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INSURANCE INDUSTRY NEWS
Cyber Threats Are Top Overall Business Concern
The 2019 Travelers Risk Index reveals that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014.
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Insurers’ Role In Flux As InsurTechs Master CX
The insurance industry is facing a structural shift where effective collaboration with InsurTechs is essential in order to meet rising customer expectations, according to the 2019 World InsurTech Report by Capgemini and Efma.
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Duuo Launches Peer-To-Peer Rental Insurance
Duuo, a digital insurance brand created by The Co-operators, has announced its launch of Rent-my-Stuff Insurance, Canada's first on-demand digital insurance for peer-to-peer sharing platforms. Now available through Traveling Munchkin, a Canadian platform that allows parents to rent baby gear locally, Rent-my-Stuff Insurance provides protection for peer-to-peer rental-specific damages and losses.
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Slice Announces Duuo On-Demand Event Cover
Slice Labs is pleased to announce that Duuo, an on-demand digital insurance brand from The Co-operators Group, has launched an on-demand Event insurance offering built on the Slice Insurance Cloud Services platform.
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Mitchell Launches Intelligent Estimating Solution
Mitchell International, a leading provider of technology and information solutions to the P&C insurance and Collision Repair industries, has announced the release of its Mitchell Intelligent Estimating™ solution – an advanced, artificial intelligence claims automation solution.
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Hubio Launches Farm Insurance Digital Platform
Hubio Technology, a provider of P&C insurance solutions that enable frictionless transactions, is pleased to announce the launch of “Bloom” for Trillium Mutual Insurance on Hubio's collabor8 cloud solution, showcasing Trillium's specialized farm insurance solutions.
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FCA Joins Canadian Broker Network
Canadian Broker Network (CBN), Canada's leading network of independent insurance brokers, is pleased to announce that effective immediately, Firstbrook Cassie and Anderson Ltd. (FCA Insurance) has joined CBN.
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Acrisure, Tulco Unveil Altway Insurance
Global insurance broker Acrisure and leading investment company Tulco Holdings have unveiled Altway Insurance, a direct-to-consumer brokerage platform which is fully supported by artificial intelligence.
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CSIO Announces Applied Systems Epic Integration
CSIO is pleased to announce that Applied Systems has integrated the My Proof of Insurance solution with the latest release of Applied Epic, enabling brokers to send customers digital policy documents for personal and commercial lines, including proof of auto insurance (eSlips), without leaving the management system.
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Munich Re, FRISS Extend Partnership Globally
FRISS, the market leader in AI-powered fraud and risk solutions for the P&C insurance industry, has announced that they have extended their partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions, to now globally support insurers in the fight against fraud.
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Gore Mutual Selects Guidewire Cloud Platform
Gore Mutual Insurance and Guidewire Software have announced that Gore Mutual has selected Guidewire ClaimCenter™ as part of its claims technology transformation. ClaimCenter will be implemented and delivered as a Software-as-a-Service (SaaS) solution via Guidewire Cloud™, which is powered by Amazon Web Services (AWS).
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IT Spending Up for 2020: Novarica CIO Study
Insurer IT spending is growing for 2020 as insurers seek to improve speed to market, distributor service, and analytics capabilities, according to the 12th annual "Insurer IT Budgets and Projects" report from Novarica, which also finds that security is consuming a greater percentage of overall IT spending than in prior years.
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BrokerLink Grows With Double Acquisition
BrokerLink is pleased to announce that Jamber Insurance Services and Routh Chovaz Insurance Brokers have joined the company, effective October 1st. Terms of the transactions were not disclosed.
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Navacord Reaches Major Premium Threshold
Navacord has surpassed the billion-dollar premium threshold with the addition of Vancouver Island-based Waypoint Insurance Services, effective Oct. 1.
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Navacord Announces Expansion In Sask.
Navacord is pleased to announce its strategic expansion in Saskatchewan with the addition of Hoffmann Kool Insurance and Life Line Insurance, effective Oct. 1.
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Sun Life’s New Permanent Life Insurance Solutions
Sun Life has announced its offer of simple and flexible options for guaranteed protection with the addition of two new permanent life insurance solutions, SunUniversalLife Pro and Sun Permanent Life.
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IPG Expands TPA Offering Across North America
SCM Insurance Services has announced the continued expansion and enhancement of its Third-Party Administrator (TPA) offering under International Programs Group (IPG). By bringing together two premier U.S. TPAs, IPG becomes the preeminent provider of TPA services in North America.
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Owners Missing Key Details Of Insured Property
A new home insurance survey conducted by LowestRates.ca reveals that the majority of Canadians don't know key details about their homes, meaning that when it comes time to get home insurance, their initial quote might not match the final price.
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Alert Labs Expands Water Tech Solutions
Alert Labs, designer of easy-to-install, cellular-connected home protection technology, has announced its newest smart water solutions. Flowie-O and Shuttie lower utility costs and minimize property damage for residential, multi-family, and commercial buildings.
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Hub Acquires Regency Advisory Corporation
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Saskatoon-based Regency Advisory Corporation. Terms of the transaction were not disclosed.
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Hub International Acquires ProCorp Financial
Hub International Limited is pleased to announce that it has acquired Ottawa-based ProCorp Financial Inc. Terms of the transaction were not disclosed.
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Great-West Life Launches Health Platform
Great-West Life has announced the launch of Health Connected®, a mobile-friendly health and wellness platform that draws on strategic features to encourage users to take charge of their health. And until December 31st, users can win wellness prizes from Great-West Life.
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The Future At Lloyd’s: Blueprint One Unveiled
Lloyd's has launched the Future at Lloyd's Blueprint One, which describes Lloyd's strategy to build the most advanced insurance marketplace in the world and includes details of coming initiatives for customers and market participants.
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Hurricane Dorian Insured Damage Tallied
Hurricane Dorian caused more than CAD 105 million in insured damage after it hit Atlantic Canada on Sept. 7, according to CatIQ and IBC. Most of this amount represents damage to personal property, one-quarter is from damage to commercial property, and the remainder is damage to automobiles.
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How To Avoid A Distracted Driving Ticket
Distracted driving is the focus of this month's Traffic Safety Spotlight. The number of distracted drivers has gotten out of hand, and since most distracted driving tickets are for cellphone use while driving, keeping your phone "out of hand" is a great way to start if you would rather avoid a ticket.
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Richer Data Improves Flood Risk Evaluation
A new study by Canadian Water Network and Insurance Bureau of Canada highlights the potential to improve the accuracy of flood hazard maps – used by governments and insurers to determine flood risk – through the incorporation of richer data.
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Canadians Falter On Money Matters: Survey
Canadians give themselves dismal grades when it comes to their financial literacy and understanding of common financial products, according to a new national survey by insurance comparison site Rates.ca.
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Planning Retirement? “Ditch The Rear-View”
When it comes to planning for retirement, too many people (and financial professionals) are stuck looking backward. In the coming years, the first wave of Baby Boomers will turn 80. More than half of them will require some form of long-term care at some point, and one in five will need it for more than five years, according to U.S. data.
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CFOs Operating More Like Strategy Officers
Global consulting firm Protiviti has released the findings of its annual Finance Trends Survey, which reveals the continuation of a significant shift in the priorities and activities of Chief Financial Officers and senior finance executives.
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Digital Tokens Transform Consumer Interaction
A new survey by KPMG reveals that consumers across all age groups are increasingly willing to make purchases with tokens, indicating a wide range of opportunities for businesses to engage with their customers and transform commerce using blockchain.
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