Property and casualty insurance

Breakthroughs in AI over the past decade mean we can now use it to train computer vision algorithms to perform visual tasks as accurately or more than humans. Smartphones can be turned into visual experts in your pocket, which can appraise some aspects of the environment better than people.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

In case you missed it, insurtech -- technology developed to improve and transform the insurance industry -- is having a bit of a moment. Forrester recently reported record-breaking funding for insurtechs, closing Q3 at $15 billion - more funding than in 2019 and 2020 combined - with more deals anticipated by the end-of-year.

A total of 63.6 million shares were sold for C$22 apiece, the Waterloo, Ontario-based company said in a release late Wednesday, the top end of the range it had targeted. The company is also selling another C$700 million in shares in a private placement to the Healthcare of Ontario Pension Plan and Swiss Re.

The shares will be priced in a range of C$19 to C$22 apiece and will be listed on the Toronto Stock Exchange under the symbol “DFY,” Waterloo, Ontario-based Definity said in a statement Monday.

The P&C industry has been on an automation path for many years. When the pandemic hit, it became a catalyst for accelerating automation and digital transformation.

Keynova Group released its Q3 2021 Mobile Insurance Scorecard, which evaluates the mobile websites and mobile apps from the 12 largest U.S. property and casualty firms. Geico placed first overall and leads scoring in mobile web and app.

“Spot,” created by Boston Dynamics, known for its viral robot videos, and customized for Farmers, a P&C insurer, is the first collaboration of its kind.

The pandemic has served as a catalyst for putting digital transformation across insurance on the fast track, and claims is one of the focus areas that is primed for implementing digital capabilities. As more claims information is captured and managed digitally, new opportunities to leverage artificial intelligent technologies arise. This leads to a vision of full automation, high levels of straight-through processing, and (logically) a diminishing role for claims professionals.

Tropical Storm Elsa made history by becoming the earliest fifth named storm on record this year. Insurers can proactively prepare for what’s predicted to be the most active hurricane season yet.