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
2 min read
Brokers are finding they have to educate themselves more on the legal and technical side of cyber rather than on the cyber insurance policy itself, a speaker said recently at Insurance Bureau of Canada’s Commercial Insurance Symposium. “What we’ve noticed is we’ve really had to take on more of an advisory and consulting role around […]
By Jason Contant | December 11, 2019
3 min read
Disruption by fintechs will be one driving force behind mergers and acquisitions among insurance brokerages, industry executives say.“I think fintech will help perpetuate this continued consolidation trend because I think at the small end of the market, fintech is viewed as a threat,” said Rod Campbell, director and CEO of brokerage Jones Brown Inc., during […]
By Greg Meckbach | December 11, 2019
3 min read
Canada’s largest property and casualty insurer plans to be ready for companies from outside the industry who could disrupt the brokerage side of personal lines insurance. “On the distribution side of things, I think one needs to expect that players with big brands, better know-how and insight of customers and great experience might disrupt distribution,” […]
By Greg Meckbach | December 10, 2019
3 min read
Technology should enhance your anti-fraud strategy, not replace it. Here’s why...
December 6, 2019
4 min read
Brokers need to focus their cyber insurance selling efforts on more than just traditional privacy risks and tailor them to specific industries, a specialist insurer said Wednesday. “Cyber is about way more than just privacy and if you explain to your clients that cyber risk exists outside the realm of just privacy, there’s much more […]
By Jason Contant | December 6, 2019
3 min read
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Michael Parent, Professor of Management Information Systems, Simon Fraser University Do you remember when 40 million was a large number? Forty million dollars in […]
By Jason Contant | December 5, 2019
5 min read
Insurance Brokers Association of Canada (IBAC) and Canada Safety Council (CSC) have teamed up for a new social media-led campaign timed to coincide with Distracted Driving Week, which runs until Dec. 7. The campaign focuses on two key distracted driving behaviours: texting and eating. Even if a driver is lucky enough to avoid injury or […]
By Jason Contant | December 4, 2019
2 min read
Concerned about whether “black box” underwriting methods based on artificial intelligence are good for your clients? So is Canada’s federal insurance regulator. “We get a lot of questions around AI and what are we to do about it,” said Neville Henderson (pictured, below right), assistant superintendent of the Office of the Superintendent of Financial Institutions. […]
By Greg Meckbach | December 4, 2019
3 min read
Applied Systems announced Wednesday it has entered into a definitive agreement to acquire Indio Technologies, a software company that digitizes the insurance application and renewal process. The announcement comes less than two months after Applied acquired Policy Works, a major platform for commercial lines business in Canada. “We wanted to bring a team that had […]
By Jason Contant | December 4, 2019
3 min read