During Gore Mutual’s recent Fast Forward conference, the insurer revealed three new initiatives.
The first initiative is the development of a universal digital pink slip, in cooperation with CSIO.
“We want to create a single solution that better positions brokers to compete against nimble direct writers and reinforces our commitment to the broker channel,” CSIO president and CEO Catherine Smola said during the reveal event.
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Gore Mutual also struck another partnership for its second initiative, with international reinsurer Beazley. Together, both will offer “Padlock,” a comprehensive cyber and data breach response product for small businesses.
“Cyberattacks have become a big issue for Canadian small businesses and cyber and data breach response coverage is essential,” Beazley underwriter James Gray said. “We are delighted to have partnered with Gore Mutual to utilize our extensive experience in handling data breaches to develop and launch the new Padlock product.”
The final initiative is the product of yet another partnership, this time with global home automation leader Fibaro. The partnership will allow Gore Mutual to provide flood sensors to select commercial and personal customers.
“In the coming months, we will start to give select property customers Fibaro flood sensors and possibly other devices as part of their policy,” said Gore Mutual vice-president of sales, marketing and distribution Paul Jackson. “This is a terrific value add that helps mitigate risk and offers a real benefit beyond pricing alone for customers with connected homes and businesses.”
“I don’t think small, independent brokers can survive.”
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