Insurable Interest Canadian Insurance Blog

Pune, India (Dec. 31, 2024) – Skylark Labs, a pioneer in self-learning AI-powered safety innovations, in collaboration with Mercedes-Benz Research and Development India (MBRDI), has completed Phase I of its revolutionary Accident Hotspot Detection System. This breakthrough achievement demonstrates the system’s unparalleled ability to predict and alert drivers to imminent accident hotspots in real time, marking a significant leap forward in road safety. Revolutionizing Road Safety with AI: Skylark Labs’ Accident Hotspot Detection System, in collaboration with Mercedes-Benz Research and Development India, delivers real-time accident risk insights and actionable alerts, ensuring safer journeys for drivers. This cutting-edge AI solution addresses a critical void in vehicular safety by providing drivers with an Accident Awareness Score that offers real-time risk insights, alerting them 500 meters ahead of potential danger zones. The system’s dynamic adaptation to road conditions, weather, and driving behavior ensures that drivers receive timely and actionable alerts, enhancing their ability to avoid accidents. “Reaching this critical phase brings us closer to our goal of transforming road safety on a global scale,” said Dr. Amarjot Singh, CEO of Skylark Labs. “Our Accident Hotspot Detection System is more than just a technological innovation; it’s a life-saving tool that equips drivers with the...

San Francisco, CA (Jan. 2, 2025) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, has released a new feature in Coalition Control called Cyber Health Rating which provides real-time insights about an organization’s security health and clear guidance on strengthening it. The dynamic metric mirrors a business’ overall security posture and is based on three key factors: attack surface, patching cadence, and threat intelligence. By reflecting an organization’s security improvements, it creates a clear connection between their security efforts and cyber risk reduction. When a company has a poor security posture with multiple security misconfigurations in its external attack surface it can lead to a ransomware incident. But continuous monitoring of security exposures with a step-by-step action plan to resolve them would help prevent an attack. According to Coalition claims data, businesses with exposed login panels are 3.1 times more likely to experience a cyber incident, companies using exposed remote access technologies face a 2.5 times higher risk of attacks, and organizations with at least one security contingency are 2.53 times more likely to experience a claim. Yet, most businesses still rely on annual security assessments and checkbox compliance, leaving them vulnerable...

By Trent Victor, Director of Safety Research & Best Practices, Waymo — We are pleased to share new cutting-edge research with Swiss Re, one of the world’s leading reinsurers, analyzing liability claims related to collisions from 25.3 million fully autonomous miles driven by Waymo. The study uses auto liability claims aggregate statistics as a proxy for at-fault collisions and expands on our previous research. It demonstrates that as we’ve scaled operations across Phoenix, San Francisco, Los Angeles, and Austin, the Waymo Driver significantly outperforms both the overall driving population and the latest generation of human-driven vehicles equipped with advanced driver assistance systems (ADAS). The study compared Waymo’s liability claims to human driver baselines, which are based on Swiss Re’s data from over 500,000 claims and over 200 billion miles of exposure. It found that the Waymo Driver demonstrated better safety performance when compared to human-driven vehicles, with an 88% reduction in property damage claims and 92% reduction in bodily injury claims. In real numbers, across 25.3 million miles, the Waymo Driver was involved in just nine property damage claims and two bodily injury claims. Both bodily injury claims are still open and described in the paper. For the same distance,...