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Digitized payment gateways playing larger role for insurers: Novarica

August 1, 2017 by Canadian Underwriter

As consumer expectations change, insurance carriers are moving towards fully digitizing more processes, including payment gateway technology, research and advisory firm Novarica said recently. In a new executive brief titled Payment Gateways in Insurance, Boston, Mass.-based Novarica provided an overview

News InsuranceTechnology

Large corporations worldwide considering blockchain technology, some expect to roll out solutions next year: Juniper Research

August 1, 2017 by Canadian Underwriter

Blockchain technology is an increasing consideration among surveyed company representatives around the world, with most firms that have reached the proof of concept (PoC) reporting they expect to roll out solutions by the end of next year, Juniper Research reports.

News InsuranceLegalMarkets / CoveragesTechnology

Ransomware, alternative crypto-currencies and increased deception tactics among key cyber threats: Accenture Security

July 31, 2017 by Canadian Underwriter

Destructive ransomware, alternative crypto-currencies and increased use of deception tactics are among the threats driving the lucrative cybercriminal marketplace, the security branch of professional services company Accenture said in a recent report. “The first six months of 2017 have seen

News CatastrophesInsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

WestJet reports disclosure of rewards program data from unauthorized third party

July 31, 2017 by Canadian Underwriter

WestJet reported on Friday that it has “become aware that some WestJet Rewards member profile data has been disclosed online by an unauthorized third party.” None of the data contained credit card or banking information, Calgary-based WestJet noted in a

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Ontario and Michigan launch North America’s first cross-border automated vehicle test drive

July 31, 2017 by Canadian Underwriter

Ontario and Michigan are completing North America’s first cross-border automated vehicle test drive, Ontario’s Ministry of Transportation (MTO) reported on Monday. The test drive began in Detroit and will continue from the Ontario cities of Windsor and Sarnia before crossing

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Record breaking US$6.3 billion of non-life property cat issuance in Q2 sees ILS reach “critical juncture:” Willis Towers Watson Securities

July 28, 2017 by Canadian Underwriter

Non-life insurance-linked securities (ILS) issuance reached a record breaking US$6.3 billion in Q2 2017, continuing the trend from the first quarter of the year, Willis Towers Watson Securities’ said in its latest ILS Market Update, released on Friday. ILS assets

News InsuranceMarkets / CoveragesTechnology

U.S.-based security services firm discovers cyber vulnerabilities in radiation monitoring devices

July 27, 2017 by Canadian Underwriter

IOActive, Inc., a “research-driven, high-end information security services” firm headquartered in Seattle, Wash., announced on Wednesday that its research has found a number of cybersecurity vulnerabilities in widely deployed radiation monitoring devices (RMDs). RMDs are used to monitor the radiation

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Artificial intelligence saw record high investments in Canada in past five years: report

July 26, 2017 by Canadian Underwriter

Artificial Intelligence (AI) attracted US$162 million in investments across 12 deals in the first half of 2017, the highest amount of funding in Canada in the past five years, according to the quarterly MoneyTree Canada Report from PwC Canada and

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

TechCanary makes available enhanced insurance platform for Canadian market

July 26, 2017 by Canadian Underwriter

U.S.-based TechCanary has enhanced its insurance platform for the Canadian market to allow brokers and insurers access to additional Canada-specific capabilities around p&c lines of business meant to help them to deliver more responsive and predictive offerings to customers. TechCanary

News InsuranceTechnology

Canada’s fintech adoption rate doubles in last 18 months: EY report

July 25, 2017 by Angela Stelmakowich

Customer wants, needs and demands are guiding players in Canada’s fintech space toward developing simpler, more transparent and customer-centric financial services products, with insurance expected to see a big increase in uptake in future, suggests new research released Tuesday by

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsTechnology

U.S. data breaches increased at record pace during first half of 2017

July 24, 2017 by Canadian Underwriter

The number of data breaches in the United States tracked through June 30 hit a half-year record high of 791, according to recent numbers release by the Identity Theft Resource Center (ITRC) and CyberScout, a provider of identity protection solutions.

News InsuranceMergers and AqcuisitionsTechnology

Platform provider revenues for sharing economy forecast to double in 2022: Juniper Research

July 24, 2017 by Canadian Underwriter

The move by established sectors to press their first-mover advantage looks poised to push growth in the sharing economy much higher over the next five years, reaching US$40.2 billion in 2022, notes a new research report released Monday by U.K.-based