Insurable Interest Canadian Insurance Blog

By Mark Breading, ReSource Pro — I’ve been attending CES for many years, always looking at the advancements in technology through an insurance lens. As might be expected, the insurance lens is very broad, given that P&C insurers cover every industry. New technologies are reshaping segments like manufacturing, retail, construction, and many more – understanding these changes will help to ensure the industry is properly addressing evolving risks and customer needs. At each CES, I try to distill the event into big themes. This year, I’m looking back at the themes I identified in 2019 to see what has changed and evolved in the last five years. Granted, it has been a momentous five years for the insurance industry and the world at large. COVID-19, wars, inflation, and supply chain issues are driving fundamental changes in traditional patterns of work, travel, and commerce. Here, I share my themes from CES 2019 and how they have morphed into new themes for 2024. 1. AI is Everywhere This is even more true today than in 2019. There are two big AI themes of 2024. First is the broader emergence of AI and generative AI chips, allowing AI to be embedded more into...

Technology Market Leader for the Insurance Industry Closes $12.7M Oversubscribed Series A as It More Than Doubles Customer Base Toronto ON (Jan. 30, 2024) – Wisedocs, machine learning software-as-a-service (SaaS) for medical record review, indexing, and summarization closes $9.5M USD ($12.7M CAD) in oversubscribed Series A financing. The Series A is led by Information Venture Partners, an early-stage B2B fintech investment firm; and by Thomson Reuters Ventures and ManchesterStory. Connor Atchison, Founder and CEO of Wisedocs, states, “This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine. With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike.” This financing round follows Wisedocs’ successful 2022 $4.1M oversubscribed Seed round. The Series A further enables Wisedocs’ successful expansion of its team, product, and sales territories. Wisedocs launched in the United States in 2022, followed by the opening of new American headquarters in Florida to support a growing US customer base. Wisedocs is poised to accelerate exponentially in 2024 following a successful 2023, which saw the company more than double its growth in...

Start Slideshow New research from Morningstar looks at why clients keep their financial advisors, a topic that sometimes receives less attention than taking on a new client or losing one. Morningstar noted that its previous research on why investors hire and fire their advisors suggests that returns may not be the key factor in clients thinking about the advisor-client relationship. Sixty percent of respondents cited an emotionally grounded reason for hiring their financial advisors, such as the degree to which someone feels comfortable making financial decisions and has the ability to stay the course.  The three most common reasons that clients fire their advisors are the quality of financial advice/services provided, the quality of the relationship with the advisor and the cost of service. To gain insight about advisor retention, Morningstar researchers asked 620 advisor clients in four surveys conducted in 2021 and 2022 to list some of the reasons they continue to work with their advisors.  Morningstar used existing research from both industry and academia to identify common motivations that investors have for working with an advisor. These fell into two broad categories: emotional, such as comfort, trust and guidance; and financial, such as cost, returns performance and specific...

Ottawa, ON (Jan. 22, 2024) – Following the Government of Canada’s announcement of a National Summit on Combatting Auto Theft, Craig Stewart, Vice President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC), issued the following statement: “IBC commends the federal government for announcing a national summit on combatting auto theft. Auto theft is a national crisis affecting communities and innocent victims across the country. The only way to end this social menace impacting public safety is through a concerted, whole-of-society effort. Convening a national summit and bringing together representatives from all orders of government, law enforcement agencies and partners from key sectors is a firm step in the right direction to end Canada’s auto theft crisis. Canada’s property and casualty insurers have been calling on the federal government to take a leadership role in coordinating a whole-of-society approach to combatting auto theft and are in full support of the upcoming summit. We are hopeful and confident the summit will convene the key experts and stakeholders needed to organize and implement an effective response to fight auto theft in the country. IBC is encouraged by the leadership shown by the federal government to spearhead a coordinated effort to fight...

Toronto, ON (Jan. 29, 2024) – Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I). “As drivers returned to the roads following the pandemic, distracted driving surged, causing higher rates of accidents, injuries, and deaths. This high-risk behavior has worsened in the years since, having huge implications for the insurance industry and their policyholders,” stated Dale Porfilio, chief insurance officer, Triple-I. Triple-I’s just-released report, Distracted Driving: State of the Risk, examines the effects of distracted driving and how it is contributing to more hazardous roadways and a higher combined ratio for personal auto insurers. A combined ratio is the percentage of each premium dollar an insurer spends on claims and expenses. It is a benchmark measure which demonstrates profitability in a particular line of insurance. The U.S. personal auto insurance industry saw its combined ratio soar in 2022 to 112.2, meaning for every dollar the industry cumulatively collected in premiums, insurers paid out approximately $1.12 in claims and expenses. The rising cost of replacement parts, inflation, and legal system abuse also contributed to this trend. Cellphone use–which...