Insurable Interest Canadian Insurance Blog

MGAs to benefit from Vertafore’s expanded solutions, accelerating speed to market, boosting revenue, and reducing costs Denver, CO (Nov. 4, 2024) – Vertafore®, the leader in modern insurance technology, is pleased to announce that it has acquired Surefyre, an industry leading submission and underwriting workbench platform purpose-built to empower MGAs and wholesalers. This acquisition further strengthens Vertafore’s industry leadership by adding Surefyre’s AI enabled, low-code/no-code solution to Vertafore’s already best-in-class MGA ecosystem of solutions. The addition of Surefyre’s solution will unlock even more potential for Vertafore MGA customers by adding a modern agent portal, a powerful underwriting workbench and flexible workflow automation that drives a faster and more efficient quoting process, saving hours of time issuing a policy. Surefyre’s technology platform includes: A modern, fully configurable agent-facing portal that supports the complete policy lifecycle and enhances collaboration between agents and underwriters. An underwriter workbench that enables MGAs to rate and quote specialty P&C business seamlessly across systems, driving efficiency and prioritizing the most profitable opportunities. AI-powered solutions, including automated agent portal configuration to accelerate speed to market and additional AI-driven features to streamline the submission and risk selection process. “We are intensely focused on empowering MGAs and wholesalers through technology....

New York, NY (Nov. 5, 2024) – Cake & Arrow, a UX Design and Product Innovation agency for the insurance industry, is pleased to announce it has released a new report exploring how artificial intelligence (AI) can transform insurance into a more human experience. As insurance companies look to AI to streamline and optimize, the report sheds light on a different, more human-centered approach to using AI to foster transparency, accessibility, and empathy across the insurance value chain. Despite the industry’s emphasis on AI for cost-cutting and efficiency, Cake & Arrow’s report stresses how AI can do more than automate and cut costs. With the power to clarify complex policies, streamline claims processes, and enhance the work of insurance professionals, a more human-centered approach to AI can strengthen relationships between insurers and policyholders while ensuring that efficiency never comes at the cost of a good human experience. The report discusses: How current AI and other technology applications often miss the mark by focusing on cost reduction and operational efficiencies rather than enhancing the human experience, revealing opportunities to build trust through transparency and accessibility. Innovative examples of how AI can, when prioritizing human experience, address persistent industry challenges with fairness,...

Shipshape launches Private Label App Platform which enables home service providers with the ability to offer custom-branded smart home maintenance solutions New York, NY (Oct. 31, 2024) – Shipshape Solutions Inc., a leading innovator in smart home management technology, is pleased to announce the launch of its new Private Label App Platform, enabling partners to offer custom-branded smart home bundles to homeowners. Home service providers, including contractors, appliance manufacturers, insurance companies and utilities stand to benefit greatly from connected homes, but the technology is too complicated for most of these companies to build it on their own. With this new offering service providers get a win-win outcome with the ability to offer a next generation proprietary solution that enhances the customer experience under their own brand without having to build the technology themselves. Recent reports show that housing affordability is spiraling out of control making it paramount for service providers to offer innovative solutions that help homeowners save money: Home insurance costs are going through the roof, according to CBS; 78% of Americans are stressed out about high energy bills, according to CNET; and Home maintenance costs hit a record high, according to Forbes. At the same time, competition among...

Connected Business Report: Digital dependency fuelling risk New York, NY (Oct. 31, 2024) – QBE Canada is pleased to announce the publication of its latest report, Connected Business: Digital Dependency Fuelling Risk, which projects that the number of disruptive and destructive global cyber-attacks taking place each year will increase by 105% to the end of 2024. The trend shows these strategically significant, disruptive and destructive global cyber-attacks will more than double this year to 211, compared to 103 in 2020: The number of disruptive and destructive global cyber-attacks The NotPetya mass cyber-attack is one such example. It resulted in infections across Europe, North America and Asia Pacific. The associated NotPetya malware caused an estimated US$10bn in damages. These types of disruptive and destructive attacks are far rarer than data loss or simple device compromises type incidents that are in the 1000s or 10000s. CrowdStrike’s failed update on 19 July 2024 cost Fortune 500 companies US$5.4bn in damages and US$25bn in share value. Cybercriminals were quick to exploit the event launching phishing campaigns with CrowdStrike-related lures, seeking to compromise systems, steal data and extort victims. The number of ransomware attack victims will increase by 11% from 4,698 in 2023 to 5,200...

Revolutionizing work to boost business value — By Cathy Fillare, IBM Institute for Business Value, et al — Business leaders must be careful not to focus solely on how generative AI can simplify and automate today’s processes – many of them are routine and mundane. While such measures may increase productivity, executives also have a rare opportunity to revolutionize employee potential and pioneer a new future for their organization. Forward-thinking organizations are increasingly framing AI strategies that extend beyond mere command and control and process steps. A new report from the IBM Institute for Business Value (IBM IBV) and Oracle, titled Reimagine human potential in the gen AI era, explains how HR can use AI to empower people to unlock their performance and potential by connecting them to what matters most for their job and personal goals. This is a chance to further humanize work. AI tools and data can help provide clarity on work roles and expectations, guide and coach employee development with purpose, and help foster employee progression and internal career mobility. Forecasting employee potential For example, leaders can take a proactive approach to forecasting the potential of their people by identifying the key skills and attributes that...