Risk
In a world of rapid change, it can be tough to keep pace. All industries are learning this - and insurance is no exception. But amidst all this change, are there constants that the insurance industry can seize, leverage and capitalize on?
April 30, 2013
7 min read
Employing telematics and usage-based insurance (UBI) products in vehicle insurance is not new: the concept of UBI has been around for at least 15 years. More recently, the technology looks to be coming of age with the huge boost in its use in insurance markets around the globe.
6 min read
The NHTSA guidelines include recommendations to limit the time a driver must take his or her eyes off the road to perform any task to two seconds at a time, and 12 seconds in total.
3 min read
Scott Tannas, former part-time disc jockey turned full-time head of Western Financial Group Inc., has a new set of priorities as he steps into his role as senator and eases back from the business he founded almost two decades ago.
5 min read
Recent earthquakes around the world have provided a stark reminder that British Columbia must get prepared. With its high density of strata structures - coupled with low take-up levels for coverage in some areas and rising costs - everyone must come together to develop a plan to address a potentially shaky future.
Insurers writing business in high-risk hail zones need to consider employing impact-resistant (IR) roofing materials and incentivizing their use. Overall efforts will be advanced by having IR requirements in building codes for homes being constructed in these zones.
Getting an auto repair estimate right the first time is critically important. Being able to access information to determine if a vehicle is a total loss will save the insurer money in terms of cycle time and rental days, and help get a settlement cheque into the hands of the customer more quickly.
1 Travelers Insurance Company of Canada recently named Lucy Hathaway [1] as its new vice president, middle market, business insurance. Hathaway joins Travelers Canada from RSA, bringing with her 18 years in underwriting and management roles in commercial insurance. Her experience includes managing small, middle and large accounts, with much of her time spent in […]
Computers are supposed to save time and effort, but too many brokers still spend too much time re-entering data from their own records into insurance carrier systems. Combine that wasted time with what some analysts see as an industry that lags other sectors in capitalizing on readily available technology to maintain existing - and attract new - business, and resources may be diverted away from what brokers see as fundamental: face-to-face contact.
March 31, 2013
12 min read
With changing times putting consumers front and centre, they wield considerable influence over what constitutes good service. Property and casualty insurers looking to maintain and enhance profitability in 2013 and beyond are advised to adopt a more consumer-centric business model.
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