INSURANCE INDUSTRY NEWS
Cybercrime Costing Canadian Companies Millions
The cost to Canadian companies from malware and people-based cyberattacks, such as phishing and social engineering, averaged just over USD 9 million in 2018, according to new research by Accenture and the Ponemon Institute.
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InsurTech Investment Records Smashed In Q1
InsurTech investors worldwide executed the highest number of transactions, the highest number of P&C transactions, and the highest volume of Series B & Series C funding rounds during the first three months of 2019, according to the new Quarterly InsurTech Briefing from Willis Towers Watson.
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Millennials, Business Leaders Differ On Top Tech
Highlighting divergent opinions between global tech leaders and millennials, a new KPMG report on technology industry innovation shows some differences about which technologies each group feels will have the biggest impact on business transformation in their companies over the next three years.
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Gartner Predicts ‘Blockchain Fatigue’ By 2023
Blockchain remains a popular topic, but supply chain leaders are failing to find suitable use cases. By 2023, 90% of blockchain-based supply chain initiatives will suffer ‘blockchain fatigue’ due to a lack of strong use cases, according to Gartner, Inc.
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Carriers Enhancing Fraud Analytics Capabilities
Insurers are responding to increasing levels of fraud by deploying sophisticated analytic capabilities to identify components of fraud within valid claims as well as to identify individual and widespread illegitimate claims. In a new report, Novarica provides an overview of fraud in the insurance industry and claims fraud analytics technology.
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FRISS Joins Coalition Against Insurance Fraud
FRISS, the leading provider of AI-powered fraud and risk analytics for the P&C insurance industry, is pleased to announce their partnership with the Coalition Against Insurance Fraud. Established in 2006, FRISS has been helping insurers across the globe identify and fight insurance fraud.
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Engaging Clients With Enhanced Risk Mitigation
The challenge for Property & Casualty insurance carriers has been that the actions and behaviors of their policyholders are mostly beyond their control. Aite Group's latest report explores the enhanced risk mitigation techniques that are beginning to emerge, supported by emerging technologies such as telematics and enhanced data analysis.
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KPMG Joins Trusted IoT Alliance Organization
KPMG LLP has announced it is joining the Trusted IoT Alliance organization to help catalyze the expansion of a blockchain-enabled and trusted Internet of Things. Blockchain's decentralized systems have the opportunity to improve IoT infrastructure, allowing companies to simplify business processes, improve customer experience, and achieve significant cost efficiencies through the use of IoT.
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US P&C Insurer Net Income Rose 66% In 2018
Private U.S. property/casualty insurers saw their net income after taxes rise 66.3% to $60 billion in 2018 from $36.1 billion in 2017, helped by double-digit premium growth and a significant decline in catastrophe losses, according to data analytics provider Verisk and the American Property Casualty Insurance Association (APCIA).
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Policy Works Cloud Analytics For Commercial Lines
Accessing commercial lines analytics has been a challenge for insurance brokers. Until now. Policy Works is pleased to announce its introduction of the first out-of-the-box suite of commercial lines analytics that incorporates policy and workflow data.
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Manulife Transforms Group Benefits Experience
Committed to be the most digital, customer-centric company in its industry, Manulife is bringing together new technology and innovative thinking to transform the employee group benefits experience for Canadians.
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Messagepoint Enhances CCM Platform With AI
Messagepoint Inc. has unveiled the Messagepoint Advanced Rationalization and Content Intelligence Engine (MARCIE), an AI-powered capability within its award-winning cloud-based Customer Communications Management platform which enables organizations to intelligently migrate, optimize, author and manage complex content.
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Farmers Protective Mutual Partners With Roost
Roost, a leader in Home Telematics for property insurance carriers, is pleased to announce it has partnered with Arkansas-based Farmers Protective Mutual Insurance Company. In a strategic agreement reached to mitigate loss and build customer engagement, Farmers Protective Mutual will offer free smart sensor kits to select policyholders.
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Hub Acquires Assets Of Clarity Benefits Group
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired the assets of Alberta-based independent boutique-style employee benefits firm Clarity Benefits Group Inc. Terms of the transaction were not disclosed.
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Xpera Launches Forensic Video Technology
Xpera Risk Mitigation and Investigation, Canada's largest national provider of investigations and risk solutions, has announced a powerful new digital evidence tool with capabilities not offered anywhere in the Canadian private risk management market.
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Mould Tops Canadians' Flooding Concerns
Emergency Preparedness Week will have been cold comfort to Canadians dealing with flooding in Quebec, New Brunswick and Ontario, but it is an appropriate time for businesses and homeowners to think about disaster preparedness and how increasing catastrophic events will affect them.
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Safer Drivers Can Save With Allstate's New App
Allstate Canada's Drivewise® app harnesses telematics technology to provide auto insurance customers with insights into their driving habits so they can improve and become safer drivers.
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