Insurable Interest Canadian Insurance Blog

Austin, TX (May 1, 2024) – Synthetik has announced the successful demonstration of their “Flood Data Collection and Analysis” platform, Flowcore – an end-to-end tool for modeling of flood scenarios and prediction of resulting damage and financial/insurance losses. Flowcore incorporates Synthetik’s proprietary GPU-accelerated flood simulation code, and uniquely leverages artificial intelligence (AI) to deliver results in seconds on standard laptop systems – enabling measurement of cumulative events or high-volume probabilistic analysis. Flowcore has undergone significant validation using real world events and was used to recreate a flash flooding event in Fort Lauderdale, FL from April 2023 with virtually perfect accuracy at unprecedented speeds. Flowcore meets the Federal Emergency Management Agency (FEMA) and National Flood Insurance Program’s (NFIP) objectives of better understanding historical flood impact, real-time analysis and damage forecasting for future events across the country and represents a step-change in scalability for physics-based flood simulation. Flowcore is already being marketed and utilized by Synthetik’s partners in the insurance industry. Josh Hatfield, Director of Research and Development for Synthetik said: ‘Climate change is rapidly and radically changing the landscape of risk in climate-related events, so we are delighted with the success of Flowcore and its potential to assist public and private...

Start Slideshow “If you want to get your name out there, get involved in the community.” You’ve heard this advice in countless training sessions and articles. How do you do it? Here is the good news: It’s not hand to hand combat. When I wrote my book “Captivating the Wealthy Investor” I surveyed agents and advisors. The first question I asked was: “Have you ever gotten business through your involvement in a community organization?” Over 70% said yes. Next, I asked, “Did you approach them, or did they approach you?” About 66% of respondents said they were sought out. Some explained it worked both ways. Here’s what not to do. Don’t consider everyone a prospect. Don’t lead the conversation with business. Don’t assume “What do you do?” is a buying signal. Put another way, don’t be pushy. If you see people at the country club wearing logoed blazers with the name of their real estate firm on the pocket, don’t be like them. For five tips for what you should do, see the gallery above. Before long, you’ll be recognized when you enter the room and start to feel like an insider. As an added benefit, because you were not...

AEGIS London and Kayna have agreed to explore data-led US Property Insurance on US-based Lending platforms to be distributed by surplus lines brokers. The aim is to utilise InsurTech and a data orchestration layer in order to optimise the strength of OPAL, AEGIS London’s online quote and bind platform, enabling surplus lines brokers to offer real-time property cover options to meet the mandatory insurance requirements of commercial loan applicants. Cork, Ireland (Apr. 29, 2024) – Kayna, the award-winning InsurTech that facilitates insurance solutions through vertical SaaS platforms, and AEGIS London have agreed to work together to optimise AEGIS London’s online quote and bind platform, Opal Underwriting, by making data-led insurance coverages available to borrowers through surplus lines brokers, during commercial lending transactions. AEGIS London is a managing agent of a top quartile performing Lloyd’s of London syndicate and part of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company that serves the needs of the North American energy industry. The Kayna infrastructure is set to explore developing property insurance options for US borrowers. AEGIS London currently writes in excess of $120m of premium through its OPAL Underwriting platform per year, much of this for certain types of...

By Manav Gupta, CTO & VP, IBM Canada — Artificial Intelligence is making headlines daily. It’s dominating business conversations and shooting to the top of the agenda for many corporates, if not already there. According to IBM’s Institute for Business Value, 60 per cent of C-suites will be piloting Gen AI solutions in their organizations by next year. Earlier this month I sat down with Bell’s Director of IT Delivery, Neel Mehta, to discuss the integral connection between solid data foundations and an effective AI strategy. Neel gave a great analogy of this relationship – “We see data as the new oil, and AI as the refinery.” Bell’s heritage is about connecting people to one another and to their devices. Today, they’re using a combination of generative and predictive AI to serve their customers even further. For example, predicting extreme weather and environmental events which may cause outages, and getting their workforce ready for them. Neel shared an observation I’m sure many other enterprises will relate to. That AI is galloping ahead at an accelerated rate, outpacing the rate that clean data can be fed in. That’s where data strategy comes in, and a shift in focus from capturing data,...