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
3 min read
In an ever-evolving digital world, artificial intelligence — a technology that mimics human cognition by learning from experience, identifying patterns and deriving insights — is becoming widely adopted by companies. In fact, AI adoption has skyrocketed in the 18 months before September 2021, Harvard Business Review reports. And a quarter of respondents in one PwC […]
By Alyssa DiSabatino | February 25, 2022
3 min read
Former Beazley Canada board chairman Phil Baker is now president of global cyber insurtech BOXX Canada. Baker also will be responsible for delivering BOXX’s insurance strategy globally as its global head of insurance. The Toronto-based and privately-held company helps businesses, individuals and families insure against cyber threats. “Phil will play an integral role in expanding […]
By David Gambrill | February 24, 2022
1 min read
It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to become a huge part of our business. To say UBI is the future of auto […]
By David Gambrill | January 19, 2022
3 min read
KPMG’s Chris Cornell says project management, system implementation, and accessing resources are the biggest challenges, as the start date of the new insurance accounting standard IFRS 17 approaches.
October 4, 2021
6 min read
Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our industry is looking to insurtech to help us deliver our products to the customer in […]
By Greg Meckbach | September 20, 2021
2 min read
If open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based investment associate with Luge Capital, in an interview Monday with Canadian Underwriter. “The access that […]
By Greg Meckbach | August 20, 2021
2 min read
Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own banking data to insurance companies. “If a consumer whose banking data belong to him, wishes […]
By Greg Meckbach | August 10, 2021
3 min read
Open banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up and running by January, 2023. Property and casualty insurance brokers have a vested interest in […]
By Greg Meckbach | August 5, 2021
2 min read
Gore Mutual has gone live with technology that lets the carrier bind policies for brokers, in minutes in some cases. The Cambridge, Ont.-based property and casualty insurer “has completely changed the operating model for personal lines,” CEO Andy Taylor said last week in an interview with Canadian Underwriter. “In our prior model, which was a […]
By Greg Meckbach | July 26, 2021
2 min read