Operations
Citing a needed “culture change” as just one of the reasons, the body that regulates insurance in Ontario is moving towards being a principles-based group instead of one that is focused on a set of rules. And for those who worry about a lack of teeth, don’t worry, they’ll be ready to bite when necessary, […]
By Adam Malik | October 29, 2019
3 min read
With all sides seemingly in agreement that auto insurance in Ontario needs a joint effort to get back in shape, the province’s regulator is poised to make it happen. And this requires a review of how much the auto product should cost, in a perfect world. Tim Bzowey, executive vice president of auto/insurance for Ontario’s […]
By Adam Malik | October 28, 2019
Tech
Insurtechs like one Canadian startup in particular are letting brokers provide better service, but the sector as a whole contains some money pits for investors, Willis Towers Watson suggested in a report released Wednesday. “Unquestionably a good number of InsurTechs are genuinely adding value,” Willis Towers Watson said in its quarterly insurtech briefing. But nearly […]
By Greg Meckbach | October 25, 2019
2 min read
Brokers have long expressed concerns about digital portals, from been kicked out as they near the end of a submission to the amount of time it takes to log into each insurer’s portal. In Canadian Underwriter’s recently-released 2019 National Broker Survey, brokers were asked what insurers could do to provide the broker’s small business customers […]
By Jason Contant | October 25, 2019
Cross another item off the wish list for the Insurance Brokers Association of Alberta. A pair of professional insurance designations are now approved as licencing equivalencies in the province – the Chartered Insurance Professional (CIP) and the Canadian Accredited Insurance Broker (CAIB). Getting this done was important to the association as it was one of […]
By Adam Malik | October 25, 2019
Manitoba Public Insurance (MPI) is using an online game format in an attempt to help reduce collisions among teen drivers. The MPI-developed Driver Z online platform and curriculum is organized on a map that spans six zones. By completing elessons, attending classes and practicing with a supervising driver, students can progress through the map and […]
By Jason Contant | October 24, 2019
A British Columbia brokerage was not wrong to issue a disputed temporary permit that allowed another person to drive a client’s car, the province’s Civil Resolution Tribunal (CRT) has ruled. The matter arose from a dispute between Andrew Lawrie and another person identified in the CRT decision only as ‘RS.’ Lawrie and RS clearly did […]
By Jason Contant | October 22, 2019
Now that the D/X Initiative has broken ground with the completion of a first notice of loss (FNOL) transaction in real-time, what’s next for broker-insurer connectivity? “There’s a perception in the industry, I think, that when we talk about connectivity… that it’s focused on personal lines,” Steve Whitelaw, vice president of industry and partner relations […]
By Jason Contant | October 21, 2019
Legal / Regulation
Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end of the policy term. With usage-based insurance (UBI), motorists in several provinces can get discounts […]
By Greg Meckbach | October 21, 2019
When clients want to make policy changes online, brokers have a vested interest in being in the loop, suggests a consultant who advises insurance companies. More customers these days are expecting their insurance providers to give them the same kind of online experience they get from other industries, said Chris Cornell, KPMG Canada’s national sector […]
By Greg Meckbach | October 18, 2019
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