INSURANCE INDUSTRY NEWS
Top Tech Priorities For Large Commercial Brokers
Large commercial brokers are using AI, analytics, distribution API, and digitized communications technologies to differentiate themselves in a competitive marketplace. In a new report, Novarica provides an overview of large commercial brokers' business and technology issues, data about the marketplace, and several examples of recent technology investments.
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Self-Learning AI To Manage Virtual Agents
boost.ai, a global leader in artificial intelligence, has released the industry’s first self-learning technology for conversational AI, which overcomes the ‘cold start’ challenges of building and managing virtual agents with an automated system that intelligently analyzes and recommends new and improved conversational dialogs.
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Navacord acquires Benemax Financial Group
Navacord Corp. is pleased to announce the addition of Benemax Financial Group Inc., effective March 11. Located in Richmond Hill, Ontario, Benemax will be joining JDIMI Consulting, Navacord's largest broker partner dedicated to group benefits and retirement consulting.
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PCL, Eddy Partner On Water Leak Protection
PCL Construction is pleased to announce that the company has joined forces with the leading supplier of IoT water leak mitigation services, Eddy Solutions. Together, PCL and Eddy Solutions will use game-changing technology to protect project sites from the increasing threat of water damage – one of the biggest risks to construction sites and property.
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INSURANCE & CORONAVIRUS NEWS
CFIB Issues Statements On COVID-19
The Canadian Federation of Independent Business welcomes the federal government's announcement of the Canada Emergency Response Benefit and a significant wage subsidy package to help small businesses retain workers. New survey results show that one quarter of small businesses are unable to pay April's commercial lease or mortgage payments as a result of COVID-19 disruptions.
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FSRA Updates Regulatory Requirements
As it continues to carry out its regulatory duties while activating its business continuity plan amid the global coronavirus pandemic, the Financial Services Regulatory Authority of Ontario has provided a summary of important updates to its sectors.
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Willis Towers Watson Unveils COVID-19 Tracking
Willis Towers Watson is pleased to announce it has launched a real-time risk and analytics feature as part of its Global Peril Diagnostic modeling tool. The new feature provides up-to-date information on confirmed global COVID-19 cases alongside clients' property total insured values by location, enabling clients to easily track developments of the pandemic set against their property assets around the world.
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Beyond Coronavirus: The Path To The Next Normal
The coronavirus is not only a health crisis of immense proportion, it's also an imminent restructuring of the global economic order. Here's how leaders can begin navigating to what's next.
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Crawford Provides Update On Business Operations
Crawford & Company (Canada) Inc. has announced modifications to its business operations following provincial government orders in Quebec and Ontario to close non-essential businesses and workplaces.
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We asked some of the Young Insurance Professionals of Toronto for their outlook on the industry...
Q: How do you see upcoming technology landscape changing the insurance industry or propelling it into the future?
A: The insurance industry has completely transformed over the last decade with the help of technology advancement. There is a lot more reliance on gathering and using smart data, then combining that with artificial intelligent to feed underwriting data. With data analytics becoming more and more accurate, and in a world where almost everything can be automated for a lower cost, will there even be a need for actual underwriters in the future?
Luckily, we are only at the very beginning of this full industry transformation, slowly starting from automating auto, personal lines, and then later on the commercial lines, before finally attempting to overhaul the “hard to automate” specialty lines. Companies are all scrambling to replace systems with newer ones with the capabilities to capture data in a more meaningful way in order to stay one step ahead of competitors – while underwriters are teaching the A.I. how to do their job in order to replace them.
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