Tech
Expect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks in the future.
By David Gambrill | June 27, 2022
3 min read
Insurer fills key technology role to boost digital transformation.
By Phil | June 9, 2022
1 min read
Operations
The industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent. “Legacy platforms are a big challenge for our industry,” says Trevor Wall, vice president of sales and distribution of business insurance at […]
By Alyssa DiSabatino | May 6, 2022
Millennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a different form, says a young Sudbury, Ont., broker. “Buying policies or servicing policies online is […]
By Alyssa DiSabatino | April 12, 2022
Legal / Regulation
Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use cases are foundational for advancing JSON data standards in the industry,” said Catherine Smola, president […]
By Phil | April 4, 2022
Companies aren't making cybersecurity a priority despite rising threat.
By Phil | April 1, 2022
2 min read
Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published Application Programming Interface (API) standards using Java Script Object Notation (JSON) for individually-rated commercial automobile […]
By Phil | March 18, 2022
Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the first step is to “put the customer back at the center of everything.” When […]
By Alyssa DiSabatino | March 17, 2022
Insurance companies seeking to make good digital investments need to reevaluate their legacy technology systems, according to survey results from digital intelligence company ABBYY. As the workplace becomes increasingly digitized, ABBYY’s 2021 Digital Transformation Survey Results finds that the biggest barriers to digital transformation in the industry are: Sixty-one per cent of 1,220 surveyed companies said […]
By Alyssa DiSabatino | March 7, 2022
Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a machine to become biased with its data is definitely a concern for insurers. AI bias […]
By Alyssa DiSabatino | February 28, 2022
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