Claims
It is still “early days” for most insurers in Canada when it comes to employing artificial intelligence (AI), but exploration and use of the techniques is accelerating very quickly, Greg McCutcheon suggested Monday during InsurTechTO in downtown Toronto. “I would say the majority of insurers are still within the incubator and R&D mode, to a […]
By Angela Stelmakowich | November 7, 2017
5 min read
Lower population increase and development in coastal areas of Canada compared to the United States will likely help ensure losses are less likely to increase, suggests Andrew Higgins, technical manager – Americas for Allianz Risk Consulting, LLC. “Certainly, sea level rise affects the coastal areas of Canada as well, but we have not seen the […]
By Angela Stelmakowich | October 30, 2017
3 min read
The preparedness of U.S. businesses is still wanting despite lessons learned from Hurricane Sandy and the high hurricane activity, devastation and losses so far this Atlantic hurricane season, suggests Allianz Global Corporate & Specialty (AGCS). “In light of lessons learned from Sandy and the 2017 hurricane season, are businesses adequately prepared? Our research says no,” […]
By Angela Stelmakowich | October 27, 2017
4 min read
Tech
Aite Group has introduced a proprietary vendor evaluation framework that the global research and advisory firm reports will serve as an actionable guide for market participants looking for viable third-party vendor solutions and services. “I think the biggest problem for financial institutions is getting objective advice on which third-party vendors to choose,” Sang Lee, managing […]
By Angela Stelmakowich | October 18, 2017
Risk
A systemic disconnect between material natural disaster risk, asset valuation and infrastructure investment demands that disaster risk and resilience be integrated into broader financial, accounting and reporting systems, David Greenall, senior director of sustainable business solutions for PwC Canada, told Canadian Underwriter Friday, the International Day for Disaster Reduction. “The inadequate pricing of disaster risk […]
By Angela Stelmakowich | October 13, 2017
Flood-related cover for residential policyholders is far advanced from what it was when the devastating floods hit southern Alberta in 2013, but it is now time to refine those offerings and address outstanding issues, says Gord Enders, president of Direct-Line Insurance. Canada’s p&c insurance industry has “come a long way” on the issue since 2013, […]
By Angela Stelmakowich | September 29, 2017
Insurers would be well-advised to track the evolving marijuana risk to determine if impairment-related loss history could trigger defence and indemnification obligations under employers’ general liability policies, it was suggested Tuesday during a session at the RIMS Canada Conference in downtown Toronto. “An employee who is under the influence of marijuana while at work could […]
By Angela Stelmakowich | September 27, 2017
Research out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built in floodways or in the flood fringe unless flood-proofing addresses related risks is just one […]
By Angela Stelmakowich | September 26, 2017
A trend seems poised to take flight whereby companies in need of drone services to gain specific insights will increasingly tap the expertise of third-party providers. “I think third-party companies who provide services utilizing drones will be more common than having individuals at a company utilizing a drone and having a drone kept in a […]
By Angela Stelmakowich | September 8, 2017
Organizations can be the driving force behind innovation that transforms their operations and helps them better serve customers, but those advances will increasingly rely on having a store of good data available, it was suggested Tuesday during the 5th Annual Insurance-Canada.ca Executive Forum in downtown Toronto. “You don’t have to abdicate your responsibilities to the […]
By Angela Stelmakowich | August 30, 2017
Customer wants, needs and demands are guiding players in Canada’s fintech space toward developing simpler, more transparent and customer-centric financial services products, with insurance expected to see a big increase in uptake in future, suggests new research released Tuesday by Ernst & Young (EY). EY’s Fintech Adoption Index 2017: The rapid emergence of FinTech shows […]
By Angela Stelmakowich | July 25, 2017
6 min read
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