Insurable Interest Canadian Insurance Blog

Australian insurer MLC Life Insurance is the first partner to bring Wysa Assure to market Together with co-creator, Wysa, Swiss Re is working to develop similar product partnerships with insurers in further regions New York, NY (Aug. 28, 2023) – Partnering with Wysa, Swiss Re Reinsurance Solutions has launched Wysa Assure, an AI-based mental health support app. The app integrates Swiss Re’s risk expertise and proprietary scoring system and Wysa’s AI-powered mental health solutions to meet the needs of insurers and their customers, with opportunities to develop similar partnerships in other markets. Central to Wysa Assure’s design is an AI chatbot built on cognitive behavioural therapy principles, enabling users to be supported on-demand, guiding them through evidence-based mental health resources selected for their needs. The app prioritises user anonymity to address data protection concerns, while seamlessly integrating self-management modules and insurers’ support networks. This innovative approach fosters proactive mental wellbeing management and encourages early support seeking, avoiding symptom deterioration, thus potentially enabling claims savings for insurers. The Swiss Re Institute’s 2022 consumer survey findings1 show the growing role of insurers in enhancing customers’ mental resilience. One-third of respondents reported a decline in mental health, and 64% of individuals in emerging...

Exploring trends in the insurance marketplace Rolling Meadows, IL (Aug. 28, 2023) – Gallagher Re is pleased to announce the release of its Canada 2023 Mid-Year Market Conditions Report. Two distinct markets are emerging as we progress through 2023. On the Property insurance side, we’re seeing some rate reductions, but there are still challenges on many accounts. Within the Casualty insurance and Liability classes, we’re seeing less challenging conditions. This report includes thought leadership from the Market Relations team of Gallagher Global Brokerage Canada and focuses on general trends in the Commercial Property insurance, Casualty insurance, Umbrella insurance, Management Liability insurance and Cyber insurance marketplaces for Q3 2022. You should be working with an insurance broker who understands the highly nuanced nature of the insurance market and specializes in your particular industry or line of coverage. Access the full report here. 2023 Mid-Year Market Conditions Report: Foreword The hard insurance market remains a key factor driving capacity constraints within property insurance. Those dislocations were even more pronounced at the market’s April 1 renewals. As anticipated, clients with earthquake and/or less desirable risk profiles (coastal, tougher occupancies, outstanding recommendations, etc.) have experienced more difficult renewals. The impact of inflation on valuations...

Definity becomes first Canadian P&C insurer to offer quarterly savings for drivers based on driving scores Waterloo, ON (Sept. 5, 2023) – Leading property and casualty insurer Definity  has launched a new usage-based insurance (UBI) product offering: Sonnet Shift. It gives Sonnet customers in Ontario a personalized insurance experience, delivered through a best-in-class program offering drivers enhanced control over their premiums while promoting safer driving habits. Sonnet Shift is the first ever UBI product in Canada to offer quarterly price adjustments based on recent driving scores. The tailored insurance solution empowers each driver with the ability to oversee their own premium. Powered by The Floow advanced telematics and Munich Re Global Consulting, Sonnet Shift uses individual driving behaviours and preferences as the main factor for pricing, including time of day, fatigue, smooth driving, speed, mobile distraction, and road risk. “By providing customers with the tools they need to manage their premiums and improve their driving, Definity is transforming the insurance landscape into one of empowerment and customization,” said Rowan Saunders, President and CEO at Definity. “Our customers can choose the insurance that suits them best. Just as Sonnet redefined the Canadian insurance landscape as the first fully online home and...

Start Slideshow Neither the down stock market nor high inflation got in the way of the financial advisory industry’s continued expansion in 2022, SmartAsset reported this week. The industry now comprises more than 15,000 investment advisors registered with the Securities and Exchange Commission, nearly double the number 20 years ago, the report said, citing Investment Adviser Association data. Some advisors have expanded their practices more quickly than others over the past few years, according to the report. To identify the 100 fastest-growing firms, SmartAsset analyzed SEC data from 2020 to 2023 for RIAs across four metrics: one- and three-year percent change in number of client accounts and one- and three-year percent change in assets under management. Researchers considered only firms that have at least $500 million under management, offer financial planning services and have no disclosures on their record. They excluded firms that underwent a merger or acquisition between 2020 and the present. The study found that the 100 fastest-growing firms increased their client accounts by 52% in the last year, and grew their assets under management by an average of 25% year over year. These RIAs have also seen their client bases and assets under management more than triple...