Insurable Interest Canadian Insurance Blog

By Patrick Kehoe, EVP of Product Management, Messagepoint, Inc. — Customer expectations have changed dramatically in recent years. While printed communications were once accepted as standard, younger generations of consumers have a strong preference for dynamic and highly personalized digital experiences. Yet despite this, print documents and PDFs continue to be the primary mechanism for many of the insurance industry’s communications, even though consumers expect to communicate via their phones using digital friendly apps and portals. This creates challenges for traditional insurers when faced with competition from digital-native market entrants that cater to consumers’ digital preferences throughout the entire customer lifecycle from marketing to onboarding through servicing. Many of the systems that are relied on to generate these communications were designed in a time when print was the primary communication channel. They are built around the rigid structures of generating documents and lack the flexibility required to accommodate newer digital engagement. These outdated systems lock content into individual communication templates, making it impossible to reuse content across multiple channels in formats that are suitable for digital apps. In order to stay relevant and compete in a world with changing consumer demographics and expectations, insurers need to take a hard look...

Toronto, ON (July 25, 2024) – A new report from Insurance Bureau of Canada (IBC) reveals that one year after consecutive devastating wildfires and flooding in Nova Scotia, the total insured losses now stand at $490 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ noted that more than 88% of insurance claims related to the Tantallon wildfire as well as 90% of the claims from the July 2023 atmospheric river flooding have been resolved. In addition to this new insured loss data, IBC’s report, One-Year Update Following 2023 Nova Scotia Wildfires and Flooding, provides unique insights into the factors impacting the claims response as well as recommendations on how governments, regulators and the property and casualty (P&C) insurance industry can work together to improve the claims and recovery process. Specifically, the report notes that a scarcity of skilled labour, shortage of building materials and a lack of adjuster capacity were significant hurdles in the claims process. Stakeholder feedback suggested the need to improve information flow as crucial to successful disaster management and to enhance response efficiency and effectiveness. “The purpose of this report is to identify lessons learned – including opportunities for improvement – to help inform...

Toronto, ON (Jul. 24, 2024) – MyChoice, a Toronto-based Insurtech company, has released an insurance assistant that allows users in the US and Canada to receive real-time life insurance quotes while interacting with an insurance AI assistant through their website. Watch the company’s demo video to see how the bot works. This seamless insurance shopping experience is also available through the GPT store in the US and Canada. In 2023, MyChoice was part of the Google for Startups Accelerator, enhancing the company’s AI capabilities with access to top talent and cutting-edge technologies. The company’s newly released assistant, integrated with MyChoice’s API, represents a significant leap in customer service for insurance. This AI bot is designed to address the need of customers seeking a more personalised insurance shopping experience outside of the broker serviced hours of 9-5. When a customer interacts with the bot, their information is automatically logged into MyChoice’s CRM, ensuring a seamless follow-up process by MyChoice’s broker partners. While this AI bot significantly enhances the efficiency of obtaining life insurance quotes, it is not intended to replace licensed professionals. It offers a faster, more convenient alternative to filling out forms where user can ask questions prior to connecting with a...

84% of Canadian middle market business leaders surveyed are already seeing positive returns from generative AI integration, though many lack the resources to maximize its potential Toronto, ON (Jul. 23, 2024) – Seventy-four per cent of midsize Canadian organizations are already adopting generative AI into their business operations, according to a new survey from RSM Canada LLP – a leading global provider of assurance, tax and consulting services. However, the survey found that only 49 per cent of these companies have full or partial integration of AI technologies. “Middle market companies are quickly grasping the potential of AI, which is poised to significantly impact how companies handle numerous critical functions in the years ahead,” said Rhys Morgan, RSM Canada consulting leader. “Yet, businesses are also facing the challenges that come with integrating breakthrough technologies into their operations, leading many to face a shortage of experienced staff and a need for external assistance, particularly as AI-driven processes become increasingly vital for growth.” A strong majority (84 per cent) indicated that generative AI has impacted their organization more positively than expected. However, 58 per cent said the technology has also been harder than expected to implement, and 76 per cent said they...