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INSURANCE INDUSTRY NEWS
Insurers Can Absorb Pandemic Life & Health Claims, But Not Lockdown Business Losses
Amid widespread public discussion on how to address the deep financial implications of COVID-19, The Geneva Association, in collaboration with the University of St. Gallen, has issued a new evidence-based study on the risk-taking capacities of insurers related to pandemics.
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Telematics Usage Growing, Providers Maturing
Telematics-based products and services are becoming an important segment of the personal and commercial automotive and fleet insurance markets. While overall penetration is estimated at about 6-8% of insurers' books, some insurers' penetration rates have reached 30-35%. In a new report, Novarica examines the current state of telematics in personal auto insurance, including insurer activity, adoption rates, common program features, and the design of telematics-based insurance products.
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Faithlife Taps Breathe Life For Digital Distribution
Breathe Life, the enterprise SaaS platform provider for the life insurance industry, is pleased to announce that FaithLife Financial, a Canadian insurance and investment organization, has signed a long-term deal establishing the Breathe Life platform as its core distribution platform for financial-services products.
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Top Strategic Technology Trends For 2021
Gartner, Inc. has announced the top strategic technology trends that organizations need to explore in 2021. These include the Internet of Behaviors, Total Experience, Privacy-Enhancing Computation, Distributed Cloud, Anywhere Operations, Cybersecurity Mesh, Intelligent Composable Business, AI Engineering, and Hyperautomation.
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Mobility To Change The Face Of Auto Insurance
Short-term vehicle rental and car-share programs are expanding globally, providing new options for consumers. But new types of mobility do not fit into the current insurance ecosystem, leaving many consumers without proper coverage and potentially exposing carriers to unforeseen liability. A new Aite Group report serves as a guide to industry stakeholders at the onset of the revolution, identifying key current mobility trends and offering insight on value chain impacts.
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Wawanesa Obtains CSIO CL eDocs Certification
CSIO is pleased to announce that The Wawanesa Mutual Insurance Company has obtained CSIO Certification for Commercial Lines eDocs. This certification program enables insurers and vendors to verify their implementation of eDocs according to CSIO Standards, ensuring the seamless exchange of eDocs between insurers and brokers.
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InsurTech Adoption To Propel Growth Through 2024
The InsurTech market is set to grow by USD 21.72 billion accelerating at a CAGR of over 36%, during the period spanning over 2020-2024. One of the key factors driving growth is the need to improve business efficiency. The adoption of innovative financial technologies has enabled companies to optimize costs, deliver better services, and boost revenues. The influence of digitization is a significant trend that will further stimulate market growth. The increasing number of devices has created a need for effective management, monitoring, and maintenance of data across organizations.
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U.S. Election Outcome: Implications Either Way
With the U.S. presidential election taking place in just a matter of weeks, and Canada looking to navigate a second wave of the COVID-19 pandemic, the latest Real Economy: Canada report from RSM Canada shines a light on how the election outcome, combined with Canada's reliance on the U.S. economy, might alter Canada's recovery and longer-term outlook.
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FIRST, Vertafore Partner On Payment Integration
FIRST Insurance Funding of Canada, the industry leader in insurance payment solutions, and Vertafore Canada are proud to announce their strategic partnership. Vertafore Canada and FIRST Canada will once again redefine the customer experience, now with an efficient payment solution embedded within SIG. Using existing broker-centric workflows, SIG users will soon be able to provide financing quotes and payment plans along with the policy proposal, directly from within the broker BMS, SIG.
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INNOTECH API Security Working Group Launched
CSIO is pleased to announce the launch of the INNOTECH API Security Working Group, with participation from six insurance carriers and representation from IBAC. The INNOTECH Advisory Committee is an industry initiative created to drive digital innovation and ultimately improve customer experiences within insurance by identifying major operational issues, common challenges, and solutions.
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Seniors Driving Longer – Especially Women
Since 2015, women aged 75 and over represent the largest share increase in the number of insured vehicles, according to the most recent stats published by Groupement des assureurs automobiles.
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