Insurable Interest Canadian Insurance Blog

Toronto, ON (July 2, 2024) — Rival Insurance Technology, a leader in insurance management systems and connectivity solutions, is excited to announce the launch of its latest innovation, the Rival Platform & Marketplace (RPM). This groundbreaking, AI-driven web application is set to transform the way Brokers and Managing General Agents (MGAs) operate, offering a completely reimagined user interface, intelligent business insights, and unmatched broker-to-MGA connectivity. As the first of its kind, RPM introduces a new product category to the insurance technology space: the Insurance Intelligence Platform (IIP). RPM is an open, intelligent platform and marketplace, making it the first enterprise solution tailored for both consolidators and independent brokerages. With RPM, brokers of all sizes can harness the power of artificial intelligence, setting a new standard for the future of the industry. Key Features: Journal: Automatically populates relevant business insights from across the organization, providing actionable information to drive decision-making. Insights & Connections: Generates valuable insights specific to the business from across the web and intelligently from the business data. Facilitates growth through connections made via the Store. Store: Connects retail brokers and MGAs with products from Rival partners and third parties, fostering seamless partnerships and new business opportunities. Apps: Stores...

Syndicate Agreement Expands and Complements Existing US offering San Francisco, CA (July 1, 2024) – Resilience, the leading cyber risk solution company, has doubled the cyber insurance limits it can offer to clients in the US to $20 million per client. This announcement follows the launch of new features and capabilities that enable enterprises to continuously manage the mitigation and transfer of cyber risk. The agreement to expand Resilience’s limit capability was brokered by Lockton Re and utilizes Resilience’s existing coverholder partnership with Lloyd’s (AM Best: A). Resilience previously offered $10 million in limits, on a primary or excess basis in the US, with an A+ AM Best-rated partner. The additional $10 million in excess limits supported by underwriters at Lloyd’s, can be deployed in sequential or ventilated layers above Resilience’s existing $10 million limit capability, up to $20 million in total. “Our ability to offer up to $20 million in limits, along with Resilience’s industry-leading integrated cybersecurity and cyber risk solutions, will help our clients and broker partners build insurance towers efficiently, while also increasing the ability to deliver much-needed loss prevention solutions to clients,” said Mario Vitale, president of Resilience. “Resilience’s leadership in the cyber insurance sector stems...

Start Slideshow The Princeton Review’s just-released list of the best value colleges in the United States comprises 134 private and 75 public schools, based on its surveys of administrators at 650 institutions in the 2023–24 academic year. Related: 14 Best Value Public Colleges: Princeton Review, 2023 Researchers analyzed data on school academics, cost/financial aid and career services, as well as on student debt and graduation rates. They also factored in data from its surveys of students attending the schools, and data from PayScale.com’s surveys of alumni about their starting and midcareer salaries and job satisfaction.  They then used some 40 data points to tally Return on Investment ratings, which determined the selection of schools on the list. Various data points from the surveys were used to tally the project’s ranking lists. The Princeton Review, a tutoring, test prep and college admissions services company, is not affiliated with Princeton University. See the accompanying gallery for the 15 best value public colleges in 2024, according to The Princeton Review. Start Slideshow

New data from Arity analyzes U.S. transportation ecosystem challenges, revealing how drivers feel about risky driving behaviors and what driving behavior data tells us about how to fix them Chicago, IL (Apr. 21, 2023) – An overwhelming 86% of U.S. drivers would be more willing to share driving behavior data if they knew it could help prevent the loss of life. That’s a key takeaway from a mobility data and analytics company, Arity. Despite technological advancements in cars, the rise in traffic, distracted driving, and insurance premiums have made driving more time-consuming, costly, and dangerous, with traffic fatalities rising by 30% over the past decade.[1] The willingness of drivers to contribute their data underscores the growing recognition of data’s pivotal role in addressing road safety concerns nationwide. “Today’s transportation ecosystem is broken and is costing people a lot of money and even lives. But it doesn’t have to be this way,” said Gary Hallgren, President of Arity. “With more driving data available than ever before, Arity is dedicated to identifying the factors contributing to road risk and enabling solutions that empower a smarter, safer, and more useful way to navigate the world. With this latest data report, we’re exploring ways...

New, premium-free policy endorsement reimburses clients to help them build to more resilient standards following a loss Guelph, ON (June 12, 2024) – The trend of climate change in Canada is clear. The direct impact to communities puts them at the forefront of this challenge and alone, they aren’t equipped to endure the effects that are no longer far off, but right at their doorstep. As a result, property insurance is getting costlier and insurance coverage gaps are increasing. In response to this, Co-operators is supporting its clients in reducing their risk and building their resilience in a rapidly changing world, at no additional cost to clients. Entering the market is a new insurance coverage: TomorrowStrong™. The value-added endorsement is unique to Co-operators and available on eligible Home and Farm policies with no added premium charge. The coverage is designed to support the company’s ongoing commitment to community resilience. It provides eligible policy holders with up to $3,000 for more weather resistant roofing upgrades and $1,000 for preventative loss measures like security systems, sump pumps, or surge protectors. “As insurers we have a responsibility to protect our clients and our communities. To do that we need to reimagine our approach...

By Segic — In the current HR landscape, companies face a major challenge: meeting the diverse needs of four different generations in terms of employee benefits and group insurance. It is crucial to adopt an integrated and flexible approach to designing benefits programs that address these varied needs. Consider the differences between a young employee of 20 and another of 55. For the former, mandatory insurances, dental care, or life insurance might seem less relevant, while the older employee might prioritize an enhancement of their insurances, placing less importance on additional benefits. Moreover, health issues evolve with generations: baby boomers often face physical health challenges, whereas younger generations are seeing an increase in mental health issues. These key points highlight the importance of a holistic strategy in employee benefits. In this context, adopting a global platform like Segic becomes a major asset. It allows not only for personalized and scalable responses to the diverse expectations of employees but also for the seamless integration of different aspects of benefits management. Indeed, Segic offers a complete and adaptable solution, capable of aligning with a company’s strategic goals while considering the specific needs of each generation within the workforce. Key Elements Meeting Employee...