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INSURANCE INDUSTRY NEWS
Is The InsurTech Wave Hitting A Riptide?
Has the InsurTech wave hit a riptide? At Strategy Meets Action, we think it has. Headlines show the hype around InsurTech(s) is settling down. We see fewer startups in the US, and it is not for the lack of a strong economy. In fact, Strategy Meets Action estimates investment in new technology to be at high levels. So what's happening? Investment spending has become more focused.
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Weather Catastrophes Drive Cost Of Natural Perils
Aon plc is pleased to announce the launch of Weather, Climate & Catastrophe Insight: 2018 Annual Report, evaluating the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. The report reveals that 394 natural catastrophe events generated economic losses of USD 225 billion in 2018.
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Human Capital As Critical As Innovation Initiatives
In two new industry briefs, research and advisory firm Novarica reviews organization and investment, best practices and benefits, and key challenges in technology innovation, as well as discusses some of the major challenges for insurers looking to hire new talent, including examples of companies actively addressing these challenges.
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2019 Commercial Lines Strategies: SMA
SMA's latest report, 2019 Strategic Initiatives: P&C Commercial Lines, exposes three significant areas where commercial lines organizations are planning major strategic initiatives: the customer experience, innovation, and digital transformation.
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New Zurich Travel Insurance For Canadians Abroad
Zurich Insurance is pleased to announce the launch of Zurich Travel Insurance, a new travel protection proposition for Canadians travelling abroad. Coverages are available for emergency medical and dental care, trip cancellation and interruption, baggage loss and damage, flight and travel accident, and 24/7 travel assistance services.
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ASSI, Aviva Launch Real-Time, Automatic Claims
Accident Support Services International and Aviva Canada have officially launched Canada's first automatic First Notice of Loss (FNOL) service at all Collision Reporting Centre locations. Effective immediately, customers may report their collisions to Aviva and automatically create a claim right from their CRC location. Customers will also be signed up to receive SMS and email notifications for key information such as their claim number, the contact information of their assigned claims adjuster, and the status of their claim as it progresses.
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Insurers Plan To Expand Use Of Blended IT Staffing
Insurance IT organizations and those who run them face numerous challenges, including the need for IT resource capacity and specialized skills. It's no surprise that most insurer IT groups use a "blended staffing" model that combines internal staff with external resources. According to research and advisory firm Novarica's Insurer IT Budgets and Projects 2019 report, 30% of insurers are planning to increase their use of blended staffing in 2019.
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Besurance Corporation Acquires Fenchurch
Besurance Corporation, a Calgary-based insurance and technology company, announces it has entered into an acquisition agreement to purchase Fenchurch General Insurance Company. Through this acquisition Besurance aims to bring insurance back to its communal roots and strengthen the relationships between the insured, insurance brokers and Fenchurch.
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The Co-operators Acquires Redfords
The Co-operators is pleased to announce it has purchased Redfords Insurance Brokers, based in Pickering, Ontario.
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Ontario Expands Automated Vehicle Pilot
Ontario has updated its Automated Vehicle Pilot program to allow for more testing of emerging technologies and to support future sales of the next generation of autos. The province will allow vehicles equipped with higher levels of automation to be driven on Ontario roads once they are eligible for purchase in Canada.
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Wildfire Resiliency Funding For Canadians
Canadians can now apply for funding to support their local Wildfire Community Preparedness Day activities, and join municipalities from coast to coast in a national effort to reduce wildfire risk to local homes and environments.
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CSIO Cyber-Security eLearning Success
Just two months after the launch of its new eLearning program, CSIO has received tremendous response, with more than 450 registered users. The first course on cybersecurity was designed in response to broker feedback requesting more educational resources to better prepare them for cybersecurity threats.
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Emergency Management Strategy For Canada
Federal, provincial and territorial Ministers responsible for emergency management met yesterday and today to release the first ever Emergency Management Strategy for Canada and to discuss progress made on a number of shared priorities in emergency management in Canada.
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ICTA NOMINATIONS
Surex Direct Improves Broker Efficiency With A.I.
Surex Direct is doing in-house development of artificial intelligence systems that automate many internal processes. From insurance document processing to auditing, these intelligent systems learn our brokerage's processes by observing staff members and can adapt to industry changes. Intelligent automation has significantly increased efficiency at our brokerage, allowing us to focus on our rapid growth.
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Connecting To Improve Customer Claim Service
Aviva Canada Inc. and Accident Support Services International Ltd. implemented the first real-time claims First Notification of Loss (FNOL) integration service for customers reporting their vehicle collisions at Collision Reporting Centres across Canada.
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