Tech
Insurers who go beyond just mere compliance with IFRS 17 into data optimization are reaping the benefits, including expanded capabilities with advanced analytics, machine learning and artificial intelligence, speakers said Wednesday at an industry event. The rich dataset collected from IFRS 17 requirements can open this whole new world for insurers, attendees heard Wednesday at […]
By Jason Contant | November 15, 2019
3 min read
Operations
Commercial brokerages are going to have to start buying the same data on commercial flood risk that insurance carriers are already buying, says a Toronto commercial broker. Insurers tend to have data on the claims history of commercial property, and they supplement that data with information from municipalities, said Michael Loeters, senior vice president for […]
By Greg Meckbach | November 13, 2019
2 min read
Insurance companies can capture the following three benefits by transforming their business model and modernizing their core IT systems, according to a new paper from management consulting firm McKinsey & Company. Other benefits of IT modernization can include lower loss adjustment expenses through automation and increased accuracy of claims handling – for example, by connecting […]
By Jason Contant | November 12, 2019
IQALUIT, Nunavut – The government of Nunavut is still struggling with computer systems paralyzed by a cyber attack last weekend. “Network recovery is ongoing as the (territory) works to uncover information, prepare recovery plans and work on department priorities,” said a government statement. Early Saturday morning, the government’s entire computer system went dark after a […]
By Jason Contant | November 7, 2019
When a corporate client’s policy is up for renewal, it can take a lot of time and effort to get a claims run request, a Toronto commercial broker suggests. The commercial claims run is a report, on a client, showing data such as what claims have been reported, what claims are still open, what claims […]
By Greg Meckbach | November 7, 2019
4 min read
Insurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually kicking out a lot of business that maybe does have a few issues, but an […]
When there is consolidation in the industry, concerns about the erosion of choice is common. And the tech vendor space is no different. On Oct. 15, Applied Systems announced the acquisition of Policy Works, a major platform for commercial lines business in Canada. About six months prior, the vendor acquired TechCanary, a cloud-based insurance customer […]
Be like Amazon, experts tell the P&C industry. But is it realistic for brokers and insurers to mimic the retailing giant’s online sales model?
November 4, 2019
6 min read
Imagine if each insurance company set up its own courier service to compete with Canada Post, instead of having a common carrier for the industry. Joseph Carnevale conjures up this scenario to illustrate why it’s a bad idea for every insurer to have its own method of delivering data to brokers electronically. “I don’t think […]
By Greg Meckbach | November 1, 2019
Insurtechs like one Canadian startup in particular are letting brokers provide better service, but the sector as a whole contains some money pits for investors, Willis Towers Watson suggested in a report released Wednesday. “Unquestionably a good number of InsurTechs are genuinely adding value,” Willis Towers Watson said in its quarterly insurtech briefing. But nearly […]
By Greg Meckbach | October 25, 2019
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