Insurable Interest Canadian Insurance Blog

67% of leaders surveyed say that the risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the covid crisis. Complicated and often contradictory global regulatory risk cited as a major obstacle to corporate growth. ‘Fear of missing out’ on Artificial Intelligence (AI) is prompting a ‘gold rush’ mentality around the disruptive technology. Attracting and retaining talent, particularly from overseas, has become increasingly difficult and more costly. London, UK (Jun. 14, 2024) – A perfect storm of increased economic volatility, geopolitical upheaval and the disruptive force of AI has driven the corporate threat level to its highest in 12 years, according to Clyde & Co’s annual Corporate Risk Radar. The survey of C-Suite decisionmakers, in-house legal teams and General Counsel, conducted in partnership with research consultancy, Winmark Global, found that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk. This is having a dramatic impact on corporate decision-making. Risk caution is estimated to be costing as much as 5% of corporate revenues, with more than a quarter of respondents saying that risk perception was stymying ‘bold decision making’. Top risk rankings Economic risk – inflation, interest rates and currency...

Non-profit provides free science-backed Hurricane Ready guide to help homeowners prepare Richburg, SC (June 11, 2024) – With an active hurricane season forecast for 2024, the Insurance Institute for Business & Home Safety (IBHS) encourages homeowners to act now to reinforce their properties against severe weather. IBHS researchers have identified the roof and garage doors as the areas of homes particularly vulnerable and most important to strengthen to withstand storms. These two home improvements top the nonprofit’s Hurricane Ready guidance, which also includes DIY maintenance projects and tips to complete now and last-minute storm prep. “The number one goal is to stop cascading damage,” said IBHS Chief Engineer Dr. Anne Cope. “When rain, wind and storm pressure enter a home, damage that starts out as relatively minor escalates quickly and often forces families out of their homes for extensive home repairs. That’s especially disheartening because we now know this is largely preventable.” IBHS testing shows asphalt shingles, particularly as they age, can dislodge in winds as low as 60 mph. Once the roof cover is lost, rain can pour into a house through the gaps in the wood roof decking. “Our research estimates the equivalent of nine bathtubs of water can enter a home...

By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit, and search the data. This technology laid the groundwork for more advanced Intelligent Document Processing (IDP). IDP systems go beyond simple character recognition by using machine learning (ML) to provide high-quality data extraction in addition to contextual understanding and workflow automation support. Advanced IDP systems can process structured and unstructured data, an important capability for driving digital transformation within insurance providers, streamlining operations, and enhancing efficiency. In short, OCR turns pictures of words into text; IDP turns text into actionable data. This guide explores the evolution of data extraction from its OCR roots to modern AI-powered IDP systems. It gives you the context to decide which technology is best for your agency’s data extraction needs. What is OCR? Optical Character Recognition is a technology that converts text from scanned documents, images, or photos into machine-readable text. This enables the digitization of printed materials like books...

OpenText Cybersecurity 2024 Global Managed Security Survey reveals enterprises and SMBs Need Holistic and Composable Security Waterloo, ON (June 10, 2024) – OpenText™ is pleased to announce it has released the findings of its annual OpenText Cybersecurity Global Managed Security Survey. The 2024 survey of over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) found that the majority (92.5%) see increasing AI-led security and threat intelligence services as the major drivers of business growth over the next 12 months. Even with the AI buzz, comprehensive security and composable on-demand security expertise remain the primary reasons enterprise and SMB customers seek MSP/MSSP services. “Amid the growing excitement and interest in AI technologies, it’s crucial not to overlook the foundational need for composable security which provides the ability to adapt to changing security needs,” says Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “MSPs and MSSPs play a critical role in safeguarding their customers’ sensitive data. As cyber threats escalate, our partners are prioritizing security and integrating AI-powered threat intelligence services into their offerings. This ensures our end customers can reap the benefits of AI technology without compromising security.” Key survey findings include: Priorities have shifted towards embedded AI and...