Insuring an electric vehicle (EV) may be cheaper than a gasoline vehicle, but it depends on a multitude of factors that varies for each consumer and the vehicle they’re comparing, according to rate comparison site RatesDotCa. “Many EVs come with advanced safety systems that make them less likely to be involved in a collision, which […]
By Jason Contant | October 18, 2022
3 min read
Only 38% of insurance brokerages are using their management systems to produce data analytics solutions for their employees, clients and stakeholders, finds Applied System’s ‘Digital Agency Annual Report.’ That’s concerning, considering 99% of brokerages have a management system, which suggests a large majority (62%) of agencies are underusing their systems’ abilities to produce useful data […]
By Alyssa DiSabatino | October 18, 2022
2 min read
Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators do play an important role in this,” said Power. “There’s a big role on data […]
By Alyssa DiSabatino | October 14, 2022
2 min read
WINNIPEG – The Manitoba government needs to better protect its information systems from internal misuse and outside attacks, the provincial auditor general said Thursday. Tyson Shtykalo’s 21-page report focused on system administrators and other people with deep access to systems in a few departments that contain personal, corporate and health information. The audit ran from […]
By Jason Contant | October 14, 2022
2 min read
Gore Mutual has heavily invested in its transformation on its path to becoming a Bigger, Bolder and Better personal property market in Ontario. From enhanced service and technology to improved experiences, the company is committed to growing with its broker partners. “We’ve made significant investments in our digital transformation with the introduction of Guidewire, and […]
October 6, 2022
2 min read
More than half of your clients want to receive their insurance documents in paper format, according to extrapolated results of Insurance Brokers Association of Ontario’s (IBAO) Going Paperless project. “It’s not a slam dunk – just because somebody wants to go digital, whether it’s the broker or the insurance company – that the consumers want […]
By Jason Contant | October 5, 2022
3 min read
Organizations that achieve faster digital transformation end up becoming more innovative in the long-term, a speaker said Wednesday at the Future of Insurance Canada 2022 conference, hosted in-person in downtown Toronto by Reuters Events. Raj Utraja, vice president of technology at Gore Mutual Insurance Company, was referencing a 2020 study by McKinsey & Company that […]
By Jason Contant | September 16, 2022
3 min read
OTTAWA – A new academic analysis has identified at least 75 foreign digital operations of a malicious political or industrial nature directed at Canada since 2010 – from attempts to steal COVID-19-related research to the targeting of Uyghur human rights activists. The report by researchers at the University of Quebec at Montreal’s Observatoire des conflits […]
By Jason Contant | September 16, 2022
3 min read
Insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions for the sector in the first half of 2022 thanks to a “combination of factors,” said GlobalData’s Deals Database. This follows after Gallagher Re found earlier this month that insurtech investment dropped by half in Q2 from the year prior, […]
By Alyssa DiSabatino | August 22, 2022
2 min read
Cyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said one cyber insurer. Cyber security ratings provide an “outside-in” view of a company’s overall […]
By Alyssa DiSabatino | July 21, 2022
2 min read