Morning Briefing: Major insurers unite for tech-led small business platform

Major insurers unite for tech-led small business platform… Modernize privacy laws urges Canadian regulator… Insurer says passengers should call out bad drivers…

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Major insurers unite for tech-led small business platform
AIG, Two Sigma and Hamilton Insurance Group are jointly launching a technology-led insurance platform for small-to-medium-sized enterprises named Attune.

“Attune represents an important way forward for the insurance industry as it adapts to the disruptive forces of data analytics and the powerful technology supporting it,” said AIG President and CEO Peter Hancock.

“By combining our industry expertise, knowledge, and capabilities with the advanced data technology of Two Sigma, we play a critical role in determining how these forces will shape the way we work with our brokers and agents in the SME segment. We will gain an even deeper understanding of how to harness the power of analytics for the benefit of our company, our clients, and our shareholders,” he added.

The platform will benefit from the scale of AIG, the underwriting and small business knowledge of Hamilton and the tech insights of Two Sigma.

“Attune has the potential to transform underwriting in the SME market, and what we learn in building Attune’s technology platform can be applied to any size risk,” commented Hamilton chairman and CEO Brian Duperreault, who will also be chair of Attune. “We’re on the cusp of true innovative change in our industry.” 
 
Modernize privacy laws urges Canadian regulator
Current and emerging risk to personal information requires modern tools and Canada’s Privacy Commissioner says it should be a priority of the government.

“We’re trying to use 20th Century tools to deal with 21st Century privacy problems and it’s clear those tools are increasingly insufficient,” Daniel Therrien says.

In his annual report, the Commissioner urges lawmakers to modernize laws and policies and invest in more robust protection at a time when people are becoming increasingly concerned about how their personal data is used.

Current privacy laws for the private and public sectors predate the technology giving rise to new threats, Therrien’s report highlights. The federal public sector Privacy Act was proclaimed in 1983, before the internet; while the private sector privacy law is from 2001.
 
Insurer says passengers should call out bad drivers
A report from Allianz Insurance says that passengers should tell drivers when journeys become a white-knuckle ride rather than suffer in silence.

The insurer’s poll found that 50 per cent of people say that their friends’ driving makes them most unsafe while just 17 per cent felt the same about their partners.

Almost half (47 per cent) would not speak out about poor driving because the driver was “doing them a favour” while 40 per cent don’t want to be critical while the driver is actually behind the wheel.

However, 94 per cent of drivers said they would change their behavior if it was called out and 67 per cent wouldn’t object to being told.  
 

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