Tech
Emerging tech companies are entering a new world of vicarious liability that may not be covered under traditional E&O policies
November 16, 2019
3 min read
IQALUIT, Nunavut – The Nunavut government is slowly returning to normal nearly two weeks after its computer systems were paralyzed by a cyber attack. Dean Wells, the territory’s chief information officer, says departments are beginning to come back online. Government employee paycheques are expected to be delivered Friday as normal. All Nunavut government computers were […]
By Jason Contant | November 15, 2019
1 min read
Operations
Employee-owned independent insurance brokerage Storm Insurance Group announced Wednesday its acquisition of Quebec brokerage Axxium Assurance Inc., effective Nov. 1. “This opportunity now makes us one of Canada’s few national independent insurance brokers with full operations in all four regions – Atlantic, Quebec, Ontario and West,” said Storm president Jamie Reid in a press release. […]
2 min read
Insurers who go beyond just mere compliance with IFRS 17 into data optimization are reaping the benefits, including expanded capabilities with advanced analytics, machine learning and artificial intelligence, speakers said Wednesday at an industry event. The rich dataset collected from IFRS 17 requirements can open this whole new world for insurers, attendees heard Wednesday at […]
Commercial brokerages are going to have to start buying the same data on commercial flood risk that insurance carriers are already buying, says a Toronto commercial broker. Insurers tend to have data on the claims history of commercial property, and they supplement that data with information from municipalities, said Michael Loeters, senior vice president for […]
By Greg Meckbach | November 13, 2019
More communication is needed to inform the broker community about fair treatment of customers (FTC) guidance, since there may be a disconnect or lack of awareness of the topic, the Canadian Council of Insurance Regulators (CCIR) reported recently. In particular, the regulator is focusing on incentive programs that brokerages or carriers may use to boost […]
By Jason Contant | November 13, 2019
Insurance companies can capture the following three benefits by transforming their business model and modernizing their core IT systems, according to a new paper from management consulting firm McKinsey & Company. Other benefits of IT modernization can include lower loss adjustment expenses through automation and increased accuracy of claims handling – for example, by connecting […]
By Jason Contant | November 12, 2019
Hub International has acquired another Canadian employee benefits firm as part of its continuing strategy to expand its offerings in this area, bringing the total number of acquired firms to about two dozen over the past two years. So far this year, Chicago-based Hub has bought about a dozen Canadian employee benefits firms as well […]
By Jason Contant | November 8, 2019
Legal / Regulation
Ontario’s broker regulator has the current hard market conditions on its radar screen, scrutinizing what’s happening between brokers and their carrier partners through the lens of consumer fairness. Scott Bell, outgoing president of Registered Insurance Brokers of Ontario (RIBO), made a pointed reference to the hard market during his address at the regulator’s annual general […]
By David Gambrill | November 8, 2019
IQALUIT, Nunavut – The government of Nunavut is still struggling with computer systems paralyzed by a cyber attack last weekend. “Network recovery is ongoing as the (territory) works to uncover information, prepare recovery plans and work on department priorities,” said a government statement. Early Saturday morning, the government’s entire computer system went dark after a […]
By Jason Contant | November 7, 2019
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