Insurable Interest Canadian Insurance Blog

Toronto, ON (July 16, 2024) – In 2018, CSIO responded to the growing demand for a seamless way for insurers and brokers to transmit eSlips (proof of auto insurance) to their customers’ digital wallets by launching My Proof of Insurance (MPOI). Related policy documents for home, auto and business insurance are sent by email from insurance providers and brokers, enabling customers to save them to computers and mobile devices, saving time and money. The response from insurers, brokers and customers has been extremely positive – since the launch of MPOI, over 3 million digital documents have been sent by CSIO members to their customers. As demand increases, CSIO continues to facilitate the safe and seamless transmission of documents and eSlips to customers. Brokers and insurers alike realize benefits from MPOI, eliminating printing and postage expenses, all while expediting document delivery. Android devices represent approximately 40% of all smartphones used by Canadians. With the latest Android release, MPOI users can now use the Google Wallet to store their eSlips sent via MPOI without downloading a third-party app (available to Android9 or higher). Responding to industry and customer demands, CSIO continues to add new features to MPOI. Supported by bank-grade security, MPOI...

by Stephen Applebaum and Alan Demers — The scourge of legal abuse in insurance is hardly new or even recent but rather has been insidiously growing throughout the industry for decades.  Referred to today as social inflation, the stakes are higher and so-called “tort reform” seems distant with no signs of slowing. Some 86% of Americans agree state and federal lawmakers should address the abuses of the U.S. legal system (see APCIA/MunichRe survey results below). The insurance industry can no longer rely on current strategies and responses to this threat, nor can it continue to absorb and pass along the associated costs to policyholders. HISTORY/BACKGROUND The term “social inflation” was first coined by Warren Buffett in 1977 in a letter to Berkshire Hathaway stockholders, where he defined it as “a broad definition by society and juries of what is covered by insurance policies”.  In 2010, reinsurer PartnerRe expanded on the definition in a whitepaper stating that social inflation is the increase in insurance losses caused by: Higher jury awards More liberal treatment of claims by workers’ compensation boards Increased use of social media Increasing attorney involvement in claims Social developments that influence jury members and lead to very high jury...

Accenture Acquires Excelmax Technologies to Expand Silicon Design and Engineering Capabilities New York, NY (July 8, 2024) – Accenture is pleased to announce it has acquired Excelmax Technologies, a Bangalore, India-based semiconductor design services provider. The acquisition further enhances Accenture’s growing silicon design and engineering capabilities. Terms of the transaction were not disclosed. Excelmax provides custom silicon solutions used in consumer devices, data centers, artificial intelligence (AI) and computational platforms that enable edge AI deployments, to clients in the automotive, telecommunications and high-tech industries. The semiconductor market is experiencing a surge in demand for silicon design engineering, driven by the proliferation of data centers and the increasing use of AI and edge computing. This is further propelled by the growing consumer appetite for electronics, which is driving new investments in the chip design space. “With the rapid evolution of new technologies like generative AI and the growth of connected products, more intricate, specialized chips with enhanced performance and efficiency are required,” said Karthik Narain, group chief executive—Technology at Accenture. “Our acquisition of Excelmax enhances our expertise across every aspect of silicon design and development—from concept to production—so we can help our clients fuel innovation and drive growth.” Founded in 2019,...