INSURANCE INDUSTRY NEWS
New Cybersecurity Collective Gathers Expertise
With cyber threats such as fraud, identity theft and data theft proliferating and the skilled talent pool in computer security diminishing, Desjardins Group, National Bank, Deloitte and RHEA Group are teaming up to support the creation of CyberEco, a new organization that will lead to the establishment in Québec of a talent and expertise collective in cybersecurity.
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Financial Services Improving Cyber Resilience
Despite the volume of cyber attacks increase, financial services firms are closing the gap, having stopped four in five of all breach attempts last year, up from two-thirds in 2016, according to new research from Accenture. But the study also notes that firms will need to improve their security procedures to ward off increasingly sophisticated attacks.
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Expect Higher Cyber Losses Over The Next Year
Insurance companies expect increased cyber-related losses across all business lines over the next year, driven by increasing reliance on technology and high-profile cyber-attacks, according to Willis Re's Silent Cyber Risk Outlook global survey.
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InsurTech Seen As Opportunity More Than Threat
The wave of investment in InsurTech continues, and InsurTechs are increasingly seen as chances for insurers to partner, license technology, or to learn. In a new report, research and advisory firm Novarica outlines the InsurTech landscape today and profiles more than 150 startups, focusing on the relevance of each to incumbent insurers.
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Insurance Faces a Platform-Fueled Future
Deep-rooted paradigms in the insurance industry are shifting. With bespoke legacy systems impeding innovation, leading carriers are looking to industry platforms – often powered by entrepreneurial InsurTechs and other technology providers – to reduce cost, enhance flexibility and most importantly, improve customer experience and engagement.
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CNA Canada Launches Suite Of Tailored Products
CNA Canada, a leading specialist commercial insurance provider, has announced the launch of oneworld+SM, a tailored suite of products, designed to reflect the evolving needs of today's businesses.
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Successful MCCG Integration With Risk Control
Mutual Concept Computer Group Inc. (MCCG) has successfully integrated the Insurance Business Solution (IBS®) with Risk Control Technologies' Loss Control Management Software in collaboration with Farm Mutual Re. This integration simplifies the process of ordering one or many inspections by mutual insurance companies using the IBS® thus removing the need for manual duplicate entry within both systems and ensuring a higher level of data quality. Six Ontario mutual insurers have adopted this process in production with many more expected to follow.
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Claims Is A People Business: The New Definition
Claims executives are at a crossroads where many questions arise. SMA’s new research report into Claims Transformation explores emerging technologies and trends in claims operations. Relative to the people business theme there are several areas of innovation where concerns, expectations, and answers merge!
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Symbility Streamlines Claims Connect
Symbility Solutions has introduced a completely revamped interface to its marquee product, Symbility Claims Connect®, which makes the complex property insurance claims process easier, faster, and more efficient than ever before for carriers and the supply chain vendors that support them.
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Allied Insurance Services Joins BrokerLink
Allied Insurance Services Ltd., an Alberta brokerage, has joined BrokerLink. The brokerage joined BrokerLink because of the company's customer-service approach and scale to handle customer needs.
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The Art of InsurTech Naming: SMA
What is it with InsurTech brand names? Among the 1,000+ InsurTechs SMA is tracking are a wide range of names, ranging from the clever to the practical to the bizarre. There is also functional naming – hearing the name Insuresoft, it is clear that they create software solutions for the insurance industry.
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PCS Launches Global Cyber Industry Loss Index
Property Claim Services®, a Verisk business, is excited to announce the enhancement of PCS Global Cyber™ with coverage for cyber catastrophe events.
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Crawford To Launch A.I. Solution For Auto Claims
Crawford & Company and ClaimGenius are collaborating on AI Mobility solutions that will improve the processing speed and accuracy of automobile insurance claims by integrating Crawford’s state-of-the-art WeGoLook service and ClaimGenius's AI predictive image analytics product to provide virtually instant damage analysis and claim estimates.
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Ironshore Rebrands As Liberty Mutual Canada
Liberty Mutual Insurance is pleased to announce that Ironshore Canada and Liberty International Underwriters (LIU) are being rebranded as Liberty Mutual Canada. Liberty Mutual Insurance completed its acquisition of Ironshore in 2017.
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Hurricane Tips For Residents And Businesses
Hurricanes season is underway, and while the United States tends to bear the brunt of these events, they can still have a significant impact on Canadian communities. FirstOnSite Restoration offers these tips to minimize a hurricane's impact on your home or business and keep flood damage at bay.
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Drivers ‘Witness’ Distraction, Don't Admit To It
Many things can distract drivers behind the wheel (including smartphones, passengers, food, and technology) but the latest Desjardins survey reveals these obvious dangers – especially those related to smartphone use – are still not clearly recognized by many Canadian drivers.
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