Tech
Technology could make it easier to start up new managing general agents – which is good news for some and bad news for others, panelists suggested during a recent webinar. “If you [as an MGA] are sitting there thinking, ‘Oh I do this through my 30 years of expertise and the relationships I have built […]
By Greg Meckbach | January 17, 2020
2 min read
As society becomes more accustomed to paying its bills using modern electronic methods, how should brokers respond? “For the new consumer, they are so used to paying in many many different ways. We should be allowing customers to engage on their terms. Not on our terms,” said Danish Yusuf, co-founder and CEO of commercial brokerage […]
By Greg Meckbach | January 13, 2020
Louis Gagnon, President, Canadian Operations, Intact Financial Corporation I see two very important issues for insurance in 2020 — climate change and our ability to adapt; and cyber risk and the increasing need for protection. These challenges create an environment in which brokers and insurers can help customers become more resilient in the face of […]
December 30, 2019
Online insurer Sonnet Insurance has launched a group insurance offering, already signing on Deloitte to offer a group home and auto discount to its employees across Canada in the near future. “As Sonnet considered various approaches to scaling a profitable insurance business, we looked at group insurance to see if we could enter the space,” […]
By Jason Contant | December 26, 2019
3 min read
The risk landscape for Canadian businesses continues to evolve rapidly, but that doesn’t mean companies have to be caught unprepared. These evolving risks include everything from technology and cybersecurity to shifting regulatory considerations, reputational risk, employee liability, data and privacy protection and environmental considerations, Phil Baker, head of specialist insurer Beazley Canada, told Canadian Underwriter […]
By Jason Contant | December 20, 2019
Insurtech is beginning to bring policyholders inside the “black box” of insurance to understand how their decisions are influencing their own costs, said a new report on the macro themes redefining the industry. Insurtech has increased access to real-time data and improved transparency in tailored pricing. Taken together, this has begun to positively inform and […]
By Jason Contant | December 18, 2019
TORONTO – Government privacy commissioners are investigating a data breach at LifeLabs, one of Canada’s largest medical services companies, after hackers gained access to the personal information of up to 15 million customers. Most of its customers are in B.C. and Ontario, with relatively few customers in other locations, the company said Tuesday. “I’m sorry […]
4 min read
Operations
Cyber insurance policies still tend to be confusing for brokers, but there are three areas that they should focus on, recommends Nathan Rose, senior underwriter and business development specialist with Burns & Wilcox Canada. This includes: 1) policies that have encryption exclusions related to mobile devices; 2) retroactive cover; and 3) voluntary notification, Rose told […]
By Jason Contant | December 16, 2019
Brokerages that want to get ahead don’t need to look any further than one important tool: Data. And to ignore it means not only falling behind but falling off the map entirely, one expert warns. To not just provide a better client experience but also improve the overall health and efficiency of the business, brokers […]
By Adam Malik | December 16, 2019
Legal / Regulation
As open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of you have banking arms,” said Houston Cheng, actuary and senior manager at KPMG Canada, at […]
By Greg Meckbach | December 11, 2019
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