Insurable Interest Canadian Insurance Blog

Blink Cyber Security Solution to combat Online Identity Theft Product set to expand Ethics Cyber Security product suite serving Corporates and CXO level client base Cork, Ireland (Feb. 27, 2024) – Blink Parametric has partnered with cyber risk specialist Buckler México to support the rollout of its Blink Cyber solution to Ethics Data Analytics, a leader in risk management solutions in the region. Now available within the Ethics Cyber Security portfolio, the product serves as a Data Protection solution by detecting a data breach or compromised information early and proactively alerting clients with information they need to secure their online data ahead of it being used by fraudsters or hackers. Created to enable insurance companies to offer policy-holders an add-on security feature, the Blink Parametric Cyber Solution has developed into an embedded, standalone InsurTech and Cyber product where clients can add personal information such as phone numbers, email addresses, identity numbers, documents, bank/credit card details and account numbers into its secure monitoring service. It then searches 24/7 for compromised personal data on unsecure websites as well as the dark web, alerting agencies, insurance companies or clients if the data is found to be for sale and/or in use by cyber...

Ipsos releases new insights from its twelfth CSI Insurance tracker, providing a comprehensive analysis of the Canadian insurance market Toronto, ON (Feb. 20, 2024) – The Canadian insurance industry underwent a substantial shift in its performance in 2023. Despite some regional variations, the overall sentiment of the industry reflected a significant improvement, with the likelihood to recommend scores climbing from -12 in 2022 to -8 by the end of the year. This marked upswing signals a tangible advancement in customer sentiment across the broader Canadian insurance landscape. Diving into the regional specifics, distinct differences emerge. Customers in Quebec continue to show their satisfaction with their insurance experience, making it the only region with a positive Net Promoter Score (NPS). On the contrary, British Columbia recorded a notably negative NPS, with customers there being least likely to recommend their insurance provider. Meanwhile, Ontario remained stable year over year, maintaining a negative NPS score. A closer look at the brands reveals some interesting insights. The Canadian Automobile Association (CAA) emerged as a beacon of excellence amid this vibrant tableau, boasting the highest NPS and being one of just five providers ending the year on a positive note. The year 2023 was a...

First Acre Insurance Introduces Legal and Additional Support Services for All, with Option to Include Comprehensive Legal Expense Insurance Burlington, ON (Feb. 1, 2024) – First Acre Insurance, a Managing General Agent (MGA) reshaping the agricultural insurance sector, is now providing its agricultural policyholders with access to a general Legal Helpline and Emotional Support Assistance services, with the option to include Legal Expense Insurance for unexpected legal events. The Agricultural Digital First MGA has partnered with Toronto-based ARAG Legal Solutions Inc., part of the ARAG Group, the global leader in legal expense insurance (LEI) with over 85 years of experience in and currently active in 19 countries – including Canada, the USA, and Australia. “Providing Canadian farmers with emotional support services and comprehensive legal expense insurance through our policies is a top priority,” said Robin Shufelt. “Farmers in Canada face an immense amount of pressure both personally and professionally, and having access to these services can make all the difference when navigating through diverse situations. We are committed to offering farmers solutions to help them cope with the challenges they face.” First Acre Insurance policyholders will now have unlimited access to a general legal helpline, through which they will receive...

Beazley expands focus on cyber security services with creation of Beazley Security: combining its in-house Cyber Services team with Lodestone, its wholly owned cyber security firm, Beazley will focus on improving cyber resilience for clients London, UK (Feb. 21, 2024) – Beazley, the leading specialty, is pleased to announce the merger of its in-house Cyber Services team with its wholly owned cyber security company Lodestone, creating an integrated cyber risk management company, Beazley Security. Beazley Security will be led by Alton Kizziah, currently CEO of Lodestone, and he will report to Paul Bantick Beazley’s Global Head of Cyber Risks. The new company integrates the risk management services provided as part of a Beazley cyber insurance policy with Lodestone’s technical cyber security services. Beazley Security will offer integrated cyber preparedness and response capabilities and invest in new services such as a managed eXtended Detection and Response (mXDR) solution which provides round the clock monitoring, enabling rapid identification and containment of threats. Paul Bantick, Global Head of Cyber Risks, Beazley commented: “We live in an era of accelerating cyber risk and by combining these two experts in cyber security and insurance, we are creating a force capable of addressing the challenges head...

Montreal, QC (Feb. 20, 2024) – Forbes has named Sinistar founder and CEO Alexis Vertefeuille to its 30 Under 30 North America list for 2024. Forbes evaluated more than 11,000 candidates based on a criteria of innovation, impact, achievement, and potential, where Vertefeuille was honored in the social impact category for his company’s disruptive approach to insurance housing. “Receiving this recognition is rewarding, but it’s especially meaningful because it highlights the impact the Sinistar team has brought to property claims in Canada,” says Vertefeuille. Sinistar is a home-sharing platform used by claims adjusters from over 35 different insurers to provide efficient and affordable relocation solutions for their displaced policyholders. Sinistar’s technology automates home-matching and bidding between claims adjusters and its host community of over 15,000 homeowners, helping claims professionals save hours of time, reduce expenses, and ensure policyholder satisfaction. The platform was created with ease and accessibility in mind, where claims adjusters can submit temporary housing requests within just a few clicks and minutes, and also rely on the human support of Sinistar’s team throughout their insured’s relocation process. Vertefeuille founded the company while completing a law degree at Laval University. The idea came to him when he found housing...