Millions exposed to cyber risk as Microsoft Windows 7 reaches end-of-life

Microsoft | January 20, 2020

Microsoft Windows 7 and Windows Server 2008 operating systems reached their end-of-life (EOL) date on January 14, 2020. This means that Microsoft will no longer provide patches to secure, update, fix or improve these systems, and, as a result, users who decide not to upgrade or change systems could be exposed to dangerous cyber vulnerabilities. Windows 7 has long been one of the most popular Microsoft operating systems. Even today, almost 11 years after it was first launched, millions of PCs are still running Windows 7 despite Microsoft spending years of effort trying to get users to upgrade to Windows 10 free of charge. Estimates from Netmarketshare in December 2019 indicate that approximately 26.6% of all users operating Windows OS are using Windows 7, giving the recent EOL event a cyber risk profile that may be unprecedented in the history of software.

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Spotlight

You can enhance your business’s revenue stream and customer experience by implementing a tailored insurance program powered by Marsh Affinity’s digital platform. Sourcing for and managing the appropriate insurance program can be challenging, but Marsh Affinity’s digital platform is designed to help you monitor and optimise your program with ease.

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The Hanover Announces the Launch of its Small Business Digital Exchange Gateway

The Hanover | December 13, 2022

The Hanover Insurance Group, Inc. (NYSE: THG) today announced it has launched The Hanover Small Business Digital Exchange Gateway, an innovative collection of insurtech platforms that enable agents to access The Hanover directly through existing connections in their commercial lines quoting solutions. The Small Business Gateway supports The Hanover's agent partners in their desire to enhance agent-carrier connectivity and streamline the small business placement process. The new solution supports both standard and specialty lines, and is accessible through seven third-party partnerships – IVANS Distribution Platform, Applied Epic Quotes, Tarmika, Semsee, Vertafore, Insureon and Verisk. Currently, the Small Business Gateway is available for business owner's, workers' compensation and management liability policies in many of the company's commercial lines states, with plans to expand to professional liability lines over the next year. "We recognize the operational challenges our agents face as they work to place business and serve their customers, and we have been very thoughtful about how technology can help them transact business in a more efficient and effective way, This new capability complements our existing TAP Sales system, which provides direct access to The Hanover's small commercial, marine, and professional and management liability products. Agents now have a choice to either access The Hanover directly through TAP Sales, or utilize the new Small Business Gateway, offering great flexibility and ease of use." -Richard W. Lavey, president, Hanover Agency Markets The company plans to expand the Small Business Gateway to include additional product lines, making it even easier for agents to efficiently place more account business. About The Hanover The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Boston Mutual Life and Majesco Collaborate to Improve Customer Experience

Boston Mutual Life and Majesco | January 27, 2023

In a statement released on January 26, 2023, Majesco informed that Boston Mutual Life has chosen the company to modernize its core business platform and improve customer experience and engagement. Paul A. Quaranto, Jr., Chairman, CEO, and President at Boston Mutual Life, stated, "By partnering with Majesco, we're able to transform our business and legacy solutions that will offer enhanced experiences for our policyholders, producers and employees." He added, "We're focused on doing what's best for our stakeholders, so we're excited to invest in advanced technology that enriches the customer experience and empowers us to leverage innovation to better support our mission to make it easier to do business with Boston Mutual Life." (Source – Business Wire) Boston Mutual Life Insurance Firm, a nationwide carrier that offers insurance solutions for working Americans and their families, was established as a progressive life insurance company in 1891. As a mutual company with locations in Canton, Massachusetts, and Omaha, Nebraska, it is committed to acting in the interests of its policyholders, producers, workers, and communities. Adam Elster, CEO at Majesco, remarked, "We are looking forward to partnering with Boston Mutual Life on their transformation journey." "They have over 131 years of experience and success and continue to invest in solutions that keep them at the forefront of the industry. We are honored they selected Majesco to not only address their current needs but to also provide a foundation for innovation and enhance the customer experience of the future," he concluded. (Source – Business Wire) About Majesco Majesco is one of the partners that P&C and L&A insurers choose to create and deliver great customer experiences. Its SaaS platform solutions for core, digital, data & analytics, distribution, and a rich ecosystem of partners are used by more than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups to create their next now. With more than 900 successful implementations, it is one of those companies that can bridge the gap between the old way of doing things in the insurance industry and a digital-only mindset. About Boston Mutual Life Insurance Boston Mutual Life Insurance Company, a prominent US insurer, offers a variety of insurance alternatives to industrious families and individuals. The progressive life insurance company, founded in 1891, provides insurance products and services to working Americans and their families with convenient enrollment and billing options through the workplace. Its headquarters are in Canton, Massachusetts, and Omaha, Nebraska. Boston Mutual Life puts policyholders, clients, employees, and communities first.

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INSURANCE TECHNOLOGY

PolicyMe Launches New Critical Illness Insurance Offering the Most Covered Conditions in Canada for Adults

PolicyMe | November 08, 2022

Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.” -Jeff McKay, Co-Founder & CTO of PolicyMe How PolicyMe is building a better Critical Illness Insurance product Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers. From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe. How PolicyMe is bringing more critical illness coverage to Canadians PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions). Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability. Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application. We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro. Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders. We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro. About PolicyMe PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.

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