Insurable Interest Canadian Insurance Blog

Shipshape launches Private Label App Platform which enables home service providers with the ability to offer custom-branded smart home maintenance solutions New York, NY (Oct. 31, 2024) – Shipshape Solutions Inc., a leading innovator in smart home management technology, is pleased to announce the launch of its new Private Label App Platform, enabling partners to offer custom-branded smart home bundles to homeowners. Home service providers, including contractors, appliance manufacturers, insurance companies and utilities stand to benefit greatly from connected homes, but the technology is too complicated for most of these companies to build it on their own. With this new offering service providers get a win-win outcome with the ability to offer a next generation proprietary solution that enhances the customer experience under their own brand without having to build the technology themselves. Recent reports show that housing affordability is spiraling out of control making it paramount for service providers to offer innovative solutions that help homeowners save money: Home insurance costs are going through the roof, according to CBS; 78% of Americans are stressed out about high energy bills, according to CNET; and Home maintenance costs hit a record high, according to Forbes. At the same time, competition among...

Connected Business Report: Digital dependency fuelling risk New York, NY (Oct. 31, 2024) – QBE Canada is pleased to announce the publication of its latest report, Connected Business: Digital Dependency Fuelling Risk, which projects that the number of disruptive and destructive global cyber-attacks taking place each year will increase by 105% to the end of 2024. The trend shows these strategically significant, disruptive and destructive global cyber-attacks will more than double this year to 211, compared to 103 in 2020: The number of disruptive and destructive global cyber-attacks The NotPetya mass cyber-attack is one such example. It resulted in infections across Europe, North America and Asia Pacific. The associated NotPetya malware caused an estimated US$10bn in damages. These types of disruptive and destructive attacks are far rarer than data loss or simple device compromises type incidents that are in the 1000s or 10000s. CrowdStrike’s failed update on 19 July 2024 cost Fortune 500 companies US$5.4bn in damages and US$25bn in share value. Cybercriminals were quick to exploit the event launching phishing campaigns with CrowdStrike-related lures, seeking to compromise systems, steal data and extort victims. The number of ransomware attack victims will increase by 11% from 4,698 in 2023 to 5,200...

Revolutionizing work to boost business value — By Cathy Fillare, IBM Institute for Business Value, et al — Business leaders must be careful not to focus solely on how generative AI can simplify and automate today’s processes – many of them are routine and mundane. While such measures may increase productivity, executives also have a rare opportunity to revolutionize employee potential and pioneer a new future for their organization. Forward-thinking organizations are increasingly framing AI strategies that extend beyond mere command and control and process steps. A new report from the IBM Institute for Business Value (IBM IBV) and Oracle, titled Reimagine human potential in the gen AI era, explains how HR can use AI to empower people to unlock their performance and potential by connecting them to what matters most for their job and personal goals. This is a chance to further humanize work. AI tools and data can help provide clarity on work roles and expectations, guide and coach employee development with purpose, and help foster employee progression and internal career mobility. Forecasting employee potential For example, leaders can take a proactive approach to forecasting the potential of their people by identifying the key skills and attributes that...

Toronto, ON (Oct. 29, 2024) – FIRST Insurance Funding of Canada (FIRST Canada), the leading provider of payment solutions, is pleased to announce the successful integration of FIRST Pay™ with SIGNAL Underwriting Inc. SIGNAL Underwriting can now generate Customized Payment Options Forms directly from their Policy Management Platform, with FIRST Pay’s suite of APIs. This advancement automates the presentment of payment plans and financing quotes, which can seamlessly be included with the policy proposal. This comprehensive package offers SIGNAL brokers a comprehensive solution to present clients, with the insurance they need and flexible payment solutions. “We are pleased to integrate FIRST Canada’s financing options for our broker partners, which respects the brokers’ workflow,” stated Alexander Blair-Johns, CEO, Class Underwriter at SIGNAL. “This is another example of how we are making it easier to do business with SIGNAL.” By integrating FIRST Pay™, SIGNAL Underwriting simplifies and elevates the insurance purchasing experience, further establishing their leadership in the MGA space. FIRST Pay™ is FIRST Canada’s powerful suite of real-time APIs, which automates and streamlines the insurance payment process, empowering MGAs like SIGNAL Underwriting, Carriers, and brokers to provide a comprehensive insurance offering, including payment plans. About FIRST Insurance Funding of Canada FIRST...

Now Available: Detailed Imagery and Property Damage Assessments Covering Nearly 20% of Florida and 4.43 million buildings Centennial, CO (Oct. 23, 2024) – Vexcel has completed a wide-scale, multi-day aerial imagery collection in response to Hurricane Milton, covering nearly 20% of Florida. As part of its post-disaster Gray Sky Program, the collection includes high-resolution ortho and multispectral imagery across all areas, with oblique imagery captured in select urban locations. Every property in the Hurricane Milton Gray Sky collection features a comprehensive damage assessment along with timestamped before-and-after imagery for comparison. This enables insurers, emergency managers, and government agencies to assess the storm’s impact with greater efficiency. The collection spans more than 33,000 square kilometers—approximately 20% of Florida—helping response and recovery needs. Across this collection, nearly 4.43 million structures were analyzed for damage. Areas Captured Key cities in the Florida collection include: Anna Maria, Bradenton, Clearwater, Daytona Beach, Fort Meade, Fort Myers, Homosassa Springs, Kissimmee, Lakeland, Largo, Longboat Key, Melbourne, Naples, Orlando, Port St. Lucie, Sarasota, Sebring, Siesta Key, Spring Hill, St. Petersburg, Tampa, and Town ‘n’ Country. Swift Response to Collect Imagery Hurricane Milton made landfall as a Category 3 storm on October 9. Within 16 hours, Vexcel mobilized its...