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
2 min read
Brokers have long expressed concerns about digital portals, from been kicked out as they near the end of a submission to the amount of time it takes to log into each insurer’s portal. In Canadian Underwriter’s recently-released 2019 National Broker Survey, brokers were asked what insurers could do to provide the broker’s small business customers […]
By Jason Contant | October 25, 2019
3 min read
Manitoba Public Insurance (MPI) is using an online game format in an attempt to help reduce collisions among teen drivers. The MPI-developed Driver Z online platform and curriculum is organized on a map that spans six zones. By completing elessons, attending classes and practicing with a supervising driver, students can progress through the map and […]
By Jason Contant | October 24, 2019
3 min read
Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end of the policy term. With usage-based insurance (UBI), motorists in several provinces can get discounts […]
By Greg Meckbach | October 21, 2019
3 min read
When clients want to make policy changes online, brokers have a vested interest in being in the loop, suggests a consultant who advises insurance companies. More customers these days are expecting their insurance providers to give them the same kind of online experience they get from other industries, said Chris Cornell, KPMG Canada’s national sector […]
By Greg Meckbach | October 18, 2019
3 min read
Brokers wanting to find out how likely their client’s basement will be flooded might want to ask whether the insurance companies are using data from the municipality in their flood maps. “A lot of residents have indicated concerns with purchasing insurance coverage and having significant difficulty in finding coverage that meets their needs,” said Andrew […]
By Greg Meckbach | October 17, 2019
3 min read
Applied Systems announced Tuesday it has acquired Policy Works, a major platform for commercial lines business in Canada. The acquisition will extend Applied’s position within the commercial lines market segment, driving greater connectivity and automation for commercial lines brokerages and insurers in the Canadian marketplace, Applied said in a press release. “As Canada’s leading provider […]
By Jason Contant | October 15, 2019
2 min read
Carriers have made significant strides in ridding their systems of nefarious Z-codes. Here’s an update on their mop-up operations….
October 11, 2019
4 min read
What are some of the best practices in mergers and acquisitions (M&A)? David Hunt, senior director of mergers and acquisitions at Willis Towers Watson, said in a recent blog that newcomers can learn from the best serial acquirers. While not specific to insurance, there are five key takeaways from top-tier deal-makers that could be applied […]
By Jason Contant | October 10, 2019
3 min read
Motorists in Manitoba should be able to get online insurance services – such as change of address – but brokers should have some involvement in these processes, an official with the province’s brokers’ association told Canadian Underwriter Wednesday. “We are exploring the possibility of going online,” Manitoba Public Insurance (MPI) spokesperson Brian Smiley said Wednesday […]
By Greg Meckbach | October 9, 2019
3 min read