INSURANCE INDUSTRY NEWS
Insurers Need A New Digital-Age Playbook
Majesco has announced the release of a new thought leadership report which details the strategic gaps facing L&A and Group insurers operating with a traditional Insurance 1.0 business model, and provides guidance on developing playbooks to close the gaps and shift to a Digital Insurance 2.0 business model.
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Emerging Risks Facing Re/Insurance
Emerging geopolitical risks, the re-emergence of asbestos, and risks arising from new technologies, such as cyber risks, biased algorithm and the erosion of risk diversification, are some of the key risks identified in Swiss Re's latest SONAR report.
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Cloud Central To New Core Systems Paradigm
Cloud is no longer for the digital giants, the InsurTechs, and the early adopters. Today, it would be difficult to go through a whole day without using cloud computing. Insurers’ core systems (policy, billing, and claims) are no exception. Most new P&C core systems purchased in 2017 will be deployed in the cloud. What comes next is where the real opportunity lies.
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Industry Agrees On Solving Data Connectivity Gap
The Insurance Brokers Association of Ontario hosted a strategy meeting in May to discuss the BrokerFlow solution, coordinate efforts with industry leaders, and reach consensus on a path forward.
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Economical Launches Vyne In NB, PEI
Economical Insurance is making it easier than ever for brokers to match customers with the right insurance coverage with Vyne, newly launched in New Brunswick and Prince Edward Island for personal lines and individually rated commercial auto.
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Chubb Launches Personal Cyber Protection
To help keep clients safe in today's digital world, Chubb has launched Masterpiece® Cyber Protection, a supplement to a Masterpiece® Homeowners policy which offers individuals and families enhanced protections for cyberattacks that lead to extortion and ransomware, financial loss, cyberbullying, cyber disruption, and breach of privacy.
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Purpose-Built AI Solutions Crucial: Novarica
General-purpose AI solutions require unfeasible investments in time and resources for insurers. In a new brief, Novarica explores the potential value of tailor-made AI insurance solutions, the difference between purpose-built AI and general-purpose AI, and notable solution providers in the space.
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Navacord Expands Into British Columbia
Navacord Inc. is pleased to announce its expansion into British Columbia as it welcomes Wylie-Crump Limited as its first Broker Partner outside of Alberta and Ontario. Wylie-Crump is a specialized firm delivering intelligent risk management, insurance and surety brokerage, and consultation services to Vancouver's marketplace since 1972.
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Catastrophe Response Unit Launches CRU VUE
Catastrophe Response Unit is excited to announce the rollout of their newest program to assist in exterior and roof damage evaluation. Originally planned for a 3rd quarter launch, Ontario's May 4 wind event has pushed the launch of this program forward.
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TrueMotion, Intact Partner On Telematics
TrueMotion has announced a new partnership with Intact Financial Corporation, enabling Intact to leverage data-driven insights powered by TrueMotion's patented platform to create more personalized services and enhance the driving experience for its customers across Canada.
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Contractor Connection Partners With Peel Mutual
Contractor Connection®, a Crawford & Company global service line and the leading global contractor managed repair provider for property repairs after an insurance claim, announces its partnership with Peel Mutual Insurance Company (PMI), one of the largest mutual insurance companies in Ontario.
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Ont. Storm Largest Insured Event In 5 Years
Insured damage from an early-May windstorm topped CAD 380 million in Ontario, making it the most costly insured event for the province since the 2013 Toronto floods.
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