Alberta’s auto insurance “crisis” and the simple fixes needed

Alberta | August 28, 2019

Alberta’s auto insurance “crisis” and the simple fixes needed
The auto insurance market in Alberta is in a state of “crisis”. Insurers operating in the province have essentially had their hands tied since 2017, when the NDP government issued an order limiting cumulative auto rate hikes to 5%. This cap has prevented auto insurers in Alberta from adjusting premiums to reflect the cost of claims, which have shot up substantially in recent years due to factors like distracted driving and the increasing costs associated with fixing modern, tech-heavy cars. The NDP’s cap on premium increases was intended to protect Albertan consumers from hefty rate increases. However, many in the insurance industry argue the cap has had the opposite effect. Celyeste Power, vice-president of the western region for the Insurance Bureau of Canada, said the cap “has taken away availability for consumers” rather than protecting them. This is because insurers are pulling out of the province or limiting their capacity because their loss ratios are way too high.

Spotlight

Customer expectations are higher than ever in the insurance industry, as are the stakes for insurers. They’re faced with the reality that survival depends on how quickly they abandon their business-asusual approach in favor of a more customer-centric mindset. Indeed, today’s insurance customer is demanding, tech-savvy and mobile.

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NAU Country Signs Deal with Agriculture Intelligence for Agroview, the Next Innovation for Crop Insurance

NAU Country | January 21, 2022

Agriculture Intelligence, a precision agriculture-science company combining automation, remote sensing and artificial intelligence to provide cloud-based, precision data for specialty crops, has announced a multi-year partnership with NAU Country for its award-winning AI platform Agroview. NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping solve unique customer risks worldwide. "We are excited to be selected by NAU Country, We believe sampling methods are a thing of the past. Drone technology must be complimented by smart technology and Agroview drives business value. The guessing game is over. We understand that consistent and accurate results are at the core of what any insurer must have. We believe this partnership proves our results and we are excited to be able to add value to a well-established insurer such as NAU Country" -CEO of Agriculture Intelligence and Product Officer for Agroview Matthew Donovan. Agroview employs aerial footage of crops captured by drones and its AI software to determine tree count, gaps, and precise measurements of each tree in the entire grove. "At NAU Country, we have high standards for our technology partners. We have heavily invested in drone technology, but knew that with the right partner we could do even more – we could use flight imagery and machine learning to help automate tree counts. We expect proven, accurate, and consistent results. In Agroview, we found all three of those qualities. We also see that the team behind Agroview is creating the next wave of proven technology that our industry needs." -Chief Marketing and Technology Officer Michael Deal at NAU Country. About Agriculture Intelligence, Inc Agriculture Intelligence is located in Gainesville, Florida, and a resident client at UF Innovate | The Hub. Its mission is to identify and bring to market the most advanced, proven agricultural solutions that leverage big data, machine vision, automation, and artificial intelligence. Agriculture Intelligence is the global distributor of the Agroview AI platform, developed at University of Florida. About NAU Country NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.

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Movingdots Partners with Overhaul to Enhance Data Monitoring and Lower Insurance Costs for Motor Carriers

Overhaul | January 12, 2022

Overhaul and Movingdots are collaborating to provide motor carriers with the necessary actionable data to identify and address driver behavior. Movingdots is a technology subsidiary of Swiss Re developing data-driven mobility solutions for insurers, car manufacturers and platform providers globally. Overhaul is the industry's first and only software-based, supply-chain visibility, integrity, and security solution for the world's leading brands. Overhaul's TruckShield platform will work with Movingdots' telematics solution Coloride to enhance data gathering and machine learning techniques, allowing carriers to detect and correct risky driver behavioral events, helping ensure on-time shipments while also lowering costs for insurers. According to the National Highway Traffic Safety Administration (NHTSA), in the US in 2019, more than 118,000 large trucks were involved in crashes resulting in an injury, a 5% increase from 2018. As a result, motor carrier coverage has risen dramatically in recent years, with premiums projected to rise more than 14% in 2021 and yearly coverage rates as high as $30,000 per year in some cases. By partnering together, Movingdots and Overhaul will ultimately lower insurance costs and premiums by assisting clients in identifying risky behavior and changing it – improving their overall risk management by adopting better driving behaviors and helping to reduce the number of accidents. "Coloride technology can coach drivers to implement safer driving behaviors, preventing accidents on the road, By joining forces with Overhaul, many more commercial fleets will get access to this technology. Drivers will see their trip details including risk events like excessive speeds and will have an overview on how to improve their driving style. We are thrilled to continue spreading safety and innovation in mobility through cutting-edge technology together with Overhaul." -Donato Genovese, Movingdots' CEO. Using the trucking industry's first and only app-based risk management technology, insurers can rely on TruckShield and Coloride to showcase fleet safety and deliver reliable data that can be critical when determining insurance pricing. Coloride's events detection software algorithms can identify driver behaviors such as speeding or harsh braking; coupled with TruckShield's ability to implement corrective coaching, carriers can reduce future risks and accidents through effective actions. "Motor carrier owners and operators alike are facing astronomical insurance rates and having to reallocate funds and resources, only creating more hurdles and roadblocks for the industry, Our work with Movingdots is helping revolutionize a trucking industry that's in need of any opportunity to gain a competitive advantage, be it increased visibility, on-time deliveries or lower insurance premiums. We're proud of our ongoing innovations with the Movingdots team and look forward to standing by our trucking clients across each and every route." -David Broe, COO of Overhaul. About Overhaul Founded in 2016 and headquartered in Austin, Texas, Overhaul is the industry's first and only holistic, end-to-end solution that optimizes supply-chain visibility, integrity, and security for global enterprises. Its software-based approach offers high configurability and efficient time-to-value to supply-chain organizations without heavy tech. Additionally, Overhaul's logistics-experts team partners with each client to create a fully customized and comprehensive solution for the entire supply chain. As such, Overhaul has quickly grown to be a trusted provider for Fortune 100 companies moving freight globally across industries, such as pharmaceutical and healthcare, technology, logistics, and food and beverage. Customers include Microsoft, Bristol Myers Squibb, Gordon Food Service, and many others. About Movingdots GmbH Movingdots GmbH is a subsidiary of Swiss Re, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer. The automotive industry and customer needs are changing quickly with vehicles becoming electric, shared, connected and autonomous. At Movingdots, we develop data-driven mobility solutions for insurers, car manufacturers and platform providers worldwide to succeed through these trends. Learn more about our modular, end-to-end telematics app solution Coloride, the award-winning ADAS risk score, our fleet management solutions and other products on our website. In 2022 Movingdots is listed among the top 250 insurtechs worldwide to watch by Digital Insurance Agenda.

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Lloyd's of London to abandon various US insurance licenses

Lloyd | July 13, 2020

Centuries-old exchange Lloyd’s of London will be focussing on its core markets, announcing a strategy that will see the world’s specialist insurance marketplace relinquish US admitted licenses. In a market bulletin issued by syndicate capability oversight head Peter Montanaro, Lloyd’s said it will be strengthening its focus on the US reinsurance and excess & surplus (E&S) insurance market “where it is the market leader,” in a move that will be carried out by relinquishing admitted licenses in the US Virgin Islands, Kentucky, and Illinois.

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Spotlight

Customer expectations are higher than ever in the insurance industry, as are the stakes for insurers. They’re faced with the reality that survival depends on how quickly they abandon their business-asusual approach in favor of a more customer-centric mindset. Indeed, today’s insurance customer is demanding, tech-savvy and mobile.