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.

Product targets auto dealers in 18 states.

But many insurers are putting all their investment “eggs” into few baskets and ignoring – or at best shortchanging – other opportunities.

Mutual of Enumclaw’s bet on promoting a culture of innovation is paying off to the tune of millions in savings due to reduced fire losses, fewer snow-related claims and less customer attrition.

While the move proposed for 2020 mostly affects P&C lines, the insurer’s extensive benefits portfolio remains intact.

The company's heavily tested item insurance platform will finally be debuted stateside after a long, winding journey.

Life & annuity carriers have had valuable opportunities to learn about new technologies, and not necessarily from their own mistakes.

SMA sees significant spending and shifts in personal lines projects that are aimed at aligning insurers’ strategies to transformation and growth.

Four out of five carriers don't have a plan for collecting, analyzing or securing the flood of data from connected devices, according to LexisNexis survey.

Shelia Anderson is tasked with modernizing core and developing new applications for customers.

Innovation teams understand that the connected world is evolving rapidly, and that competition is coming from industry newcomers as well as incumbents.