|
INSURANCE INDUSTRY NEWS
Why I'm Stoked About CSIO's Minimum Data Set
By Kevin Campbell, CEO, Policy Works
The Holy Grail of the insurance industry used to be, and arguably still is, “Single Entry Multiple Company Interface” (SEMCI). That's why I'm stoked about the recent and rapid progress that CSIO is making in commercial lines with their Minimum Data Set initiative. Not only will it lead to faster quotes, reduced double-entry, download of commercial policies and automated eDocs workflows, I believe it will allow us to finally achieve real-time quoting with multiple insurers for some small business risks.
Read more.
“Smart Home Insurance” Whitepaper
The IoT Insurance Observatory and American Family Insurance have released a “Smart Home Insurance” paper which provides a concrete and pragmatic view of the smart home opportunity for insurers. It's a deep dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences.
Read more.
Applied Systems Acquires TechCanary
Applied Systems has announced the acquisition of TechCanary, the leading insurance CRM system built on the Salesforce.com platform. This acquisition expands Applied's sales and marketing solutions and demonstrates the company's commitment to automating both front and back office workflows for every role within an brokerage, insurer and MGA.
Read more.
Aviva Releases 2018 Global Claims Data
For the second year running, Aviva has published the data on all of the claims it received, paying out 98% of all claims received – one every four seconds, across 14 countries and multiple lines of business.
Read more.
Gore Launches Customer-Centric Claims
Gore Mutual is proud to introduce ClaimCare, its new customer-centric approach to claims using human-centred design. In creating ClaimCare, Gore conducted extensive research in order to map out the customer claims journey and experience.
Read more.
Duuo By The Co-operators Expands Into Québec
Duuo, The Co-operators' digital insurance brand, has announced its launch in Québec. Short-term rental hosts in Quebec now have access to an on-demand, pay-per-use insurance that fills a growing need in the marketplace, providing greater flexibility for an expanding segment of the population who rent their homes as participants in the sharing economy.
Read more.
AI-Driven Text Communications Enhance Claims
QBE North America, an Integrated Specialist Insurer, has announced the availability of artificial intelligence-based services called TextQBE to help enhance conversations with customers during the claim process. The move is part of the company's commitment to providing customers with an unparalleled experience of excellence.
Read more.
Aon Unlocks Trends With Groundspeed's AI
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has uncovered invaluable insights by identifying 170 million data points from historical insurance documents with the help of Groundspeed's artificial intelligence technology.
Read more.
The Co-operators InsurTech Investment Fund
The Co-operators is further expanding its InsurTech investment by introducing a fund to facilitate partnerships with InsurTech firms. The investment fund reflects the organization's commitment to address the unmet insurance and financial services needs of Canadians participating in a fast-paced and ever-changing digital economy.
Read more.
Foresters Announces Strategic Transactions
Foresters Financial has entered into definitive agreements to sell assets related to its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, and its U.S. broker dealer and advisory business to Cetera Financial Group.
Read more.
The Co-operators Acquires Robinson & Associates
The Co-operators is pleased to announce it has purchased Robinson & Associates Insurance Brokers in Niagara Falls and Ridgeway, Ontario.
Read more.
Hub Acquires Entertainment Book Of Business
Hub International Limited, a leading global insurance brokerage, announced today that it has acquired an entertainment book of business from Callow Insurance Associates Ltd., a Vancouver, British Columbia-based insurance firm. Terms of the transaction were not disclosed.
Read more.
US Partnership Advances Smart Home Protection
American Family Insurance is partnering with innovative U.K. start-up Neos to bring a unique product offering to U.S. customers, helping proactively protect their homes using smart home technology and related products and services. This exclusive relationship, the first of its kind for a U.S. insurer, advances American Family's industry-leading, multi-year effort to provide comprehensive prevention and protection for homeowners.
Read more.
Matrix, Besurance Launch Free Wellness Program
Clients, colleagues, and employees of Matrix Labour Leasing are invited to a free health and wellness program on Besurance Corporation's You 2.0 mobile app platform. The co-branded You 2.0 experience will offer the Matrix community a variety of daily micro-activities ranging from mindfulness, fitness, nutrition and finance specific to the skilled trades demographic. All activities are delivered in a learn, action, and test format with snippets of digestible information.
Read more.
March Floods Cause Billions In Economic Losses
Aon plc has launched its latest Global Catastrophe Recap, which reveals that worldwide damage from flooding in March 2019 is estimated at USD8 billion from events across the globe.
Read more.
Secondary Perils Wreak Growing Devastation
The catastrophe loss experience of the last two years is a wake-up call for the insurance industry, highlighting a trend of increasing devastation wreaked by so-called “secondary” perils (independent small to mid-sized events, or secondary effects of a primary peril). Insured losses from natural catastrophes in 2018 were USD 76 billion, the fourth highest one-year total, according to the latest sigma report from the Swiss Re Institute, and more than 60% of the losses resulted from secondary perils.
Read more.
| 
