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INSURANCE INDUSTRY NEWS
“Insurance’s New Era”: Insurers Aim To Augment Protection With Prevention
Global insurance premiums could reach USD 10 trillion by 2030, according to a new report from Bain & Company exploring the evolving risk landscape for insurers. Risks are declining or flatlining in mature areas, such as personal auto and mortality, while expanding in new areas, such as cyber-crime, and growing more severe in others, including climate change. These changes are propelling the insurance industry to take on a new role incentivizing behaviors to reduce overall risk.
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Relay Adds CapriCMW To Placement Platform
Relay Platform is pleased to welcome CapriCMW to its award-winning insurance placement platform Relay I5. Launched first with cyber insurance, Relay I5's sleek interface offers CapriCMW access to cutting-edge functions designed to save time and increase renewal and close rates.
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Applied Releases Commercial Lines Premium Rate Index Findings For Q3 2021
Applied Systems has announced the third-quarter 2021 results of the Applied Commercial Index, the Canadian insurance industry's premium rate index. Overall, the magnitude of rate increases was up across all lines relative to average premium renewals in the same quarter last year.
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Trufla Technology Offers Platform Free To Brokers
Trufla Technology is excited to announce their boldest move yet: the company is now offering their truMobile platform for free to all brokers. truMobile's new integrated 360° communications platform allows for automated and customized messaging, including emails, push notifications and SMS. As a result, brokers can interact with their clients whenever and wherever they want on any device.
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Goose Insurance App Announces New Partnership with AIG Canada
Goose Insurance Services, an innovative insurance technology company making it easier and faster for consumers to get the coverage they need through a self-serve mobile app, has announced a partnership with AIG Canada to provide new protections for the growing gig economy.
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CIOs Cite Digital Roadblocks As Causing Policy Approval Delays: Equisoft & Aite-Novarica
In a new research report commissioned by Equisoft, Aite-Novarica presents the findings of a study conducted with US life insurers to identify the bottlenecks that distributors are facing across the policy application cycle, and what could be done to help them gain more visibility into the process, avoid unnecessary delays and, ultimately, improve advisor and customer satisfaction.
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Cloud Will Be The Centerpiece Of New Digital Experiences: Gartner
The ongoing pandemic and the surge in digital services are making cloud the centerpiece of new digital experiences, said Gartner, Inc. In 2022, global cloud revenue is estimated to total USD 474 billion, up from USD 408 billion in 2021. Over the next few years, Gartner analysts estimate cloud revenue will surpass noncloud revenue for relevant enterprise IT markets.
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Brokerlink Announces Triple Acquisition
BrokerLink is pleased to announce that Alberta-based Blue Circle Insurance Brokers Ltd., as well as Ontario-based Stevenson Insurance Brokers Ltd. and McVey Bros. Insurance Brokers Ltd., have joined the company, effective November 1st. These acquisitions enable BrokerLink to extend its local, personalized insurance service and solutions to even more customers in these communities.
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Lemonade To Acquire Metromile
Lemonade, the insurance company powered by AI and social good, and Metromile, the data science company focused on auto insurance, have entered into a definitive agreement pursuant to which Lemonade will acquire Metromile in an all-stock transaction.
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NFP Acquires Foster Park Brokers Inc.
NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement and individual solutions, is pleased to announce its acquisition of Foster Park Brokers Inc. The transaction closed on November 1st.
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Ontario Teachers First To Support Underwriting Through London Bridge Risk PCC
Lloyd’s has announced Ontario Teachers’ Pension Plan Board, administrator of Canada's largest single-profession pension plan, as the first investor to provide capital through the London Bridge Risk (LBR) Protected Cell Company (PCC).
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Majesco Partners with Larsen & Toubro Infotech
Majesco, a global leader of cloud insurance software solutions, for insurance business transformation, is pleased to announce a partnership with Larsen & Toubro Infotech (LTI) to help clients accelerate their digital transformation journey, unlock new opportunities, and deliver personalized customer experiences.
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AXIS Enters Pet Insurance Market With Petplan
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, is pleased to announce it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with Managing General Underwriter Petplan. AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada.
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IBM To Establish State-Of-The-Art Cyber Range With University of Ottawa
IBM Canada and the University of Ottawa are pleased to announce a multi-year partnership to build and operate a Cyber Range: a fully immersive, interactive, and experiential learning facility that will enable state-of-the-art research and training in cybersecurity and cyber safety.
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Risk/Cover Disconnect: Willis Towers Watson
A new survey from Willis Towers Watson highlights a key disconnect between risks and insurance cover. Over 50 percent of luxury brands surveyed outlined D&O liability as one of the top risks to financial success, yet only 37 percent actually had obtained corresponding coverage. Similarly, business travel and environmental risks also rank highly, but very few have specific insurance for these.
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