Insurable Interest Canadian Insurance Blog

Toronto, ON (June 17, 2022) – 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. The collaboration between ForMotiv and FRISS aims to provide insurers with new insights into applicant behavior and intent, significantly enhancing fraud detection and risk assessment processes. By combining ForMotiv’s behavioral analytics with FRISS’s predictive AI models and analytics, insurers can capture and analyze thousands of digital behavioral data points during the application process. The integration allows for real-time identification of potential fraudulent activities and misrepresentations, improving the accuracy and efficiency of underwriting decisions. Through this partnership, insurers can offer a more secure and personalized user experience without increasing risk. By understanding the digital behavior of applicants, insurers can tailor their interactions to each individual, ensuring a seamless and trustworthy application process. This helps to defeat fraud and better support trustworthy customers. “Partnering with FRISS is an exciting step forward for ForMotiv,” said Woody Klemmer, Head of Marketing at ForMotiv. “The integration of our behavioral analytics technology with FRISS’s trust automation solutions will provide insurers with critical insights into applicant behavior, helping...

CAD 19 trillion of Property Assets Insured Toronto, ON (June 20, 2024) – Catastrophe Indices & Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, has released the annual update of its Canadian insurance Industry Exposure Database (IED). In total, the new CatIQ IED 2024 includes detailed sums insured exposed to natural perils of CAD 19 trillion of property assets. The year-on-year increase in sums insured is 11.3% in the Canadian market which is in line with the increase in sums insured observed by PERILS AG in many European markets in its latest IED update. The CatIQ IED also showed continued growth in insured assets for personal lines overland flood insurance, revealing a year-on-year increase of 12% in the overall number of insured risks and an increase of 18% in flood sums insured to CAD 7.3 trillion. The CatIQ IED is based on detailed exposure submissions from the majority of the Canadian insurance market and now contains 2023 year-end estimates of Canadian industry property sums insured. Consistent with PERILS’ globally recognized methodology, the IED is updated annually from the ground-up. The database makes available industry property sums insured, number of risks, and prevailing original insurance conditions by: Canada Post Forward...

Multi-year partnership taking steps to help shape the future and funding of human longevity innovation Toronto, ON (June 14, 2024) – 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. Earlier this year, a multi-year partnership between Manulife and Uplink was announced at the Forum’s Annual Meeting in Davos and the Prospering in Longevity Challenge is the first of three innovation challenges designed to help shape the future of, and investment in, longevity innovation. Together, Manulife and the Forum invite global start-ups with innovative preventative healthcare and financial well-being solutions, and those committed to enabling people of all generations to thrive while enjoying a financially resilient and fulfilling long life, to participate in the challenge. Applicants can begin applying today through July 22, 2024. Full project details, including eligibility criteria and timelines, can be found on the challenge page. “By 2050, the global population over 65 is expected to double to 1.6 billion, bringing significant health and wealth challenges for our planet,” said Sarah Chapman, Global Chief Sustainability Officer for Manulife. “We are partnering with the World Economic Forum and UpLink because of our...