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INSURANCE INDUSTRY NEWS
Kent & Essex First To Launch Cognition+
Kent & Essex Mutual Insurance Company has successfully launched Cognition+, a web-based insurance enterprise platform, in production as a further step in their company's digital transformation strategy, providing a number of immediate and longer-term benefits.
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CHES Special Risk Launches On Apollo Exchange
CHES Special Risk Inc. has partnered with Apollo Insurance to offer bind online insurance products through the Apollo Exchange. The first available product is Logging Truck Insurance.
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A.I. Initiatives To Double Within A Year: Gartner
59% of organizations have deployed artificial intelligence (AI) or machine learning (ML), and they have an average of four such projects in place, according to a survey by Gartner. Respondents expect to add six more projects in the next 12 months, and another 15 within the next three years.
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Real-Time Quotes Using CSIO Commercial Lines Data Standards Becoming a Reality
The CSIO Commercial Lines (CL) Working Group continues to make advancements toward the widespread implementation of CL data standards in the broker channel. The Working Group’s goal is to create a starting point where brokers can send CL policy information to an insurer directly from their BMS and receive a real-time quote.
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Are Paper Pink Slips ‘Outdated Technology’?
The Insurance Bureau of Canada has launched a new video campaign, titled “IBC's Museum of Outdated Technology,” highlighting how paper pink slips are behind the times.
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iA Financial Group Extends Instant Acceptance
iA Financial Group has announced that medical requirements, such as a blood profile, vital signs or urine test, will no longer be systematically required for clients 50 and under who buy up to one million dollars in life insurance.
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Oliver Wyman & Corridor Platforms To Collaborate
Global management consulting firm Oliver Wyman and industry-leading risk management platform provider Corridor Platforms have announced a strategic collaboration to provide solutions to banks and non-bank financial institutions as they modernize and digitize credit extension, payments and end-to-end risk management.
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“Escalating” Cyberattacks Costing Firms Millions
Annual losses from cyberattacks averaged USD 4.7 million in the last fiscal year, with more than one in 10 affected firms losing over USD 10 million, according to a new report from ESI ThoughtLab, Willis Towers Watson and other cybersecurity specialists.
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Most Companies Missing Growth Opportunities In The Supply Chain: Accenture
In today's era of ever-growing focus on the customer, only a small number of forward-thinking companies are realizing the unique opportunity their supply chains offer to better meet customer needs, fuel competitiveness and uncover growth, according to a new report.
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Insurance Brands Underperform In Digital
According to new research from Gartner, Inc., U.S. insurance brands are decreasing investment across desktop sites, digital marketing and social media, and prioritizing mobile, but are falling behind in providing a more holistic digital experience for customers, despite their growing willingness to provide data and shop online.
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Insurers Need New Leadership Skills to Drive Transformational Change: Novarica
With core system transformation on the rise, changing demographics, and the growing impacts of InsurTechs and new technologies, insurers need skilled leaders. In a new report, Novarica outlines the leadership tactics necessary to navigate transformational change in three parts: communication and alignment, career development & organizational culture.
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Transactional Risk Insurance At Record Levels
Use of transactional risk insurance significantly increased in 2018, according to a new report from Marsh. Policy limits in excess of USD 1 billion are now available for single transactions as private equity firms and strategic investors increasingly use insurance to reduce the risks associated with mergers & acquisitions.
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Advancing Business In The Digital Economy
Technology is poised to boost Canadian economic prosperity. A June 2019 report, based on research conducted by Salesforce Canada and Gandalf Group, explores the pivotal role that technology plays – and is expected to play – in the success of Canadian business.
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Personal Lines Insurers Must Innovate, Adapt
In the near-term, personal lines insurers are likely to prioritize technology investments to increase speed to market, offer a digital experience, and leverage analytics to improve sales and operations. In a new report, Novarica explores the future of personal lines over the next five years and beyond, with a focus on the role of technology in specific functional areas.
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Apollo Launches BI&I On The Exchange
The Boiler Inspection and Insurance Company of Canada has partnered with Apollo to offer bind online Course of Construction Equipment Breakdown Insurance through the Apollo Exchange.
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RBC Acquires FinTech Startup WayPay
RBC has announced the acquisition of WayPay, a cloud-based payments fintech that offers business clients a best-in-class solution for accounts payable automation and payment optimization.
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NFP Acquires McLean Hallmark
NFP, a leading insurance broker and consultant that provides property and casualty, corporate benefits, retirement, and individual solutions, is pleased to announce it has acquired McLean Hallmark Insurance Group Ltd. The transaction closed July 2nd.
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ClaimsPro Expands In Alberta With LSR
ClaimsPro welcomes niche adjusting firm Lloyd Stiles Rossier, Special Risk Loss Adjusting, to its ranks. LSR brings additional resources and expertise to ClaimsPro, driven by LSR's leadership and specialized experience in commercial, industrial and energy claims.
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Lussier Dale Parizeau Acquires Samson Consulting
Mr. André Lussier, President of Lussier Dale Parizeau and Mr. Jean Samson, President of Samson Consulting Group and his partners, are pleased to announce the grouping of Samson Consulting Group and Lussier Dale Parizeau’s activities.
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Life Insurance Rewards & Incentives Programs
Life insurance policyholders own health-related connected devices, enjoy incentives, and are ready to share personal data in order to gain benefits. It's time for life insurance carriers to build rewards and incentive programs that develop loyalty, increase market share, and provide an endless source of data.
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Accenture Lands New Quantum Computing Patent
Accenture has been granted a US patent for a quantum computing “module” that trains artificial intelligence models to determine which computational tasks would be best handled by quantum computing versus classical computing methods. This could help organizations understand precisely where quantum computing can have the most impact.
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CEOs Hesitate Over Impact Of A.I. On Jobs
Despite expectations of how artificial intelligence will change work, less than half of technology industry CEOs plan to upskill the majority of their workforce during the next three years, according to a new 2019 KPMG report on the future of HR in the technology sector.
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Canadians Don't Understand What's Covered
Canadians are losing sleep over what insurance policies cover and how much they cost, yet nearly one quarter have not read their home or car policies. A new survey by belairdirect reveals Canadian customers are fairly literate in terms of their insurance policies, but there are still some things they need to learn.
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Mental Health A Workplace & Benefits Issue
Canadian employers are increasingly realizing the rising individual and business risks presented by mental health issues, and most are offering paramedical psychology benefits and other programs that support mental health, according to a survey by Aon.
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