Legal / Regulation

Digitized payment gateways playing larger role for insurers: Novarica

As consumer expectations change, insurance carriers are moving towards fully digitizing more processes, including payment gateway technology, research and advisory firm Novarica said recently. In a new executive brief titled Payment Gateways in Insurance, Boston, Mass.-based Novarica provided an overview of how payment gateways allow insurers to respond to customer needs, as well as trends, […]

By Canadian Underwriter | August 1, 2017

2 min read

Legal / Regulation

Pain and Gain

Canadian property and casualty insurers should expect that the adoption of the new financial accounting standard, International Financial Reporting Standard 17, will take some work and investment. That said, any growing pains should give way to greater comparability with global jurisdictions and, in many cases, more helpful financial reporting.

July 26, 2017

5 min read

Legal / Regulation

62% of Canadians “oppose” or “somewhat oppose” banning ridesharing services: poll

More than six in 10 Canadians (62%) oppose or somewhat oppose banning ridesharing services such as Uber, according to recent polling conducted by Nanos Research. When asked their level of support for banning services like Uber, slightly more than three in five Canadians oppose (41%) or somewhat oppose (21%), while less than three in ten […]

By Canadian Underwriter | July 25, 2017

2 min read

Legal / Regulation

U.S. data breaches increased at record pace during first half of 2017

The number of data breaches in the United States tracked through June 30 hit a half-year record high of 791, according to recent numbers release by the Identity Theft Resource Center (ITRC) and CyberScout, a provider of identity protection solutions. The half-year record represents a “significant jump” of 29% over 2016 figures during the same […]

By Canadian Underwriter | July 24, 2017

4 min read

Chubb’s multi-line practice to focus on large transportation clients in U.S. and Canada, help address wide range of risks

Chubb’s newly launched multi-line industry practice will focus on providing insurance products, service and risk management solutions for best-in-class large risk transportation clients in both the United States and Canada. The formalization of the practice, within the insurer’s Major Accounts division, seeks to help organizations take a more holistic approach in managing exposures that pose […]

2 min read

Half of surveyed CEOs plan to adopt cognitive computing by 2019: IBM study

Half of surveyed chief executive officers across the globe plan to adopt cognitive computing by 2019, according to a recent study conducted by the IBM Institute for Business Value (IBM IBV). The study, titled Accelerating enterprise reinvention: how to build a cognitive organization and released late last week, also found that 73% of those CEOs […]

3 min read

Insurance industry ‘struggling to be more agile:’ analytics summit speaker

Insurance providers need to use technology to improve their customers’ experience, but sometimes regulation gets in the way, speakers suggested at a recent conference. The insurance industry is “struggling to speed up the process of being more agile,” said Paul MacDonald, RSA Canada’s senior vice president of claims and chief claims officer. “Customers can go […]

4 min read

Aviva Canada urges Quebec government to maintain 20% ownership limit of brokerages by insurers

Aviva Canada said earlier this week that is urging the Government of Quebec to maintain the 20% ownership limit of insurance brokerages by insurers in order to “reduce the potential for any conflict of interest and to enhance consumer confidence in the insurance industry.” The 20% rule has enabled Quebec to create a robust and […]

2 min read

Road Block

Ontario brokers and insurers need to know about upcoming changes to the definition of road-building machines. Certain machines will no longer be included in package, inland marine or other coverage forms, meaning they must now be registered/licensed and insured under an Ontario auto policy. Should an injury occur involving a machine that is not so insured, losses could exceed limits.

June 29, 2017

6 min read

Majority of global financial institutions to ramp up transformation initiatives over next year, Accenture survey finds

An Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12 months, primarily due to cost pressures, new regulations, increased customer expectations and digital disruption. The […]

2 min read