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INSURANCE INDUSTRY NEWS
Change In Re/insurance Is Accelerating: Swiss Re
Swiss Re expects further rate increases for loss-affected and underperforming businesses, amid continued capital abundance in the reinsurance market. To ensure long-term sustainability, further rate increases are needed. The ongoing hurricane season highlights the importance of pricing that adequately reflects risk.
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Safeguarding Value In The Era Of Cyber Risk
The cost of global cyber losses is predicted to reach USD 6 trillion annually by 2021, and organizations that fail to prepare will be left in the dark on the day of a cyber-attack, facing escalating costs and irreparable reputational damage.
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Apollo Enters US Market With Gallagher, Beazley
Canada's largest insurance marketplace has entered the American market with a liability insurance product tailored for educators in California. The product allows consultants, instructors and therapists to purchase their mandatory liability coverage online and in real-time.
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Mitchell Issues Q3 Industry Trends Report
Mitchell International has released its third-quarter Industry Trends Report, which shares insights on leveraging emerging claims technology to improve strategic decision-making.
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Record-Breaking Investments In InsurTech
Hampleton Partners' InsurTech M&A Market Report reveals that 2019 global fundraising for InsurTech neared USD 3 billion in H1 2019 and is on track to reach USD 6 billion this year.
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Zurich, Driveway Launch Telematics Platform
Driveway Software has entered into a cooperation agreement with Zurich Insurance to leverage the Driveway technology platform and analytics engine to power mobile experiences with insights, safety solutions and connected services.
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Viaction Taps Breathe Life To Improve CX
Viaction Assurance has implemented the Breathe Life enterprise commerce platform to help the company deliver a great consumer experience through a modernized insurance purchase process.
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Data Exchange Working Group Completes First Reusable Data Service
The Insurance Brokers Association of Canada (IBAC) is pleased to announce that the Data Exchange Working Group has completed the first Reusable Data Service (RDS), demonstrating the efficacy of this approach and setting the stage for future success.
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Professional Liability For Crossfit Instructors
Apollo Insurance Solutions is pleased to announce that through partnership with Trisura, it now offers a liability insurance package for CrossFit instructors, enabling brokers to quote, bind, and issue policy documents in real-time.
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SNAP Signs MGA Agreement With K&K Insurance
SNAP Premium Finance Group, one of Canada's largest payment solutions providers, has partnered with MGA K&K Insurance to give clients in the sports and entertainment space an easier way to pay for their insurance policies.
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Business & Technology Trends: Personal Lines
With low interest rates and high competition for clients and producers, personal lines carriers are investing in InsurTech to get ahead with an emphasis on digitalization. In a new report, Novarica provides an overview of personal lines provider business and technology issues, market trends, and technology investments.
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Brokerages Consistently Adopting Digital Tech
Applied Systems has released the findings of its annual Applied Digital Brokerage Survey, providing an industry-wide benchmark for brokerages to measure their digital technology adoption and progression towards digital transformation.
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InsurTech Partnerships Require Insurers To Adapt
Insurers are increasingly realizing the benefits of InsurTech partnerships, but working with InsurTechs successfully requires insurers to adapt their approach. A new report by Novarica explores InsurTechs' experiences working with insurers to help insurers understand what's working and what's not.
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How Collaboration Between IT & Risk Management Can Enhance Value Creation
IT and risk management professionals must speak the same language to effectively incorporate the benefits of data and technology into the organizations' overall strategy and to add value, according to a new white paper from ISACA and RIMS.
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Aon Launches Auction For Reinsurance Renewals
Aon plc has launched an auction capability for the January 1st, 2020, reinsurance placements as the firm continues to invest in innovative technology and bring additional options to secure pricing for its insurer clients.
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Applied Systems Releases Applied Epic 2019
Applied Systems has released Applied Epic 2019, which drives greater efficiency and value for brokerages through more automated workflows, integrated customer communications and advanced insurer connectivity at each stage of the lifecycle.
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Chubb Solution Protects Auto Clients’ Privacy
In response to new risks associated with high-tech automobiles, Chubb has launched a new exclusive service to help personal auto clients remove sensitive electronic information from their vehicles in the event of an insured total loss.
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Businesses To Benefit From Telemedicine Service
Teladoc Health, the global leader in virtual care, is pleased to announce its partnership with Johnston Group, which will see more than 30,000 small to medium-size businesses be the first in Canada to access Teladoc Telemedicine Services.
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Element AI Raises CAD 200M In Series B Round
Element AI, a global developer of artificial intelligence-powered software solutions, has raised CAD 200 million in a Series B Round of financing. This investment will allow Element AI to accelerate the deployment and commercialization of solutions that meet customer needs for the operationalization of AI, while continuing to develop AI products.
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Daimler Public Testing Autonomous Trucks
Daimler Trucks and Torc Robotics are actively testing automated trucks with SAE Level 4 intent technology on public roads. The initial routes are on highways in southwest Virginia, where Torc Robotics is headquartered.
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Top 15 Extreme Risks For Investors: TAI
The Thinking Ahead Institute's Extreme Risks 2019 report and ranking, which categorizes rare events that could have a high impact on global economic growth and asset returns, has a new top three: global temperature change, global trade collapse, and cyber warfare.
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IBC Joins GCA In Urgent Call For Adaptation
Insurance Bureau of Canada congratulates the Global Commission on Adaptation on its flagship report, which found that investments in climate adaptation have very high rates of return – a clear call to action to all nations to adapt now.
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July Prairie Storms Insured Damage Tallied
The severe storms that hit Alberta, Saskatchewan and Manitoba in July caused more than CAD 130 million in insured damage, according to CatIQ. Nearly two-thirds of this damage was to personal property.
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