Insurable Interest Canadian Insurance Blog

New tool automates the policy document search process and interprets policy wording to accelerate coverage decision-making Atlanta, GA (Feb. 3, 2025) – Turvi, a new technology solution and innovation partner to the insurance industry, is pleased to announce the launch of CoverAI, a new product which leverages AI to help claims managers swiftly interpret and summarize complex policy language, enabling faster claims coverage decision-making and more consistent interpretation to help reduce human error. CoverAI is informed by a high level of insurance intelligence, leading to more relevant and reliable results than can be generated by a generic Generative AI tool. Its natural ability to correlate entities to policy definitions, coupled with customized integration and data ingestion capabilities, make it a uniquely useful solution to some of the biggest problems that carriers are trying to solve today. A common challenge that insurance carriers face is the difficulty of interpreting intricate policy wordings in order to make highly nuanced decisions about a policyholder’s claims coverage. Insurance policies can often have multiple endorsements on top of a base policy, creating hundreds of pages of documentation for a single policyholder. CoverAI leverages a fine-tuned Large Language Model and a customized ID framework to simplify...

Gothenburg, Sweden (Feb. 3, 2025) – IoT analyst firm Berg Insight has released a market report, The Global Vehicle Telematics Hardware Market – 3rd Edition, which focuses on the hardware part of the connected vehicle value chain, including device form factors such as blackboxes, OBD dongles and TCUs. Berg Insight estimates that total shipments of telematics devices reached 115.7 million units worldwide in 2023. Growing at a compound annual growth rate of 7.4 percent, shipments are expected to reach 165.3 million units in 2028. The 150-page strategy report covers both the aftermarket and OEM segments for passenger cars and commercial vehicles. Shipments of aftermarket and OEM telematics hardware reached 116 million units in 2023 Telematics is a broad term that may be applied to a wide range of vehicle connectivity solutions. Berg Insight’s definition of a telematics system in this report is an automatic system designed for passenger cars and commercial vehicles that incorporates some form of cellular/GNSS or RF communication technology. The connected car has been a major trend in the automotive industry for many years. All of the world’s leading carmakers have now launched mass-market connectivity services in key regions. The OEM initiatives can be seen as competition...

Catalyzing a Bold Insurance Response to Climate Change Toronto, ON (Feb. 1, 2025) — InnSure, the mission-driven nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is excited to introduce a new InnSure Corps member offering: the Sustainability for Insurers e-learning program. Developed by the Better Insurance Network, in collaboration with leading insurance organizations, this is the industry’s first dedicated sustainability education program designed exclusively for insurers, reinsurers, and brokers. About the Program Now, on top of all of our member benefits, InnSure Corps members will have access to a 90-minute Essentials learning pathway ($370 Value) that provides foundational knowledge on sustainability in the insurance industry. The course features insights from leading practitioners and an extensive library of supporting materials. All content is regularly updated to keep pace with rapidly evolving regulations and best practices. For members interested in a deeper dive, an upgrade is available, granting access to over 8 hours of comprehensive content and the opportunity to earn the Better Insurance Network’s Foundation in Sustainable Insurance Certificate. What You Will Learn The role of insurance in the future economy Strategic drivers for adopting sustainability How insurers implement sustainability in underwriting, investments, and operations...

Gatineau, QC (Jan. 21, 2025) – Steamatic Canada continues to expand, announcing the opening of its first franchise in Nova Scotia. The Steamatic Halifax franchise is the second to open in the Maritime provinces, following Steamatic Prince Edward Island. The new owner of Steamatic Halifax, Scott Swinamer, has over 30 years’ experience in the building construction and restoration industry. His project and financial management skills are key to the franchise’s success. The Steamatic Halifax team will comprise a dozen employees, offering disaster restoration, mold remediation and renovation services. “I’ve always wanted to introduce a new franchise to the province of Nova Scotia, and there was no better way to do it than in the Halifax Regional Municipality. With all the weather and natural disasters that have affected the province in recent years, the choice of a Steamatic franchise was a natural one,” said the owner. About Steamatic Canada Steamatic Canada is a network of disaster restoration franchises that has been in business for over 50 years. We are committed to providing exceptional service by using best practices, meeting and exceeding industry standards, and minimizing the stressful impact these situations have on our customers. Our values of respect, dedication, rigor, team...

GUS Strengthens Its Presence in Ontario with the Arrival of JFA Contracting Solutions Kitchener, ON (Jan. 28, 2025) – Jaime Smith, Director of Franchise Development at GUS, is proud to announce that JFA Contracting Solutions has joined its network of property restoration professionals, further strengthening the group’s ongoing growth in Ontario. JFA Contracting Solutions specializes in residential, commercial, and industrial restoration. Serving the Waterloo Region, their skilled team offers a full range of property loss services, including fire, smoke, flood, and storm damage restoration, as well as mold remediation and asbestos removal and repair. John Aquino, owner of JFA Contracting Solutions, brings extensive experience to the GUS network. Since 2015, he has worked as a project manager and estimator for a leading regional company specializing in construction and asbestos removal. His skills include project management, estimation, planning, quality control, and regulatory compliance. John also holds certifications in estimation, asbestos removal, mold remediation, and water and fire damage management, and he has contributed to numerous projects in educational institutions, healthcare facilities, and regional developments. Jaime Smith comments: “We are delighted to welcome John and the JFA Contracting Solutions team to the GUS family. Their commitment to helping others, combined with their...

Halifax, NS (Jan. 30, 2025) – QuickFacts, a leader in innovative tools for insurance brokers, is proud to celebrate a record-breaking 2024. With new product launches, significant time savings for brokers, and expanded industry engagement, the company continues to transform how brokers access insurance information. Driving Efficiency With Smarter Tools In 2024, QuickFacts launched three new solutions—High Value, QuickDrive, and Farm—designed to streamline workflows and reduce administrative burdens. To support its growing user base, the company expanded its team by 30%, strengthening its ability to serve brokers across North America. Key Achievements Carrier manual updates completed: 640 Comparison resources built: 89 (28 Retail, 26 Farm, 35 High Value) Documents opened: 222,299 Total sign-ins: 232,876 Pages viewed: 1,295,224 Brokers saved an average of 65 minutes per day, totaling 570,654.3 hours saved in 2024 Strengthening Industry Connections QuickFacts achieved 146% company growth in 2024, with a Net Promoter Score (NPS) of 65, reflecting strong broker satisfaction. The company actively engaged with the industry through in-person events, attending 11 major tradeshows across North America, including RCCAQ, IBAOcon, and Insurtech Hartford. Its team traveled extensively, visiting 10 provinces and states to connect with brokers and industry leaders. Awards & Industry Recognitions Named a 2024...