INSURANCE INDUSTRY NEWS
Applied Rating Index Results, Q4 2018
Applied Systems® has announced the results of the fourth quarter's Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2018, average premiums for Personal Auto and Personal Property lines increased in comparison to the fourth quarter of 2017. Notably, all provinces experienced increases for both Personal Auto and Property lines.
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IBAC Mobilizes Data Exchange Partner Support
The Insurance Brokers Association of Canada welcomes the endorsement from the Broker Management System (BMS) and Commercial Management System (CMS) community for the IBAC Data Exchange principles as the optimal strategy to advance connectivity within the broker distribution system.
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Key Cyber Security Trends For 2019
As business decision-makers look to the year ahead, it is critical to address existing and new cyber security concerns. To help with that process, Chubb has launched its first annual cyber security predictions, which focus on the top risks in 2019 and beyond.
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US Insurers Enhancing Security Capabilities
IT security consumes more than 10% of insurer IT budgets and even more management bandwidth, according to a new report, IT Security Update 2019, from research and advisory firm Novarica. The report looks at 2019 plans among US insurers across a wide variety of IT security areas including technical, organizational, and regulatory compliance.
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Crawford Launches End-to-End Claims Management Solution For Transportation Clients
Crawford & Company®, the world's largest publicly listed independent provider of claims management solutions to insurance companies and self-insured entities, has launched a unique, industry-focused transportation solution. This comprehensive set of claims management services helps transportation clients limit risk, assist employees injured on the job, protect cargo, vehicles and other assets, and maintain business continuity.
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iA Financial Group Extends Mobile App
iA Financial Group has taken another step in its digital shift by integrating the Individual Savings and Retirement and Mortgages sectors in its iA Mobile app. In addition to being able to track the evolution of their contract and the returns on their investments at any time directly in iA Mobile, Individual Savings and Retirement clients can quickly and securely access other financial information, like their investment balance and electronic documents.
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SouthEastern Mutual Launches MCCG Solution
SouthEastern Mutual Insurance Company has successfully implemented the Insurance Business Solution (IBS®) for their enterprise back-office solution through partnership with MCCG. The IBS product provides SouthEastern with enhanced technology to service their policyholders, agents and brokers, while delivering efficiencies to their internal operations.
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Verisk Launches Black Box 3
Leading data analytics provider Verisk has launched Black Box 3, a new solution available in parts of Canada that helps insurers make smarter underwriting decisions for risks posed by travelers with preexisting medical conditions. Customers complete a simple, intuitive declaration of their medical conditions, and the Black Box analyses the answers using a bespoke algorithm. A risk score is quickly generated that can then be used to complement an existing underwriting strategy.
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APRIL Canada Launches Rental Website
After launching the only Unpaid Rents and Damage by Tenants insurance for Ontario and Quebec landlords, APRIL Canada goes a step further with the launch of a new website 100% dedicated to the landlord’s world.
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Data Is The Name Of The Game At CES2019
CES, which once centered on Consumers and Electronics, now extends far beyond consumers and focuses much more on software and data than on the electronics and hardware. It all still comes together in physical devices, and engineering and design are vitally important. But everything comes back to the data.
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Crawford Expands Service In Northern Ontario
Crawford & Company (Canada) Inc. is pleased to announce the expansion of its Crawford Claims Solutions, northern Ontario operations with the addition of Blair Boilard and his team. This strategic decision was made in support of our mission to restore and enhance lives, businesses and communities and to further strengthen our ability to deliver tailored solutions to clients and prospects in the area.
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Hub Reinforces Strategy With New Acquisition
Hub is pleased to announce that it has acquired the assets of TRG Group Benefits and Pensions. Since launching its employee benefits expansion initiative last year, Hub has acquired 13 Canadian brokerages, established seven new offices and created more than 100 jobs. Hub anticipates opening more than 10 additional new offices and creating at least 100 more jobs by 2021.
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Arthur J. Gallagher Acquires Jones Brown
Arthur J. Gallagher & Co. is pleased to announce the acquisition of Canadian insurance broker Jones Brown Inc. and its subsidiaries. Terms of the transaction were not disclosed.
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BrokerLink Makes Double Acquisition
Alberta-based Challenge Insurance Group Inc. and Ontario-based Toronto Insurance & Financial Group Inc. (TIFG) have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages.The transactions are effective January 1, 2019. Terms of the transactions were not disclosed.
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Hub Acquires Montreal-Based Forum Risques
Hub International Limited, a leading global insurance brokerage, announced today that it has acquired Montreal-based boutique insurance brokerage and risk management firm Forum Risques et Assurance Inc. Terms of the transaction were not disclosed.
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Dusome Insurance Joins The McDougall Team
McDougall Insurance Brokers is pleased to announce it has merged with Barrie-based Dusome Insurance Brokers, incorporating its employees into the company, effective immediately.
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Marketing Strategies at Risk Due As Consumers Change
Shifting consumer behaviors, mounting regulatory pressures, organizational shifts and disruptive automation combine to pose a real and destabilizing threat to many marketing leaders and their strategies for the years ahead, according to Gartner Inc. Gartner analysts predict six critical changes that will help guide marketing leaders while navigating this new terrain.
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Technology Top of Mind for Financial Executives
From keeping pace with change and preventing cyber breaches to investing in emerging tools, such as blockchain, technology remains top of mind for corporate financial executives, according to a new survey by U.S. audit, tax and advisory firm KPMG LLP.
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MPI's Top 5 Fraud Cases Of 2018
Manitoba Public Insurance (MPI) has released its annual Top 5 list of insurance fraud cases for 2018. The list is compiled based on the unique circumstances of each fraud, financial savings to MPI ratepayer and “investigative excellence” in unearthing the fraud.
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Ontario Drivers: Have Your Say In Consultation
The Ontario government has announced the Putting Drivers First consultation, asking consumers and businesses for ideas on how insurance rates could be lowered. Ontario's auto insurers support the Government of Ontario's effort to hear consumers' stories and we encourage the province's drivers to take this opportunity to have their say.
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Moen Unveils Flo Water Supply Control System
Moen, the leader in water experiences in the home, has partnered with Flo Technologies, a company whose purpose is to help prevent loss ‘one drip at a time,’ to launch Flo by Moen™, a game-changing smart home water monitoring and leak detection system that enables homeowners to control their home's water from their smartphones.
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