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This week, insurers were confronted with the reality that is cyber security, with a panel at the Cyber Risk Management Conference informing attendees that many firms do not wish to involve outside parties when breaches occur, a practice that could affect investigations. In other news, TIPI Insurance and IMI Brokerage have partnered to create the largest Indigenous-owned insurance agency. A new report finds that autonomous car development will take time. And Sonnet has been awarded for its provision of customer service.

Insurers’ cyber breach mitigation strategies may destroy evidence: Toronto Police
Insurers are “too afraid” to involve police in cyber breaches, delegates heard last week at the International Cyber Risk Management Conference, held in Toronto. Speaking during a panel titled “The Response Gap”, Shawna Coxon, Inspector, strategy management with the Toronto Police Service, cited reputational damage, loss of control and further business interruption as the reasons for this fear. “We see many insurers grapple whether to involve external agencies, and which ones to involve,” she said.

Deal creates Canada’s largest Indigenous-owned insurance agency
TIPI Insurance Partners recently announced it has partnered with IMI Brokerage Company to create Canada’s largest Indigenous-owned insurance agency, providing property insurance, pension plans and group benefits designed exclusively for Indigenous people. The deal roughly doubles TIPI’s size and expands its reach from Ontario and throughout Western Canada, positioning it as a supplier of choice for pension plans, group benefits and property insurance to First Nations communities across the country.

Autonomous car development requires new technologies
Autonomous vehicles, with their promising pilot programs and enormous potential, make headlines in business and technology news every day. Self-driving cars and trucks promise to dramatically change the economics of nearly every industry, and it seems likely that eventually many people will no longer feel the need to own a car or even know how to drive.

Sonnet wins awards for customer service
Sonnet has been recognized for its innovative, customer-centric approach to insurance.The insurer was honoured to be the only Canadian company nominated at this year’s Stevie Awards in the Financial Industries category, bringing home three Bronze Awards for Innovation in Customer Service, Contact Centre of the Year (Up to 100 Seats) and Customer Service Department of the Year (Up to 100 Seats).

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.