Insurable Interest Canadian Insurance Blog

Blink Flight Disruption solution will be offered in Spain with immediate effect Travel assistance cover to be underwritten by global insurance, reinsurance and services company – MAWDY Cork, Ireland (July 25, 2024) – Blink Parametric has launched its Flight Disruption assistance solution with the travel insurance specialist Heymondo. MAWDY, a global insurance, reinsurance and services company and part of the MAPFRE Group, will underwrite the coverage. Today’s launch with Heymondo in Spain will initially serve the company’s domestic market with the Blink Flight Disruption solution now available on Single Trip policies as an optional extra product. When a two-hour flight delay occurs to a policy-holder’s registered flight, they will be offered a choice of free access to one of 1,300+ executive airport lounges worldwide or a real-time cash payout alternative of €50 euro. Blink Parametric’s real-time assistance service integrated with the Heymondo mobile app to facilitate a seamless customer experience and ease of access to push notifications for flight delay benefits. Perry McShane, Director of Strategic Accounts, Blink Parametric, “Heymondo’s mission is to make travel insurance easy. Working together, we have combined market expertise with the latest technology to deliver a real-time assistance solution that assures customers they’re in expert...

By Mark Breading, ReSource Pro — Agents and brokers are no strangers to whispers that their role may one day disappear. However, thus far, they continue to be a mainstay in insurance distribution and have successfully navigated significant industry transformation. But could the recent rise in embedded insurance solutions tip the scales? What is embedded insurance? First, let’s establish what constitutes embedded insurance. Here at ReSource Pro, we use this definition: “Insurance purchased in conjunction with a related product or service from a different provider during the same customer experience.” For example, you might purchase AppleCare along with your new iPhone or trip interruption coverage for your upcoming vacation. However, the breadth of embedded insurance solutions has grown significantly, primarily driven by technology, changing customer expectations, and carriers’ desire to expand their market reach. Remember that at its core, embedded insurance is like direct placement and partnering with agents/brokers – a distribution approach. What differentiates many embedded solutions, however, is their use of technology. APIs, artificial intelligence, and advanced data analytics help offer customers insurance solutions in places where they are already spending time. With customers seeking convenience, personalization, and a seamless experience, embedded insurance is an attractive approach for...

Toronto, ON (July 23, 2024) – CSIO is pleased to announce that the CL Working Group is driving CL Data Standards forward by publishing business requirements to quote and bind four more industry segments: Wholesale, Manufacturing/Processing, Education and Member Organization Services. When CL Data Standards are programmed, BMS and insurer systems talk to one another in real-time as an Application Programming Interface (API) call, enabling the accurate exchange of data in a structured format along the insurance value chain. With this achievement, there are now twelve small business industry segments with published CL Data Standards, making this an even more compelling solution for insurers, brokers and vendors. The four new segments represent the largest number of segments published by the CL Working Group in a single release and cover over 60 new IBC codes. Related business requirements are included in CSIO’s latest XML 1.47 Standards release version. The CL Data Standards created by the Working Group allow brokers to exchange data with insurers via API directly in their BMS. Insurers and BMS vendors who programmed CSIO’s Commercial Lines Minimum Data Set (CL MDS) are realizing many quoting benefits. Leveraging Member feedback, CSIO created the Adoption Scorecard, which reveals that brokers...

Start Slideshow Some 1.2 million individuals with net worth of more than $5 million are expected to pass on collective wealth of almost $31 trillion over the next 10 years, according to Altrata’s Family Wealth Transfer 2024 report, which is based on data from the firm’s Wealth-X unit. Individuals with a net worth of more than $100 million will account for almost half of the amount being passed on.  The value of wealth being transferred will vary enormously across the different wealth tiers. Very high-net-worth individuals — those with fortunes of between $5 million and $30 million — will account for 87% of all the people transferring this wealth. The remaining 13%, ultra-wealthy individuals with more than $30 million, will pass on 64% of the total wealth. Altrata noted that wealth transfers are increasingly taking place during the lifetime of the head of a family, for practical reasons such as tax planning and the desire to prepare heirs for future financial stewardship. This shift, coupled with rising global wealth and younger generations’ differing values, underpins the need for families to align on succession plans early.  It also opens new opportunities for organizations that advise, prospect for and engage with the wealthy. ...

Millions of customers to benefit from tailored travel protection powered by award-winning XCover global distribution platform New York, NY (July 17, 2024) – Priceline, the iconic innovator of online travel, and Cover Genius, the insurtech for embedded protection, are pleased to announce a new North American partnership to introduce enhanced travel protection for flights, hotels, rental cars and packages booked with Priceline. By integrating with Cover Genius’ award-winning global distribution platform, XCover, Priceline’s customers enjoy several customer-centric features that elevate the travel protection experience. After purchasing protection, users can easily review policy details, access support, file claims and receive instant payments for approved claims through their XCover Account. Cover Genius’ hassle-free digital claims are backed by policies in 40+ languages, instant payments for approved claims in 90+ currencies and an industry-leading post-claims Net Promoter Score. “We’re excited to collaborate with Priceline to bring our customer-centric protection to their travelers,” said Angus McDonald, CEO and Co-founder of Cover Genius. “We avoid ‘off-the-shelf’ offerings and build technology-driven solutions that we constantly test and iterate for the best possible insurance experience. This helps develop meaningful touchpoints with customers and drives additional revenue for our partners – in fact, after launching with us, Priceline...