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INSURANCE INDUSTRY NEWS
Emerging Risks Facing P&C Insurers
Verisk, a leading data analytics provider, has released a report that gives property/casualty insurers unparalleled insight into today's evolving risk landscape: Insurance Perspectives on Evolving Risks looks across geographic and disciplinary borders to examine themes ranging from climate-related events to blockchain technology and drones.
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Top 10 Strategic IoT Technologies and Trends
Gartner, Inc. has highlighted the top strategic Internet of Things (IoT) technology trends that will drive digital business innovation from 2018 through 2023. Gartner shortlisted the 10 most strategic IoT technologies and trends that will enable new revenue streams, business models, experiences, and relationships.
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L&A Insurers Take Strategy Cues From InsurTech
The rise of new InsurTech entrants has inspired incumbent Life/Annuity carriers to reevaluate the ways they have historically addressed consumer, agent, wholesaler, and broker-dealer needs. In a new brief, Novarica discusses lessons learned in marketing, product, and distribution as incumbent carriers work with and/or alongside innovative startups.
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TIC White Paper: Learnings From D/X Initiative
The Toronto Insurance Council has released an insurance industry white paper detailing learnings from “The D/X Initiative.”
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CFOs Expand Role In Digital Transformation
Chief financial officers at insurance companies and banks are playing a growing role in digital transformation by leveraging new data and analytic technologies and by assuming greater influence in decisions about technology investments, according to new research from Accenture.
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DXP & aPaaS For Insurers: Novarica Overview
Digital engagement with distributors and customers remains high-priority for insurers. While most portals today are either custom builds or vendor applications, insurers are exploring new classes of solution provider to help them deploy digital capabilities. Novarica's latest brief provides an overview of two solution categories—digital experience platforms (DXPs) and application Platform-as-a-Service solutions (aPaaS)—as well as profiles of vendors in both categories.
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Driver Coaching With Telematics: Aite Group
Insurance carriers are desperate to strike a balance between increasing customer engagement and managing downside risks and their bottom lines. Aite Group's latest report, Driver Coaching With Telematics: A Pathway to Carrier Competitive Advantage, examines the challenging trends insurance carriers face, such as greater driver distraction, diminishing driver skills, lack of customer cooperation, and lack of real-time information.
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CoreLogic Expands Flood Solutions Into Canada
CoreLogic® is pleased to announce the availability of its Canada Flood Risk Score and its Weather Verification Services for hail in Canada. Insurers can now streamline the underwriting process, mitigate loss, improve client satisfaction, provide appropriate premiums and deductibles based on a holistic assessment of risk, and build loyalty by settling claims more efficiently.
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Cyber Attacks Are Top Risk In North America
Cyber-attacks are the number-one risk in North America – and also in Europe, Asia and the Pacific.
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Crawford Extends Cyber Coverage To SMEs
Although cyberattacks on large organizations receive more attention, small to medium-sized enterprises (SMEs) are at considerable risk of such attacks. Crawford & Company (Canada) Inc. is pleased to announce it has developed an industry solution to address the specific needs of SMEs.
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Unica Launches Privacy Breach Coverage
Unica Insurance is proud to announce the launch of Privacy Breach coverage, two endorsements offering solutions for a risk that now affects Canadian businesses of all sizes. These Privacy Breach coverage solutions offer comprehensive expense and liability protection tailored specifically for Unica's dedicated business segments at a competitive price – with additional features such as pre-breach and post-breach services available through a partnership with CyberScout™.
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Opta Joins Guidewire As A Solution Partner
Opta Information Intelligence and Guidewire Software, Inc., are pleased to announce that Opta has joined Guidewire PartnerConnect™ as a Solution Partner. Opta's new Ready for Guidewire validated integration is now available to customers for download in the Guidewire Marketplace.
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Applied Systems, ePayPolicy Announce Payment Processing Integration
Applied Systems and ePayPolicy are proud to announce that ePayPolicy is now an Applied Solutions Partner. Through this partnership, agencies and brokerages using Applied CSR24® will have expanded payment processing choice to easily collect insurance payments made by credit card or ACH.
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CAA Club Group To Purchase Echelon Insurance
Echelon Financial Holdings and CAA Club Group have entered into a definitive agreement for EFH to sell Echelon Insurance – its main operating subsidiary that is incorporated under the Insurance Companies Act – and the unregulated warranty business held directly by EFH to CAA for CAD 175 million, payable in cash.
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Navacord Expands Construction Practice
Navacord Corp, one of Canada's largest commercial brokers, continues to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner.
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Hub Acquires Tri-Line Agencies Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Saskatchewan-based Tri-Line Agencies Inc. Terms of the transaction were not disclosed.
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Hub Acquires Kuokoa Enterprises Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Alberta-based Kuokoa Enterprises Inc. Terms of the transaction were not disclosed.
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Big Gains, Bets In US L&A Independent Channel
U.S. independent insurance agents and brokers can celebrate a four-year growth trend, reports Reagan Consulting with the release of its third-quarter Organic Growth and Profitability (OGP) study. The industry organic growth rate in Q3 was tied for the highest growth rate in the last 15 quarters.
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SGI's Winter Driving Tips
The main cause of collisions in winter months is failing to adjust to the changing conditions. Snow, ice and freezing rain reduce traction. Drifting and blowing snow, fog, whiteouts, gas exhaust clouds and frosted windows may severely limit visibility. SGI offers some winter driving tips to Canadian drivers across the country.
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Moncton Man Sentenced Over Cheque Fraud
The results of an Aviva Canada investigation into a Moncton man recently sentenced to 30 days in prison for cheque fraud highlight the ever-present risk of fraud to consumers and the auto insurance system, but also demonstrate the value of decisive action by police. By Aviva's estimates, automobile insurance fraud costs more than CAD 2 billion every year.
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