Tech
Cyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of the personal liability risk of boards in the event of cyber breach or attack,” Brian […]
By Greg Meckbach | February 14, 2019
2 min read
Merging with or buying digital firms, and cooperating with digital natives rather than trying to fight or resist them, can pay dividends for a majority of businesses, according to a blog published Tuesday by Harvard Business Review. The blog, 3 Digital Strategies for Companies That Have Fallen Behind, was written for businesses in general, but could apply […]
By Jason Contant | February 13, 2019
3 min read
Legal / Regulation
Months after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an advisory for supervisors published in late January that will come into effect Mar. 31, OSFI […]
By Jason Contant | February 12, 2019
Operations
A brokerage in Nova Scotia has partnered with an innovation hub in Atlantic Canada to “up its game” in the digital space. AA Munro Insurance, which has more than 20 locations in Nova Scotia, has partnered with Volta Labs. This means the brokerage has access to Volta’s space and all their events. The Halifax-based innovation […]
By Jason Contant | February 11, 2019
Financial institutions looking to verify online users should use “security layers” to help devalue attacks to extract data from legitimate consumers, a Vancouver-based security company recommends. For insurers and banks, security layers with behavioural analytics and passive biometrics can allow them to look across multiple aspects of the user’s interaction. Brokers can advise clients on […]
By Jason Contant | February 1, 2019
Brokers may not want to invest heavily in social media, but a lot of opportunity exists at little to no cost. “It’s always a question of how do you scale your expertise; by using social media, you can just reach more people,” Jeff McCann, CEO of Digital MGA Marketplace, said in an interview with Canadian […]
By Jason Contant | January 25, 2019
As market conditions start to become more challenging in personal home, auto and commercial property lines, how can carriers and brokerages maintain a healthy, profitable book of business? “To me, there are three possible strategies,” says Greg McCutcheon, president of Opta Information Intelligence, an SCM company. “One is, you have to have an ability to […]
By David Gambrill | January 24, 2019
Before jumping right into buying a piece of technology, brokers should first think about mapping out the customer journey, suggests the CEO of a company that helps brokers with automation. “Diving right into the software isn’t always the best because if you don’t have an understanding of the journey, then how are you going to […]
By Jason Contant | January 22, 2019
Canada’s largest insurer has teamed up with a Quebec university to establish two new chairs in artificial intelligence (AI) and actuarial science. Intact Financial Corporation and Université Laval announced Friday: The ELC will train future actuaries in the digital, computing and statistical methods they need to make the most of big data in the insurance […]
Expected weak insurance sector growth in the near-term is fueling the need for efficiency gains through technology and innovation, Ernst & Young Canada said recently. The EY Insurance Outlook 2019 reveals that insurance sector growth is expected to remain weak in the near-term, demanding greater focus on technology and innovative initiatives to optimize costs and […]
By Jason Contant | January 17, 2019
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