Insurable Interest Canadian Insurance Blog

New York, NY (Apr. 10, 2025) – ACORD, the standards-setting body for the global insurance industry, is pleased to announce the launch of the next generation of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards. “GRLC Generation 2.0” represents an updated, global, digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the (re)insurance ecosystem. ACORD GRLC Gen 2 Standards will allow insurers, brokers, and service providers to leverage a unified set of digital data standards from placing to binding to claims to settlement. This will not only increase efficiency, interoperability, and data quality, but also support the adoption and implementation of emerging digital-first systems both internally, and across trading partners. “As the global industry faces an unprecedented rate of change, our members have expressed an even greater demand for digitalization and interoperability. We are witnessing some incredible success stories of members digitizing their enterprises and trading partnerships, and enjoying material efficiency gains over their non-digital peers,” said Chris Newman, President International, ACORD. “There is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders and throughout the insurance lifecycle.” ACORD GRLC Standards have been widely used by the global (re)insurance...

New survey findings uncover gaps in preparedness, but a strategic focus on resources, responsibility, and returns could help insurers from POC to production — By Sandee Suhrada & Stephen Casaceli, Deloitte — It’s likely that no other technology offers as much transformative potential as generative artificial intelligence. This technology has the potential to change the way insurers operate, assess risks, launch products, and interact with customers, among other things. However, the journey toward scaling gen AI has challenges on multiple fronts. In the last year or so, many insurers have dipped their toes in gen AI proofs of concept, but despite the hype, and some initial successes, many may not yet be fully prepared to harness the full potential of gen AI. So, the question looms: How ready are insurers to scale gen AI? In June 2024, Deloitte conducted a survey of 200 US insurance executives, of which 100 come from the life and annuity (L&A) sector and the remaining 100 from the property and casualty (P&C) sector, to assess their readiness to adopt gen AI. Survey findings reveal how insurers surveyed are preparing to move past the initial proof of concept (PoC) and experimentation stage and how they are...

Toronto, ON (Apr. 3, 2025) – ParioQuantify, a leading national provider of independent property appraisal and an SCM company, has announced that MBC Group appraisals will officially operate under the ParioQuantify brand, effective immediately. This is more than a name change—it’s the unification of two respected teams with complementary strengths, shared values, and a common goal: delivering the most accurate, efficient, and responsive appraisal and consulting services in Canada. For clients who have worked with MBC Group or ParioQuantify in the past, this change will facilitate enhanced capabilities while maintaining the same trusted service these companies are known for in industry. Clients will continue to receive the same level of care, attention, and technical expertise from the professionals they know and trust—now backed by a fully integrated national platform. Bringing together the specialized services of both firms means greater access to independent appraisals of Residential, Commercial, Industrial, and Agricultural property losses; pre-loss inspection and valuation services to support risk mitigation and insurance planning; catastrophe response and claim re-inspections; construction cost auditing, contract administration, and blueprint interpretation; and dispute resolution, mediation, arbitration, and expert witness services. From coast to coast to coast, ParioQuantify is now equipped to deliver comprehensive post-loss and...

A new Deloitte Canada report outlines a roadmap for leaders to advance scaling and sustaining AI to deliver economic and societal benefits New York, NY (Apr. 2, 2025) – As we reach an inflection point where AI moves from experimentation to large-scale implementation, a new report from Deloitte Canada’s Future of Canada Centre outlines how the country must seize this moment by embracing a bold, homegrown AI framework for action. In a time of great global uncertainty, where Canada seeks to strengthen its economic independence, this proposed “Made in Canada” framework prioritizes ambition, trust, equity, and sustainability to ensure the country remains a global leader in artificial intelligence. “Canada has led the way in AI with world-class talent, groundbreaking research, early public investment and strategy,” says Jas Jaaj, Global AI Ecosystems & Alliances leader and Managing Partner of AI for Deloitte Canada. “But as the technology moves from experimentation to implementation, we now face a choice: create a homegrown AI action plan today or inherit someone else’s tomorrow.” The Deloitte report, Building Canada’s brightest AI future, highlights Canada’s strong AI foundations, but warns that the country is already falling behind in AI adoption. For example, according to Deloitte Canada research,...