Tech

Customer expectations require carriers to move to digitalization

There is a need to move beyond digitization to digitalization if insurance carriers expect to truly be prepared to address customer expectations in the digital age, Avi Greenfield, senior manager of product strategy for OpenText Exstream, said Tuesday at Insurance-Canada.ca’s Executive Forum in downtown Toronto. Digitalization has increased as a priority for chief technology executives […]

By Jason Contant | August 31, 2016

3 min read

Speed trumps quality for insurers working on digital experience: Executive Forum Speaker

Insurance companies aiming to create value for their customers would be well advised to look beyond the “front end” of their customer-facing computer applications, implement their services before their competitors and recognize the importance of the “geeks” in their organizations, speakers suggested Tuesday at the fourth annual Insurance-Canada Executive Forum. “To create a solid customer […]

By Jason Contant | August 30, 2016

3 min read

Tech

Takata troubles worsen as truck explodes, kills Texas woman

DETROIT – Air bag maker Takata Corp.’s troubles worsened Monday as the company confirmed that a truck carrying its inflators and a volatile chemical exploded last week in a Texas border town, killing a woman and injuring four others. The truck, operated by a subcontractor, crashed, caught fire and exploded Aug. 22 in the small […]

By Jason Contant | August 30, 2016

3 min read

Tech

Adaptation key for insurance industry to remain relevant in a driverless world: LexisNexis

The insurance industry will face some real challenges as driverless cars further develop, with just 26% of polled individuals in the United Kingdom expecting to be served by the industry as it stands today if they owned a driverless car. Add to that that 31% of those surveyed also expect cover to be provided at […]

By Canadian Underwriter | August 30, 2016

3 min read

FAA forecast: 600,000 commercial drones within the year

WASHINGTON – There will be 600,000 commercial drone aircraft operating in the U.S. within the year as the result of new safety rules that opened the skies to them on Monday, according to a Federal Aviation Administration estimate. The rules governing the operation of small commercial drones were designed to protect safety without stifling innovation, […]

By Jason Contant | August 29, 2016

2 min read

Global IT spending forecast to reach US$2.7 trillion in 2020, led by financial services, manufacturing and healthcare

Worldwide revenues for information technology products and services will grow from nearly US$2.4 trillion in 2016 to more than US$2.7 trillion in 2020, according to the International Data Corporation (IDC). A newly published update to the Worldwide Semiannual IT Spending Guide: Vertical and Company Size indicated that the increase represents a compound annual growth rate […]

3 min read

Frank Cowan introduces drone endorsements for liability and property policies

Frank Cowan Company announced on Friday that its liability and property policies can now be enhanced with endorsements to cover drones. The Princeton, Ont.-based managing general agent said in a statement that the drone/unmanned aerial vehicle (UAV) coverage “is intended to close the gap in liability and property insurance because of aviation exclusions.” While the […]

2 min read

Stand-alone cyber coverage had direct loss ratio of 65.2%: Fitch

Cyber-related insurance products present a “significant growth opportunity” for property and casualty insurance carriers, with more than a third of the U.S. market held by American International Group Inc. and Chubb Ltd., Fitch Ratings Inc. suggested in a report announced Wednesday. About 120 insurance groups reported they write cyber coverage in the United States, with […]

2 min read

Gap exists between opportunity, willingness to take part in usage-based insurance programs in U.S.: LexisNexis

There is an apparent gap between polled U.S. drivers who are open to taking part in usage-based insurance (UBI) and those who are provided the opportunity to do so, suggest survey results released today by LexisNexis Risk Solutions. That disconnect may mean auto insurers south of the border are not capitalizing the UBI opportunity, notes […]

4 min read

Pokémon Go risks include distracted driving, exposure of confidential data: Northbridge

Northbridge Insurance recently warned of several risks arising from the Pokémon Go computer game, including exposure of confidential information, liability exposure and distracted driving. “Augmented reality games usually require your GPS location and a data connection (either WiFi or cellular data), which means giving access to the app developer to track your whereabouts,” Northbridge Insurance […]

3 min read