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INSURANCE INDUSTRY NEWS
CAA Insurance & Octo Telematics Win Tech Award
Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, with their partner CAA Insurance, was named the Best Technology Provider at the 2019 Insurance-Canada.ca Technology Conference in Toronto on Tuesday. Winners were selected by a jury from among six impressive finalists. Both companies were recognized for CAA MyPace™, Canada's first “pay-as-you-drive” insurance offering.
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Making Sense Of A.I. And Its Impact: RIMS
The risk of not adopting some form of artificial intelligence can be much greater than the potential risks of implementation according to the latest RIMS Professional Report, "Making Sense of Artificial Intelligence and Its Impact on Risk Management."
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Cyber Finally A Leading Global Risk For Companies
In the wake of mega data breaches and privacy scandals, cyber risk is now a core concern for businesses in 2019 and beyond. According to the 2019 Allianz Risk Barometer, cyber incidents are neck-and-neck with business interruption as the top business risks globally, followed by natural catastrophes and changes in legislation & regulation.
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Brokerages Embrace CSIO eDelivery Solution
CSIO's My Proof of Insurance eDelivery solution is celebrating its inaugural anniversary and the many successes it has had over the first year. Since its launch in February 2018, more than 620 brokerages have chosen My Proof of Insurance as their solution to securely deliver electronic policy documents and eSlips to customers in place of paper.
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Commercial Insurance Pricing Increased In Q4
Global commercial insurance pricing increased for the fifth consecutive quarter in the fourth quarter of 2018, according to Marsh's quarterly Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world's major insurance markets and comprising nearly 90% of Marsh's premium.
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SSQ, SAS Partner To Prepare For IFRS-17
SAS, the leader in analytics is partnering with SSQ Insurance to support their journey toward IFRS 17 compliance. The new International Financial Reporting Standard is expected to increase the complexity and cost of operating in the industry but will improve financial transparency.
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Property Claims Satisfaction Solid For Insurers
Against a backdrop of deteriorating property loss ratios and low premium growth, property insurers are earning high marks for overall customer satisfaction, but there are still some components of the claims process that are falling short, according to the J.D. Power 2019 U.S. Property Claims Satisfaction Study.
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Auto Insurance: Ontario's Most Expensive Cities
From Hamilton to Brampton, Vaughan to Whitby, drivers in the Greater Toronto Area pay more for auto insurance than drivers elsewhere in the province. According to Kanetix.ca's InsuraMap, premiums in the five most expensive cities (which are also some of the province's largest) exceed the average Ontario auto insurance premium by up to one thousand dollars.
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Promutuel Extends PolicyCenter To Personal Lines
Promutuel Insurance, one of Quebec's largest Property & Casualty insurers, and Guidewire Software, provider of the industry platform P&C insurers rely upon, have announced that Promutuel Insurance has extended deployment of Guidewire PolicyCenter™ to its personal lines of business.
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Great-West Life Expands Cannabis Coverage
With more than 300,000 Canadians and counting choosing cannabis for medical treatment, Great-West Life is pleased to announce it has expanded its coverage of medical cannabis, including a new agreement with Shoppers Drug Mart Inc. to deliver its Medical Cannabis Coaching Program.
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Arthur J. Gallagher To Acquire JLT Global Aerospace Operations
Arthur J. Gallagher & Co. has announced the signing of an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT). The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by Marsh & McLennan Companies, Inc.
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Portage la Prairie Mutual Selects Guidewire
The Portage la Prairie Mutual Insurance Company and Guidewire Software are pleased to announce that Portage has selected a Guidewire InsurancePlatform™ product, Guidewire ClaimCenter™, as its new claims management system in the first phase of its Legacy System Replacement strategy. Guidewire PartnerConnect™ Consulting member CGI has been selected to lead the implementation project.
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Aviva Appoints Maurice Tulloch CEO
Aviva plc is pleased to announce Maurice Tulloch as the new Chief Executive Officer, effective March 4, 2019.
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Cellphone Tickets: Don't Lost Your Car For A Week
Receiving a second cellphone ticket within a year triggers an immediate roadside vehicle impoundment under The Traffic Safety Act. That means the vehicle is towed from roadside and impounded for seven days, while the owner is stuck with the bill for towing and storage. It also results in four demerits under SGI's Safe Driver Recognition program.
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Manitoba Issues Flood Outlook For 2019
The risk of major spring flooding in the Red River Valley in 2019 is high, Manitoba Infrastructure Minister Ron Schuler has warned.
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