Insurer to lobby Canadian government on data breaches
International insurer
Zurich is to lobby the Canadian federal government on concerns about data breaches in the public and private sectors. The Swiss-based insurance company says that cybersecurity measures and privacy insurance does not always completely protect data and argues that Ottawa’s Bill C-51 which allows sensitive information to be shared amongst agencies creates additional risk along with the government’s plan to collect increased biometric data from visitors to Canada.
Insurance isn’t boring, it’s just badly communicated
Insurance companies need to be more creative in their use of marketing communications in order to engage clients in a less boring way. That’s one of the big takeaways from an article at Contently.com which notes that ‘insurance’ is the most expensive word on Google AdWords but that insurers too often talk only of the product and why customers should have it; the same as most of their competitors do. Connecting with customers on a different level is the key to success in the modern age of what is called ‘content marketing.’ In its e-book Contently says that insurance firms such as
State Farm and the Murray Group are revolutionizing insurance marketing and rising to the challenge of reaching both B2B and B2C customers while ensuring compliance with industry regulations. It suggests the use of in-house magazines, sponsored content in other publications and better use of social media in order to educate consumers.
RSA hires CFO from Towergate
RSA Insurance has hired Towergate Insurance’s interim CEO Scott Egan to be its chief financial officer. He will join in the fourth quarter on a salary of $817,000 and will replace Richard Houghton. Bloomberg reports that RSA has been selling businesses in Canada, China, Europe and India in order to build its capital reserves.
Risk managers report their big three concerns
Risk managers identify technology, supply chain and regulatory as the “big three” risks currently causing their organisations the greatest concern, according to a survey of 500 companies in Europe, the Middle East and Africa conducted for global insurer ACE’s Emerging Risks Barometer 2015. People risk sits just outside the top-three, while geopolitical risk completes the top-five emerging risk categories. Respondents believe that the insurance industry has a critical role to play in helping businesses manage this new wave of emerging risks. More than four out of five respondents say insurance plays an important role in their management of technology risk, for example, while 80 per cent expect insurance to be very or fairly important in three years' time to help manage the top-three emerging risks.
