Tech

Ontario Securities Commission and Australian financial regulator sign fintech agreement

The Ontario Securities Commission (OSC) and the Australian Securities and Investments Commission (ASIC) have signed a new agreement under which fintech companies in Australia and Ontario “will be able to draw on support from the combined resources of their financial regulators as they seek to operate in the others’ market.” Under the agreement, signed in […]

By Canadian Underwriter | November 4, 2016

2 min read

Tech

Insurers must realign business to suit customer needs and expectations for the future, not the past: Majesco

The factors influencing customer loyalty are changing, demanding that insurers rethink and realign how their businesses meet customer expectations, notes a new thought leadership report released Thursday by Majesco. A significant gap exists between consumer needs and expectations and what they are provided, suggests The Rise of the New Insurance Customers: Shifting Views and Expectations… […]

By Canadian Underwriter | November 4, 2016

6 min read

Legal / Regulation

‘Lots of room for improvement’ with new Ontario auto dispute resolution system: Judge Cunningham

Ontario’s license appeal tribunal – which this year started hearing auto accident benefits disputes – presents “an opportunity” for auto insurers to “redefine how they provide their services,” an insurance company lawyer said Wednesday, while the retired judge who recommended changing the dispute resolution system told the audience of a panel discussion there is “lots […]

By Jason Contant | November 2, 2016

4 min read

Legal / Regulation

Calgary-based InsureMy partners with U.K. telematics provider to distribute new driver program to Canadian drivers

Calgary-based brokerage InsureMy Ltd. and United Kingdom-based telematics provider Trak Global Group announced on Wednesday a partnership through an exclusive licensing agreement enabling InsureMy to “distribute products from the Trak/Carrot [Insurance] brand to maximize distribution points throughout Canada.” Trak Global Group is the telematics provider behind the “multi-award winning” Carrot Insurance brand, launched in 2012. […]

By Canadian Underwriter | November 2, 2016

2 min read

IoT infrastructure investments to be covered by new industrial insurance

Relayr is partnering with Hartford Steam Boiler (HSB), part of Munich Re, to develop customized insurance products to help relayr customers making Internet of Things (IoT) investments protect their return on those investments. Pointing out that that HSB has 150 years of experience insuring the equipment and technology used by businesses, relayr reports that the […]

2 min read

Insurance industry expects digital technology to drive transformation, but most companies unprepared: study

Digital transformation can propel the insurance industry forward but barriers exist, with a “significant gap between organizations that leverage technology for competitive advantage and those that struggle with innovation,” according to a new study. The study, titled Assessing digital impact across insurer and channel operations, was released on Tuesday by the Genpact Research Institute – […]

3 min read

Cars made after May 2018 must have back up cameras: Transport Canada

OTTAWA — Transport Canada says new cars and small trucks will have to be equipped with rear-view camera systems starting in May 2018. The new regulations have been formally posted in the Canada Gazette for a 75-day comment period. The requirement for back-up visibility brings Canadian standards in line with those in the United States. […]

1 min read

40% of polled U.S. policyholders who purchased cyber coverage in last six months have increased coverage: Council of Insurance Agents & Brokers

The Council of Insurance Agents & Brokers (CIAB) in the United States has reported that nearly 40% of polled policyholders who purchased cyber coverage in the last six months have increased their coverage levels. Earlier this week, the CIAB released the findings of its Cyber Insurance Market Watch Survey, which polled 88 respondents from 66 […]

2 min read

Use of digital channels increasing, but technology can’t fully replace human connections during auto claims process: J.D. Power U.S. study

Millenials’ customer satisfaction with the auto insurance process in the United States, while still the lowest among all generations, is improving and carrying the rest of the industry with it, according to the J.D. Power 2016 U.S. Auto Claims Satisfaction Study. The study found that overall satisfaction among Millenials, or Gen Y (those born between […]

3 min read

Insurance firms should investigate ‘insurtechs’ to complement their own digital strategies: Gartner

Insurance sector chief information officers (CIOs) should expand their market insight concerning the innovation and disruption potential of insurance technology startups, or “insurtechs,” to complement their digital insurance strategies, according to Gartner, Inc. The Stamford, Conn.-headquartered information technology research and advisory company predicted in a press release on Monday that 80% of life and property […]

3 min read