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INSURANCE INDUSTRY NEWS
Carvana, Root Partner On Industry-First Integrated Auto Insurance Solutions
Carvana, the leading e-commerce platform for buying and selling used cars, and Root, Inc., the parent company of Root Insurance Company, the leading InsurTech carrier, have announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals.
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UV Insurance Selects Finaeo To Drive Next-Gen Digital Distribution For Advisors
Finaeo and UV Insurance are pleased to announce they are launching their first partnership to make headway in the digital development of the insurance industry. For over 130 years, UV Insurance has been providing clients with individual and group insurance, investment, and retirement products by offering flexible and customizable products. UV Insurance is partnering with Canada's largest broker-focused life insurance marketplace, Finaeo, to help insurance advisors further enhance their experience in the life insurance and critical illness buying process.
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Economical Selects Shift Technology For Fraud Detection
Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, has announced that Economical Insurance, a leading property and casualty insurer in Canada, will deploy Shift Claims Fraud Detection, one of the solutions comprising the Shift Insurance Suite. The insurer will use Shift's technology to better spot potentially suspicious claims in its Personal and Commercial Auto and Property lines of business.
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Quadient, UiPath Partner to Automate Omnichannel Customer Communications
Quadient is pleased to announce it has partnered with leading enterprise automation software company UiPath. Quadient’s partnership and integration with UiPath helps enterprises digitally transform customer experiences while maintaining regulatory compliance on customer communications, boosting productivity, reducing cost and improving employee satisfaction.
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Guidewire Acquires Leading InsurTech HazardHub
Guidewire Software, Inc. has acquired HazardHub, a leading InsurTech provider of API-driven property risk insights to the P&C insurance industry. HazardHub powers decisions for more than 110 organizations, including insurers, reinsurers, brokers, MGAs, and other InsurTechs. Insurers use HazardHub to underwrite with confidence, micro-segment rating zones, manage risks profitably, and drive competitive advantage.
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Strong Portal Capabilities a Competitive Difference for Defined Contribution Providers
Defined contribution plan providers continue to make technology investments across the value chain in response to regulatory changes, expanded competition, and the ongoing pressure related to margins. In a new report, Aite-Novarica Group provides an overview of defined contribution retirement plan provider business and technology issues, data about the marketplace, and several examples of recent technology investments by insurers offering defined contribution retirement plans.
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Brokers, Agents Break All-Time Growth Records
Buoyed by the hard market and rebounding economy, U.S. independent agents and brokers posted their highest organic growth rate in the 13-year history of Reagan Consulting’s Growth & Profitability Survey in the second quarter of 2021.
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Billyard Insurance Expands In Eastern Canada
Billyard Insurance Group has officially expanded into Nova Scotia, making their first mark on Eastern Canada. The company whose philosophy is to “think BIG” saw this business move into the Maritimes as a natural succession of growth after successfully expanding into Western Canada early this year.
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Hailstorm Alley: What Does It Mean For Your Car?
Each year, Albertans are faced with severe damage from devastating hail storms across the province, such as the Calgary hailstorm on July 2nd. Discover how Albertans are affected by these storms and how much money is being spent on hail damage each year.
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Barrie Tornado Insured Damage Total
The six EF-2 strength tornadoes that hit the Barrie area on July 15 caused CAD 75 million in insured damage, according to initial estimates from CatIQ. The tornadoes resulted in 10 injuries, 71 uninhabitable homes and more than 2,200 insurance claims for damage to personal and commercial property.
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Economy Tops Election Issues For Businesses
The economy is the top issue small business owners want addressed in the upcoming federal election, with small business recovery coming in second, but less than one-quarter of business owners are confident that their concerns will receive enough attention, according to a new survey from the Canadian Federation of Independent Business.
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IBC Statement On Liberal Party Climate Resilience Announcement
Justin Trudeau has announced that, if re-elected, his government will build on the success of the EnerGuide home rating system for energy efficiency by developing a companion approach for scoring the climate resilience of our homes.
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