Insurable Interest Canadian Insurance Blog

Capgemini Research Institute’s World Life Insurance Report 2025 Best-in-class life insurers – those delivering quantifiably outstanding customer experience – achieve a 38% higher Net Promoter Score (NPS®) than their mainstream counterparts 67% of best-in-class carriers are ready to leverage generative AI to innovate their policyholders’ experience and optimize operations Life insurance industry must shift perception away from simply ‘death insurance’ to engage new generation of policyholders Paris, France (Oct. 30, 2024) – The Capgemini Research Institute’s World Life Insurance Report 2025 reveals that the life insurance industry is struggling to meet today’s customer experience expectations, with legacy technology being a major barrier to driving meaningful change. However, the report identifies a small group of life insurers globally delivering quantifiably outstanding customer experience to achieve ‘best-in-class’ status. In comparison to mainstream insurers, these innovative companies have been rewarded with a 38% higher Net Promoter Score (NPS®), an 11% lower expense ratio, and a 6% higher revenue growth than the rest of the industry in the last three years. Faced with high inflation, economic uncertainty, and waning interest, life insurers are at a critical juncture as the industry confronts a 33% fall in penetration in mature markets[1] between 2007 and 2023,[2] with...

QBE Canada rolls out cyber offering with new team member New York, NY (Oct. 31, 2024) – QBE Canada is pleased to announce it has appointed Kyle Gray to the newly created role of Technical Underwriter Team Lead, Cyber as it rolls out its revamped cyber policy, QCyberProtect, that offers global coverage to mid-sized and large businesses. QCyberProtect provides tailored coverage for losses arising from current and emerging cyber risks, including, but not limited to, ransomware, social engineering, network security, privacy liability, IT and non-IT business interruptions and reputational loss. “Strategic investments in our cyber capabilities have strengthened our ability to shield our clients from the most pressing cyber threats,” said Andrew Horton, Group CEO of QBE Insurance. “This offering highlights our commitment to delivering globally consistent and practical solutions that address the ever-evolving cyber risks our customers face around the world.” QBE is also implementing QCyberPrepare, a saferoom where customers can launch their incident response plan in a secure platform with secure messaging. This risk management tool empowers organizations to be connected and in control before, during and after a cyber crisis. In Canada, Kyle Gray has been newly hired by QBE to lead the cyber offering, including the...

Toronto, ON (Oct. 30, 2024) – CSIO congratulates Rival Insurance Technology (Rival) on achieving CSIO’s eDocs Certification. This Certification confirms that Rival has deployed all 40 updated eDocs codes and descriptions into production in The Broker’s Workstation platform for personal and commercial lines. With this Certification, Rival’s insurer partners can rest assured that their eDocs codes will be accurately labeled in a Broker Management System (BMS) when sending the updated eDocs. Once insurers deploy the updated eDocs codes and descriptions into production, brokers will be able to access them in their BMS. Clear and concise eDocs are significant for broker efficiency, as they alleviate the burden of opening every eDoc to determine whether action is needed. “Achieving eDocs Certification supports Rival’s mission to deliver efficient technology solutions that give brokers a competitive advantage,” said Greg Purdy, Chief Executive Officer of Rival Insurance Technology. “I am pleased to work with CSIO and the industry to drive continued success and innovation. The updated eDocs are an important milestone for brokers, enabling them to better cultivate strong client relationships.” “Rival’s eDocs Certification demonstrates their commitment to advancing broker connectivity in property and casualty insurance,” said Catherine Smola, President & CEO of CSIO. “We...

Toronto, ON (Oct. 29, 2024) – CSIO is pleased to announce that Wawanesa Insurance has achieved CSIO’s Application Programming Interface (API) Security Standards Certification, demonstrating their commitment to data confidentiality and API endpoint security. CSIO’s API Security Standards were created in collaboration with insurer and Broker Management System (BMS) vendor members and provide a standard authentication and authorization API model. As an API Security Standards Certified insurer, Wawanesa has verified that all security concerns for API endpoints have been addressed. With this Certification, Wawanesa’s broker partners are assured that their information remains safe when accessing an API endpoint. “As Wawanesa continues to make investments to meet the ever-evolving needs of our brokers, providing comprehensive security measures is critical to solidifying our position as a technology leader within the insurance industry,” said Cam Muckosky, Vice President, Digital Delivery at Wawanesa. “We’re proud to support CSIO’s mandate, with this API Security Certification a clear testament to our commitment to shaping the standards for industry connectivity.” “Wawanesa’s Certification reflects their commitment to safe and robust data exchange services,” said Catherine Smola, President & CEO of CSIO. “With increasingly digitized operations, API Security Standards build broker confidence that their data is safeguarded at all...

Toronto, ON (Oct. 30, 2024) – BrokerLink is pleased to announceit continues to grow with the acquisition of Grandin Agencies Insurance (“Grandin Agencies”) on September 1, and Beauchamp Insurance Limited operating as All-Risks Insurance Brokers Sudbury (“All-Risks Sudbury”) and 2694215 Ontario Inc. operating as All-Risks Insurance Brokers Callander (“All-Risks Callander”), effective October 1. These three acquisitions enable BrokerLink to expand and serve additional customers in Alberta and Ontario. Grandin Agencies, located in St. Albert, AB For more than four decades, Grandin Agencies served the community of St. Albert and the neighbouring areas with personal and commercial insurance options. The family-owned and operated business understood the needs of their customers and offered tailored insurance solutions for homes, vehicles, motorcycles, rental properties, cottages, boats, recreational vehicles and businesses. All-Risks Sudbury, based in Chelmsford, Greater Sudbury, ON All-Risks Sudbury has provided reliable insurance services to Chelmsford and the surrounding communities since 2009. The brokerage is known for its knowledgeable insurance professionals who offer personalized service and tailored solutions for home, auto and commercial insurance. Over the last 15 years, the All-Risks Sudbury team built a reputation for excellent customer service and are proud to have grown their office into one of the area’s...