With the end of the pandemic now a distinct possibility, Canadians are expecting the property and casualty insurance industry to up its game in customer service, industry execs observed in a recent webinar. “The move to digital [in March 2020] was so immediate and so abrupt that…it wasn’t done flawlessly,” Nathan LaFayette, chief insurance officer […]
By David Gambrill | May 19, 2021
3 min read
Digital has made it easier for Canada’s property and casualty insurance industry to serve customers who wish to purchase a fairly straightforward insurance product, but more emphasis needs to be placed on converting customers who are kicking the tires on more complex insurance purchases, says a P&C industry exec. Specifically, the industry needs to be […]
By David Gambrill | May 18, 2021
3 min read
The hard market in commercial lines has caused some managing general agents to lose some products, yet more insurance is still being placed through MGAs, panelists told brokers listening to a recent webinar. “I think it’s a perfect way for insurance companies to put back capital into the marketplace … without having to invest in […]
By Greg Meckbach | May 10, 2021
2 min read
Open banking rules could help create a level playing field between technology companies and the insurance industry, speakers suggested at a recent virtual conference. Bringing in “consumer-directed finance” will help consumers benefit from a broader range of financial products and services, the federal government-appointed Advisory Committee on Open Banking recommended in January 2020. The idea […]
By Greg Meckbach | May 8, 2021
2 min read
Debates about whether humans or computers are at the centre of innovative insurance products are a red herring — the best way to build an insurance product is an integrated approach using the best of what humans and machines have to offer. “The lesson is to outsource [to computers] the part of human expertise most […]
By David Gambrill | May 4, 2021
3 min read
When it comes to shopping for insurance online, the consumer experience will vary across platforms, something that isn’t always discussed when the industry talks about digitizing its customer experience. The matter came up recently during ‘Key Touchpoints in the Customer Journey,’ a panel discussion held Friday at InsurTech North, a conference produced by MSA Research. […]
By Greg Meckbach | April 23, 2021
2 min read
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial Services Regulatory Authority of Ontario. “It’s not that we’re not paying attention. But I think […]
By Greg Meckbach | April 22, 2021
3 min read
Lemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc. All three insurtechs have achieved unicorn status, meaning they each have a market capitalization of […]
By Greg Meckbach | April 19, 2021
2 min read
Failure to install patch updates, relying too much on passwords, and failure to train employees are three sources of cyber security losses all too common among small business clients, a technology vendor suggests. One of the most common cyber security errors among small businesses is failing to install patch updates that are available from an […]
By Greg Meckbach | April 16, 2021
2 min read
Duuo Insurance is working on a subscription model of buying insurance that gets away from the traditional way of buying annual policies that normally stay pretty much the same until renewal. The vision is an insurance product with different blocks of coverage that the client can pick and choose, and change as needed, without having […]
By Greg Meckbach | April 15, 2021
2 min read