Insurable Interest Canadian Insurance Blog

Cyber for Auto covers the owners of personal vehicles Designed for cyber threats on the road Covers cyber-attacks, ransomware, and identity theft Safeguards data stored in cars and connected apps Hartford, CT (Mar. 26, 2024) – With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves. Specialty insurer HSB is helping consumers respond with Cyber for Auto, a new coverage that will be available for cyber-attacks, the company has announced. HSB’s unique proposed coverage helps safeguard private information that is stored in personal vehicles and connected to cloud-based and wireless communication networks. “Automakers continue to integrate new technologies into today’s vehicles,” said James Hajjar, chief product and risk officer for the Treaty Division of HSB, part of Munich Re. “With each added system or connection, there are new vulnerabilities that hackers and other cyber criminals can exploit. Cyber for Auto helps insurers and their customers stay ahead of these new cyber exposures.” Cyber Hacks and Malware Attacks Passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, which means there is the risk of a cyber-attack. When drivers connect their...

CSIO’s Commercial Lines (CL) Working Group Continues to Advance CL Data Standards by Publishing Quote and Bind Requirements for Farming Services Toronto, ON (Mar. 26, 2024) – CSIO is pleased to announce that the CL Working Group continues to advance CL Data Standards by publishing business requirements to quote and bind another industry segment, farming services. Greenhouses, along with field crops, fruit, and vegetable farms, are some of the businesses included in the farming segment. With the addition of farming services, there are now a total of eight small business industry segments, covering over 300 IBC codes, with published CL Data Standards. The other small business segments are professional services, contractors, real estate, retail industries, hospitality, health services and warehousing. The CL Data Standards created by the Working Group allow brokers to exchange data with insurers in a simple, structured format and streamline the quote and bind process by enabling real-time quoting. Brokers report that their average quote response time – from insurers – has decreased from days to an average of just 14 seconds. When insurers and broker management system vendors program the CL Data Standards, they improve the customer experience while saving brokers valuable time and money. “As...

Santa Rosa, CA (Mar. 25, 2024) – Yotta Automated Software Solutions Inc. (YASSI), the platform of record for real-time vehicle lienholder, registration, and title data, announced that the company has joined Guidewire’s Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them. “Joining Guidewire’s Insurtech Vanguards program marks a big moment for YASSI, and we are thrilled to be a part of this innovative ecosystem,” said Bob Rieger, CEO and Chairman of YASSI. “As pioneers in providing comprehensive, real-time vehicle data through a single API and web app, our mission aligns with the program’s goal of transforming the insurance industry. This collaboration signifies a leap forward in our journey, enabling us to connect more closely with industry leaders and stakeholders who are just as passionate about leveraging technology to enhance insurance processes.” The challenges insurers face today are numerous and complex, ranging from improving claims processing speeds to enhancing fraud detection and streamlining underwriting. YASSI is at the forefront of addressing these issues by delivering instant, accurate, and reliable vehicle information, such as real time lienholder, registered owner,...

Iryna Lozynska, Product Innovation Strategist, HSB Canada — Iryna Lozynska, Product Innovation Strategist New Solutions, helps us understand three emerging risks facing businesses and consumers, walking us through the most important macro trends she feels have implications for the risk landscape and insurance industry. 1.    Hiring and employment regulation is becoming more complex Businesses and organizations need to constantly keep pace with labour laws. At the provincial level, proposed regulations will directly impact employment practices. For example, Ontario’s Bill 149 will prohibit employers from including any requirements of Canadian work experience in public job postings. It will also require expected compensation to be advertised. Employers who use A.I. to screen applicants will now need to disclose this practice on job postings. In short, there is a strong push toward equity, transparency, diversity and inclusion. This will require a revision of current employment practices and consideration of legal liability exposures. 2.    Motor vehicles face cyber risks I was watching a recent popular movie where a cyber attack caused a fleet of electric vehicles to run on autopilot and crash into each other (and everything else in their way). It’s scary to imagine cars being turned into weapons of mass...

Agero’s volume of calls initiated through Crash Response has grown 475% since its first-year launch, with 44% year-over-year growth in 2023 Troy, MI (Mar. 19, 2024) – Agero, the leading white-label provider of digital driver assistance services and software for the majority of automotive and auto insurance brands, is pleased to announce the expanded deployment of its Crash Response technology after experiencing record growth in 2023. The expansion enables Agero to roll out its critically important Crash Response offering, which immediately works with emergency services to dispatch support after a crash has been detected, to more consumers across the U.S. – particularly important as vehicle accident rates and severity continue to rise. With two additional Top 10 carriers launching programs last year, Agero’s Crash Response dispatch volume doubled. This means not only twice the number of opportunities to realize savings associated with capturing vehicles from accident scenes, but also twice the number of potentially life-saving customer interactions. “Safety is always the paramount concern whenever a collision occurs,” said Ben Zatlin, Vice President and Head of Accident Management at Agero. “At Agero, we’ve long been proud of our ability to get to the scene quickly and help clients recover the vehicle....