Lack of alignment with the business is one of the three main reasons innovation labs fail, according to Simone Bhan Ahuja, an author, speaker and founder of innovation advisory Blood Orange. The lack of metrics to track success and lack of balance on the team are the two other reasons, Ahuja wrote Monday in a […]
By Jason Contant | July 22, 2019
3 min read
Brokers should see open banking as more of an opportunity than a threat, a partner with EY Canada suggests. Open banking is a system in which consumers could consent to sharing their banking transaction data with other financial services providers, such as fintechs. “I do not particularly think it’s a threat (to brokers or property […]
By Greg Meckbach | June 21, 2019
3 min read
Keep it simple. Take small bites. Don’t put your career at risk. With that as a starting point, insurance companies can start to hack their culture, said Richard Natale, senior director analyst at research and advisory firm Gartner during its recent IT Symposium/XPO in Toronto. People are creatures of habit, especially when it comes to […]
By Adam Malik | June 17, 2019
3 min read
Zurich, Switzerland-based PERILS AG announced Monday that it has acquired Catastrophe Indices & Quantification Inc. (CatIQ). Established in 2014, CatIQ is widely recognized as the most reliable source of catastrophe loss and exposure information in Canada. PERILS, a subsidiary of Marsh & McLennan Companies, is an independent organization that provides industry-wide natural catastrophe exposure and […]
By Jason Contant | June 17, 2019
2 min read
Ontario’s new property and casualty insurance regulator is up and running. Effective June 8, the Financial Services Regulatory Authority of Ontario (FSRA) took over regulatory duties from both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). Insurers are hoping FSRA will take a more flexible approach than FSCO […]
By Greg Meckbach | June 11, 2019
2 min read
The Canadian marine insurance market could get a lot more interesting in the next year-and-a-half as major infrastructure projects get underway. “There are more large infrastructure projects on the drawing board and it could be a very interesting 18 months for the Canadian market,” said Capt. Andrew Kinsey, senior marine risk consultant with specialist insurer […]
By Jason Contant | June 4, 2019
3 min read
As the terrorism threat shifts from large-scale attacks to softer targets, coverage options from insurance carriers are evolving as well. Some policies cover incidents when an attacker uses a gun, knife or acid for example, Tarique Nageer, Marsh LLC’s terrorism placement advisory leader, said Wednesday in an interview. Different carriers use different labels – deadly […]
By Greg Meckbach | June 3, 2019
2 min read
We’ve seen forensic engineering firms apply remediation methods to commercial and residential properties that were affected by flood damage. But now, as flooding has become more severe, they are in the vanguard of building comprehensive and tailored flood prevention and mitigation strategies for Canadians. We’ve all seen images of Canadians using sandbags at the last […]
By David Gambrill | May 30, 2019
4 min read
If you ain’t first, you’re last. That’s the mantra Ricky Bobby lives by in the movie Talladega Nights as a race car driver. But when it comes to innovation, if you ain’t first, you’re probably better off. It can be beneficial to sit back, have someone else be innovative, let them work out the kinks […]
By Adam Malik | May 29, 2019
3 min read
Expect to write less auto coverage with the rise of autonomous vehicles in 10 years’ time, and more coverage related to climate change, property lines, and emerging risks. Thanks to the progress expected of autonomous vehicles, auto insurance will plateau, Rowan Saunders, Economical Insurance president and CEO, predicted during a panel discussion at InsurTech North […]
By Adam Malik | May 27, 2019
3 min read