Canadians feel both “optimism and concern” over the prospect of flying cars and drones whizzing between remote communities and above city blocks, a new report says. The Léger study commissioned by Transport Canada found residents hold a broadly positive attitude toward so-called advanced air mobility, which refers to both drones and electric vertical takeoff and […]
By Jason Contant | May 29, 2024
3 min read
While insurtech funding dipped below US$1 billion in 2024’s first quarter — its lowest level in four years — AI-centered and distribution-focused firms are getting the lion’s share of deals, according to a new report by Gallagher Re. Funding fell from US$1.103 billion in the final quarter of 2023 to US$912.25 million in 2024’s […]
By Alyssa DiSabatino | May 2, 2024
2 min read
Getting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday. Three basic strategies — mitigate, separate and positive control — can help Canadian P&C organizations and their clients better protect themselves, said Andrew Kirsch, a cybersecurity […]
By Jason Contant | April 19, 2024
3 min read
One key element of creating a farm-specific MGA was the need to introduce proprietary technologies. Brokers of late have expressed concerns about the proliferation of new portals, which many see as a burden. “The first thing is acknowledging it is a burden. You’re introducing new technology that needs to be learned. That’s another step in […]
By Phil | April 4, 2024
3 min read
Canadian property and casualty insurance brokerages are gravitating towards personalized communication automation (PCA), an executive at brokerage automation company Pathway tells Canadian Underwriter. Nine years ago, only about 3% of insurance brokerages had adopted PCA into their operations, says Alek Mirkovich, CEO and co-founder of Toronto-based Pathway, a provider of insurance automation tools for brokerages/agencies […]
By Jason Contant | April 2, 2024
3 min read
Imagine a brokerage having to hire someone just to open electronic documents (eDocs) from insurance companies to find out what they’re about. And yet, that’s exactly what happens when insurance companies send eDocs to brokerages with catch-all titles such as ‘Memo.’ “What document has been received?” a broker may wonder. Is it an auto policy […]
By Phil | March 27, 2024
4 min read
Southampton Financial Inc., a private equity firm focused on the Canadian property and casualty insurance distribution space, has agreed to acquire Onlia Insurance from Achmea and Fairfax Financial Holdings Ltd. Headquartered in Toronto, Onlia is a digital insurance agency that has built a rapid presence in the Ontario marketplace with its direct-to-consumer brand. Its integrated […]
By David Gambrill | March 26, 2024
3 min read
The words ‘technology’ and ‘farm insurance’ aren’t always mentioned in the same breath. Historically, farm insurance providers do most of their business through offer and acceptance — sending either online or paper applications to clients. Underwriters and brokers then use various tools to assess risk. But a new entrant is seeking to expand digital opportunities […]
By Phil | March 25, 2024
3 min read
Quantum computing holds promise for dozens of industries, including property and casualty (P&C) insurance. But there are also downsides to the technology. For one, quantum computers are not yet that stable and must operate in extremely controlled environments. It’s not far-fetched to think about AI starting to rewrite its own programming and cutting humans out […]
By Phil | March 22, 2024
3 min read
Quebec’s financial services regulator has announced strategic adjustments aimed at streamlining its organizational structure. “The main adjustments put forward will allow the organization to focus on its clientele and the quality of services provided to them,” the Autorité des marchés financiers (AMF) says in a Mar. 18 press release. “They will also increase the attention […]
By Jason Contant | March 22, 2024
2 min read