INSURANCE INDUSTRY NEWS
IoT To Unleash More Insurance Innovation
The advent of the Internet of Things (IoT) has the potential to increase complexity and amplify risk, but it could also enable more innovation throughout the entire insurance value chain, including the way claims are settled in future, according to new research from Lloyd’s.
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Global Economic Growth Slowing: Swiss Re
Global economic growth will remain strong over the next two years, although momentum has peaked. Swiss Re Institute's latest sigma report indicates that still-positive economic momentum will support the insurance sector, with global premiums up more than 3% annually over the next two years in real terms, an increase of one percentage point from 2018.
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Risk Management Function Must Evolve
As technology and ongoing competitive disruption force banks to reinvent themselves, the risk management function must undergo a revolution in risk management professionals balancing their roles and operating models, according to the ninth annual global bank risk management survey.
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Sonnet Launches Online Insurance Purchase
Sonnet Insurance is proud to join Kanetix.ca as the only Canadian insurer that allows Kanetix.ca users to not just quote, but buy home and auto insurance online. Sonnet launched in 2016 as Canada's first national fully-online insurance provider, and now extends that offering to customers using the one-stop shopping platform Kanetix.ca.
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On-Demand Rental Coverage Continues Rollout
duuo by co-operators™, The Co-operators new digital insurance brand, is pleased to announce it has made its on-demand, pay-per-use insurance solution available to short-term rental hosts in Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland & Labrador and Prince Edward Island.
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Humania Assurance Creates New InsurTech
Humania Assurance has announced it has just created a new internal start-up, Lead2action.ca. Its technology is based on two key marketing functions: targeting process and personalized communication.
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KixPay, ClientDesk Launch Mobile Payments
KixPay has partnered with ClientDesk to boost the availability of mobile payment processing through mobile apps and web-based client portals to address the growing demand from policyholders looking for fast, secure and convenient mobile payment options. This collaborative offering is fully integrated with Power Broker to provide unparalleled connection and reconciliation capabilities.
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Aon Launches Intangible Asset Insurance Cover
Aon plc has announced the launch of a new Non-Damage Business Interruption cover to protect the income streams of companies with high levels of intangible assets. NDBI policies protect companies' revenues against business interruption costs that result from an event where there is no physical damage. For an increasing number of firms, physical damage is a lesser risk priority than risks related to income streams and cash flows.
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Bridges Insurance Selects Applied To Transform
Applied Systems has announced that Bridges Insurance Brokers has selected Applied's Digital Broker® software to digitally transform. In becoming a digital broker, Bridges Insurance will utilize a cloud-based, foundational broker management system to provide a single view of the business across all lines of business, integrated with customer self-service software to provide a connected customer experience.
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Burns & Wilcox Partners With BreachAware
Burns & Wilcox, North America's leading wholesale insurance broker and underwriting manager, has announced an exclusive partnership with London-based BreachAware, a cyber-security company specializing in data breach research and analysis.
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Manulife Vitality To Make Canadians Healthier
Manulife is taking a stand on improving employee health in Canada by giving millions of group benefits employees access to the largest behavioural change platform in the world – starting this spring. The Vitality platform has been proven to help prevent chronic diseases, which account for about 88 per cent of all deaths in Canada.
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CSIO Commercial Lines Minimum Data Set Ready
The minimum data set for CSIO XML standards in commercial lines has been finalized, paving the way for implementation of commercial data standards in the broker channel.
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Canadians Pick Coffee Over Financial Security
Almost three-quarters of Canadians aged 25-50 are losing sleep over their financial situation, an RBC Insurance poll reveals. But despite their concerns, relatively few Canadians are willing to forego specific luxuries or conveniences when presented with the option of gaining increased financial security through life insurance.
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CLHIA Updates Compensation Disclosure
The Canadian Life and Health Insurance Association has completed in-depth consultations on its Guideline G19 on Compensation Disclosure in Group Benefits and Group Retirement Services. Based on the feedback from advisors, the CLHIA is pleased to announce a number of changes to key elements of the Guideline.
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