2019

Candian Life Insurance News

Taking Comparative Quoting to a Higher Level

A 2021 ICTA nomination

Toronto, ON (Apr. 15, 2021) – LowestRates.ca has saved Canadians more than $1 billion in premiums with our best-in-class insurance quoters. They are completely free to use and we provide close to 1 million comparative quotes from Canada’s leading insurance companies and brokers in the P&C space every year.

We match consumers with the lowest price direct to consumer insurance company or broker for their home and car insurance needs. Behind the scenes, we integrate with our insurance company partners to ensure that the right price is quoted to consumers. This is a massive undertaking to get correct. And when we match a consumer with a particular company, we sell that match as a lead. For our partners (brokers and direct to consumer insurance companies), we fuel their growth and success by providing them with leads made up of consumers who are perfectly matched for their offer. Partners have told us that purchasing leads from LowestRates.ca is the most effective marketing channel for them to grow at scale.

Our home and auto insurance quoters were designed to eliminate notorious pain points in the quoting process for consumers. In less than three minutes, and without needing any information outside of what is in their head, consumers can compare options from more than 75 providers to get the best price for their unique needs.

When Canadians have historically wanted home insurance, they were typically required to look up detailed information about their home to get an accurate home insurance quote — information they may not have immediate access to, such as the replacement cost, square footage of their home and distance to a fire station. If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate.

We partnered with several companies and put thousands of hours into development to solve this problem and create an easy-to-use home insurance quoter that compares the market for Canadians. We work with Canada Post so that when a consumer begins entering her address, a drop down menu provides choices with accurate addresses and postal codes. The quoter also incorporates iClarify, a property insurance valuation tool that automatically fills in pertinent information about a home so users don’t have to find it themselves.

Having the right information not only improves the experience for the consumer, but also our insurance partners. When consumers input wrong information, they may be given a quote that could be considerably cheaper than what they should be paying. If that happens, our partners who buy our leads are left with a consumer who may be frustrated they are receiving a different price than they expected.

Our auto insurance quoter has similarly been streamlined to be easy for the consumer to use, and result in accurate quotes. Our quoters lead to more accurate results, happier consumers and better leads for our partners.

Home and auto insurance is a competitive space in Canada, and that means there is a lot of information out there that can confuse and frustrate consumers when they go to get an insurance quote. We have made the experience much more simple, while offering a large number of home and auto insurance providers for consumers to compare.

Our quotes are the easiest to use in Canada (due to the above-mentioned technologies), provide quotes in the shortest amount of time (due to the automation we have developed in pulling key customer data) and now provide consumers with the most choice of insurance companies to compare in the home and auto insurance space.

We believe we have developed the gold standard for insurance rate comparison in Canada with our quoters. Typically, if Canadians wanted to get multiple quotes on their home or auto insurance, this involved calls or online quotes with a variety of different companies, resulting in hours of time wasted. With our quoters, an even broader comparison can be achieved online in minutes, saving Canadians hundreds or thousands of dollars a year in the process.

Together with our partners of all sizes and types, we are improving financial literacy and redefining the Canadian financial services industry by making it easier to connect consumers with the right partner at the right price.

Benefits

  • Consumers saved almost $500 million in premiums by using our home and auto insurance quoters in 2020 alone.
  • Close to 1 million quotes were generated for consumers using our quotes in 2020 and close to 500,000 leads were sold to our partners.

Our quantitative success metrics include increased conversion, increased revenue from home and auto insurance, higher prices for our leads and a larger number of partners signing up to buy our leads.

When we updated our home insurance quoter, our conversion based on traffic to our home insurance pages increased from 29.9% to 51.6% within the first month of deployment. Due to the higher quality of leads, we have received very positive feedback from our insurance partners, saying they’ve closed more sales. Our partners have also agreed to pay more for leads — 8% more for home insurance leads, 50% more for condo and 13% more for tenant. We expect this to continue to improve as we generate more leads and bring on more partners.

About LowestRates.ca

LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects consumers directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca’s mission is to help Canadians become more financially literate, with the near-term goal of saving them $1 billion in interest and fees.

Source: LowestRates.ca

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Candian Life Insurance News

Would you like tools with your cyber insurance?

A 2021 ICTA nomination

Toronto, ON (Apr. 15, 2021) – In May 2020, Coalition launched its offering in Canada, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. In addition to Incident Response, Coalition offers a full range of free cyber security tools and services to support customers throughout the entire lifecycle of their risk exposure — before, during, and after an incident. These tools include real-time threat intelligence, automated security alerts, and pre-breach security services. Coalition is able to easily map their policyholders’ attack surface, monitor risk exposures in real-time, and fix vulnerabilities so that they can stay one step ahead of their adversaries.

As a result of its real-time threat intelligence, automated security alerts, and pre-breach security services, Coalition has handled 45 percent of reported events without filing a claim and avoiding any expense to the insured. Coalition’s Incident Response and Claims teams have also recovered 84 percent of all funds lost by policyholders in social engineering events.

Coalition offers a $0 retention as part of its policy for its insureds in Canada that use Coalition’s in-house Incident Response services. For small to midsize businesses facing a cyber claim, this policy enhancement provides immediate access to Coalition’s dedicated Incident Response team, with no out-of-pocket retention expense for security and forensics services.

To best serve Canada-based policyholders, Coalition hired cyber investigations leader Shelley Ma, based in Toronto, to lead the expansion of Coalition Incident Response in Canada. An EnCE-certified examiner, Ma previously held leadership roles at Arete Incident Response and Kivu Consulting. She specializes in network intrusion investigations, complex breach investigations, computer forensics and incident response. Since 2014, she has analyzed, responded to and investigated over 600 cases, and has received numerous recognitions for her work.

Ma leads a team of cybersecurity experts throughout Canada that bring experience working with government agencies, leading incident response firms and corporate security teams. This team is available to Coalition’s Canada-based policyholders at no cost and has the authority and expertise to provide immediate assistance. With an average response time of under five minutes, Coalition Incident Response drastically reduces the costs and potential time lag for organizations that experience an attack.

Benefits

As a result of its real-time threat intelligence, automated security alerts, and pre-breach security services, Coalition has handled 45 percent of reported cyber events without filing a claim and avoiding any expense to the insured. Coalition’s Incident Response and Claims teams have also recovered 84 percent of all funds lost by policyholders in social engineering events.

About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition’s team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal. For more information, visit www.coalitioninc.com.

SOURCE: Coalition Inc.

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Candian Life Insurance News

Wawanesa and ProNavigator Introduce New Tool to Support Brokers

Customer growth and funding validate ProNavigator’s unique ability to increase productivity within insurance brokerages and carriers

Toronto, ON (Apr. 13, 2021) – The Wawanesa Mutual Insurance Company (Wawanesa), Canada’s largest mutual insurer, and ProNavigator, a provider of software products to property and casualty organizations, are pleased to announce that Wawanesa has successfully integrated ProNavigator’s Ask Sage platform to benefit its broker partners with simplified access to information.

Ask Sage, a knowledge management platform, has an intuitive search and retrieval interface designed to help answer a broad range of underwriting questions, in simple language, across multiple products, regions, and documents. Because Ask Sage is specifically built for Insurance, Wawanesa and its broker partners will benefit from a simplified, intuitive, and overall faster experience finding the most accurate and current information, right when they need it.

“At Wawanesa, we’re committed to brokers, and to investing in innovative ways to ensure each and every customer transaction is as friction-free as possible,” said Graham Haigh, Wawanesa’s Senior Vice President and Chief Marketing Officer. “With the implementation of ProNavigator’s Ask Sage platform, we are proud to give our broker partners another tool to help deliver even better service to our mutual policyholders.”

“We have enjoyed partnering with Wawanesa to provide a platform to better service their brokers,” said Joseph D’Souza, CEO of ProNavigator. “Insurance is information-driven—it’s the lifeblood of the industry—and the need for information management tools is more vital than ever. We chose to focus on a single problem that’s been affecting productivity in the industry – discoverability; by using some of the advancements in AI to search and retrieve information quickly, productivity is enhanced.”

About ProNavigator

ProNavigator provides a knowledge-sharing platform, Ask Sage, used by some of the largest insurance organizations in North America to save time, provide superior service, and seize revenue opportunities. The platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly, automatically, and accurately retrieve answers to employees’ questions. For more information, please visit pronavigator.ai.

About Wawanesa

The Wawanesa Mutual Insurance Company, founded in 1896, is one of the largest Canadian Property and Casualty Mutual insurers, with $3.9 billion in annual revenue and assets of $10.5 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With more than 5,700 employees, Wawanesa proudly serves more than two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. For more information, please visit www.wawanesa.com.

SOURCE: ProNavigator

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Candian Life Insurance News

Insurers Are Leveraging More Third-Party Data Than Ever From Wide Range Of Providers

New Novarica report profiles more than 75 data providers that serve insurers

Boston, MA (Apr. 6, 2021) – While insurers have long drawn upon third-party data providers to enhance their marketing, underwriting, and claims, growing digital services and the availability of more powerful analytics have driven recent increases. In Third-Party Data in Insurance: Overview and Prominent Providers, research and advisory firm Novarica reviews multiple insurance industry use cases for third-party data, provides examples of insurers that are investing in this area, and profiles more than 75 data providers that serve insurers.

“Core systems vendors are increasingly incorporating analytics functionality into their offerings, and many already enable web service calls,” said Eric Weisburg, Vice President of Research and Consulting and co-author of Novarica’s new report. “As insurers and vendors build support for APIs and true microservices into their architectures, it will be easier to integrate third-party data, making progress toward true straight-through processing.”

Key findings of the report include:

  • Drivers of third-party data usage include AI, customer experience, cost, and regulation. The need for large data sets to train AI and customer buying experience expectations that online retailers set both stand out as relatively new motivators.
  • Privacy concerns have made data use transparency critical. Growing state regulations such as New York State’s Cybersecurity Regulation and the California Consumer Privacy Act have increased demand for transparency in how organizations use data and for what purposes.
  • Third-party data providers are consolidating, due to vendors’ desire to maximize wallet share. Data vendors are not always integrated into their acquirers, which can mean challenges for insurers consolidating their data purchases for a more efficient procurement experience.

Click here for the table of contents or to access the report.

Report Summary

Insurers continue to leverage third-party data for analytics augmentation and predictive modeling as well as for validating and cleansing existing data. The marketplace of third-party data providers is complex, with cross-industry providers, specialists, and startups all vying to help insurers.

This report reviews multiple insurance industry use cases for third-party data and examples of insurers that are investing in this area. It also profiles more than 75 data providers that serve insurers.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica

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Candian Life Insurance News

Navacord expands commercial auto niche with the addition of LL Renaissance

Toronto, ON (Apr. 6, 2021) – Navacord Corp., one of Canada’s top four commercial insurance brokerages and a leader in risk management services, is pleased to announce the addition of LL Renaissance, effective April 1, 2021.

With an agile team and track record of working with clients in “difficult to insure” industries, LL Renaissance delivers innovative solutions for property and casualty insurance, with specialty products for auto dealerships, and deep expertise spanning the automotive, marine, property management, construction, professional indemnity, hydroelectric and pharmaceutical industries.

While the new partnership delivers a competitive scalability strategy for LL Renaissance, it also provides broad market access, infrastructure, and a National resource model that is dedicated to supporting collaboration and stewardship across Canada.

“We were looking for the right business model—the right fit, and the experience working with Navacord has been refreshing” says Philip Kane, President and CEO of LL Renaissance. “In Navacord, we have found a Canadian National Partner that provides the backing and support we need to grow, while respecting what makes us truly unique.”

“What attracted us to LL Renaissance was the entrepreneurial drive within the team—they don’t settle for the standard market offering,” says T. Marshall Sadd, Executive Chairman, Navacord. “By building out their unique set of products and expertise, they create differentiation within their business and for their clients, and that’s something we think can benefit Partners and clients across Navacord as we expand our reach.”

With a head office in Toronto, but servicing clients from coast to coast, LL Renaissance will work closely with Jones DesLauriers Insurance Management Inc. (JDIMI)—a Navacord broker partner—to continue to build out a strong National value proposition and strengthen Navacord’s leadership within the Automotive industry with product distribution and service across Canada.

About Navacord

Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top four commercial insurance brokerages and a leader in risk management services with more than $2 billion in premiums. From commercial and personal insurance to surety, employee benefits and retirement consulting, Navacord leverages national strength and a wealth of resources with the local-touch service of industry-specialized Navacord Broker Partners to deliver the trusted advice, expertise and custom insurance solutions our clients need to face the future with confidence.

With a unique ownership model and value proposition, Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to grow as a part of something bigger, while maintaining their distinct identity and culture. For more information, please visit navacord.com.

About LL Renaissance

Since the 1970s, the team behind LL Renaissance has continuously demonstrated their expertise while building a deep understanding of the risk management world to assure their clients receive the fairest prices for their insurance products. With a track record for innovation and managing difficult to insure businesses, they have pioneered new products like the Automobile Dealers Insurance Exchange (ADIX), and pride themselves on finding long-term and proactive solutions for their clients. LL Renaissance operates under a simple philosophy: ensure clients get exceptional service with guidance from the most experienced team in the insurance industry.

SOURCE: Navacord via BlueSky Communications Inc.

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