Tech

One broker’s bold prediction about contactless payment options

Concerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and financial institutions practice leader for Gallagher Canada. “They were before the pandemic, and interestingly enough, […]

By Greg Meckbach | September 21, 2020

2 min read

Tech

Why it’s hard to make telematics ‘commercially viable’ in Canada

If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good way to offer competitive pricing to customers who drive safely and to low-mileage customers, especially […]

By Greg Meckbach | August 13, 2020

3 min read

Tech

What COVID has taught Aon about leveraging technology

For large commercial brokerages, video conferences can work at least as well as in-person meetings when placing business for large accounts, if Aon PLC’s recent experience is any indication. “With the investment we have been making in technology, we are using video capability to actually get closer to clients and to get closer to market […]

By Greg Meckbach | August 12, 2020

2 min read

Tech

Why regulation holds auto insurers back from using advanced modelling

Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s Financial Services Regulatory Authority announced July 21 it is creating a Technical Advisory Committee for […]

By Greg Meckbach | August 4, 2020

3 min read

Why blockchain is not ubiquitous yet in insurance

Blockchain has been around for a while, in cryptocurrency for example, but the property and casualty industry needs to work together and agree on what brokerages and carriers should use blockchain for, speakers said on a recent webinar. “Blockchain is a community or industry type of initiative. One person can’t do blockchain by themselves,” said […]

3 min read

The business processes you should automate now

Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday. As a result of that automation, Aviva was able to increase the number of rebates […]

3 min read

How IBC would change auto insurance regulation in four provinces

Motorists in Ontario, Alberta, Nova Scotia and Newfoundland and Labrador should be allowed to buy pay-per mile insurance, an Insurance Bureau of Canada official says. Those four provinces already allow usage-based insurance, wrote Ryan Stein, IBC’s executive director of auto policy and innovation, in a recent article on LinkedIn. But what this actually means is […]

4 min read

How the industry can take advantage of artificial intelligence

Brokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better it gets, said Kevin Deveau, managing director of FICO Canada, part of San Jose, Calif.-based […]

3 min read

Q&A: Business Continuity in the Digital Age

Many insurance professionals in the Canadian property and casualty insurance industry are taking a long-term view of the global novel coronavirus pandemic, seeing a world beyond the point at which a vaccine is developed and the virus no longer presents a major health threat. As many have noted, the industry reacted quickly when the novel […]

2 min read

Q&A: Business Continuity in the Digital Age

It’s often been said that insurance is a “people business,” but establishing and maintaining personal relationships is challenged by social distancing requirements to prevent the spread of a global pandemic. Certain professional roles within the industry are perhaps more suited than others to working remotely. But what about roles within an organization that rely on […]

1 min read