Vendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data set for perils like flood, wildfire and severe convective storm has its limitations, said Carl […]
By Jason Contant | February 13, 2024
3 min read
Brokerages in Ontario are rapidly embracing bots to automate repetitive tasks, the provincial brokerage association told Canadian Underwriter. “Like all new technology, it takes time to drive awareness and articulate value, but the adoption curve seems to have accelerated more quickly than other technologies,” Norah Black, vice president of marketing and communications at the Insurance […]
By Jason Contant | February 1, 2024
3 min read
Global insurtech funding dropped 43.7% year over year to the lowest level since 2018, according to a new report by Gallagher Re. Funding went from US$8.0 billion in 2022 to US$4.51 billion in 2023, according to the Global InsurTech Report. “The slump in funding was driven by a year-on-year decrease in funding in both Property […]
By Alyssa DiSabatino | February 1, 2024
2 min read
Consumer interest in electric vehicles (EVs) in Ontario appears to be waning as drivers raise concerns over costs and charging infrastructure, said a new survey from LowestRates.ca. While 43% of polled Ontario drivers said they were considering making an EV their next vehicle, 75% had concerns related to purchase, maintenance and repair costs, availability of […]
By Jason Contant | January 31, 2024
2 min read
OTTAWA – Global Affairs Canada announced Tuesday it is investigating a cyberattack and data breach that has forced it to limit remote access to its networks. The department said in a statement, which confirmed earlier media reports, that early results from the investigation found someone accessed the personal information of employees. Global Affairs said it […]
By Jason Contant | January 31, 2024
1 min read
Market dynamics are making it tougher for start-up insurtechs to find willing insurance company partners, and some say digital specialization is the key for insurtechs to make their way into the squeezed P&C industry. “Focus on specific differentiation,” advises Marcus Daniels, founding partner and CEO of Highline Beta, a hybrid corporate venture studio that builds […]
By David Gambrill | January 17, 2024
3 min read
Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and potential impact,” Biren Agnihotri, EY Canada’s emerging technologies and AI & data leader, told Canadian […]
By Jason Contant | January 16, 2024
3 min read
Canada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) also wants to know how ready institutions are for the emerging […]
By Jason Contant | January 5, 2024
2 min read
OTTAWA – Tesla’s recall over its autopilot function will affect about 193,000 vehicles in Canada. Transport Canada says Tesla will provide an over-the-air software update to fix the advanced driver assistance features. Transport Canada says the recall will be added to its database of vehicles with safety recalls. Tesla has recalled more than two million […]
By Jason Contant | December 14, 2023
1 min read
Language models like ChatGPT could be used by bad actors to re-write software code and better prepare phishing emails, a cyber specialist warned recently. The state-of-the-art language generation model is capable of understanding and generating human-like text based on a given prompt, which can help businesses streamline processes. But with the evolution of new technology […]
By Jason Contant | December 14, 2023
3 min read