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INSURANCE INDUSTRY NEWS
Growth In Sharing Economy, Mobility Sector Will Stall Unless Insurance Evolves
In order to support accelerating changes in the global sharing economy and mobility sector, new forms of insurance need to be created, according to a new report from Marsh which analyzes the global trends shaping the way societies around the world will move, share, and trust over the next year.
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Travelers Outlines Framework For Autonomous Vehicle Insurance In Canada
The Travelers Institute, the public policy division of The Travelers Companies, Inc., has released its position paper on “Insuring Autonomy” in Canada, which presents the company’s assessment of how the existing auto insurance structure can be leveraged for autonomous vehicles.
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Swiss Re, TNEDICCA Partner For More Accurate Auto Risk Segmentation
Swiss Re has announced a strategic partnership with TNEDICCA®, the leader in traffic crash data and location risk analytics. TNEDICCA's proprietary Location-Based Risk Score and its location risk data are integrated with Swiss Re's Motor Market Analzyer to enable insurance companies to more accurately assess and price auto risk, improving insurers' profitability.
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APOLLO Insurance Partners With Finaeo
Apollo Insurance has partnered with Finaeo, Canada's largest broker-focused life insurance marketplace, to offer insurance brokers and their clients access to their mutual suites of products. Brokers partnered with either Apollo or Finaeo can now access both Apollo's suite of small business and personal lines insurance products, as well as Finaeo's suite of digital life and health insurance products.
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RATESDOTCA Enables Customers To Compare Rates From Onlia
Ontarians seeking the best rates on auto insurance and home insurance using RATESDOTCA's free-to-use comparison tools will now be able to include pricing from Onlia, digital provider of insurance.
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Quadient, Duck Creek Expand Joint Offerings
Quadient, a leader in helping businesses create meaningful customer connections, has expanded its collaboration with Duck Creek Technologies, a global provider of core system solutions to the P&C and general insurance industry. The new collaboration helps insurance companies streamline the issuance of core policy communications through the integration of the Duck Creek Policy solution with Quadient Inspire, a suite of customer experience and customer communications management solutions.
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Cyber Risks In A New Era: Reinsurers Could Unlock The Cyber Insurance Market
The pandemic changed how we shop, learn, and work, impacting the cyber risk landscape. E-commerce is booming, schools and offices have adapted to remote learning and working, and demand for cyber re/insurance coverage has increased significantly, mainly because of a heightened and rising awareness of cyber risks. According to a new S&P Global Ratings report, these digitization trends are here to stay and will inevitably lead to a higher likelihood of cyber incidents.
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Microsoft, At-Bay Partner To Offer Data-Driven Cyber Coverage
Microsoft has announced a new multi-year commitment to help the insurance industry create superior and data-driven cyber insurance products backed by Microsoft's security solutions. Under this initiative Microsoft is launching a partnership with groundbreaking cyber insurance company At-Bay.
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Importance Of Better C-Suite Decision-Making In Wake Of Pandemic
Aon plc has announced the results of its recent survey, A New Approach to Volatility: The Importance of Making Better Decisions. More than 18 months after the outbreak of the global pandemic, Aon surveyed 800 C-suite leaders and senior executives to reveal how organizations are preparing for and responding to interconnected risks.
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Milestone Moment As Équité Association Launched
Équité Association has formally launched as the Canadian insurance industry's unified front against insurance fraud and exploitation. Insurance fraud and crime are a growing multi-million-dollar societal issue that results in higher premiums, wasted resources and consumer exploitation.
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BIG Begins National Expansion In Edmonton
Billyard Insurance Group has established their first office in Alberta, and the BIG Edmonton South branch is open and ready to serve local residents with reliable and affordable insurance products, including auto & home, business insurance, pet insurance, travel insurance, and life insurance.
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Medical Benefit Costs Set To Grow In 2022
Employer-provided medical benefit costs in Canada are forecasted to rise 7.0 percent in 2022, outpacing general inflation by 5.0 percent, according to the 2022 Global Medical Trend Rates Report released by Aon plc, a leading global professional services firm.
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InsureLine Acquires Majority In Clear Cut
Earlier this year Clear Cut Insurance joined InsureLine's network as a franchise by becoming InsureLine Brokers (Clear Cut). InsureLine has now acquired a majority ownership in Clear Cut, which has offices in Edmonton and Calgary, Alberta.
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DKI Canada Network Expands To Kingston
DKI Canada has announced the opening of a second location of Disaster RX DKI. The new location serving Kingston and the surrounding area opened October 1st.
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Money-Related ‘Shock Moments’ Forcing Canadians To Find New Financial Footing
Co-operators, the financial foundation for Canadians for over 76 years, has expanded from its insurance base into holistic, personalized financial services, investments, multi-line insurance and security. The newly re-branded company has released findings from its latest cross-Canada research indicating that money-related "shock moments' are forcing Canadians to find new financial footing.
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Massive Infrastructure Investment Needed To Prepare For Climate Change
A new report from the Canadian Institute for Climate Choices, Canada’s independent climate policy research institute, finds that climate change impacts could leave Canadians physically and financially underwater as a warming and increasingly volatile climate damages public and private infrastructure. Homes, buildings and critical infrastructure are all at risk, unless new investment and improved regulation make these assets more resilient to the changing climate.
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Majority Of Organizations Struck With Ransomware Pay Demands
At a time when more people are working from home than ever before, Canadian organizations have introduced new security measures to meet increased pressure from hackers, according to the latest edition of CIRA's annual Cybersecurity Survey.
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