Northbridge Releases Enhanced Cyber Risk Coverage for all Canadian businesses

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May 24, 2019 – Enhanced cyber risk insurance bundle offers more comprehensive protection and focused support to businesses of all sizes.

  • 54% of cyber security incidents in Canada prevent employees from carrying out day-to-day work, highlighting the need for commercial cyber insurance.[1]
  • Broad coverage, custom solutions, and complimentary support from leading breach response partner elevates the Northbridge cyber product.

Northbridge Insurance has enhanced their cyber insurance offering to protect businesses across Canada, with expanded first and third-party coverage for a variety of cyber breach issues and resulting expenses.

Cybercrime is skyrocketing, and as tactics become more sophisticated and accessible, more businesses are falling victim to cyber attacks of all shapes and sizes. In response, Northbridge Insurance has released a progressive cyber insurance solution that addresses the evolving cyber protection needs of Canadian businesses and reduces the likelihood of a costly and time-consuming recovery.

The newly enhanced Cyber Risk Bundle addresses the consequences of breaches that result in stolen, encrypted, or corrupted information. Some features include coverage related to incident response, data recovery, business interruption, extortion, privacy liability, and regulatory expenses.

“Cyber attacks are more prevalent than ever, and many businesses aren’t ready for the strike,” says Scott Vandenberg, Vice President of Commercial Lines, Corporate Underwriting at Northbridge Insurance. “Stronger defenses can make for a more effective response – and less downtime. We’re pleased to offer this enhanced solution to our customers to ensure they’re prepared and have the right support in place in event of a cyber or privacy breach.”

In addition to enhanced coverage, policy holders will receive proactive and reactive support from CyberScout, a leading data risk management service provider. The Northbridge Cyber Assist service provides access to expert consultation on protective measures, but also recovery assistance in the event of a privacy breach. CyberScout’s service is automatically included in every Northbridge cyber risk policy.

As cyber risk continues to grow and evolve in unpredictable ways, targeted protection and reliable support becomes paramount for Canadian businesses. A data breach could have a potentially devastating financial impact on a smaller operation, and given that 19% of small businesses and 28% of medium have been affected by cyber security incidents in 2017, it’s a risk that should not be ignored.[2] A forward-focused cyber solution that keeps up with evolving risks and addresses the reality of recovery costs and tasks can sometimes mean the difference between quick resumption of operations or insolvency.

Northbridge Insurance is committed to developing innovative and carefully curated insurance solutions tuned to the risks and needs of Canadian businesses across all sectors. With strategic partnerships and industry-focused internal expertise, Northbridge is poised to continue as a leader in commercial cyber insurance solutions.

[1] Statistics Canada. Table  22-10-0077-01   Impacts of cyber security incidents by industry and enterprise size

[2] Statistics Canada.  Cybercrime and Canadian businesses, 2017


About Northbridge Insurance

Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit us at www.northbridgeinsurance.ca to learn more.

For further information, please contact:

Emily McCauley
Specialist, Corporate Communications
Northbridge Insurance
+1 (416) 350-4341
[email protected]

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Northbridge Financial Corporation wins Celent 2018 Model Insurer Award for transformation project

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TORONTO, April 24, 2018 – Northbridge Financial Corporation is proud to be recognized with the Celent 2018 Model Insurer Award for Legacy and Ecosystem Transformation, awarded today at Celent’s 2018 Innovation and Insight Day in Boston, Massachusetts. Celent is a global research and advisory firm for the financial services industry.

Now in its 12th year, Celent’s annual Model Insurer Award recognizes best practices of technology usage in different areas critical to success in insurance. Amid 132 submissions from across the globe, Northbridge was honoured with the award in the category of “Legacy and Ecosystem Transformation” for its five-year, strategic IT business transformation program that integrates and consolidates legacy systems.

“We’re extremely proud of this recognition from Celent,” said Andrew Wood, Chief Information Officer and program executive sponsor. “It’s an incredible validation for all of the hard work and collaboration from our project team across the organization, including our valued vendor partners. This is an excellent milestone for us as we continue on our transformation journey.”

The Legacy and Ecosystem Transformation category focuses on projects related to upgrading core systems, including policy administration, document management, customer relationship management, new business, illustrations, billing, claims, and rating/underwriting.

“The Model Insurer Awards recognize how insurers are using technology to change the face of insurance,” said Nicolas Michellod, Senior Analyst, Insurance, Celent. “Insurance carriers like Northbridge serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall.”

Click here for more information and the Celent Model Insurer award.

About Northbridge Financial:

Northbridge Financial is a leading commercial property and casualty insurance group that’s been helping to protect Canadian businesses for more than 100 years. We’re 100% Canadian and wholly owned by Fairfax Financial Holdings Limited. We offer a wide range of innovative solutions to Canadian businesses through our Northbridge Insurance, Federated Insurance and TruShield Insurance brands. Visit us at www.nbfc.com to learn more.

For more information, contact:
Emily McCauley
Manager, Content Marketing
Northbridge
416-350-4341
[email protected]

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Northbridge Insurance introduces Express Claim – an innovative, digital solution to speed up auto claims appraisals and settlements

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TORONTO, April 18, 2018 – Northbridge Insurance is thrilled to announce the launch of its new claims appraisal service, Express Claim—an innovative solution that allows customers who experience an accident to submit photos of damage to their vehicle directly to their Northbridge Insurance claims adjuster, right from their smartphone.

By removing the typical back-and-forth between customers and their claims representatives, Express Claim not only expedites the appraisal process, it also enables faster payments and improves overall customer experience.

How does it work?

In the event of an auto accident, Express Claim allows Northbridge Insurance adjusters to work remotely with customers through their smartphone to capture photos of the damage. With that data in hand, adjusters can now provide customers with an appraisal in as little as half a day—while helping to find a preferred collision repair centre and arranging for a rental if needed in the meantime.

“Anyone who’s ever had to submit a claim knows that the process is traditionally a time-consuming experience,” said George Halkiotis, Executive Vice President, Claims, Northbridge. “And we wanted to change that for our customers. That’s why we worked to align their claims experience with Northbridge to others they encounter in their day-to-day lives: one that’s quick, convenient, and simple.”

Check out this quick video to get a snapshot of Express Claim in action.

Added benefits

Sending photos of the damage directly to an adjuster isn’t the only benefit of the new service. Express Claim also allows customers to electronically sign the Proof of Loss and Final Release forms—further automating and streamlining the process.

For Northbridge Insurance’s broker partners, the tool reduces their customers’ claims cycle times by over 30% and requires no added work from them.

“We’ve seen some great results since launching our pilot earlier this year, and we’re very excited about the meaningful impact it’s having on customers,” said George. “A claim can be a traumatic experience, and this solution allows us to get our customers back on the road as quickly as possible—while providing some peace of mind just as fast.”


About Northbridge Insurance

Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit us at www.northbridgeinsurance.ca to learn more.

For further information, please contact:

Meghan Bar
Manager, Corporate Communications
Northbridge Insurance
+1 (416) 350-4686
[email protected]

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Northbridge Insurance introduces new ridesharing policy for RideCo drivers in Ontario

Northbridge Insurance is proud to announce today that it will provide drivers of one of Canada’s fastest-growing ridesharing companies, RideCo, with an insurance solution that’s tailored to their needs.

Unlike a personal auto insurance policy, Northbridge Insurance’s new commercial ridesharing policy will cover drivers from the moment they are available to accept a ride request, up to the moment their passenger leaves their vehicle.

“We worked with RideCo to design coverage that would meet the needs of their drivers and passengers, and be simple and easy to use,” said Ilda Dinis, VP of Customer Experience and Marketing. “We’re excited to partner with an innovative Canadian company that’s focused on ridesharing.”

“Shared rides in dynamically routed vehicles is key to making microtransit successful, and filling in the gaps where traditional transit solutions are inconvenient or inefficient,” added Prem Gururajan, RideCo Founder and CEO. “Northbridge Insurance’s new insurance policy makes it easy for rideshare drivers to participate in the growth of microtransit services, thus making our cities more connected.”

Currently operating in the Waterloo region, passengers on the RideCo platform can easily book a trip door-to-door or hub-to-hub using the RideCo app. RideCo’s technology matches customers based on their route and facilitates shared trips, which often means passengers save money. Unlike other shared-ride solutions that are only offered in high density downtown cores such as Toronto, the RideCo solution provides great sharing in high density as well as lower density cities and suburb-to-city scenarios.

RideCo’s platform was recently utilized for a one-year microtransit pilot in Milton, through a partnership with Metrolinx and Milton Transit.

About RideCo:

Based in Waterloo, RideCo has created the next generation logistics and shared-mobility platform. Our technology enables door-to-door and hub-to-hub shared rides everywhere, including lower density regions currently unserved by existing solutions. RideCo is forging the future for shared mobility and microtransit. Visit rideco.com for more information.

About Northbridge Insurance:

Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success.

Ridesharing policy underwritten by Northbridge General Insurance Corporation.

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