Tech
Autonomous vehicles will “shrink” the auto insurance industry but could also increase liability risk for municipalities, speakers suggested at a recent conference in Toronto. “Over time, this is going to transform mobility and what cities look like,” said Stephen Buckley, general manager of transportation services for the City of Toronto, of autonomous vehicles. “It’s going […]
By Jason Contant | May 3, 2016
3 min read
Legal / Regulation
A Canada-wide regulation mandating disclosure of privacy breaches might not be in place until late 2017, an official with the Office of the Privacy Commissioner of Canada suggested Friday. In June, 2015, the Digital Privacy Act was passed into law. Originally tabled as Bill S-4, the bill would give courts the power to “assess penalties […]
By Jason Contant | May 2, 2016
HR
The loss of confidential information can be crucial to understanding the interactions between cyber and crime coverage, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Matthew Davies, assistant vice president of Chubb Insurance Company of Canada, said that one major difference between crime and cyber policies is that the former doesn’t address the […]
A transition is occurring in which the focus is not so much on commercial vehicles as on services, including those related to telematics, that are increasingly becoming available, Sandeep Kar, global automotive practice leader for Frost & Sullivan, suggested Friday at Insurance Telematics Canada 2016 in Toronto. “Bricks and mortar is giving way to bricks […]
By Angela Stelmakowich | May 2, 2016
4 min read
The Plug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced that it has partnered with the world’s largest reinsurer – Munich Re – to create what it is calling the first ever accelerator program for startups focused on insurance technology and innovation. The Plug and Play Tech Center, a […]
By Canadian Underwriter | May 2, 2016
The consolidation trend continues in the property and casualty market in Canada, as carriers seek new product lines and distribution channels. But a sound integration plan, including technology, legal and actuarial processes, is just as important as selecting an acquisition target.
May 1, 2016
5 min read
Suppose that, because the name Bruce Springsteen appears nine times in this editorial (twice in the lede), an Internet search engine misidentifies Bruce Springsteen, rather than self-driving cars, as a key topic. Search engines are now pertinent to traffic safety because Google Inc. is advocating for self-driving cars without steering wheels or pedals. Ontario is […]
Allowing both discounts and surcharges for all telematics programs are among the changes that could help ensure telematics has a bright future in Canada, Donald Light, director of Celent’s North America property casualty practice, suggested Thursday at Insurance Telematics Canada 2016 in Toronto. Right now, there are some things “inhibiting, to some degree, the growth […]
By Jason Contant | April 30, 2016
The Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice president of Canadian business development for Intelligent Mechatronic Systems Inc. (IMS), suggested Thursday during an […]
By Jason Contant | April 29, 2016
Global IT spending in insurance will grow to US$184.9 billion this year, according to a report released on Thursday by Celent, a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. The report, titled IT Spending in Insurance: A Global Perspective, estimated that continued growth will increase to US$208.1 […]
By Canadian Underwriter | April 28, 2016
2 min read
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