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INSURANCE INDUSTRY NEWS
Formal Digital Transformation Strategy Lacking
With the surge in workplace automation showing no signs of abating, relatively few North American employers have developed a formal digital transformation strategy, according to a new survey by Willis Towers Watson. Additionally, a majority of employers say they need a “breakthrough in leadership development” to address the challenges arising from workplace automation and the increased use of contingent workers that has accelerated in its wake.
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Lambton Mutual Goes Live On Cognition+
Lambton Mutual Insurance Company (LMIC) 'goes live' in production with Cognition+, a web-based insurance enterprise platform. This represents the initial step in a transformational change project geared towards enhancing LMIC's support to their members and community through improved access and efficiencies for their sales channels, agents and brokers, and their team.
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SureCam Partners With Concirrus
SureCam, the market leader in connected camera technology, has announced a partnership with Concirrus, a leading InsurTech, to provide a ground-breaking solution that is set to revolutionize the claims process and deliver significant ROI for fleet operators.
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Apollo Exchange Unveils Automated Bordereaux
Apollo Insurance is pleased to announce that the Exchange now offers carriers the ability to automatically generate bordereaux. Bordereaux generation has been a major friction point for brokers and MGAs across Canada, as they have traditionally had to be manually compiled. Through the Exchange, those reports can now be produced with one click.
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SSQ Insurance Partners With nesto.ca
SSQ Insurance is proud to announce a partnership agreement with nesto.ca, a young company with innovative technology enabling mortgage transactions to be completed entirely online.
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Moving Away From Traditional Business Models
According to new research findings released by NTT DATA Services, new digital technologies, increased competition, and evolving customer expectations are driving 61% of financial services and insurance companies (FS&Is) to shift away from traditional, vertically-integrated business models of offering customers only their own products.
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DroneBase Buys Betterview Inspection Software
DroneBase, the leading global drone services company, has acquired Betterview's drone roof inspection software and services, establishing the company's first foray into analytics and first purchase. The transition will seamlessly carry over both the software technology and customers to DroneBase, while Betterview will solely focus on its risk management platform, which is based on manned aircraft and satellite imagery.
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FM Global Invests In Startup RiskGenius
FM Global, one of the world's largest commercial property insurers, has invested in RiskGenius, an InsurTech startup company that applies artificial intelligence and machine learning to automate underwriting processes. It is the largest investment FM Global has made in a startup to date.
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Applied Rating Index Q2 2019
Applied Systems® has announced the latest results of the Applied Rating Index™. In Q2 2019, average premiums for both Personal Auto and Personal Property lines increased, both relative to the same quarter in 2018 and versus this year's Q1. Year over year, all provinces experienced an increase in average premiums in both Personal Auto and Personal Property.
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Cyber Risk Management: Security To Resilience
Since 2017, risk experts have consistently ranked large-scale cyber attacks and data fraud among the top five mostly likely risks around the world. Despite growing anxieties about cyber threats, cyber resilience strategies and investments continue to lag.
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Hartford InsurTech Hub Opens Applications
Hartford InsurTech Hub, powered by Startupbootcamp, has opened applications for the third year of its accelerator program. InsurTech startups that have shown strong traction and are looking to connect with big insurance companies in the U.S. are encouraged to apply by October 4.
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La Capitale Launches Pure Series Life Insurance
La Capitale Insurance and Financial Services has launched a range of life insurance products featuring very competitive rates. With its brand-new Pure Series, La Capitale offers a range of affordable term insurance products for 10, 20, 25, 30 and 35 years to better meet its clients' needs.
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Digital Innovations In P&C Claim Payments
The act of paying an insurance claim has been an afterthought for P&C insurance carriers, but given shifting consumer preferences and new technology, carriers have several innovative digital claim payment options at their disposal. Aite Group's latest report examines the environment for P&C insurance claim payments, which methods are being employed, and what options are emerging to pay claims.
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Distribution/Compensation Management Systems
In its latest Market Navigator report, Novarica provides an overview of the available stand-alone distribution and compensation management systems currently available to US insurers, with detailed profiles of 10 vendor solutions.
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Strong Online Presence Drives Growth: BDC
A new study released by BDC, Canada's bank for entrepreneurs, finds that growing a business online equates with higher revenues, direct communication with customers and easier access to global markets. The study indicates that, although being online fuels growth, only 4 out of 10 Canadian SMEs with an online presence sell, receive and take orders online. Consequently, 60% of Canadian SMEs are missing huge growth opportunities.
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Player’s Health Closes Investment Round
Player's Health has secured funding to support growth and capitalize on existing and new opportunities. The round was led by InsurTech specialist investor Eos Venture Partners and Sports Tech-focused investor Will Ventures.
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Industry Buys Into RiskGenius Yet Again
RiskGenius, a company which provides software-based natural language processing (NLP) tools for improving the quality and accuracy of insurance policies, has announced it has completed a Series B financing led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda.
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On Side Announces Acquisition, New Branch
On Side Restoration is pleased to announce the June acquisition of Cope Construction Ltd., which included the Windsor Promus Restoration location.
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NTT DATA A Google Cloud Premier Partner
NTT DATA Services is pleased to announce it has become a Google Cloud Premier Partner, the highest status a Google Cloud partner can achieve, as a result of a multi-year collaboration and joint cloud investments between the two companies.
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A.I. To Reduce Workers’ Comp Litigation Costs
Aon plc has expanded its strategic alliance with CLARA analytics, the leading provider of artificial intelligence technology in the commercial insurance industry, to help prevent litigation from entering the Workers' compensation claims process and help U.S. companies reduce costly fees.
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Majesco Launches Industry Influencers Podcast
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, has announced the launch of their Future of Insurance: Industry Influencers podcast series.
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KPMG Patents Third-Party Vulnerability Monitor
KPMG has been granted a patent by the US Patent and Trademark Office for performing signals processing, dynamic analysis, and forecasting of risk. KPMG's new patent is a core component of KPMG's Third Party Intelligence service, launched in 2016, which empowers businesses to take pre-emptive action against third-party disruption, such as disruption within a supply chain.
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CAA Travel Insurance Launches New Riders
CAA Travel Insurance has introduced two new travel insurance products to give travellers more choice and protection: a Seven-Day Pre-Existing Condition Rider and an Adventurous Air Activities Rider, both of which are not typically available in standard travel insurance policies.
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Wellness Programs Improve Wellbeing: RBC
Employee health and happiness are linked to better performance and productivity, and four out of five working Canadians report that their overall wellbeing would improve if their employer were to offer personalized wellness programs, according to a new RBC Insurance poll.
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Stay Safe Around Water This Summer
It's National Drowning Prevention Week (July 21-27), and the Lifesaving Society Quebec Branch, in partnership with Allstate Insurance Company of Canada, would like to remind everyone to stay safe and be responsible around water this summer.
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