INSURANCE INDUSTRY NEWS
Tech Trends Defining The Future Of Insurance: EY
Dramatic changes are reshaping the insurance industry, and forward-looking insurers are taking action to become more customer-centric, improve their pricing and create operational efficiencies. EY's global insurance team has identified five key issues and trends that should be on the radar for insurance company leaders.
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Mitchell Issues 2018 Q4 Industry Trends Report
Mitchell, a leading provider of technology, connectivity and information solutions to the P&C claims and collision repair industries, has released its Industry Trends Report for the fourth quarter of 2018. The report explores how intelligent automation is changing the nature of work in insurance, collision repair, and beyond, and provides insights into key industry trends.
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Innovation Critical for Future Success
A significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, according to results of an A.M. Best survey of its rated entities on the subject. These survey results are part of an extensive A.M. Best special report on innovation.
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When “OK, Google” Recommends Insurance
Digital marketing strategy and technology in the insurance space will continue to change radically in 2019, according to Smart Harbor’s Insurance Trends study. Advances in artificial intelligence (AI) are enabling digital assistants to become smarter about insurance, Google’s mobile-first indexing will change the way content is ranked, and texting is becoming a mainstream form of client service communication for millennials – all changes insurance agencies must consider in advancing their sales and marketing to compete.
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InsurTech Trends To Accelerate In 2019
It was a breakout year for InsurTech companies, attracting both talent and funding to insurance – an industry long overdue for innovative disruption – as InsurTech quarterly financing volume for Q3 rose more than 60 percent from Q2 2018. The excitement increasingly surrounding InsurTech indicates that 2019 promises to be an even more meaningful and game-changing time for InsurTech.
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Fires, Explosions Cause Largest Business Losses
Cyber risks and the impact of new technologies will have an increasing influence on the corporate loss landscape in years to come. However, it is fire and explosion incidents that cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty (AGCS). The vast majority of corporate insurance claims originate from technical or human factors despite natural catastrophes such as hurricanes, having caused devastating losses over the past two years.
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Global Investments In InsurTech: Aite Group
The global insurance industry is undergoing an identity refresh influenced by consumer behaviors and expectations. As insurers seek more efficient and intuitive processes, equity investments from outside sources are flowing into insurance-focused fintech companies. Aite Group's newest report explores equity investments into fintech companies from an outside source.
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The Co-operators Selects Guidewire Analytics
The Co-operators has chosen Guidewire Predictive Analytics™ for Claims to embed predictive insights into Guidewire ClaimCenter™ and supplement the systems it has in place. Guidewire Software provides the industry platform that P&C insurers rely upon. The Co-operators has been a ClaimCenter customer since 2008.
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Hub Acquires Rise People Benefits Practice
Hub International Ltd. is pleased to announce it has acquired the employee benefits practice of Rise People Inc. Moving forward, Hub will also work with Rise to bring Rise's human resources, time tracking, payroll and benefits administration solution to Hub's Canadian employee benefits clients.
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Rise People To Power Group Benefits Advisors
Rise People, a leading digital HR and payroll software platform, has launched an expansion strategy to become the technology backbone for the benefits industry, linking every benefits carrier and advisor with Canadian companies and their employees – all within a single platform.
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UK-Based Trak Global Group Acquires IMS
Trak Global Group (TGG), a British telematics company that provides the technology for almost 25% of usage-based insurance policies in the UK, is to acquire Canada's Intelligent Mechatronic Systems Inc., based in Waterloo Region and operating globally, for an undisclosed fee.
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National Bank Insurance Partners With Breathe Life
National Bank Insurance is pleased to announce a partnership with Breathe Life, a leading Canadian InsurTech specialized in developing direct online insurance distribution solutions. This alliance will accelerate the availability of more secure and frictionless life insurance products to consumers directly online.
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Online Therapy For Group Benefits Plan Members
In January, eligible group plan members of The Co-operators can access therapist-guided, internet-based cognitive behavioral therapy (iCBT) through their extended group benefits plan health care coverage. The new service, offered through The Co-operators partner Morneau Shepell, will be included with coverage for psychologists or social workers.
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Canada's Top 10 Stolen Vehicles: IBC
Insurance Bureau of Canada has released its annual list of Canada's most frequently stolen vehicles, which is compiled using data from its members across the country. Once again, the Ford F-Series trucks topped the list. These light- and medium-duty trucks are popular with auto thieves across Canada.
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Where's The Safest Place To Drive In Canada?
Allstate's annual Safe Driving Study shares collision data with Canadians, ranking the safest cities for driving and identifying emerging trends seen on the road. Allstate wants to help make communities even safer by asking Canadians to submit their suggestions on what could be changed or enhanced to improve safety in their community.
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