Insurable Interest Canadian Insurance Blog

Cyber Claims Report: Mid-year update reveals overall claims frequency increased 12% in the first half of 2023, driven by spikes in ransomware and funds transfer fraud San Francisco, CA (Sept. 20, 2023) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, has released its 2023 Cyber Claims Report: Mid-year Update, which details the evolution of cyber trends during the first half of 2023. In the face of surging attacks, Coalition’s claims data showed a 12% increase in cyber claims over the first six months of the year, driven by the notable spikes in ransomware and funds transfer fraud (FTF). The Mid-year Update found that both claims frequency and severity rose for businesses in early 2023 across all revenue bands. Companies with over $100 million in revenue saw the largest increase (20%) in the number of claims as well as more substantial losses from attacks – with a 72% increase in claims severity from 2H 2022. “The cyber threat landscape has become more volatile, and, as a result, we’ve seen claims become more severe and more common than ever,” said Chris Hendricks, Head of Coalition Incident Response. “To help prevent these costly and disruptive...

Toronto, ON (Sept. 20, 2023) — Rival Insurance Technology, a leader in insurance management systems and connectivity solutions, is pleased to announce Bob Juracka has joined the company’s executive team as Vice President of Business Strategy. Bob is a proven innovator who began his insurance technology career with Applied Systems where, as Executive Vice President, he headed up U.S. sales and implementation services. Then, as co-founder of XDimensional Technologies, he was instrumental in the creation and establishment of Nexsure, the industry’s first cloud-based/software-as-a-service broker management system. “Bob is one of the true thought leaders in our industry,” said Greg Purdy, CEO. “Bob has built organizations from the ground up that deliver solutions that lead technology into new areas. We are very lucky to have Bob bring his expertise and experience to Rival and by extension the Canadian market will benefit from his contributions.” “With an excellent and relevant client base–spanning retail brokers, MGAs, as well as carriers–Rival is in a unique position to leverage the myriad opportunities presented by this next major insurtech inflection point,” said Bob Juracka. “AI and machine learning/prediction engines will have a profound impact on the technologies and practices of insurance distribution. I am happy and...

The Wawanesa Mutual Insurance Company, a leading Canadian mutual insurer, and Guidewire announced that Wawanesa has successfully deployed Guidewire Cloud Winnipeg, MB (Sept. 18, 2023) – The Wawanesa Mutual Insurance Company, a leading Canadian mutual insurer, and Guidewire are pleased to announce that Wawanesa has successfully deployed Guidewire Cloud to drive service, innovation, and growth. A Guidewire InsuranceSuite and Guidewire Digital customer since 2010, Wawanesa originally implemented Guidewire in a self-managed, on-premise deployment model. Now, Guidewire Cloud is enabling Wawanesa to provide excellent service to its valued brokers and members, power its core business, simplify its IT operations, and adapt more quickly to changing market demands. Wawanesa’s Senior Vice President and Chief Insurance and Technology Officer Tracy Riley said, “Our implementation of Guidewire Cloud strengthens our capabilities as a mutual insurer, investing in industry leading technologies to support the evolving needs of both our members and broker partners.” “We thank Wawanesa for its partnership and congratulate them on their successful migration to Guidewire Cloud,” said Guidewire Chief Customer Officer Christina Colby. “We are excited to be providing the technology foundation to help the company continue its mission of maximizing value for its brokers and members who rely on them to...

Morristown, NJ (Sept. 7, 2023) – Majesco, a global leader of cloud insurance platform software for insurance business transformation, is pleased to announce Frank Winston Crum Insurance (FWCI), a commercial insurance carrier, has selected Majesco Policy and Billing for P&C, Distribution Management on Majesco’s cloud platform. This investment will help FWCI support their growth plans for their current product offerings and accelerate their ability to bring new products to market quickly to meet new risk and market demands. FWCI was founded in 2003 as a commercial insurance carrier and has grown from a single-state carrier to one licensed in 42 states. Its extensive product portfolio, value-added services and carefully selected agent network has helped them expand into markets across the U.S. Today, FWCI partners with agents to offer reliable and affordable workers’ compensation and general liability insurance to small and mid-sized businesses with planned expansion into new markets and product lines. “We are passionate about providing the best insurance experience for those we serve. Investing in next gen technology aligns with our strategy to constantly innovate and challenge the status quo,” said Matt Crum, President of FWCI. “Our strategic partnership with Majesco will modernize our insurance platforms, transform our business...