Jens Peters

It's Episode 20 of Guillaume Bonnissent's Insurance Technology Diary! This week he looks to Canada for wisdom about AI for insurance - and comes back with conflicting findings. #ai #insurance #reinsurance #mgas #insurancebroking #lloydsoflondon #data #insurtech #insurancetechnology #underwriting #exposuremanagement

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One big takeaway from Andrew Au's keynote at the Canadian Reinsurance Conference: the future of insurance relies on multimodal GenAI. Google's Gemini is designed to understand and work with text, images, code, audio, and video. Other models like ChatGPT and Claude are evolving from text-based to other modalities. #generativeAI #insurance #canadianreinsuranceconference Imagine streamlining the life and health underwriting process with multimodal AI analyzing: - E-applications: Extract key details, identify potential red flags. - Tele-interviews: Assess voice patterns, word choice for potential stress or deception. - Scanned Documents: Verify consistency across medical records. - Lab Results: Compare data against risk assessment guidelines. - Attending Physician Statements: Cross-reference with patient information for a comprehensive health picture. The benefits? - Faster Underwriting: Reduce turnaround times, improve client experience. - Reduced Fraud: Uncover inconsistencies humans might miss. - Personalized Risk Assessment: Provide more accurate and tailored coverage.

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Zala Insurtech News: Lloyd’s has announced a new Canadian Core Fixed Income Solution on the Lloyd’s Investment Platform. The post Lloyd’s Boosts Investment Options with Launch of Canadian Core Fixed Income Fund appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

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In a recent report from BMO Capital Markets, analysts suggest that companies are coming to the realisation that more recent 2020-2023 vintages are also slightly under-reserved, similar to older 2019 and prior vintages.

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BMS Tropical Update 09/10/2024 This week, the insurance industry is focused on the 66th Rendez-Vous de Septembre in Monte Carlo, where I am confident leaders are discussing the impact of the three hurricanes this season, including the impending threat of Francine. Despite notable storm activity, damage from Tropical Storm Alberto and Hurricanes Debby and Beryl has totaled only $3.4 billion in U.S. damages due to favorable landfall locations. However, as today marks the peak of the Atlantic hurricane season, concerns are high regarding Francine’s potential impact, especially as it approaches Louisiana. This BMS Tropical Update linked below goes into detail about the forecast and impacts of Francine. Francine's current development shows some signs of intensification, though it has been hindered by dry continental air and wind shear. As the storm moves north, conditions could become more favorable for strengthening. Nonetheless, the cooler water temperatures near the Gulf Coast and dry air may prevent the storm from rapidly intensifying before landfall. Francine is expected to make landfall in southern Louisiana, with most forecasts predicting it will remain a Category 1 hurricane or weaker, though some model guidance suggests a stronger outcome if the negative factors do not persist. Louisiana, which has experienced significant storm activity since 2020, is bracing for Francine's impact. While recent hurricanes like Laura and Ida led to widespread roof replacements and structural upgrades, the state has implemented changes in policy terms to mitigate losses from future storms. Although Francine is not expected to cause catastrophic damage to the insurance industry, there are still concerns about localized flooding due to saturated soil, wind gusts, and potential tornado activity. The state's infrastructure and the offshore oil and gas assets in the region have been strengthened, reducing the potential for major economic disruptions. Despite Francine's low-end hurricane status, the insurance industry remains cautious as the season progresses.   The image below is population density and the National Hurricane Center cone of uncertainty. It shows the general landfall areas has very little population. As you go in from Morgan City and Baton Rouge the winds should be less, but the population density increases.  Much more detail in the BMS Group Tropical Update Link ⬇ https://lnkd.in/ga-_-YkE #Insurance #RVS24 #Reinsurance #TropicalUpdate #HurricaneSeason #Francine

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AI Risks in Insurance: Are You Prepared? In February 2024, Air Canada lost a court case after its AI chatbot provided incorrect information, exposing the company to reputational and financial risks. As AI becomes integral to business operations, it’s clear that insurers must address the growing risks—and opportunities—associated with this technology. How should the insurance industry respond? Adapt existing policies, stop covering AI risks, or develop entirely new products? Join us on January 21 at 4 PM GMT / 11 AM EST for a webinar on “Capture the Opportunity to Insure AI Risks” sponsored by Sema. Hear from experts at Lockton, Liberty Mutual Insurance, and CFC Underwriting Limited as they explore: How Cyber, D&O, E&O, and R&W policies must adapt to AI risks Key provisions insurers can add to mitigate liability Strategies for underwriting and pricing AI-related risks Opportunities to create new AI-focused products Speakers: Paul Larson, Liberty Mutual Insurance Jack Bassett, Lockton George Beattie, CFC Underwriting Limited Moderator: Matt Van Itallie, Sema Can’t make it? Register to receive the recording! Sign up here: https://ow.ly/5nEM50UnmPG #Insurance #ArtificialIntelligence #RiskManagement

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It's time to subscribe to #InsurPoll - the next wave of Pollara Strategic Insights' definitive annual survey of Canada’s P&C #insurance consumers will be launching in Q1 2025. See our prospectus below, and contact us to discuss and subscribe. Since #1999, InsurPoll has measured the pulse of Canada’s #autoinsurance policyholders, capturing and tracking their attitudes, behaviours, wants, and needs. And, since 2020, the study has also encompassed #homeinsurance customers. Our annual subscription-based report identifies the key drivers of customer satisfaction, retention, and loyalty, and sheds early light on emerging trends that can be used to inform purchase channel strategies, policy servicing and product development. For more details, see the prospectus: https://lnkd.in/g8Qc6r39

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Explore the discourse on advancing the private market for credit and political risk insurance, courtesy of Benjamin LE FORESTIER. At ExCred International, Marc Meyer shared invaluable strategies to propel the market forward. Here's a sneak peek: - Amplify Stakeholder Support: Transparency and education are key to gaining government trust. - Crisis Ready: Proactive measures showcase market reliability during turbulent times. - Brand Brilliance: Forge strong ties with brokers and clients, articulating the value proposition effectively. - Diversify Offerings: Introduce fresh perspectives for innovation and market expansion. - Reputation Matters: Invest in training to cultivate trust and enduring relationships. Curious to learn more? https://hubs.ly/Q02Fn6sD0 Dive into the full article for a comprehensive insight into transforming the credit and political risk insurance landscape! #tradecreditinsurance #innovation #privateinsurer

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📊 Q2-2024 results for Canada’s Property & Casualty insurance sector reveal notable growth from #TokioMarineCanada, led by Mike George, and #SompoCanada, led by Rohan Dixon. Based on OSFI-reported financials under #IFRS17, these companies lead the first half YoY revenue growth with increases of 245% and 140%, respectively. Check out the full list of top first half 2024 growth leaders and follow us for more industry insights. 👉 https://lnkd.in/gSu7gFd #InsuranceOneInsights #PCInsurance #CanadaInsurance #InsuranceGrowth

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Ready to Optimize Your Financial Health? 🌟 At Lux Actuaries, we're dedicated to empowering your organization with our comprehensive Actuarial services. Our team of experts is ready to delve into the intricacies of your business, customizing solutions to optimize your financial health. Let's start a conversation today and explore how Lux can help you achieve your financial goals: 🔗 https://lnkd.in/depkprYG #LuxActuaries #Actuary #ActuarialScience #DataScience #RiskManagement #DataAnalytics #Insurance #ERM #Banking 💼📈

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Insurance Investor Live | North America 2024 is an unmissable event packed with opportunities to enhance your knowledge, and networking with influential peers, in the insurance asset management sector. Attend in-person to: 👂 Hear from a prestigious line-up of speakers including insurers, regulators and economists about the hottest industry topics to get first-hand insights 🤝 Network in-person and meet like-minded professionals and industry innovators from across the North American insurance investment, treasury, capital, and risk management sector 🧠 Gain practical knowledge so you can confidently walk away with the know-how to bolster your own investment decisions 📈 Understand how today's economy is impacting your portfolio and benefit from increased visibility on rising interest rates and geopolitical events and the associated impact on insurance portfolio asset values ❓ Learn how to mitigate uncertainty and explore how it impacts on asset values and how to future-proof your approach 📢 Raise questions amongst your peers, plus learn and gain new ideas through a varied, research-led, two-forum agenda featuring live presentations, panel discussions, Industry Insight sessions, plus dedicated networking breaks and audience Q&A Register free: https://lnkd.in/ePBf664y #insuranceinvestor #insuranceassetmangement #IILNA24 #assetallocation #investmentstrategy #insurers #privatemarkets #realassets #investmentoperations #investmentreporting #investmentaccounting

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At Joshu, we're committed to revolutionizing the insurance industry by equipping forward-thinking brokers like NARDAC with cutting-edge tools to navigate the intricacies of the evolving energy landscape. "In time, the global energy transition toward reliance on more renewable sources will profoundly affect every industry. In order for this transition to be successful, every aspect of the value chain needs to be modernized, especially with insurance. Joshu’s modern product management suite delivers that capability" says Jatin Sharma, Managing Partner at NARDAC. NARDAC is an independent, specialty insurance broker focused on large, complex energy and infrastructure assets around the world. NARDAC leverages decades of experience in engineering, consulting, broking, underwriting, and claims to create nuanced solutions and strategies for clients. We're proud to collaborate with NARDAC, empowering them with state-of-the-art resources to navigate the ever-changing insurance landscape. Together, we're forging a path towards a more efficient, transparent, and resilient future. #buildwithjoshu #insurance #underwriting #broker #energy

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It is anticipated that the rest of 2024 will bring a significant amount of regulatory development for Canadian insurers in relation to climate risk. Our recent webinar, in collaboration with Manifest Climate offered an update on how well these firms are prepared for the changes, and shared insights on the best practices for assessing climate risk materiality. Watch on-demand: https://mdy.link/3yRWxO1

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The British Columbia Financial Services Authority (BCFSA) recently released a report highlighting key observations and recommendations regarding insurers' oversight of insurance intermediaries conducting business in British Columbia. Laurie LaPalme and Jesse Collins-Swartz provide an analysis of the report's findings and the implications for insurers conducting business in British Columbia. Read more: https://lnkd.in/eMEvq-Gw #Insurance #Regulation #Corporate #BCFSA #BritishColumbia

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#ReinsuranceMonth, #RVS2024, #WSIAMarketplace2024 + more. Your weekly roundup of what’s been happening at The Insurer TV below… REINSURANCE MONTH https://lnkd.in/gJ_HWw-r At the Rendez-Vous de Septembre in Monte Carlo, Everest's head of international reinsurance Artur Klinger provided insights into the company's strategic developments and the evolving landscape of the global reinsurance market. In a joint interview with Howden Re’s Head of North America Wade Gulbransen and Howden Re International’s Deputy CEO Sebastian Cook where they reiterated the broker’s commitment to recruiting top-tier talent as it seeks continued growth in the highly competitive reinsurance broking space. Aon Securities’ CEO of Insurance-Linked Securities Richard Pennay told George Abbott that the cat bond market’s expansion into new geographies and additional perils has driven the sector’s continued growth over the last 18 months. Head of North American treaty reinsurance at Everest, Jiten Voralia, explains how the carrier is constantly evolving to meet clients’ needs, its views on global specialties (aviation, marine, cyber, engineering and parametric risk), and how it is deepening its global footprint. In another joint interview with Axco Insurance Information’s Roberta Field and Christopher Barker they discuss data standardisation, Reinsurers and reputational damage, and data around SRCC events. A recent EY survey found that two-thirds of large insurers and reinsurers are working on AI use cases, with most CEOs expecting to realise cost benefits from using the technology, EY’s Global Insurance Leader, Isabelle Santenac told The Insurer TV in an exclusive interview during the Rendez-Vous de Septembre in Monte Carlo. Sophie Roberts in an exclusive interview with Eureka-Re’s Founder & CEO, Gabriel Holschneider discussed his growth ambitions for both Eureka Re and XS Global. In another interview, Lancashire Insurance Group’s CEO Alex Maloney discusses with Sophie Roberts the growth opportunity in the US E&S market, the impact of losses in the marine reinsurance market at 1.1, and how best to manage escalating geopolitical exposures CLOSE QUARTER Speaking with The Insurer TV, Guy Carpenter’s Josh Darr noted that Helene’s rapid intensification from a tropical storm to a Category 4 hurricane was heavily influenced by the season's warmer-than-usual sea surface temperatures (SSTs). https://lnkd.in/gfY5u24Y Outsource Insurance Professionals’ Chief product officer Mladen Subasic at this year's 2024 WSIA Marketplace in San Diego discussed the risks posed by widespread AI adoption, the next steps for OIP and OIP’s NT Extractor document processing solution. https://lnkd.in/g7kWmPWG #FridayRecap #insurance #reinsurance #insurancenews #reinsurancenews

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Even insurance companies need a safety net, and that’s where reinsurance companies come in! Canada's top reinsurers are backing the industry with robust risk management solutions, especially as demand rises with challenges like natural catastrophes and cyber risks. For insurers, partnering with the best reinsurance providers ensures they’re well-prepared for anything. https://hubs.la/Q02XL6c10

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