INSURANCE INDUSTRY NEWS
The Transition To Digital Insurance Distribution
Finaeo, an InsurTech Spotlight participant, has released a new whitepaper discussing how digital distribution is rapidly changing the client experience, and what advisors and distributors can do to prepare for the future of insurance distribution.
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Strategic Priorities Research Report: Majesco
Majesco's 5th annual Strategic Priorities report assesses how insurers are understanding, planning and responding to the various trends in the marketplace to modernize and optimize today's business while creating a new business for the future.
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Accenture Technology Vision 2020
To compete and succeed in a world where digital is everywhere, companies need a new focus on balancing “value” with “values,” aligning their drive to create business value with their customers’ and employees’ values and expectations, according to Accenture's 20th annual Technology Vision report, which predicts the key technology trends that will redefine businesses over the next three years.
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Tech Leaders Favour A.I. Ethics Policy
Nearly nine in 10 tech-sector decision-makers believe companies in all industries should implement an AI ethics policy to help govern their work with artificial intelligence, according to a new KPMG report. In addition, more than two-thirds favor of some level of government regulation of AI.
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Zesty.ai Opens AI Research Centre For Insurance
Zesty.ai is pleased to announce the opening of the state-of-the-art Zesty.ai Lab in Montreal. The newly established data science centre of excellence will focus on research and development of new artificial intelligence technologies for the insurance industry.
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Onlia, Young Drivers Partner To Gamify Road Safety
Onlia, a new digital safety brand, has partnered with Young Drivers of Canada to make road safety in Canada rewarding through gamification. Embracing a prevention-first strategy, the companies created a trivia game that tests Canadian's road safety knowledge and skills – with rewards for good results.
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Element AI Orkestrator To Manage GPU Clusters
Element AI is pleased to announce the latest addition to its portfolio of software solutions. Designed for AI practitioners and their IT support teams, Element AI Orkestrator is a workload scheduling tool built to optimize computing resources. A software-as-a-service (SaaS) version is available now, with an on-premises version expected for Spring 2020.
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FloodFlash Pays Weather Claims Within One Day
FloodFlash, a UK InsurTech startup offering rapid-payout insurance for businesses in areas at high risk of flooding, has paid claims related to Storm Ciara in record time. In a world first, the parametric insurer paid out weather damage claims the next day after floods occurred.
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Cowbell Cyber Partners With Advisen
Cowbell Cyber, a startup focused on AI-powered cyber insurance, has announced a partnership with Advisen to incorporate the industry's largest collection of publicly referenceable Cyber Loss events into Cowbell Cyber's continuous underwriting insurance platform.
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CX Emphasis Growing Among Organizations
Organizations are taking the customer experience more seriously by committing more resources and talent to the discipline, according to Gartner, whose latest CX Management Survey reveals an increase in the number of organizations who have appointed a chief experience officer (CXO) or chief customer officer (CCO) or equivalents over the last two years.
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Tech Capabilities Streamlining Book Roll Process
Improvements in technology, coupled with clever product rate filing, are making it easier for insurers to take advantage of book roll opportunities with their distribution partners. In a new report, research and advisory firm Novarica examines new book roll capabilities available in the market and profiles some of the prominent technology players in the market.
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NFP Acquires Indemnis Trade Risk Management
NFP, a leading insurance broker and consultant that provides Property & Casualty, corporate benefits, retirement, and individual solutions, is pleased to announce it is bringing new capabilities to its P&C business with the acquisition of Indemnis Trade Risk Management Limited.
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Canadian Premier Acquires Gerber Life
Canadian Premier Life Insurance Company is pleased to announce it has signed an agreement with U.S.-based Western & Southern Financial Group to purchase its block of Canadian life insurance business, marketed under the Gerber Life brand. Closing of the purchase is expected to take place in the second quarter of this year, subject to regulatory approval.
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Verisk, Duck Creek Announce New Solutions
Verisk has announced additional underwriting solutions, available on Duck Creek's Content Exchange, that will enable insurer customers to easily access robust data on applicants' previous coverage and loss history.
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Trupanion To Expand Underwriting Capabilities
Trupanion Inc. is pleased to announce the hiring of Randy Valpy, a 20-year veteran of the animal health industry, as president of a yet-to-be-formed Canadian underwriting company, which will be a catalyst for growth in the Canadian market for insurance offerings outside of the market-leading Trupanion brand.
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Cover Genius, AutoMatrix Empower Auto Dealers
Cover Genius is pleased to announce it has partnered with dealer management software company AutoMatrix to give dealerships the unprecedented ability to offer full auto insurance to customers at the point of sale.
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Chubb Expands Incident Alert Reporting Tool
Chubb has announced that its signature Incident Alert tool is now available for Excess Casualty clients to assist during a catastrophic event by helping to identify qualified response contractors, manage cleanup efforts, and mitigate potential liabilities.
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IBC Launches Commercial Task Force
Commercial insurance is becoming challenging, following years of significant losses. In response, Insurance Bureau of Canada is launching the National Commercial Insurance Task Force to examine how this is impacting Canadian companies and consumers.
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IMS Rebrands, names new Chief Product Officer
IMS, a subsidiary of Trak Global Group (TGG) and a leading provider of connected car data solutions, is pleased to announce that Carrot Insurance co-founder Ed Rochfort is joining IMS as Chief Product Officer. His appointment coincides with TGG's decision to extend the IMS brand internationally across its Insurance and Mobility divisions.
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IBAO Launches New Broker Education Course
Brokers have been searching for an efficient way to close the practical skills gap between newly licensed and working brokers. The Insurance Brokers Association of Ontario is proud to announce the release of a new eLearning course that addresses this challenge, titled New Broker Essentials.
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Workers Remain Worried Over Financial Wellbeing
U.S. employees' financial wellbeing has improved, but many still live paycheck to paycheck, overspend, and remain worried over the future state of their finances, leading to a broad set of issues that negatively affect many workers' lives, according to a new survey by Willis Towers Watson, a leading global advisory, broking and solutions company.
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