INSURANCE INDUSTRY NEWS
InsurTech And The Shift To Digital Insurance 2.0,
Majesco is pleased to announce the release of a new thought leadership report, InsurTech: Energizing the Shift to Digital Insurance 2.0, which provides an inside look into how leaders from InsurTechs, insurers, MGAs and solution providers see the opportunities and challenges in moving insurance innovation forward, particularly around their investments and ability to partner with incumbent insurers.
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Are We Walking Into A New Global Crisis?
Could the world be sleepwalking into a crisis? Global risks are intensifying but the collective will to tackle them appears to be lacking. Instead, divisions are hardening. Geopolitical and geo-economic tensions have risen among the world's major powers and now represent the most urgent global risks, according to the World Economic Forum's Global Risks Report 2019.
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Cyber-Crime Could Cost Companies Trillions
Companies globally could incur USD $5.2 trillion in additional costs and lost revenue over the next five years due to cyber-attacks, as dependency on complex internet-enabled business models outpaces safeguards that protect critical assets, according to Securing the Digital Economy: Reinventing the Internet for Trust — a new report from Accenture that explores the complexities of the internet-related challenges facing businesses.
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Cost Of Extreme Weather Hits CAD 1.9 Billion
Severe weather across Canada continues to highlight the financial costs of climate change to insurers and taxpayers. In 2018, insured damage for severe weather events across Canada reached CAD 1.9 billion, according to Catastrophe Indices and Quantification Inc. Ice storms, floods, windstorms and tornadoes, did damage to homes, vehicles and commercial properties across the country.
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Six Themes To Consider From CES2019
4,500 exhibitors, 185,000 attendees, 2.75 million square feet of exhibit space, and hundreds of sessions. That's CES2019 in a nutshell. The range of technologies and products displayed each year is staggering, making it clear that innovation is in high gear around the world. Products range from the absurd to the pragmatic to the truly revolutionary and cover every area of human endeavor. But what are the biggest takeaways, and what do they mean for the insurance industry?
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Success For Early Adopters Of Emerging Tech
In its latest report, Novarica analyzes the results of a study of more than 100 insurer CIOs and tracks deployment and pilot plans across a dozen technology areas classified as “emerging”: artificial intelligence, augmented and virtual reality, big data, blockchain, chatbots, drones, mobile, predictive analytics, robotic process automation, sensors and telematics, smart home automation, and wearables.
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UBI Market To Reach USD 107 Billion by 2024
The North America usage-based insurance market is projected to hold a majority UBI industry share of over 35% by 2024 led by growth in the number of connected cars with inbuilt telematics solutions and the adoption of the cloud-based telematics solutions.
Selbyville, Delaware (Dec. 17, 2018) – The global usage-based insurance (UBI) market is expected to grow from its current value of USD 34 billion to more than USD 107 billion by 2024, according to a new research report by Global Market Insights, Inc.
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“OK Google. Talk to iA Financial Group.”
iA Financial Group takes a major step in its shift to digital by introducing the iA Virtual Assistant, which allows clients to contact iA Financial Group not just in writing but verbally – a convenient and natural way of communicating – which helps people feel closer to and better supported by the company.
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WEMIC Launches MCCG Online Quoting Solution
West Elgin Mutual Insurance Company unveils automobile and property insurance online quoting to better support its community and their agent distribution network through partnership with Mutual Concept Computer Group Inc. West Elgin's solution, Your Insurance Quote, successfully marries the concept of an easy-to-use consumer ‘quick quote’ with an agent ‘complete quote’ methodology to ensure accurate pricing and simplicity for consumer and agent.
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Auto OEMs Expect Islands of Autonomy: KPMG
More than 8 in 10 respondents expect autonomous vehicles to be introduced in “islands of autonomy,” metropolitan markets with unique mixes of consumer living, working and travel patterns which will drive requirements for locally tailored delivery services, according to the 2019 KPMG Global Automotive Executive Survey.
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1 in 4 Canadians Never Review Their Policies
More than half of all Canadians would consider switching insurance providers for a savings of CAD$ 150 or more, according to a new Kanetix.ca survey. With car insurance rates on the rise, this may be the incentive Canadians require to compare rates for potential savings. The survey also found that while most Canadians review their insurance policy every year, an astounding 27 per cent never review their policy, relying solely on their broker/agent.
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Developing a New Flood Risk Standard: IC3
Flooding within urban centres is Canada's costliest and fastest-growing extreme weather challenge. Against the backdrop of unavoidable climate change and rising insurable claims, the need to limit this risk will only grow. new report from the Intact Centre on Climate Adaptation, University of Waterloo, highlights a range of solutions that can be deployed practically and cost-effectively within communities and households.
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Virtual Employee Assistant Use To Surge By 2021
The use of virtual assistants (VAs) in the workplace is growing. By 2021, Gartner, Inc. predicts that 25 percent of digital workers will use a virtual employee assistant (VEA) on a daily basis, up from less than 2 percent in 2019.
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Less Phone Use Translates To Lower Auto Claims
It might sound like common sense, but Progressive has new data showing that drivers who put their phones down are less likely to have a claim than those who drive with a mobile device in their hand. The new findings are based on 1.5 billion miles of driving data collected by Progressive's Snapshot Mobile app.
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ICTA NOMINATIONS
Quick Claim Payments Make Happier Customers
The Commonwell Mutual Insurance is now using technology from ClaimsPay (powered by ClearPay) to issue and track claim payments and related vendor payments via Interac e-transfers. This has contributed to a positive claims experience for claimants in that there is no handling of cheques, and funds are available immediately.
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Subscription Billing Makes Premium Payments Easy
Our Subscription Billing Service allows Gore Mutual to boost GWP while strengthening our customer-centric approach to doing business. It also helps us further differentiate ourselves from competitors by offering insurance brokers modern methods to reach new customers online and grow their businesses by providing the seamless online sales experiences that consumers are now accustomed to.
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Improving The Broker-Insurer Digital Connection
Economical Insurance is making it easier than ever for brokers to match customers with the right insurance coverage with the launch of Vyne, which leverages existing Guidewire PolicyCenter and BillingCenter platforms that were used to build Sonnet, Economical's award-winning digital-direct brand.
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