Risk
Canadian auto insurers have been slow to embrace usage-based insurance (UBI), but telematics is only the beginning of a data-driven revolution that is poised to transform insurance. Insurers would be well-advised to develop UBI offerings now to seize an advantage and remain competitive in future.
May 31, 2014
6 min read
One goal for Ted Harman - who keeps himself busy running a brokerage in Montreal while also serving local, provincial and national organizations - is to make it easier for brokers to send data from their computer systems to those of insurers.
5 min read
The share of e-commerce premiums is small today in most markets, but things are changing. Advances in technology are already playing an important part in framing consumers' expectations of how they want to browse, shop and be served by insurers.
The risk landscape is changing, demanding that stakeholders adopt a wider view of what constitutes risk and how different risks can work together.
The insurance industry needs to take additional actions to stop the significant problem of losses caused by individual fraudsters and organized crime rings. New technological advances have made it possible to analyze untapped data and shift the fight against fraud from the claim to the claimant.
Use of predictive modelling is on the rise, an encouraging development in light of its promise to improve underwriting, pricing, claim management and other core functions. That said, overall use of predictive modelling fluctuates significantly by line of business and company size.
The United Kingdom may have a jolly good idea turned scheme turned potential competitive advantage when it comes to cyber security. The U.K. government’s Cyber Essentials (CE) scheme – which was introduced in April and went live June 5 – is meant to help businesses defend against cyber threats. Should businesses that become CE-certified opt […]
3 min read
CANADIAN MARKET Arthur J. Gallagher to acquire broker Noraxis Arthur J. Gallagher & Co. has signed a $422-million agreement to acquire Noraxis Capital Corporation – a subsidiary of Roins Financial Services Limited, which owns the RSA Canada group of companies – that, if approved, will leave the Illinois-based company holding majority equity interests. Upon completion […]
7 min read
Several insurers in Ontario have opted to use telematics to provide auto policyholders in the province with discounts. But some insurance professionals contend that only by also adding surcharges for risky behaviour will drivers be on their best behaviour and carriers be able to take full advantage of the technology.
April 30, 2014
12 min read
It looks as though driverless vehicles will be part of the not-so-distant future. That said, issues such as liability and the role of insurance companies will need to be clearly defined before these vehicles hit the road.
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