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INSURANCE INDUSTRY NEWS
New Techs & Models Shake Up The Competition
Led by InsurTech disruptors, novel business models are causing disintermediation in the insurance industry and altering power dynamics. The rise of technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and smart devices is placing the spotlight on flexible services based on usage-based insurance, on-demand insurance and Prevention-as-a-Service models, which are redefining the role of insurance.
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Aon Global Catastrophe Report 2018
Winter storms and extreme cold led to 45 fatalities and a billion-dollar economic cost in the United States, according to Aon's January 2019 Global Catastrophe Recap, which evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
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Challenges For Small Commercial Carriers
LexisNexis Risk Solutions, a technology, data and analytics company, has released the findings of a new commercial insurance study, which reveals the challenges small commercial insurance carriers face and how to turn these challenges into opportunities in order to maintain profitability and gain a competitive advantage.
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Synergy Between IT & Analytics Is Key: Novarica
Given how critical data and analytics are in insurance, it is essential for technology leaders to ally with analytics partners to gain a competitive edge. In a new CIO Checklist report, research and advisory firm Novarica provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations.
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Life Insurance Fraud: Technology Is The Shield
Life and annuity carriers struggle to mitigate fraud, with the primary issue being detection. Analytics tools, including the use of artificial intelligence and machine learning, have advanced the detection of fraud, but life and annuity carriers have been committed to developing internal tools that limit their ability to mitigate fraud to a large scale. Aite Group's latest report examines some of the key trends driving fraud as well as the different types of fraud life and annuity carriers are detecting today.
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Trip Cancellation Insurance Not A Priority
From flights to hotels, rental cars and pre-paid excursions, going on vacation is expensive. Yet 65 per cent of Canadians do not buy – or know if they have – trip cancellation insurance when they make plans to go on holiday, according to a new Kanetix.ca survey.
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Aon Enters Strategic Alliance To Digitize Claims
Aon plc, a leading global professional services firm providing a broad range of risk solutions, has established a strategic alliance with global InsurTech firm Claim Central to digitize and streamline claim management capabilities and enhance the customer experience using transformative technology and services developed specifically for property & casualty insurance organizations.
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Lawyers' Mutual Launches ISI Enterprise
Insurance Systems Inc. is excited to announce that Lawyers' Mutual Insurance Company has gone into production with all ISI Enterprise modules, including a complete data migration.
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BrokerLink Acquires Bridge Financial Insurance
Alberta-based Bridge Financial Insurance Ltd. have announced they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. The transaction was effective February 1, 2019. Terms of the transaction were not disclosed.
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Foxquilt Launches Community Pool
Foxquilt is pleased to announce the launch of the Foxquilt Community Pool to support local organizations and will provide a grant to their first community endowment recipient as part of a new initiative called “Share Together. Win Together.” Foxquilt is asking Ontarians to help decide which of four nominees will receive the first grant.
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Aon Partners With Jaguar Land Rover Canada
Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, is pleased to announce brand-specific insurance coverage, in a strategic partnership with Jaguar Land Rover Canada ULC. Customers of the world's leading premier and luxury vehicles will now have privileged access to insurance policies fueled by Aon Reed Stenhouse.
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RCMP Focus On Repeat Break-And-Enters
Alberta RCMP Deputy Commissioner Curtis Zablocki and Minister of Justice and Solicitor General Kathleen Ganley have announced the launch of Project Lock Up, a new victim-focused initiative that brings law enforcement agencies and citizen-led crime prevention groups together to provide an enhanced and escalating response to Albertans who have been hit hardest by break and enters.
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