Insurable Interest Canadian Insurance Blog

New York, NY (Sept. 5, 2024) – A new whitepaper from Marsh McLennan, the world’s leading professional services firm in the areas of risk, strategy and people, and Zurich Insurance Group, a leading global multi-line insurer and provider of resilience services, highlights the critical need for greater public sector involvement to strengthen societal resilience in the event a catastrophic cyber event occurs. The whitepaper, Closing the cyber risk protection gap, emphasises the urgent need for innovative solutions to close the gap between risk and insurance – particularly for small and medium-size businesses that are often uninsured or underinsured – as rapidly-evolving cyber threats are outpacing the capacity of traditional insurance and risk management solutions to fully mitigate them. It highlights mass malware and mass cloud outage as examples of cyber incidents that are currently considered insurable up to a certain level of financial loss, and events such as critical infrastructure failure, which are generally considered uninsurable. John Doyle, President & Chief Executive Officer, Marsh McLennan, said: “The severe threat presented by cyber risks requires collective action to bridge the protection gap. The insurance industry and the public sector must fully understand the spectrum of insurable and currently non-insurable cyber events....

Earnix’s Ready for Guidewire accelerator will enable operational efficiencies and streamlined strategic growth Boston, MA (Aug. 27, 2024) – Earnix, the leading global provider of intelligent decisioning SaaS solutions for financial services, is pleased to announce that a leading Canadian financial services co-operative, Co-operators General Insurance Company (Co-operators) has successfully implemented the Earnix Enterprise Rating Engine as its production rating solution for homeowners’ insurance. Now, Co-operators is excited to use Earnix’s Ready for Guidewire accelerator to help further realize the benefits of a single pricing and rating platform by significantly streamlining  delivery of future lines of business. “Agility is critical to stay competitive in today’s rapidly changing market – the right tools and solutions can significantly impact our success in doing so,” said Amélie Beauregard, Vice President, Home and Auto Pricing at Co-operators. “We came on as an early adopter of Earnix’s Guidewire accelerator and have already seen gains in our speed to market driven by new operational efficiency. We look forward to seeing further enhancements from Earnix as we refine our approach.” Co-operators has been a longstanding Earnix customer since 2015. After eight years of successfully leveraging Earnix for modeling and analytical pricing, this implementation, which includes the enhanced...

With a new season comes new beginnings: McFarlan Rowlands Insurance Brokers Inc. announces acquisition of Excalibur Insurance Group London, ON (Sept. 6, 2024) – McFarlan Rowlands Insurance Brokers Inc., a division of McDougall Insurance Brokers Ltd., is pleased to announce that Excalibur Insurance Group has merged with McFarlan Rowlands Insurance Brokers, effective September 1st. “We’re thrilled to join forces with such a highly reputable brokerage and are looking forward to a prosperous future together,” said McFarlan Rowlands in its announcement of the merger on social media. The transaction represents a major stride for McFarlan Rowlands toward growing its business in Western Ontario. “We are excited to welcome the team and clients of Excalibur Insurance to the McDougall family,” said Ross McDougall, CEO of McDougall Insurance Brokers. “We’ve always held the Excalibur organization in high regard, and [we] know that between them and McFarlan Rowlands we will be able to deliver on unparalleled insurance service for our clients in Western Ontario.” “Excalibur Insurance believes in community and customer service before anything else,” said Jeff Roy, President & CEO of Excalibur Insurance. “By joining with McFarlan and McDougall, we know we are joining a team that values those same things – and...

By Kerry McGuire, Client Innovation Center Leader, IBM Canada — When IBM launched its sustainability hub at the IBM Western Canada Client Innovation Centre (CIC) in Calgary, in partnership with Invest Alberta, Calgary Economic Development, and Opportunity Calgary Investment Fund (OCIF), this exciting milestone marked a significant step forward in our journey to harness the power of technology to drive sustainable innovation. As we navigate the complexities of the modern world, it’s clear that two factors are poised to shape the future of work: technology and sustainability. The rapid advancement of artificial intelligence (AI) is transforming industries and creating new opportunities, while the urgent need to address environmental and social challenges is driving innovation in sustainability. At the heart of this intersection lies the importance of skills development. As AI continues to augment human capabilities, workers must adapt and develop skills that complement this technology. This is particularly crucial in the context of sustainability, where the need for green skills is growing exponentially. IBM’s SkillsBuild program is a shining example, offering free education and training in areas like AI, sustainability, and data analysis. But what does mean in practice? The potential of generative AI to drive innovation and efficiency is...

Toronto, ON (Sept. 5, 2024) – Crawford Technologies, provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce its AccessibilityNow® Translate has yielded substantial improvements across various metrics for a regional healthcare provider. AccessibilityNow Translate, part of the company’s AccessibilityNow platform, addresses a critical challenge faced by healthcare organizations that need to deliver vital, time-sensitive information to limited English proficiency (LEP) audiences efficiently and securely. Prior to adopting the solution, the healthcare provider incurred costs exceeding $400,000 per month for manual translation and formatting. Implementing AccessibilityNow Translate, this cost plummeted to a fraction of the original expenditure, resulting in savings of more than $4 million per year. Beyond financial benefits, the solution significantly enhanced operational efficiency. The average turnaround time for document translation and alternate/accessible formats decreased from a laborious five days per document to an impressive two to three minutes. This dramatic acceleration streamlined workflows, reduced bottlenecks and enabled the company to meet strict regulatory deadlines with ease. Compliance with the Centers for Medicare and Medicaid Services (CMS) regulations was another critical area in which AccessibilityNow Translate delivered tangible results for the company. The translated documents were remediated into WCAG-compliant PDFs so they...