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INSURANCE INDUSTRY NEWS
Record-Breaking 9-Month InsurTech Investment
Consolidated global investment into the InsurTech sector has broken all previous records to reach new highs this year, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. With three months left to go, the total capital invested in insurance technology start-ups in 2021 is now approaching the entirety of what was invested into InsurTechs globally in 2018 and 2019 combined.
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Businesses Sharpening Focus On Cyber Security
Zurich North America and Advisen have released the 11th Annual Information Security and Cyber Risk Management Survey of corporate risk managers and insurance buyers. This year's survey indicates that risk professionals are increasingly aware of their intensifying cyber risks and the need to manage them – but there is significant room for improvement in building cyber resilience.
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Applied Rating Index Q3 2021 Released
Applied Systems® has announced the third quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry's premium rate index. In Q3 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to Q2 2021.
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CCC Launches Recovery Assistant To Accelerate Third-Party Casualty Claims Experience
CCC Intelligent Solutions Inc. is pleased to introduce Recovery Assistant, the industry leader's first mobile experience for casualty claims resolution. Recovery Assistant creates a mobile channel to quickly and efficiently capture information to accelerate third-party claims resolution.
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Opta Partners With HOVER To Deliver New Virtual Inspection Service
Opta Precise Services, a leading provider of loss control services, is pleased to announce an exclusive Canadian partnership agreement with HOVER to deliver a new virtual inspection service – the first of its kind for the insurance industry in Canada.
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Apollo, Entreflow Partner On Immediate Digital Insurance For Small Business
Apollo Insurance has partnered with Entreflow to offer access to immediate digital insurance products to small businesses, specifically the thousands of start-ups who visit their website each month.
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GroupAssur Acquires Eagle Underwriting
GroupAssur, a Canadian MGA specializing in P&C insurance lines, is pleased to announce the acquisition of Eagle Underwriting, an independent managing agent who has been writing insurance for "Things That Move", delivering superior products, underwriting expertise, and first class claims service to brokers and their clients in Canada and the United States.
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Sedgwick Introduces Enhanced End-To-End Automotive Claims Solution
Sedgwick has launched a comprehensive, end-to-end automotive loss adjusting, claims administration and product recall offering.
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2021 Global Modeled Catastrophe Losses: AIR
Extreme event modeling firm AIR Worldwide has released its 2021 Global Modeled Catastrophe Losses report, detailing key global financial loss metrics based on AIR's latest suite of models that reflect the near-present climate risk. The report reaffirms that recent years are not outliers: while there has been justifiable concern about extreme event losses, actual yearly global insured losses (except for 2017) have been below the modeled long-term average.
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Insurer Priorities Include Distribution, Digital Experiences, Data Insights
Insurer IT spending levels and priorities for 2022 remain similar to previous years, according to the 14th annual Insurer IT Budgets and Projects reports for both Property/Casualty and Life/Annuity/Benefits from research and advisory firm Aite-Novarica Group. The findings are designed to help understand peer behavior, budgets, and priorities for the coming year.
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Broadridge Partners With Equisoft To Enhance Wealth Technology Platform
Equisoft is pleased to announce a strategic partnership with Broadridge Financial Solutions, Inc. in line with both firms' efforts to empower and support the digital transformation of leading wealth and financial services institutions. Equisoft's flexible front-end solution suite that includes financial planning, CRM, and investment proposal generation will complement the Broadridge Wealth Platform designed to help firms gain agility with an open API design.
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U.S. Auto Claim Satisfaction Rises: J.D. Power
A surge in used vehicle prices has given an unexpected boost to auto insurance customers who experience a total loss. Combined with advancements in straight-through-processing, this has driven customer satisfaction with auto insurance claims to a record high in the J.D. Power 2021 U.S. Auto Claims Satisfaction Study. But the industry is facing new challenges as increasingly complex vehicles contribute to rising repair and replacement costs.
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Building A Positive Customer Experience
Quadient, a leader in helping businesses create meaningful customer connections, is hosting its annual Inspire Days customer experience conference Nov. 17-18. The virtual event promises a wealth of information for building a positive customer experience.
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BIG Continues Growth In Ontario
Billyard Insurance Group is expanding in multiple Ontario regions with the launch of three new branch offices in London, Meadowvale, and Peterborough.
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Ontario Storms Insured Damage Total Revealed
Storms that hit southern Ontario on Sept. 7 and Sept. 22 brought heavy wind, rain and flooding, causing extensive property damage. IBC has revealed the initial estimate of insured damage from Catastrophe Indices and Quantification Inc.
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