Tech
Ontario motorists who choose usage-based insurance could now be hit with surcharges if telematics data shows they have risky driving behaviour. The Financial Services Regulatory Authority (FSRA) removed its UBI Guidance this past November, a FRSA spokesperson told Canadian Underwriter Thursday. “Good drivers will be rewarded with lower rates. Drivers with high-risk driving habits may […]
By Greg Meckbach | February 5, 2021
3 min read
Operations
The cost and hassle of printing and mailing large insurance policies is one of the drivers towards digitization, suggests the board member of a broker association. Consumers do not want to sift through 75 pages of insurance documents, said Greg Kruk, first vice president of the Insurance Brokers Association of Ontario. “They want the ‘Coles […]
By Greg Meckbach | January 27, 2021
2 min read
Legal / Regulation
Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane, Payments Canada’s executive director of modernization, said in a recent interview. This is because an […]
By Greg Meckbach | January 20, 2021
Manitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the Insurance Brokers Association of Manitoba takes effect Apr. 1, IBAM CEO Grant Wainikka told Canadian […]
By Greg Meckbach | January 14, 2021
If the federal government goes forward with giving fintechs increased access to consumer financial transaction data, this could encourage large tech players like Amazon and Facebook to get into the insurance business, a Canadian P&C expert suggests. “Nobody ever thought that Facebook would somehow be influential in elections. I think insurance is no different,” said […]
By Greg Meckbach | January 12, 2021
Disruptions from the COVID-19 pandemic are putting digital transformation and new product launches high on the agenda of insurance carrier executives, the CEO of a property and casualty insurance software vendor suggests. “When we look at the impact on carriers of COVID, it impacted some segments of business or some lines within the industry,” said […]
By Greg Meckbach | January 11, 2021
Insurers could distribute coverage through technology firms that adopt the managing general agent model, a Montreal expert for a venture capital fund observes. “Some technology startups are adopting the MGA model to partner with a carrier or reinsurer to distribute their product,” said Laviva Mazhar, investment associate at Luge Capital. “Some tech-driven MGAs are partnering with […]
By Greg Meckbach | January 7, 2021
Buying technology before thinking through the process that the new technology is supposed to enable is one reason why some projects are not well-executed, an insurance digital transformation leader suggested Wednesday. “When you start to think about digitizing things, you actually need to know how the process is supposed to work,” said Anna Foat, director […]
By Greg Meckbach | December 17, 2020
As the pandemic continues to plunge Canada’s property and casualty insurance industry deeper into the digital space, regulators are issuing ongoing reminders — and warnings — about how brokers are sharing and storing their clients’ personal data. Most recently, Peter Blodgett, president of the Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, issued […]
By David Gambrill | December 15, 2020
With property and casualty insurance carriers reportedly exiting the long-term care (LTC) class of business following a spate of class-action lawsuits related to COVID-19 deaths in nursing homes, insurance underwriters may be interested to know about a new technology in Canada that can monitor compliance with health and safety protocols. The location technology, introduced into […]
By David Gambrill | December 4, 2020
4 min read
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