Legal / Regulation
Identity theft risk increases when banks release customer information to government agencies doing research, an Ontario politician suggests. “The more information flows around, the more likely there is to be a hacking. It’s just like the more you are driving on the highway, the likelier you are going to get in an accident,” Stephen Crawford, […]
By Greg Meckbach | December 11, 2018
2 min read
Tech
NEW YORK – It may seem obvious: Companies’ computers, mobile devices and accounts need secure passwords. But many small business owners don’t take the time to educate staffers about these very basic forms of cybersecurity. And staffers may not know that their passwords could be easily guessed by hackers and cyberthieves. Whenever there’s news of […]
By Greg Meckbach | December 10, 2018
Amazon and Google may disrupt the insurance industry some day, but don’t expect either of these firms to start underwriting, suggests the head of one of Canada’s largest property and casualty insurers. “The Googles and Amazons of this world might well like to get a list of all of our customers and distribute something to […]
By Greg Meckbach | December 7, 2018
3 min read
Changes to Canadian privacy laws expose small and medium-sized enterprises (SMEs) in Canada to potentially higher compliance costs and civil liability in the event of a data breach, according to a new report from commercial insurer Aon. On Nov. 1, a nation-wide mandatory data breach law came into effect. The federal Digital Privacy Act requires […]
By Jason Contant | December 4, 2018
Sometimes even simple technological changes can help managing general agencies (MGAs) become more innovative, a software provider said last week at Insurance-Canada.ca’s MGA Technology Symposium in Toronto. “What everybody should be thinking about critically is where is my company today and what sort of [technology] aspects can I improve to gain some benefit?” said Märtin […]
By Jason Contant | December 3, 2018
Operations
An old adage states that a broker must be able to communicate with clients in the way in which the clients wish to communicate – be it through online portals, telephone, email, Facebook, LinkedIn, etc. Similarly, in a multi-solution era of data exchange, insurers’ tech systems must be able to communicate with brokerages and managing […]
By David Gambrill | December 3, 2018
Brokers should be using Instagram and other social media sites to establish themselves as “thought leaders,” Economical Insurance advises. “Instagram is a great channel to share content and share your team culture because at the end of the day, I think people are going to be more comfortable buying from a human and buying from […]
By Greg Meckbach | November 30, 2018
Thinking about dabbling in blockchain or artificial intelligence (AI) at your managing general agency (MGA)? It’s probably best to focus on taking smaller steps first. “There’s a whole set of first steps that are being overlooked,” said Jeff McCann, CEO of Vancouver-based Digital MGA Marketplace Ltd., which helps brokers with automation solutions. “And that’s like, […]
By Jason Contant | November 30, 2018
Canada’s P&C industry will eventually move to using API (application programming interface) in its entirety, predicts the CEO of a technology company that helps brokers automate their workflows. “I think you’re literally looking at the monolithic system; there’s going to be one system that is going to do everything,” said Jeff McCann, CEO of Vancouver-based […]
By Jason Contant | November 29, 2018
Ransomware attacks are increasing, and as a result, there will likely be a shift in brokers and clients alike starting to recognize the value of the business interruption component of a cyber insurance policy, a specialist insurer said Monday. “Cybercrime and theft of funds is still largely our largest source of claims by frequency on […]
By Jason Contant | November 28, 2018
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