Mobile Phone Insurance Ecosystem Market Size | Incredible Possibilities

Source: All Times Tech

The research report presents a deep review of the Global Mobile Phone Insurance Ecosystem Market comprises of objectives analysis. The following segment centers around Mobile Phone Insurance Ecosystem market size, country-wise production revenue ($) and development rate estimation from 2019-2024.

The report additionally covers global Mobile Phone Insurance Ecosystem market share by industry players, product and applications. The report enables investors to evaluate the market, featuring the upcoming business opportunities, mindful of Mobile Phone Insurance Ecosystem industry news and arrangements by countries, technological development, limitations and difficulties in estimate years (2019-2024) and settle on a fundamental business decision.

Get Sample PDF of Report @ https://www.researchkraft.com/request-sample/973505

The key players covered in this study:

Allianz Insurance, AmTrust International Underwriters, Assurant, Asurion, Aviva, Brightstar Corporation, Geek Squad, GoCare Warranty Group, Apple, AIG

Market Segment by Type, the product can be Split into:

  • wireless carriers
  • insurance specialists
  • device OEMs
  • retailers

Market Segment by Application, Split into:

  • Physical Damage
  • Theft & Loss
  • Others

The Global Mobile Phone Insurance Ecosystem statistical surveying report studies the presence of the top to bottom market segments. The market is surveyed based on revenue (USD Million) and presents the significant players and providers affecting the market. Most of the Mobile Phone Insurance Ecosystem data, together with anticipated insights, is introduced in the report with the assistance of tables and figures and Mobile Phone Insurance Ecosystem introduction procedure causes the client to comprehend the market situation.

Get a discount on this research report @ https://www.researchkraft.com/check-discount/973505

Mobile Phone Insurance Ecosystem Market Regional Analysis Includes:

Americas, United States, Canada, Mexico, Brazil, APAC, China, Japan, Korea, Southeast Asia, India, Australia, Europe, Germany, France, UK, Italy, Russia, Spain, Middle East & Africa, Egypt, South Africa, Israel, Turkey, GCC Countries

The Mobile Phone Insurance Ecosystem report additionally forecasts global market growth, alongside characterization dependent on geographical conditions. The regions are delegated with information which is outfitted in the release of the global Mobile Phone Insurance Ecosystem market growth is consistently assembled from reliable industries for anticipating the advancement of each section.

Major Points Covered in Table of Contents:-

  1. Scope of the Report
  2. Executive Summary
  3. Global Mobile Phone Insurance Ecosystem Market by Players
  4. Mobile Phone Insurance Ecosystem Industry by Regions
  5. Americas
  6. APAC
  7. Europe
  8. Middle East and Africa
  9. Market Drivers, Challenges and Trends
  10. Marketing, Distributors and Customer
  11. Global Mobile Phone Insurance Ecosystem Market Forecast
  12. Key Players Analysis
  13. Research Findings and Conclusion

OmbudService for Life & Health Insurance introduces new CEO

The Board of Directors of Canada’s OmbudService for Life & Health Insurance (OLHI) was pleased to introduce a new CEO and Ombudsman, highlight positive achievements, and outline future growth at their Annual General Meeting in Toronto on September 19th, 2019.

On August 19th, after an exhaustive search and recruitment process conducted by the Board of Directors, Glenn O’Farrellwas appointed Chief Executive Officer and Ombudsman of OLHI. A native of St-Malachie, Québec, Glenn’s previous roles include President of Global Television Québec, President and CEO of the Canadian Association of Broadcasters, and CEO of Groupe Média TFO. He is also a member of the Québec Bar and Institute of Corporate Directors. Before that, he studied economics, law, business and corporate governance at St. Francis Xavier University, Université Laval, the Johnson School of Management at Cornell University, and Rotman School of Management at University of Toronto.

One of Glenn’s mandates will be to continue with a Western expansion plan, in order to ensure that more consumers in Western Canada are aware of OLHI’s services.

“We are pleased that OLHI’s profile with the regulators and consumers continues to grow”, said Dr. Janice MacKinnon, OLHI Chair. “Support from our stakeholders has been instrumental in enhancing our profile among consumers, and with the addition of Glenn to the team, we will drive further development and continue strengthening our various stakeholder relationships”.

Additional highlights included the following:

  • Number of contacts increased by 5.9%, reaching a historic record
  • Quebec complaints are still the highest at 54.5%, Ontario remains second
  • Total number of Complaints this fiscal year reached 2,290
  • Website visits increased by 6.4%

OLHI recorded 107,164 website visitors, with just over 90,000 being new visitors. By Function, Claims and Service related complaints made up over 80% of the total volume, while By Product, this number remained relatively consistent with previous year’s data.

Following the AGM, OLHI released its 2019 Annual Report on its web site. The report presents a comprehensive overview of all the achievements, statistics and case studies from the past year and is readily available at www.olhi.ca/news-publications/annual-report/ and www.oapcanada.ca/nouvelles-et-publications/comptes-rendus-annuels/.

About the OmbudService for Life & Health Insurance
The OmbudService for Life & Health Insurance (OLHI) is Canada’s only independent complaint resolution service for consumers of Canadian life and health insurance. Canadians trust us to review their insurance complaints about life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. OLHI’s free bilingual services are available to any consumer whose insurance company is an OLHI member – and, currently, 99% of Canadian life and health insurers are. OLHI also offers general information online about life and health insurance. To ensure impartiality, OLHI’s operations are overseen by the Canadian Council of Insurance Regulators (CCIR). For more information, visit www.olhi.ca and www.oapcanada.ca.

SOURCE OmbudService for Life & Health Insurance

Related Links

www.olhi.ca

Daisy Intelligence Raises $10 Million in Funding to Scale Its AI Platform

Source: Business Wire

TORONTO — Daisy Intelligence today announced that it has raised $10 million (CDN) in Series A financing led by Framework Venture Partners and partnered by European-based corporate investor, Sonae IM. The funding will enable Daisy to expand globally, invest in sales and marketing, provide further support for its customer success teams, and expand its operational infrastructure as growth demands.

Daisy’s AI-powered technology platform helps retailers and insurance companies generate significantly improved financial results by delivering business recommendations and automating complex processes beyond human capability.

Daisy is driving a revolution in retail with its core AI SaaS platform, adding intelligence and automation to merchandising decisions. Daisy has helped its retail clients increase year over year, same store sales an average of 2.9% by optimizing their promotional product and pricing mix. Insurance companies use Daisy’s AI-powered risk management platform to detect and avoid millions of dollars in fraud and automatically adjudicate claims.

Daisy’s proprietary AI technology, which uses reinforcement learning, is attracting a rapidly growing client base across the U.S., Canada, Latin America, and Europe based on a record of proven business results. Over the past year, Daisy has doubled its revenues and staff by adding new clients and further deepening existing relationships with leading retailers and insurance companies.

“This financing round reflects the growing interest in our AI-powered platform from companies around the world looking to drive higher sales and profits with our unique technology that helps them make business decisions,” said Gary Saarenvirta, founder and CEO of Daisy. “This investment supports Daisy’s mission to empower people to achieve their best by using machine intelligence to help them with the most difficult tasks, freeing up their time to focus on more strategic business matters. With support from the world-class investors at Framework and Sonae IM, we are incredibly well positioned to execute on our vision.”

A preeminent authority on AI, Saarenvirta leveraged his background in aerospace engineering to bring autonomous machine intelligence based on reinforcement learning to clients in retail and insurance.

“There is a lot of vaporware and broken promises in the AI startup landscape,” said Peter Misek, Founding Partner at Framework Venture Partners. “After meeting hundreds of startups, Daisy was the first we met where we felt the promise could be delivered.”

The investment in Daisy is one of the first from Toronto-based Framework Venture Partners’ new $150 million fund focused on supporting rapidly scaling tech companies in Canada and abroad. Framework invests in software companies with a focus on businesses re-imagining the consumption and delivery of financial services or applying artificial intelligence solutions to large industry-specific datasets.

“Daisy Intelligence attracted our attention with its distinctive AI capabilities applied to merchandising, which is definitely a crucial activity within grocery retail. As a strategic investor with a strong European foothold, we have the ambition to support the company, with every means possible, in its growth and global expansion,” said Eduardo Piedade, CEO of Sonae IM.

Sonae IM is a European-based corporate venture investor specializing in retail, telecommunications, and cybersecurity technology, with a global mandate to invest in B2B companies both in growth and early stages. In retail tech, Sonae IM currently has more than 10 active investments worldwide, with Daisy Intelligence as its first investment in Canada.

For additional information visit daisyintelligence.com.

For more information, visit http://www.framework.vc.

Sonae IM is the technology investment arm of Sonae Group (www.sonae.pt/en/).

Home Insurance – Types of Coverage

Comprehensive

As the most inclusive home insurance policy, comprehensive covers both the building and its contents for all risks, except for those specifically excluded. Two types of risk that are not normally included in any home insurance policy are:

The insured perils included in comprehensive and other policies include coverage for aircraft or vehicle impact, fire, lightning, theft and window breakage.

If you live in a condo/strata or mobile home, you require customized insurance for your property type.

Basic or Named Perils

If you want to save money and carry the financial risk of some losses yourself, consider a basic or named perils policy. This policy covers only those perils that are specifically stated.

Broad

If a comprehensive policy costs more than you want to pay and a basic or named perils policy isn’t suitable, a mid-priced compromise is the broad insurance policy. This policy provides comprehensive coverage on the big-ticket items, such as the building, as well as named perils coverage on the contents.

No Frills

Some insurers offer basic or no frills coverage for properties that don’t meet normal insurance standards. If there are physical problems with your home that keep it from meeting the standards set by insurers, you may save money in the long run by correcting these problems to qualify for better coverage.

Personal Liability

Whether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. Your home insurance’s personal liability portion provides coverage if such an event occurs on your property or anywhere in the world.

For example, if a visitor slips on a snow-covered walkway on your property and is injured, you may be held legally responsible. If you’re found negligent, your personal liability coverage would cover the damages resulting from the injury up to the coverage limit. Liability coverage does not apply to injuries sustained by you or members of your household.

In addition to the home coverage types described above, insurers may use trademarked product names to describe home insurance packages.

Source: IBC

AM Best Upgrades Credit Ratings of SSQ, Life Insurance Company Inc.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of SSQ, Life Insurance Company Inc. (SSQ) (Quebec, Canada). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect SSQ’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SSQ is primarily involved in group insurance and holds significant market share within the Quebec province. As the sixth-largest life insurer in Canada by premium volume, SSQ also offers a variety of products including group and individual insurance, property/casualty insurance, and investment and retirement products. The company’s majority shareholder, Fonds de solidarité FTQ, is the largest developmental capital network within Quebec and assisted SSQ with the acquisition of AXA Life of Canada in 2012. SSQ continues to prioritize expanding outside of Quebec, with some success over the long term.

The rating upgrades reflect SSQ’s improved risk-adjusted capitalization, decreasing financial leverage, and growth of absolute capital over the previous several years. In addition to a favorable Best’s Capital Adequacy Ratio (BCAR), the company also reported a robust regulatory solvency ratio through 2018 under Autorite Des Marches Financiers’s new capital regime, CARLI (capital adequacy requirements for life insurers), which took effect in Quebec on Jan. 1, 2018.

SSQ also continues to produce strong and consistent operating performance year-over-year, often posting low double-digit returns on equity. Despite some volatility in earnings by line, SSQ’s core group insurance business continues to generate favorable earnings on growing business volume, which is expected to accelerate in 2020, as the company takes on group business from the nearly 40,000 employees and retirees of HydroQuebec.

AM Best believes that SSQ will continue to support its very strong balance sheet strength over time, backed by favorable earnings and manage its concentration in Quebec, as it attempts to compete against larger more established entities throughout Canada.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.

Cyber Insurance And D&O Liability

Last Updated: September 19 2019

Article by Deepshikha Dutt

Introduction

In the past decade, there have been several reports of cybersecurity attacks and data breaches to large corporations.1 In many cases, those affected by the breach want to hold the directors and officers accountable, as they feel the corporation failed to implement the proper security measures to prevent a breach from happening or did not effectively handle the aftermath of the breach. However, directors and officers generally enjoy limited personal liability subject to a few exceptions.2 Nevertheless, as more specific guidance emerges for directors and officers handling cybersecurity issues, the scope of this liability may widen.3 Thus, directors and officers should not take comfort in the substantial barriers that prevent them from being held liable for issues relating to the organization.4 In fact, despite these substantial barriers, shareholders continue to pursue derivative actions against directors and officers.

This article will discuss the scope of personal liability directors and officers face relating to cybersecurity breaches, and recent actions pursued against directors and officers in Canada and the US. Following the article, key takeaways will be provided.

Scope of liability

Cybersecurity poses a significant threat to directors and officers as cyber threats continue to emerge, and the rules and regulations that guide cybersecurity continue to evolve. Directors and officers may be held liable in the event of a cybersecurity attack if they are found to have breached their duty of care or have failed to comply with any disclosure requirements. Moreover, directors and officers can be personally liable where a company fails to comply with Canada’s Anti-Spam Legislation (CASL).5

Directors and officers have a duty to exercise reasonable care and diligence, both at common law6 and under corporate statutes.7 Failure to oversee the company’s cybersecurity measures adequately, before and after a breach occurs, could be considered a breach of this duty.8 Moreover, failure to comply with federal and provincial disclosure requirements after a breach could lead to liability for secondary market misrepresentation.9

Therefore, having an appropriate response or compliance plan, and effective security measures to protect the company against future cyber threats is essential. This will help support any claim by a director or officer that all requisite care and diligence was met, and all regulations were complied with.10

Lastly, directors and officers can be held personally liable and receive fines where the company has violated CASL. Penalties for non-compliance with CASL carries a maximum fine of CA$1 million for individuals and CA$10 million for organizations.11 Moreover, directors and officers can be vicariously liable for non-compliance of an organization even where the regulator, Canadian Radio-television and Telecommunications Commission (CRTC), does not pursue the organization. In fact, the CRTC has made a public statement that directors and officers cannot hide behind their company’s structure or online entities to avoid liability.

Derivative actions in Canada and the US

Currently, there have not been any attempts at a lawsuit against directors and officers in relation to cybersecurity in Canada.12 However, given the amount of derivatives actions commenced in the US, it is possible that it could give rise to such claims in Canada. The US has seen several derivative action suits against directors and officers relating to cybersecurity over the past few years.13 All but one have been unsuccessful, largely due to technical and procedural reasons. However, in January 2019, a derivative action lawsuit settled for US$29 million, compensating the plaintiffs significantly.14 This is the first time shareholders have been awarded monetary damages for a breach-related derivative lawsuit. This settlement could spark the beginning of successful derivative action lawsuits, and inspire others to pursue civil actions against directors and officers for cybersecurity breaches. Moreover, this settlement can be used as a benchmark for future civil actions to compare to when deciding on the amount to be awarded. Effectively, this settlement may not only effect civil actions in the US, but also allow derivative actions to gain traction in Canada.

Penalties for violation of Canada’s Anti-Spam Legislation

More recently, the CTRC has held directors and officers personally liable for a company’s violation of CASL. On April 23, 2019, the CTRC found that a coupon marketing company, nCrowd, had violated CASL, and found the former CEO of the company to be personally liable.15 As a result, he received a CA$100,000 fine. Further, a different company that was also part of this scheme with nCrowd, had also violated CASL, and CRTC held this company’s CEO vicariously liable for the violation. As a result, he received a fine of CA$10,000. Ultimately, liability under CASL can extend beyond the corporation if the person authorized, acquiesced or participated in the commission of the violation.

Key takeaways

  • Directors and officers should familiarize themselves with all regulatory guidelines to protect the company from a data breach and to avoid being personally liable for the breach;
  • D&O liability insurance does not always offer protection for cyber-related incidents or threats. It is important to confirm whether this is protected and the scope of protection provided. Not having proper protection could expose directors and officers to liability and significant payouts;
  • There have been no derivative action attempts relating to cybersecurity breaches in Canada, but given the current climate in the US, it is possible this will encourage such claims to occur in Canada; and
  • Directors and officers can be held either personally or vicariously liable for a company’s violation of CASL if that individual played some role in the commission of the violation.

Conclusion

Cybersecurity attacks and data breaches are inevitable and can happen to any organization, thus remaining a significant threat to corporate governance. While a cybersecurity attack is a crime, directors and officers may still be held liable for a breach if they failed to oversee the company’s security measures prior to the breach, or failed to take the necessary course of action after the breach occurred. Ultimately, boards of organizations must recognize the current cybersecurity environment that exists, and assemble a reasonable response plan to respond to these threats when and if they occur. Our final article will provide key takeaways and best practices for both insureds and insurers in relation to cybersecurity risks.

A special thank you to Emeleigh Moulton (summer student) for her assistance with this article.

About Dentons

Dentons is the world’s first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world’s largest law firm, Dentons’ global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Specific Questions relating to this article should be addressed directly to the author.

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