Ignore
Majesco is pleased to announced the release of its latest thought leadership report, The Financial and Operational Impact of GenAI and Agentic AI Across the Insurance Value Chain, which finds that insurers risk irrelevance if they don't embrace AI quickly. Read more.

Verisk Launches GenAI Commercial Underwriting Assistant
Verisk, a leading strategic data analytics and technology partner to the global insurance industry, is pleased to announce the launch of its Commercial GenAI Underwriting Assistant, a cloud-based solution designed to modernize commercial property underwriting. Read more.

A.I. Will Not Eliminate Human Customer Service Before 2028: Gartner
Not one of the Fortune 500 companies will have fully eliminated human customer service by 2028, according to Gartner, Inc.. Despite widespread speculation surrounding the replacement of customer service jobs with AI agents, Gartner experts said that a completely agentless future is both unlikely and undesirable. Read more.

Aon Launches End-to-End Analytics Solution to Drive Better-Informed Catastrophe Response
Aon plc, a leading global professional services firm, is pleased to announce the launch of its enhanced Event Analytics platform, which provides integrated hazard, exposure and loss data via a single, seamless interface. Read more.

Canadians Concerned Over Disaster Preparedness
After years of escalating natural disasters and a lack of coordination between governments, Canadians are deeply concerned with the country's level of disaster preparedness, according to new polling commissioned by Insurance Bureau of Canada. Read more.

Returns At Risk As On-Demand Tech Grows: CapGemini
As digital transformation accelerates across industries, organizations are embracing On-Demand technologies to scale innovation and improve agility. But a new global study from the Capgemini Research Institute reveals that organizations are struggling to contain technology costs due to lack of cost visibility, underutilized resources, and a legacy mindset. Read more.

New Weight-Loss Drugs Could Reduce Mortality: Swiss Re
The widespread adoption of GLP-1 weight-loss drugs could reduce mortality rates in the coming decades, according to new research. Under optimistic scenarios, Swiss Re projects that GLP-1 medications could reduce all-cause mortality by as much as 5-6% within two decades. Read more.

Growing Uncertainties Require Strong, Reliable Reinsurance Partners: Munich Re
Geopolitical risks and the macroeconomic effects these sometimes entail are causing heightened uncertainty. Inflation rates and trade tariffs have become more volatile and unpredictable, which means that there will be an increasing need to hedge against the resulting risks in the foreseeable future. Read more.

Accenture Expands Cybersecurity Footprint With IAMConcepts Acquisition
Accenture is pleased to announce it has acquired IAMConcepts, a privately held Canadian company specializing in identity and access management (IAM) services. The acquisition will bolster Accenture's ability to deliver advanced IAM solutions in Canada across key critical infrastructure industries such as financial services, power utilities, mining and transportation. Read more.

Willis Launches New Global Risk Engineering Team
Willis, a WTW business, is pleased to announce the launch of its newly established Global Risk Engineering team, a key expansion of its Global Risk & Analytics (R&A) business. By consolidating and elevating its engineering capabilities, Willis is enhancing its ability to deliver industry-leading specialization, powered by proprietary data, advanced analytics, and technology-enabled solutions. Read more.

In the InsurTech Spotlight this week:

ProNavigator
ProNavigator, the ‘Google for Insurance’, is an award-winning knowledge management platform that helps insurance professionals store, manage and use their documents. The platform combines a powerful insurance-focused search, organization controls and a suite of knowledge management capabilities to address critical information management challenges. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Senior Insurance Business Analyst
Centre for Study of Insurance Operations
Toronto, ON

LLQP Life Insurance Advisor
Specality Life Insurance
WFH (Remote Call Center)

From Doug Proactive, not Reactive In the simplest terms, insurance charges a premium for the promise to indemnify if something happened, and then settles a claim when something does happen. Over the last 75 years, computer-based technology innovation has enabled dramatic change both within insurance and between the industry and its customers. Consider three technology legs underpinning insurance today: Data: More data than ever before can now be generated, captured, stored and processed. The increasing capability of sensors is a major contributor. Communications: On the one hand, data about risks and risk factors can often be communicated instantly. On the other hand, data about customers and what is insured enables very personalized engagement with them.v Modelling: Analytics and now AI have enabled modelling at a more granular level so that pricing can be much more precise, but more importantly to better predict or detect a loss and either prevent or mitigate it. To a greater extent than ever before, these innovations enable insurance to become a stronger risk management partner with its customers. This change is underway, and growing quickly. Doug Grant, CIP Partner Insurance-Canada.ca