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INSURANCE NEWS

THE GECKO GETS THINKIN’

According to a release, Geico is starting to use Tractable AI review photo estimating to double check estimates. Todd Combs, Geico’s CEO, says that the new solution will only heighten the customer’s experience. “GEICO customers know us for our speed of service and value,” Combs said. “Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.” The speed of service will increase as the Tractable AI review photo estimating solution can cut eight days out of the cycle time and find “$80 additional variance…per claim, thanks to AI consistency,” says the company. Although Geico is not available in Canada, systems that speed up the claims process like the Tractable AI, could be adopted by other insurers within the country.

NO LONGER HIDDEN

The Financial Services Regulatory Authority of Ontario (FSRA) has discovered that Hidden Ace Brokerage has been operating an auto insurance business without a license to sell. The illegal auto insurance company is not licensed by the Registered Insurance Brokers of Ontario (RIBO) and is also not licensed with FSRA. Hidden Ace Brokerage offers home and auto insurance in the Greater Toronto Area (GTA) and they use the telephone numbers 1-877-379-2913 and 437-229-5658 on WhatsApp and the email address info@ hiddenacebrokerage.com. FSRA warns people to exercise caution if they are contacted by the insurance company and to not obtain any insurance products from them. Consumers are also encouraged to check RIBO’s website to ensure their insurance broker is licensed or FSRA’s public registry to ensure they are working with licensed insurance agents.

A BIGGER SLICE

Intact Financial Corporation has completed the acquisition of RSA Insurance Group plc. Along with Tryg A/S, Intact Financial Corporation’s Chief Executive Officer, Charles Brindamour, says that merging with RSA is a decision that will only benefit both sides when it comes to creating a positive experience for shareholders and employees.“Bringing together Intact and RSA will expand our leadership and accelerate our strategy as we continue to focus on outperformance across our business,” said Brindamour.

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