Artificial intelligence (AI) is touted as a way for actuaries and underwriters to be more efficient in their jobs and escape manual data entry — but most don’t believe it. And even if they did, many say they aren’t receiving the proper tech training to take full advantage of AI’s benefits. Almost seven out of […]
By David Gambrill | September 17, 2024
3 min read
Managing general agent Coalition announced the creation of its reinsurance intermediary, Coalition Re, which will provide capacity for cyber reinsurance treaties. The “active insurance provider” (which uses digital technology to help policyholders before, during and after an incident) will provide capacity for non-proportional cyber reinsurance treaties, says Coalition Re. It will also provide […]
By Alyssa DiSabatino | September 11, 2024
2 min read
Senior company leaders are cyber criminals’ latest targets, finds a new report. A full 65% of Canadian senior executives have been the target of at least one cyberattack in the last 18 months, according to the report by business software recommendation engine GetApp. And the news goes from bad to worse: 43% of Canadian […]
By Alyssa DiSabatino | September 6, 2024
2 min read
Global insurtech funding rose 39.7% quarter-on-quarter, a new report shows. The upward swing is attributable to a near doubling of average deal sizes, finds Gallagher Re’s Global InsurTech Report Q2 2024. Specifically, funding to property and casualty (P&C) insurtechs grew 41.0%. Yet, global insurtech deals tallied 82 in Q2 of 2024 — the lowest quarterly […]
By Alyssa DiSabatino | September 4, 2024
2 min read
Insurance investment group Southampton Financial has partnered with the driving force behind brokerage Cheep Insurance, a deal designed to provide the brokerage with cutting-edge digital technologies. Southampton Financial announced its equity partnership with WebBroker Canada Inc. on Tuesday. The deal adds to the firm’s other transactions involving Canadian P&C operations that offer digital car and […]
By Jason Contant | July 4, 2024
3 min read
There’s a common perception in the Canadian property and casualty insurance industry that artificial intelligence (AI) will take your job rather than support it. But the opposite is true, as AI empowers talent transition in underwriting, says Pat Caldwell, chief people officer at insurtech Send. AI-driven large language models are changing how underwriters perform their […]
By Jason Contant | June 28, 2024
3 min read
When it comes to investments that strengthen their brokerages, 74% of owners tell Canadian Underwriter’s 2024 National Broker Survey that money spent on product training and education produces results. That’s a substantial jump from 66% who called the practice beneficial in 2023’s survey. In 2024’s survey, product training was most popular with women brokers (77%) […]
By Phil | June 17, 2024
2 min read
Brokerage growth through acquisition in Canada proceeded at a torrid pace this past week. Large Canadian brokerages Westland Insurance Group and Acera Insurance Services Ltd. each announced new deals, while Navacord Inc. expanded two of its specialty brokerages in Canada’s capital region: Westland says its deal marks another milestone in the brokerage’s ongoing expansion efforts […]
By Jason Contant | June 14, 2024
3 min read
Nearly six in 10 Canadian drivers of connected vehicles worry about data privacy, according to a new survey conducted by Leger on behalf of rate aggregator RatesDotCa. Vehicles are becoming increasingly connected through telematics, apps, microphones, cameras, sensors and more. But among Canadians who drive connected vehicles, 57% are concerned about data privacy, 23% are […]
By Jason Contant | June 5, 2024
2 min read
Canada’s property and casualty insurance industry has an opportunity to change the general public’s negative perception of the industry, says Kenny Nicholls, president and CEO of Western Financial Group. “I often hear people in our industry talk about how negatively the general population talks about insurance and it makes me cringe,” Nicholls says. “In the […]
By Jason Contant | May 31, 2024
3 min read