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Navacord doubles travel portfolio with landmark SécuriGlobe partnership 0

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Navacord doubles travel portfolio with landmark SécuriGlobe partnership

Toronto, ON (May 8, 2024) – Navacord is thrilled to announce their recent acquisition of SécuriGlobe assurance voyage, effective as of April 1. This is Navacord’s largest partnership of 2024 and its most substantial travel partnership to date. SécuriGlobe assurance voyage, founded in 1999, is one of the largest and premier travel insurance brokers in Canada. Headquartered in Montreal, the renowned travel protection and health insurance distributor doubles the size of Navacord’s travel portfolio while also expanding its presence in Quebec. Catered mainly towards the snowbird population, SécuriGlobe also specializes in products for visitors to Canada and emergency medical. “Joining forces with SécuriGlobe is a pivotal moment for Navacord as we enhance our travel offerings with a distinguished leader in the travel sector,” says Melanie Muise, President of Personal Lines and Travel, Navacord. “This partnership not only grows our travel portfolio; it also underscores our commitment to growth in this space, which we are actively pursuing.” Since she was appointed as President of PL and Travel last August, Muise has spearheaded Navacord’s efforts to build out national expertise and presence in both personal and travel insurance, and welcoming SécuriGlobe to Navacord serves as a tangible step forward in their growth...

The Impact of Generative AI on enterprises 0

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The Impact of Generative AI on enterprises

By Manav Gupta, CTO & VP, IBM Canada — 2023 was the year Generative AI made its way to the mainstream and rocketed up the business agenda. This year, almost two thirds (60 per cent) of C-suite leaders will be piloting Gen AI solutions, according to IBM’s Institute for Business Value. I had the pleasure of speaking to Anuja Sheth, SVP Network and Technology Services at Bell, to get her view on the enhancements AI is making. Anuja kicked off our discussion by explaining that Gen AI is an enabler for business transformation. When digital technology and AI is embedded into every function within an organization, and every business process, it can make an impact across every part of the business. I asked Anuja where AI is adding value at Bell: The first is in customer experience. The hyper-personalisation that is possible with AI is transformative, whether that’s a customer buying a service or seeking support for a service The other is within networking and technology services, and a few domains under this umbrella. These include the ability to properly capacity plan, optimise costs, and make use of automated incident detection and resolution. And finally, employee experience. AI can act...

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Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure

Article 0 Comments Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated and later transferred to an Iranian vessel. Zurich American Insurance, Liberty Mutual Insurance and Great American Insurance asked a U.S. District Court in San Francisco to uphold their rejection of Chevron’s $57 million claim under both marine cargo and war risks policies the company held. “The seizure of the crude oil and its later expropriation by Iran do not constitute ‘warlike operations,’” the companies said of their denial of war risks coverage. Chevron’s marine cargo policy also did not cover a seizure or confiscation, they told the court. A Chevron spokesperson said the company contests the denial of insurance coverage. “The military seizure by the Islamic Republic of Iran of the Advantage Sweet in international waters with Chevron’s cargo aboard was a hostile act plainly covered by our insurance policies. We look forward to proving this in court,” said Chevron spokesperson Christine...

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The DOL Retirement Security Rule Promotes a Narrow Worldview

What You Need to Know Robert Merton said retirement security is a function of income, not assets. In the new Retirement Security Rule, the Labor Department avoids mentioning retirement income. The author believes the wording reflects how department officials think. When the Labor Department wrote the document it used to describe its new Retirement Security Rule, department officials embraced the worldview of registered securities sales representatives and other investment advisors. Not the worldview of insurance agents, and certainly not the worldview of retirement income distribution planners. Investment advisors, insurance agents and income planners differ markedly in terms of perspectives, philosophies, product preferences, licensure, methodologies and priorities. In many ways, their worldviews are as incompatible as freshwater fish and saltwater fish. Nothing in the new DOL rule will support financial professional diversity in any meaningful sense. What’s Missing The DOL analysis of the new rule is 153,943 words long. That’s equal to the total word count of two average novels. But something important is missing: Not once in this mighty text do DOL officials use the two-word term “retirement income,” outside of references to the Employee Retirement Income Security Act, one direct quote from a Labor Department advisory opinion, and references...

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Markets/Coverages: Marsh Launches Insurance for EU Crypto-Asset Service Providers

Article 0 Comments Insurance broker Marsh announced the launch of MiCAssure, a proprietary insurance solution for crypto-asset service providers such as custodians, exchanges, and administrators operating within the European Union (EU), which are required to comply with the forthcoming Markets in Crypto-Assets Regulation (MiCA). Set to be introduced on Dec. 30, 2024, MiCA creates a comprehensive regulatory framework for the crypto-assets market within the EU and seeks to address the challenges associated with legal certainty, consumer protection, and regulatory fragmentation in the market for crypto-assets and services. It requires that regulated firms authorized under MiCA have in place prudential safeguards, either using their own funds or maintaining an insurance policy, to cover specific risks. Developed by Marsh Specialty in conjunction with both Lloyd’s and London market insurers, MiCAssure provides cover for third party claims arising from misrepresentations or misleading statements, obligations of confidentiality, business interruption, legal and regulatory obligation, and gross negligence in the safeguarding of clients’ crypto-assets and funds. MiCAssure provides protection for the risks detailed in MiCA’s prudential requirements and aids firms in the elimination or reduction of the need to set aside capital to meet their exposures in accordance with the regulation. “Regulatory advancements such as MiCA...

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Speed Up Life Settlements

What You Need to Know Most clients are in a hurry. Selling a life insurance policy can take months. The author says the firms in the life settlement sector can do better. In the early 1990s, as the life settlement industry was just beginning to emerge, United Parcel Service introduced its iconic slogan, “Moving at the Speed of Business.” This phrase, though initially aimed at securing more commercial shipping work, inadvertently captured the essence of the business landscape at the time — an environment where speed was becoming increasingly critical. Fast forward to today, and the urgency for businesses to operate swiftly has only intensified. However, it appears that a segment of the financial services sector, notably the life insurance settlement industry, has lagged, operating more at “the speed of molasses” than at the pace of contemporary business. The Need for Speed and Efficiency In today’s fast-paced world, businesses across various sectors have adapted to meet the demands for speed and efficiency. From instant online quotes for health, life and commercial insurance to the rapid responses expected in sectors like banking and automobile sales, speed and efficiency have become the benchmarks. Yet, the life insurance settlement industry, now roughly 35...

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People Moves: Everest Names US Regional Executives to North America Insurance Leadership

Article 0 Comments Everest Insurance, the insurance division of Everest Group, Ltd. headquartered in Hamilton, Bermuda, appointed four United States regional executives as part of realigning its retail business into four regions. Craig Hanrahan Craig Hanrahan, regional executive, U.S. northeastern region, joins Everest from Chubb, where he was executive vice president, major accounts. Hanrahan has over three decades of industry experience, including tenures with Marsh and AIG. Marissa Jennings Marissa Jennings, regional executive, U.S. Southern Region, joins the company from Zurich Insurance Group, where she most recently led the strategic growth strategy for the Southeast region. She previously held roles with The Hartford Insurance Group and Progressive. Marcus Cooper Marcus Cooper, regional executive, U.S. central region, was previously head of distribution for Everest Insurance North America. Before joining Everest in 2021, Cooper’s 20-year career included leadership roles at Liberty Mutual, AIG and Zurich North America. Michael Cellura Michael Cellura, regional executive, U.S. western region, was previously head of international facultative reinsurance for Everest. Before joining Everest in 2022, Cellura spent over 15 years with Chubb, holding various executive positions, including Northern California executive. Topics USA Leadership Was this article valuable? Thank you! Please tell us what we can do to...

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Social Security Retirement Fund Will Run Dry in 2033: Trustees Report

Fichtner said the political impasse is leading Americans towards an automatic across-the-board benefit cuts of over 20% when the Old-Age and Survivors Insurance trust fund runs dry. “Only pragmatic, bipartisan policymaking can prevent these cuts,” Fichtner said. Nancy Altman, president of Social Security Works, echoed that warning in her own written statement, though she highlighted some bright points in the new projection. “Due to robust job growth, low unemployment and rising wages, more people than ever are contributing to Social Security and earning its needed protections,” Altman said. “As a result, Social Security can pay all promised benefits until 2035, one year longer than projected in last year’s report, and 83% of benefits thereafter, also an improvement over last year — even if Congress takes no action whatsoever.” Other data in the new report shows the asset reserves of the combined trust funds declined by $41 billion in 2023 to a total of $2.788 trillion. The total annual cost of the program is projected to exceed total annual income in 2024 and remain higher throughout the 75-year projection period. Total costs began to be higher than total income in 2021, while Social Security’s cost has exceeded its non-interest income since 2010. Image: Adobe Stock

FIRST ONSITE expands in Ontario, opening its first branch in Peterborough 0

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FIRST ONSITE expands in Ontario, opening its first branch in Peterborough

Team is committed to bringing top-notch restoration and customer service Mississauga, ON (May 6, 2024) – First Onsite Property Restoration, Canada’s leading property restoration company, is pleased to announce as of May 1 it has expanded operations and has opened a new branch in Peterborough, Ontario to serve the city of Peterborough, the Kawarthas and the surrounding area. “We were hearing from our clients that there was a real need in Peterborough for the professional processes and customer support that First Onsite provides with its restoration services,” said Jason Prescott, Senior Vice President, Ontario Region, First Onsite Property Restoration. “Our investment into operations in Peterborough represents our ongoing commitment and partnership with insurance companies, and our commitment to serving residential and commercial customers in the area. We are excited to bring our exceptional customer service to support them wherever and whenever emergency and disaster support is required.” Industry veteran, Jeffrey Payne, has been appointed as the branch manager for the Peterborough location. Jeffrey has 17 years of successful project management experience in the property restoration industry working with customers across the region. “Peterborough sees all kinds of extreme weather. Winter storms, extreme cold, flooding and hail all create an impact...

Sentiance Introduces First Mobile Crash Detection for Motorcycles 0

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Sentiance Introduces First Mobile Crash Detection for Motorcycles

Breaking New Ground Antwerp, Be;gium (May 5, 2024) – Sentiance, a leader in road safety solutions, is pleased to announce a significant advancement in motorcycle safety with the expansion of its mobile Crash Detection technology. Originally developed for cars, this first-of-its-kind solution is now tailored specifically for motorcycles. Built on state-of-the-art interpretive AI and machine learning models, Sentiance’s Crash Detection technology utilizes smartphone sensors and GPS data to analyze motion data in real-time. This enables the system to detect potential impacts with exceptional accuracy and reliability, addressing the unique dynamics of motorcycles. Unlike other systems, Sentiance’s technology operates directly on-device, ensuring a high level of privacy and data security. “Today we see around 30% of all road crash deaths globally involving motorcycles, with countries like Thailand having an average of 5,000 motorcyclist deaths recorded annually. Ahead of the game, we’re not just enhancing safety features for those motorcycle riders, we are fundamentally transforming their safety landscape,” said Toon Vanparys, CEO of Sentiance. “This technology is not only a game-changer for individual safety but also addresses a significant need in markets where motorcycles are essential for daily transport and industries like food, grocery, and document delivery.” This technology is especially crucial...