Ontario’s Peel Regional Police (PRP) in collaboration with Équité Association have prevented more than $350,000 of insurance fraud by disrupting and dismantling an auto theft ring, the southern Ontario police force reported Wednesday. As part of the investigation dubbed Project Memphis, nine high-end stolen vehicles valued at more than $1.2 million were recovered, PRP said […]
November 30, 2023
3 min read
TORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing with scammers pretending to be representatives of official government institutions. That was followed by 41 […]
November 30, 2023
2 min read
MONTREAL – The Lion Electric Co. says it is cutting 150 jobs or about 10% of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives. Lion Electric chief executive and founder Marc Bedard says it was a difficult decision, but the right thing to do for […]
November 27, 2023
1 min read
Embedded insurance not only enhances the customer experience but also provides greater access to data for insurers, speakers said during KPMG’s recent 2023 Insurance Conference in Toronto. “You unlock a lot of data that will change the way you do your underwriting right now, but also change the way you can conceptualize your product,” said […]
November 23, 2023
3 min read
P&C firms must simplify their customers’ user experience and reduce overall customer touch points, panellists at Reuters’ Future of Insurance Conference in Toronto shared. Inefficient processes can have customers bouncing from one app to another, significantly slowing down their insurance shopping experience and burning your P&C insurance business along the way. Whether customers use a […]
November 23, 2023
3 min read
Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in Toronto. “Insurers in our mind have to adopt an 80/20 lens,” said Georges Pigeon, […]
November 17, 2023
3 min read
Systemic cyber risk needs to be tackled with more capacity and ways of dealing with the attritional cyber market, Marc Lipman, president and attorney-in-fact at Lloyd’s Canada, suggested during an industry event last month. “Just like there developed a traditional, attritional property market and a separate Cat property market, we need to develop the same […]
November 10, 2023
2 min read
One out of every five Canadian businesses surveyed said they don’t know enough about cyber insurance, suggesting an open window for brokers and insurers to provide educational support, a new cyber survey from Travelers Canada suggests. “I think what the survey shows, from a broker standpoint, is that clients are really looking for that education […]
November 9, 2023
3 min read
Five Ontario hospitals affected by a recent ransomware attack, along with their shared IT provider, are warning patients and staff that their data may be published. The attack caused an outage of some online services at Bluewater Health, Chatham-Kent Health Alliance, Erie Shores HealthCare, Hotel-Dieu Grace Healthcare and Windsor Regional Hospital on Oct. 23. Affected […]
November 2, 2023
1 min read
Increasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory Affairs Symposium last week. P&C techies beware: although, artificial intelligence (AI) can streamline administrative work, […]
October 31, 2023
4 min read